ChainCatcher news, U.S. Senator Bill Hagerty has introduced a bill aimed at establishing a regulatory framework for stablecoins, bringing tokens like USDT and USDC under Federal Reserve rules.The Tennessee Republican stated in a press release on February 4 that this stablecoin bill will create "a safe and growth-friendly regulatory framework to unleash innovation," and advance President Trump's commitment to make the U.S. "the cryptocurrency capital of the world."Hagerty's "Guiding and Establishing the U.S. National Stablecoin Innovation (GENIUS) Act" has the support of Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis.Hagerty added on X that he looks forward to working with Congressman French Hill and the House Financial Services Committee to "get it to the President and signed into law."

ChainCatcher news, according to the official website, the U.S. Securities and Exchange Commission (SEC) announced the withdrawal of the cryptocurrency accounting policy SAB 121 in its latest employee accounting announcement No. 122.The document rescinds the interpretive guidance contained in Topic 5.FF, titled "Accounting for an Entity's Obligation to Safeguard Crypto Assets Held for Platform Users." Entities should fully retroactively withdraw Topic 5.FF in annual periods beginning after December 15, 2024.Additionally, the SEC emphasized that entities remain obligated to disclose risks related to the custody of crypto assets in accordance with existing regulations.

According to ChainCatcher, as reported by Bitcoin.com, the IRS has issued a temporary relief measure that is expected to benefit CeFi exchange users in 2025. This relief addresses concerns raised by the final version of Section 6045 regarding custodial broker regulations, which will take effect on January 1, 2025, requiring the use of a first-in, first-out (FIFO) accounting method for digital assets, unless preferred methods such as highest-in, first-out (HIFO) or Spec ID are chosen.Shehan Chandrasekera, the tax strategy lead at Cointracker, explained the issue, emphasizing that "as of January 1, 2025, almost all CeFi brokers are not prepared to support Spec ID." This lack of preparedness will force many cryptocurrency holders to default to FIFO accounting, potentially resulting in a higher tax burden during asset sales. He described, "In a bull market environment, this could be disastrous for many taxpayers, as you would inadvertently sell the earliest purchased assets first (often with the lowest cost basis), while unknowingly maximizing your capital gains."The IRS's temporary relief allows taxpayers to continue using their own records or tax software to identify the specific units being sold. The relief period only applies to CeFi transactions from January 1, 2025, to December 31, 2025. After this date, taxpayers will need to formally choose an accounting method with their brokers. Chandrasekera also emphasized the importance of synchronizing tax software with broker setups.

ChainCatcher news, according to Cointelgraph, the "Financial Innovation and Technology Act of the 21st Century" (FIT21, or HR 4763), led by the Republican Party, was passed in the House of Representatives on May 22 local time.The Senate, composed of 100 members, may take several months to consider the bill, and parts of FIT21 may change. The House and Senate members will meet to resolve the differences in their respective versions of the bill before final approval. After that, U.S. President Biden will have ten days to sign or veto it. Even if Biden vetoes the bill, the House and Senate can reintroduce it with at least a two-thirds majority vote in both chambers, thereby overriding Biden's veto.Previous news reported that the U.S. House of Representatives passed the "Financial Innovation and Technology Act of the 21st Century" (FIT21) with a vote of 279 to 136, with strong performance from House Democrats. The passage of the cryptocurrency market structure bill marks the industry's most significant legislative achievement in Congress.

ChainCatcher News: The U.S. House of Representatives passed the Financial Innovation and Technology Act of the 21st Century (FIT21) with a vote of 279 to 136. House Democrats showed strong support, and the passage of the cryptocurrency market structure bill marks the industry's most significant legislative achievement in Congress.The U.S. is lagging behind other jurisdictions globally in developing cryptocurrency regulations. Although the House passed the FIT21 cryptocurrency bill, the implementation of such regulations is far from complete.

ChainCatcher news, Politico reporter Eleanor Mueller stated on the X platform: "As far as I know, the House Democratic leaders today indicated that they will not force House Republican members to oppose the cryptocurrency bill. The 'urge to vote' email sent to members this morning pointed out that Representatives Maxine Waters and David Scott 'strongly oppose' the bill, but did not urge them to vote 'no'. Waters and Scott also just sent a letter to their colleagues regarding the bill: it links to a fact sheet warning that implementing a 'more lenient regulatory regime' under the Commodity Futures Trading Commission (CFTC) and the existing 'huge loopholes' could lead to some areas having 'no major regulatory body'."According to the documents shared by Mueller, the aforementioned cryptocurrency bill refers to the "Financial Innovation and Technology for the 21st Century Act" (FIT21), which will be voted on in the U.S. House of Representatives this week.

ChainCatcher news, according to Bitcoin Magazine, U.S. Congressman Emmer revealed that House Republicans will pass his proposed anti-CBDC bill this week. Emmer stated, "The concept of central bank digital currency is not only alarming, it is downright contrary to the spirit of America."

ChainCatcher News, the U.S. House of Representatives plans to vote next week on a market structure bill called (FIT21), which includes new provisions regarding when cryptocurrencies should be considered securities. The House already has a group of representatives who support cryptocurrencies, and (FIT21) is likely to pass smoothly in the House, but it will face obstacles in the Senate.The 21st Century Financial Innovation and Technology (FIT21) Act aims to provide a clear regulatory framework for digital assets, addressing long-standing issues of market regulation and consumer protection.