USDUS Crypto Policy Recap: SEC Eyes Tokenization, Trump’s Binance Ties Questioned
US SEC Considers Tokenization Exemption for Companies, Signal Shift in Crypto Regulation
The US SEC is considering a proposal to allow companies to tokenize securities using blockchain technology, as indicated by Commissioner Hester Peirce. This potential exemption aims to foster innovation in capital markets by permitting the use of distributed ledger technology for issuing and trading securities. A roundtable discussion on this topic is scheduled for next week. The SEC's recent softer stance on crypto-related lawsuits may indicate a shift towards a more flexible regulatory framework, which could benefit various digital assets and pave the way for more crypto ETFs. Industry players are closely monitoring these developments.
Florida Halts Bitcoin Reserve Bills amid Nationwide Slowdown in Crypto Initiatives
Florida has withdrawn two key bills, House Bill 487 and Senate Bill 550, aimed at establishing a Strategic Bitcoin Reserve (SBR), amid a nationwide slowdown in similar initiatives. Although the bills, which had bipartisan support, stalled in early legislative hearings, discussions may continue through budget negotiations. Florida's retreat follows Arizona's veto of a comparable proposal, with at least eight states halting similar efforts. Currently, 19 states are considering SBR-related legislation, with 36 bills under discussion. In contrast, President Trump has pushed for a national Bitcoin reserve, though industry experts express skepticism regarding its feasibility.
Bitcoin Soars Past $100K as Arizona, Oregon, and New Hampshire Enact Key Crypto Laws
Bitcoin's price surge past $100,000 on May 8, 2025, was significantly influenced by rapid regulatory developments, as Arizona, Oregon, and New Hampshire enacted major crypto laws, establishing greater clarity and acceptance for Bitcoin. Arizona's House Bill 2749 created a Bitcoin Reserve Fund managed by the state, while Oregon's amendment to the Uniform Commercial Code recognized digital assets, facilitating their use in transactions. New Hampshire became the first U.S. state to legislate Bitcoin reserves for treasury purposes, enhancing legal framework around digital assets. These legislative advancements signal growing governmental support for cryptocurrencies, boosting investor confidence in the market’s regulatory environment.
Missouri Becomes First U.S. State to Exempt Capital Gains Tax on Crypto Transactions
Missouri has passed legislation to eliminate the personal capital gains tax on crypto transactions, becoming the first state in the U.S. to do so. The bill, supported solely by Republicans, aims to encourage trading and long-term holding of digital assets while potentially costing the state $430 million in income for the fiscal year and $340 million annually thereafter. Democrats argue it primarily benefits high-income earners, with 54% of 2022's $13.3 million in capital gains coming from individuals earning over $1 million. Corporate capital gains will remain taxable until at least 2030, alongside other states moving towards increased capital gains taxation.
Trish Turner Takes Over IRS Crypto Unit Amid New Pro-Crypto Administration
Trish Turner has been appointed to lead the IRS's digital assets unit, following the departure of Sulolit Mukherjee and Seth Wilks, who co-led the unit for just over a year. Turner, a veteran IRS official with over two decades of experience, previously served as a senior advisor in the unit. Her appointment comes as the new Trump administration adopts a pro-crypto stance, including the creation of a cryptocurrency working group and repealing a controversial crypto tax rule. This shift may prompt the IRS to adjust enforcement and reporting requirements to better support the growing crypto industry.
Senators Demand DOJ Review Trump’s Ties to Binance Amid Regulatory Concerns
A group of Democratic senators has raised concerns about President Donald Trump's ties to Binance and the potential for conflicts of interest regarding cryptocurrency regulation. They requested DOJ and Treasury reports on Binance's compliance with a November 2023 plea agreement, where it paid over $4 billion. Trump's connections include launching a successful memecoin and leveraging stablecoin partnerships. Coincidentally, the Senate blocked a crucial stablecoin bill, the GENIUS Act, with concerns of Trump using executive powers for personal gain. Approximately 40% of Trump's net worth is linked to crypto, while Binance's former CEO, Zhao, has sought a presidential pardon.
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