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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.

Go deeper

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sydney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.