""I feel like I'm in crypto hell.""
""It's impossible to proceed without it," Bessent said."
""We have to get this Clarity Act across the finish line," Bessent said."
""Any market participants who don't support it should move to El Salvador.""
Cynthia Lummis signaled openness to meet with the Treasury Secretary's office to explore clarity on Bitcoin taxation, including a de minimis exemption for small transactions and guidance on calculating capital gains. Lummis pressed Treasury on digital assets and the need for clear U.S. regulation during a Senate Banking, Housing and Urban Affairs Committee hearing on the Financial Stability Oversight Council's annual report. Treasury official Scott Bessent said the U.S. has not observed Chinese digital assets backed by gold but acknowledged China’s active exploration of digital asset frameworks, particularly in Hong Kong. Bessent expressed support for the proposed Clarity Act and urged opposing industry participants to consider relocating to countries with looser oversight.
Read at Bitcoin Magazine
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