Seven new cryptocurrency-focused tax bills have been introduced in Congress, expanding the list of proposals aimed at reshaping how digital-asset activity is taxed. The measures span a range of potential changes, with lawmakers laying out separate approaches to key issues affecting crypto investors, companies, and intermediaries.

Grayscale has filed with the U.S. Securities and Exchange Commission for a spot ETF linked to Canton Network, designed to track the institutional blockchain's native token, $CC.

Morgan Stanley has rolled out a new pathway for affluent clients to convert cryptocurrency into spot crypto ETF exposure without selling the underlying assets. Through a referral arrangement with Galaxy Digital, eligible clients can deliver bitcoin:native, ethereum:native or solana:So11111111111111111111111111111111111111112 and receive shares of spot crypto ETFs in return, including Morgan Stanley's own Bitcoin Trust. The exchange is structured to avoid a sale and the associated taxable event, while shifting holdings into a regulated fund format that can remain in a portfolio and be used as collateral for loans. The minimum size starts at $5 million per transaction, reduced from Galaxy's typical $25 million threshold.

The Federal Reserve's balance sheet posted a modest decline last week, as Reserve Bank credit slipped $2.5B to about $6.665 trillion for the week ended June 3, 2026, according to the central bank's H.4.1 release published June 4. Reserve balances held at the Fed fell $52.7B over the week to $3.014 trillion. On the asset side, securities held outright—the Fed's largest balance-sheet line—dropped $1.3B to $6.436 trillion. Mortgage-backed securities declined $9.2B, while U.S. Treasury holdings rose slightly, partially offsetting the move. Viewed over a longer horizon, Reserve Bank credit is up $38.4B from the week ended June 4, 2025, underscoring that the latest weekly contraction comes against a still-higher year-over-year level. The Fed formally concluded quantitative tightening on Dec. 1, 2025. The runoff program, launched in June 2022, allowed bonds to mature without reinvestment and reduced total assets by more than $2 trillion by December 2025. With QT ended, officials have pivoted to "reserve management purchases," a framework designed to keep "ample reserves" in the banking system as the economy expands. The data release itself arrived one day later than the usual Thursday publication schedule, in line with the Fed's standard timing adjustments. For crypto and other risk assets, the continued decline in MBS holdings is a subtle point: as those securities roll off the Fed's portfolio, private investors absorb them and may have less capacity for higher-risk allocations. The $38.4B year-over-year increase in Reserve Bank credit offers a modest offset, suggesting the Fed is not tightening aggressively over the longer run. With reserve balances at $3.014 trillion and policymakers signaling tolerance for fluctuations, digital assets are competing for capital in a setting where "ample" does not mean "unlimited."

Securitize has passed a major SEC checkpoint tied to its planned SPAC merger with Cantor Equity Partners II, moving it closer to listing on the New York Stock Exchange under the ticker $SECZ.

CoinDesk reports that U.S. lawmakers are stepping up efforts to reshape the tax framework for digital assets. The House Committee on Ways and Means has released seven discussion drafts that outline possible changes spanning DeFi lending, stablecoin payments, staking, mining, and measures aimed at curbing tax avoidance in crypto trading. The proposals are expected to be a central focus at a June 9 hearing. The package is organized as seven separate topic papers rather than a single bundled proposal. While the texts are not formal legislation, they signal where policy may be headed. The drafts cover stablecoins, mining, staking, DeFi lending, wash sale rules, charitable donations, and a voluntary disclosure process. DeFi lending and stablecoins are prominent themes. Citing crypto journalist Eleanor Terrett, the report says the drafts take aim at the long-uncertain tax treatment of DeFi lending, an area where the lack of guidance has fueled debate over when onchain lending should trigger taxable events. On stablecoins, the drafts place added emphasis on payment use cases, suggesting certain low-value transactions could be treated differently from speculative trading. In that framing, stablecoins used for payments could be taxed more like cash than like typical crypto trades. The drafts also include multiple anti-abuse provisions. The report says lawmakers are considering extending wash sale and constructive sale rules to cryptocurrency transactions, aligning digital assets more closely with traditional markets. If adopted, selling at a loss and quickly repurchasing similar assets, or using structures designed to lock in gains early, could face tighter limits—changes that would affect trade reporting and tax planning. Staking and mining remain areas where further clarity is needed. The tax treatment of staking rewards and mining income is expected to be a key part of the discussion, alongside provisions on charitable contributions, filing obligations, and a voluntary disclosure mechanism for taxpayers with past reporting issues. Previously, 18 bipartisan lawmakers asked the IRS to revisit its 2023 staking guidance ahead of the 2026 tax year. With the June 9 hearing approaching, the direction of U.S. crypto taxation around payments, trading activity, and onchain earnings may come into sharper focus.

CoinDesk reports that the House Ways and Means Committee is circulating seven draft bills ahead of a June 9 hearing aimed at reshaping how digital assets are taxed. The proposals tackle targeted issues rather than forming a single comprehensive package. According to available disclosures, the drafts include measures that would exempt certain small cryptocurrency transactions from tax requirements. They also address stablecoin activity and network fees, clarify tax treatment for assets obtained through mining, and prioritize mining and staking rules with an eye toward easing double taxation—a long-running industry complaint that the same gain can be taxed once when assets are received and again when sold. The committee is also reviewing how to better align digital assets with existing securities tax frameworks and is weighing whether the "wash sale" rule should apply to cryptocurrency trades. Another proposal would eliminate valuation requirements for digital assets donated to charity, a change that could lower compliance costs for individuals and institutions. The House has begun turning more attention to tax-related crypto policy. While recent industry focus has been on market structure legislation, tax is widely viewed as the next major priority. Washington has previously debated when digital assets constitute taxable income and which transactions should be exempt, with limited progress. Sen. Cynthia Lummis, a Wyoming Republican, has pushed similar ideas in the past, including an attempt to fold them into last year's Republican spending bill that did not advance. The House drafts are being watched as one of the later-starting crypto legislative efforts this Congress, though other bills still need passage this year and the provisions could ultimately be folded into broader legislation. Cody Carbone, CEO of the Digital Chamber, welcomed the June 9 hearing, saying it offers a chance to refine the drafts and continue bipartisan talks on crypto tax policy.

Securitize and Cantor's SPAC have moved a step closer to going public after the U.S. Securities and Exchange Commission declared their Form S-4 registration statement effective. Shareholders are scheduled to vote on the deal on June 29. The combined company plans to list on the New York Stock Exchange under the ticker SECZ.

The U.S. Securities and Exchange Commission is developing a framework to govern the listing and trading of tokenized securities, guided by what it calls an "Innovation Without Arbitrage" principle, according to Jamie Selway, Director of the SEC's Division of Trading and Markets. Selway said the SEC is coordinating with the Commodity Futures Trading Commission on derivatives rulemaking and reviewing emerging products, including perpetual futures. The agencies aim to curb regulatory arbitrage and limit excessive leverage among retail traders.