Senate news: Senators voted 70-28 today to proceed on a motion to overturn an IRS regulation defining certain crypto companies as “brokers.”
Eighteen Democrats, including Senate Minority Leader Chuck Schumer, joined Republicans on this motion. More than half of Democrats on the Senate Banking Committee joined as well. The final vote will proceed later today.
Across the Hill: Republicans on the House Financial Services Committee floated broad changes to the mission of the Federal Reserve this morning. Everything from bank supervision to the Fed’s 2% inflation target appears to be on the chopping block if the GOP has its way.
