“Tax is a huge issue of crypto.” – 02:07
Ron Hammond, Head of Policy & Advocacy at Wintermute, joins Remy Blaire at the New York Stock Exchange to discuss the latest developments in the cryptocurrency market and regulatory landscape. The episode opens with a notable highlight: Bitcoin has surged above $120,000 for the first time since its record highs earlier in the year, currently holding steady above $120,500. Remy notes that Bitcoin has increased by around 10% in just five days, setting the stage for a deeper conversation about the implications of this market movement.
Remy and Ron delve into the recent collaboration between the SEC and CFTC, which marks their first roundtable in nearly 15 years. Ron emphasizes the importance of this coordination, especially given the conflicting positions these two regulatory bodies have taken in the past regarding cryptocurrencies like Ethereum. He explains that this collaboration is essential for advancing market structure legislation in Congress and providing clear regulatory guidelines for the industry.
As the discussion progresses, they address the significant issue of taxation in the crypto space. Ron highlights that the IRS plays a crucial role in the regulatory framework, particularly since cryptocurrencies have been classified as property since 2014. He discusses the challenges this classification presents and the potential for changes, including the de minimis tax exemption that the Treasury Department has proposed. Ron mentions that Congress is preparing a substantial tax bill, with Senator Cynthia Lummis leading the Senate version, which could be introduced in late 2026.