What Happened in Crypto Today

On October 1, 2025, US lawmakers discussed potential changes to crypto tax rules amidst a government shutdown. During a Senate Committee on Finance hearing, proposals included tax exemptions for transactions under $300 and clarifying income classification from staking. Coinbase's Lawrence Zlatkin emphasized the need for parity with traditional finance, warning that current tax ambiguity could harm innovation. Meanwhile, Roman Storm, co-founder of Tornado Cash, is seeking dismissal of his conviction for unlicensed money transmission. His defense argues that prosecutors did not adequately prove he intended to assist illicit activities. In another development, the White House withdrew Brian Quintenz's nomination for CFTC chair, prompting Quintenz to announce his return to the private sector. Prior reports indicated his nomination faced delays and pushback from some in the crypto industry. The CFTC has been without a chair for nearly a year, with only Acting Chair Caroline Pham at the helm.

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