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Commentary by Steven Lofchie

House Financial Services Committee members Mike Flood (R-NE), Ritchie Torres (D-NY), French Hill (R-AR) and Wiley Nickel (D-NC) introduced the Uniform Treatment of Custodial Assets Act. The proposed legislation would prohibit financial institutions from including crypto assets held in their custody as a liability on their balance sheet.

In recent analysis, Fried Frank Partner Jason Schwartz addressed the IRS's recently issued notice confirming that consensus-layer staking rewards are taxed at fair market value when the staker has dominion and control over them.