Crypto Council for Innovation (@crypto

Crypto Council for Innovation

4,947 posts

Crypto Council for Innovation

@crypto_council

A global alliance of industry leaders dedicated to unlocking the promise of crypto.

cryptoforinnovation.org

Joined March 2021

Crypto Council for Innovation
@crypto_council
16h
Replying to @crypto_council
In sum, CCI commends the FDIC's thoughtful approach and stands ready to support a faithful, efficient implementation of the GENIUS Act. We look forward to sharing our expertise as the rule making advances. Our letter: cryptoforinnovation.org/wp-content/upl…
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Crypto Council for Innovation
@crypto_council
16h
Replying to @crypto_council
Finally, CCI supports the FDIC’s clarification that the application of deposit insurance to deposits does not depend upon the technology or record keeping used.
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Crypto Council for Innovation
@crypto_council
16h
Replying to @crypto_council
CCI encourages the FDIC to tailor reserve asset diversification standards to the PPSI’s business model and risk profile, support access to Fed Reserve master accounts for operating subsidiaries of IDIs, and ensure capital treatment does not create duplicative regulatory burdens.
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Crypto Council for Innovation
@crypto_council
16h
Replying to @crypto_council
CCI supports the FDIC’s per-issuer licensing approach, which is most consistent with GENIUS, promotes a more robust payment stablecoin market, and incentivizes issuers to apply a highest-common bar for risk management across all issued stablecoins.
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Crypto Council for Innovation
@crypto_council
16h
Replying to @crypto_council
Crucially, GENIUS’s yield prohibition is clearly limited to payments from an issuer to a holder. Any construct that extends a yield prohibition to payments made by persons other than the issuer would exceed the FDIC’s authority.
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Crypto Council for Innovation
@crypto_council
16h
Replying to @crypto_council
Regulatory uniformity across regulators is essential to promoting fungibility of all GENIUS compliant payment stablecoins, building consumer confidence, and accelerating payment stablecoin adoption. We encourage the FDIC to align closely with the OCC to prevent regulatory
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Crypto Council for Innovation
@crypto_council
16h
Yesterday, CCI filed comments on the @FDICgov's proposed rule implementing the GENIUS Act for FDIC-supervised payment stablecoin issuers. Tl;dr: keep implementation faithful to the statute and consistent across regulators. Key points 🔽
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Crypto Council for Innovation
@crypto_council
Jun 10
The House Ways and Means Committee held a hearing on digital asset tax policy today. With market structure advancing in the Senate and stablecoin rules in implementation, tax is the critical third leg of the digital asset policy stool. cryptoforinnovation.org/ways-means-dig…
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Crypto Council for Innovation
@crypto_council
Jun 9
The ABA’s argument is wrong on staking, wrong on the law, and wrong on what parity actually requires. CCI's @AMangiero breaks it down 🔽
Alison Mangiero
@AMangiero
Jun 9
The ABA published a piece this week arguing staking rewards should be taxed like bank interest. I testified before @WaysandMeansGOP last July on this exact question and I want to be direct: the analogy is wrong, and the tax policy implications matter. Bank interest arises from a
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Crypto Council for Innovation reposted
Alison Mangiero
@AMangiero
Jun 9
Tax policy is finally getting its moment. The House Ways & Means Committee’s first full legislative hearing on digital asset taxation is now underway. With multiple bills recently introduced, the conversation has shifted from identifying problems to evaluating solutions. As
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Crypto Council for Innovation
@crypto_council
Jun 9
We are live. Ways and Means chairman @RepJasonSmith opens with a clear call to action: "America needs clear tax rules of the road to remain the crypto capital of the world." youtube.com/watch?v=trzfJO…
00:00
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Crypto Council for Innovation
@crypto_council
Jun 9
Starting soon - watch CCI members @DigitalAssets and @coinbase serve as expert witnesses for the Ways and Means Committee hearing on digital asset tax. 🔽
Ways and Means Committee
@WaysandMeansGOP
Jun 9
TUNE IN AT 2 PM youtu.be/trzfJOgfUec
00:00
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Crypto Council for Innovation
@crypto_council
Jun 9
Today, CCI sent a letter thanking the Ways & Means Committee for its work advancing digital asset tax legislation. The case for moving ahead is a competitive one: tax ambiguity drives talent, capital, and infrastructure abroad. We look forward to continuing to work towards a
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