To watch Rep. Carey’s questions at yesterday’s hearing, click here or on the image above.
WASHINGTON, D.C. – Yesterday, U.S. Rep. Mike Carey (R-Ohio-15), a member of the House Ways and Means Committee, participated in a Ways and Means Subcommittee on Oversight hearing to examine the future of cryptocurrency and digital asset innovation in the U.S. economy.
During the hearing, Rep. Carey discussed how he successfully led the repeal of the IRS DeFi Broker Rule, the first-ever cryptocurrency legislation signed into law by a president, and its importance for innovation and privacy. He also highlighted the economic impact of the digital asset industry and the need for clear guardrails to support continued job growth to keep America the crypto capital of the world.
HIGHLIGHTS:
ON REPEALING THE BROKER RULE:
REP. CAREY: “The first step in this process was overturning the DeFi broker rule, which would have fundamentally changed the business models of America’s self-custodial wallet and software providers, while overwhelming the IRS…and infringing on the privacy of tens of millions of Americans.”
ON JOB GROWTH CREATED BY THE DIGITAL ASSET INDUSTRY:
REP. CAREY: “Bitcoin mining alone has generated over 31,000 jobs and contributed $4.1 billion annually to the U.S. economy. The industry’s total projected revenue is expected to hit $16.1 billion by the end of 2025.”
SUMMER MERSINGER, CEO OF THE BLOCKCHAIN ASSOCIATION: “We have over 2,000 jobs listed and growing every day. That’s just one example of the growth in this industry—and how clear rules, in both tax and regulation, can help it thrive.”
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