Today in crypto, US lawmakers are set to discuss crypto tax policies as part of the Republican push to advance multiple digital asset bills, Malta’s cryptocurrency licensing process has come under scrutiny from the European Securities and Markets Authority (ESMA), and GMX has paused trading after a liquidity pool exploit drained over $40 million.
US lawmakers to focus on crypto tax policy
Members of the United States House of Representatives will hold a hearing on crypto tax policy next week, as part of a broader GOP effort to advance various crypto-related bills.
The House Committee on Ways and Means and the Oversight Committee have scheduled the hearing for July 16. Lawmakers plan to discuss “affirmative steps needed to place a tax policy framework on digital assets.” The event is dubbed “ensuring digital asset policy built for the 21st century.”
Source: US House Committee on Ways and Means
The notice did not specify which witnesses would testify. Earlier this week, Ripple CEO Brad Garlinghouse, Chainalysis CEO Jonathan Levin and Blockchain Association CEO Summer Mersinger testified at a Senate Banking Committee hearing on market structure legislation.
Earlier this month, Wyoming Senator Cynthia Lummis introduced legislation aimed at eliminating double taxation for crypto miners and stakers, but the proposal did not make it into the final amendments to President Trump’s budget bill.
Malta’s MiCA licensing comes under scrutiny from EU regulator
The ESMA on Thursday released a review of the authorization process of crypto asset service providers (CASPs) by Malta’s Financial Services Authority (MFSA), highlighting several shortfalls and proposing a set of recommendations.
Despite saying the MFSA met certain expectations in supervisory setup and staffing, the EU watchdog said the Maltese authorities only “partially met expectations” in the authorization process for an unidentified CASP.
Following the review, the ESMA’s ad hoc Peer Review Committee (PRC) recommended that MFSA “assess material issues that were pending at the date of the authorization or that have not been adequately considered at the authorization stage.”
The report comes over a year after the MiCA framework came into force on June 29, 2024, becoming a major milestone in the EU’s approach to regulating digital assets.
Since MiCA is aimed at providing a unified and consistent legal framework for crypto in the EU, the regulator highlighted that MiCA’s authorization approach applies to all National Competent Authorities (NCAs).
While fully meeting the supervisory settings requirements and largely meeting the supervisory review rules, the report said the MFSA has only “partially met expectations” relevant to the “authorization of the specific CASP.”
Malta’s MFSA “needs to monitor closely the growth in authorization applications” and identify and adjust supervisory practices in a timely manner, the PRC said.
Binance founder’s family office backs BNB treasury firm eyeing IPO
Binance co-founder Changpeng Zhao’s family office is set to back a new treasury firm that will offer investors exposure to BNB, with plans to to go public in the US.
YZi Labs said on Wednesday it will support the investment firm 10X Capital in spinning up a BNB (BNB) treasury company that will pursue a listing on “a major US exchange,” according to a statement shared with Cointelegraph.
Mentioned only as the “BNB Treasury Company,” the firm will appoint David Namdar as CEO. He’s a senior partner at 10X Capital and a co-founder of Galaxy Digital, where he was formerly co-head of trading. 10X Capital will serve as the asset manager of the planned BNB buying company.
The planned company is the latest in a trend of firms buying up large amounts of cryptocurrencies, such as Bitcoin (BTC), providing Wall Street a vehicle for exposure to digital assets.