Illustration: Rebecca Zisser / Axios

Reps. Warren Davidson (R-Ohio) and Darren Soto (D-Fla.) have introduced a new House bill that would clarify laws governing initial coin offerings and change how cryptocurrencies are taxed.

Why it matters: Cryptocurrencies like Bitcoin function partly as currency and partly as investment, creating all sorts of regulatory uncertainties that the industry has long hoped to get clarified. But the U.S. Securities and Exchange Commission has been slow to lay out rules, instead communicating its interpretation of securities law via enforcement actions.

Among the changes that the bill includes:

  • Revise the definition of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens that are "not a representation of a financial interest in a company, including an ownership or debt interest or revenue share."
  • A tax exemption for using cryptocurrencies to purchase goods and services for under $600. This way, if a person uses Bitcoin, for example, to purchase a cup of coffee and the price of the cryptocurrency has gone up since they purchased it, they won't have to pay capital gains tax on the transaction.

In September, Davidson hosted a roundtable about initial coin offerings with a number of representatives from industry players.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 21,020,216 — Total deaths: 761,393— Total recoveries: 13,048,303Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,289,323 — Total deaths: 167,948 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health.
  4. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.

Facebook goes after Apple

Illustration: Lazaro Gamio/Axios

Facebook is seeking to force a face-off with Apple over its 30% in-app purchase commission fee, which Facebook suggests hurts small businesses struggling to get by during the pandemic.

The big picture: Facebook has never publicly gone after Apple, a key strategic partner, this aggressively. Both companies face antitrust scrutiny, which in Apple's case has centered on the very fee structure Facebook is now attacking.