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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

23 mins ago - Health

Aduhelm is bombing

The average list price of Aduhelm is roughly $4,300 per monthly infusion. Photo: Biogen

Biogen sold $300,000 worth of Aduhelm in the third quarter, well below Wall Street's expectations, which prompted analysts at Raymond James to call the Alzheimer's drug "potentially the worst drug launch of all time" amid Biogen's "persistent hyperbole about the drug's purported benefits."

The big picture: Aduhelm's controversial approval and high price tag have shaped the market reaction. Health insurers are hesitant to cover Aduhelm until Medicare makes a decision next year, and doctors aren't embracing the drug either.

23 mins ago - Health

COVID cases and deaths keep falling

Expand chart
Data: N.Y. Times; Cartogram: Kavya Beheraj/Axios

America’s coronavirus outbreak is rapidly improving as the Delta wave recedes, and vaccines for kids — which could become available within weeks — will help the situation improve even further.

By the numbers: Nationwide, the U.S. is now averaging about 79,000 new cases per day — a 22% drop over the past two weeks.

4 hours ago - Health

India crosses 1 billion COVID vaccinations milestone

A health worker inoculates a COVID-19 vaccine dose to a man wearing a face mask of Prime Minister Narendra Modi in Beawar, India, in September. Photo: Sumit Saraswat/Pacific Press/LightRocket via Getty Images

India's Prime Minister Narendra Modi announced Thursday that the country's health workers have now administered more than 1 billion COVID-19 vaccines doses.

Of note: While this is a significant milestone for the country of 1.4 billion, which has been devastated by the coronavirus, only about 30% of the eligible population has been fully vaccinated against the virus, per AP. Roughly 75% has received at least one dose.