A congressional hearing on digital asset taxation has exposed sharply contrasting views on the future of crypto regulation. While supporters argue that clear tax rules are essential for maintaining U.S. competitiveness, critics warn that proposed legislation could create special advantages for the industry and increase systemic risks.

Supporters Advocate for Tax Stability

On June 16 in a house hearing, Rep. Max Miller (R-Ohio) said digital asset tax policy should be "coherent, administrable, and technologically neutral" and warned that isolated policy changes could create unintended consequences across the broader tax code.

"Every one in five Ohioans owns a form of cryptocurrency," Miller said. "We have to bring stability to the tax code."

The Ohio Republican argued that without regulatory and tax certainty, crypto businesses may choose to operate in jurisdictions offering more predictable treatment. "If we do not, people will not come to U.S.A, to the crypto capital of the world as President Trump wants us to be," Miller said.

Tax attorney Jason Schwartz praised ongoing efforts to create a broader digital asset tax framework, saying tokenization and blockchain-based finance require clear rules.

Critics Warn of Bailout Risks

Not everyone agreed with the direction of the legislation. Rep. Lloyd Doggett (D-TX) challenged testimony from tax policy expert Stephen Carter, arguing that proposed mining and staking tax provisions would give crypto special treatment rather than creating parity with other industries.

Carter said the legislation would allow rewards from mining and staking to avoid immediate taxation, differing from current law under which such rewards are taxable when earned.

"If digital assets become a larger part of retirement accounts and the assets remain highly volatile or in a worst-case scenario crash, that would have an enormous impact on household retirement savings," Carter said.

He added that policymakers could eventually face pressure to intervene with taxpayer-funded support measures if losses become widespread. Doggett characterized that possibility as crypto becoming "kryptonite for our economy."

A US agency has removed Chinese toy drones from its import ban list, reversing previous trade restrictions. The decision allows specific drone models to enter the US market again, easing supply constraints for retailers and consumers.

The agency updated its import regulations to exclude certain toy drones manufactured in China from the prohibited list. This change follows a review of the products' compliance with safety and security standards.

The removal from the ban list is expected to impact the availability and pricing of toy drones in the US market. Retailers can now resume imports of the affected models, which were previously blocked under the earlier restrictions.

The agency's action marks a shift in policy towards Chinese-made drone products. It reflects an assessment that the specific toy drones in question do not pose the risks that initially led to their inclusion on the import ban list.