1/ This morning, CCI’s Crypto Week activity turned to taxes and staking. @AMangiero testified in @WaysandMeansGOP about why modernizing crypto tax policy is critical to US leadership in the digital economy. Here’s what she told lawmakers: 🧵

2/ The US is making real progress on crypto policy. But there’s one piece still missing: tax. Without smart, updated tax rules, we can’t scale the digital economy.

3/ Crypto is more than a new asset class. It’s the infrastructure layer for modern payments, capital markets, digital identity, and more. And the tax code hasn’t kept up.

4/ Take staking: the process that keeps many blockchain networks stay secure and accurate. These networks support everything from stablecoins to tokenized assets to DeFi.

5/ In 2019, the total value staked was $50M. Today, it’s over $660B. Staking is no longer a niche activity, it’s the infrastructure layer of the new digital economy.

7/ Alison laid out 3 key tax policy recommendations for Congress: 1. There should be a de minimis exemption for small personal-use crypto transactions 2. Staking and mining rewards should be taxed fairly 3. We need safe harbors and clarity that would allow for staking in ETPs

8/ The US should want the next generation of internet infrastructure built here, not overseas.

9/ We appreciate our fellow witnesses for their thoughtful testimony: @jasonsomensatto @coincenter Sarah Reilly @Fidelity, @SKMersinger @BlockchainAssn, and Corey Frayer @ConsumerFed.

10/ We would like to thank @WaysandMeansGOP and Chairman @RepDavid, @HouseAdm_Dems and Ranking Member @RepTerriSewell, Members of the Subcommittee, and their staff for working tirelessly on these issues.