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Webull
2026-10-08 11:39:35

Webull drops as much as 32% premarket after House panel flags China ties

Webull, the brokerage platform that competes with Robinhood and says it has 28 million registered users, fell as much as 32% in premarket trading Wednesday after a bipartisan US House committee described the company as a national security risk. The Select Committee on China said there was a "profound gap" between Webull’s branding as an American company and the people and entities that fund or influence it. The panel’s report said Webull’s ownership, workforce, technology, data flows, financing, and compliance are all tied to China in "structural ways." It also said Webull had told committee members it had no offices or employees in the People’s Republic of China, while its mainland unit, Hunan Weibu, now employs 863 people, or 62% of the company’s global headcount. Webull pushed back on the findings, calling the report inaccurate and unsupported. A spokesperson said the committee published it without first seeking clarification from the company. Webull also said its US operations are run from Florida and New York and that American customer data remains in the United States. The report landed against a backdrop of a steep post-listing decline. Webull went public on Nasdaq through a SPAC merger at a $7.3 billion valuation, reached a market capitalization above $32 billion on April 14, 2025, and now stands at $4.1 billion. The article also noted that Webull took custody of customer funds in October 2025, which the committee said created structural exposure for $24.6 billion in American capital.

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Webull drops as much as 32% premarket after House panel flags China ties
Policy Regula
2026-10-07 01:34:00

US House lawmaker proposes ban on candidates trading contracts tied to their own elections

A new bill introduced in the US House would bar federal candidates and their immediate circles from trading prediction market contracts tied to their own races, putting platforms such as Kalshi and Polymarket squarely in the regulatory spotlight. North Carolina Representative Don Davis on Monday unveiled the No Betting on Your Own Race Act, which would prohibit federal candidates, campaign staff, spouses, and children from buying or selling political event contracts linked to the candidate’s own election. Violations would carry civil penalties of up to $10,000 per offense or three times the profits gained. The proposal does not name any platform directly, but its use of the term “political event contracts” makes its scope broad enough to capture products offered on event-contract venues including Kalshi and, in practice, the type of election-linked markets associated with Polymarket. Davis said the bill is meant to address market manipulation, insider trading, and politicians profiting from election-related information unavailable to the public. The immediate catalyst cited in the report was the August case involving Republican congressional candidate Laurie Buckhout, who was penalized by Kalshi for trading contracts tied to her own race. The bill is not expected to advance before the 2026 midterm elections, but it signals that prediction markets are moving from the edge of crypto into a more direct US regulatory debate.

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US House lawmaker proposes ban on candidates trading contracts tied to their own elections
Policy Regula
2026-09-15 16:34:35

House panel to mark up crypto tax bill with de minimis fee exemption and new rules for stablecoins

The House Ways and Means Committee is set to take up a wide-ranging crypto tax bill on Sept. 16 at 10 a.m. Eastern, opening the next step for legislation that would carve out a limited capital-gains exception for small blockchain fees and set fresh federal tax rules for stablecoins, staking, mining and digital asset trading. Introduced by Committee Chairman Jason Smith, the 114-page Digital Asset Tax Certainty Act, H.R. 10357, would create a de minimis exemption for qualifying network or transaction fees of $10 or less. Because the Internal Revenue Service treats digital assets as property, paying blockchain fees with crypto can trigger a taxable event. Under the proposal, taxpayers could ignore gains or losses tied to eligible fees. The bill also addresses several other tax questions. It would use the redemption value of certain dollar-pegged stablecoins as tax basis when they are bought near that value, treat mining and staking rewards as ordinary income, allow some investment trusts to stake assets without losing their tax status, extend wash-sale rules to digital assets, and exclude qualifying crypto loans from sale treatment. It also includes a Treasury program for eligible taxpayers to amend prior returns and pay unpaid taxes, interest and penalties. The measure still must clear the committee, then pass the House, Senate and President before it can become law.

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House panel to mark up crypto tax bill with de minimis fee exemption and new rules for stablecoins
US House
2026-09-15 07:43:51

US House tax panel releases digital asset bill with sub-$10 fee exemption and staking deferral proposal

Jason Smith, chair of the U.S. House Ways and Means Committee, has released the 114-page Digital Asset Tax Clarity Act, H.R. 10357, setting up a committee markup for 10 a.m. on Sept. 16. The bill would exempt network or transaction fees below $10 from tax, though the relief would not apply to users who made more than 5,000 transfers in the prior year. A separate companion measure would bring digital assets under wash sale and constructive sale rules while excluding qualified U.S. dollar stablecoins, a change projected to raise $2.074 billion in revenue across fiscal years 2026 through 2036. The companion bill would also let miners and stakers defer income recognition on newly created tokens until sale, with an estimated 10-year fiscal cost of $2.956 billion. Republican members of the committee are considering removing that provision or capping the deferral period at five years.

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US House tax panel releases digital asset bill with sub-$10 fee exemption and staking deferral proposal
Policy Regula
2026-09-14 16:57:46

Emmer says BRCA changes could remove criminal liability safe harbor

U.S. House Republican Whip Tom Emmer said he is concerned about changes to the BRCA, according to a post on X by a Fox Business crypto reporter. Speaking to Kristin Smith at the Solana Institute summit, Emmer said he does not like the fact that the revised version appears to give up the safe harbor tied to criminal liability. He also said he is worried that local prosecutors would often turn that into a more weaponized tool. Emmer was the original sponsor of the BRCA and first introduced the bill in the House in 2018. The remarks point to his unease with how the legislation has been modified, based on the account shared by the reporter.

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Emmer says BRCA changes could remove criminal liability safe harbor
US House
2026-09-12 13:54:29

U.S. House Ways and Means Committee to Review Crypto Tax Bills on Sept. 16

The U.S. House Ways and Means Committee is scheduled to review a set of digital asset tax bills on Sept. 16, a step that could move the legislation closer to a full House vote. The discussion will center on two issues: when miners and stakers should be taxed on newly created tokens, and whether wash sale rules used for stocks should also apply to digital assets. The two bills named in the review are the Mining and Staking Tax Fairness Act, H.R. 9175, and the bill to apply existing tax anti-abuse rules to digital assets, H.R. 9172. Under H.R. 9175, miners and stakers would not be taxed when they receive newly created tokens, but when those tokens are actually sold, with the proceeds treated as ordinary income. H.R. 9172 would extend wash sale and constructive sale rules to actively traded digital assets.

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U.S. House Ways and Means Committee to Review Crypto Tax Bills on Sept. 16