A top executive at the crypto marketplace Coinbase said the U.S. is within reach of becoming the global capital of cryptocurrency — but only if Congress delivers on one final piece of unfinished business: tax policy.
Kara Calvert, Coinbase’s vice president of U.S. policy, told The Advocates that a tax bill advancing through the House Ways and Means Committee would complete what she called a “trifecta” — alongside the GENIUS Act and the CLARITY Act — that would bring the U.S. “98% of the way” to achieving President Trump’s goal of making America the world’s crypto capital.
Coinbase is pushing for the Senate to advance the CLARITY Act, which would clarify federal regulatory jurisdiction over digital assets such as cryptocurrencies.
The crypto trading platform wants the Senate to move the bill by Sept. 15, more than a year after President Trump signed the GENIUS ACT that established the first federal regulatory framework for payment stablecoins.
“The one big sticking point we still hear from everyday Americans and institutional investors is tax policy,” Ms. Calvert said. “Tax policy is a huge barrier. It’s complicated. People don’t know how to calculate their taxes on their crypto. The IRS doesn’t give great guidance on this.”
Coinbase issues 1099s to its customers and does what it can to provide information.
House Ways and Means Chairman Jason Smith, Missouri Republican, has made it a top priority for his panel to create a framework for a cryptocurrency tax. The Senate is still attempting to find a way to pass the CLARITY Act.
“We’re hopeful that that might even be marked up in September with hopefully bipartisan support as well,” Ms. Calvert said.
Supporters of the CLARITY Act received good news recently, as the National Sheriffs Association removed its opposition to the legislation and announced it is neutral on the bill, a development first reported by Semafor.
Now, the legislation must work through how to prohibit federally elected officials, including the president, vice president, and their spouses, from profiting from digital assets.
Suggestions included completely divesting of crypto and placing it in a blind trust.
Senate Republicans and Democrats have been trying to broker an agreement that the White House will accept.
“I think that that is the big determinant on whether or not they get to the motion to proceed and ultimately pass the bill,” Ms. Calvert said.
Gatestone Institute makes case for regime change in Iran
The Gatestone Institute warns Iran is using the lull in Trump-era pressure to prepare for a post-Trump world — and argues the current regime must be removed entirely, not just sanctioned.
Majid Rafizadeh wrote at the conservative think tank that Iran is setting up several agreements with Oman to control the Strait of Hormuz and 20% of the global oil traffic.
“Without another leader as willing as Trump to confront Tehran directly, the regime will extract concessions, dictate terms, and attain hegemonic power in the region,” Mr. Rafizadeh wrote.
The current regime only needs to wait out Mr. Trump’s remaining two years before it can continue doing whatever it wants, he said.
“Above all, Iran’s current leadership cannot stay. If this regime is allowed to remain in power, the world after Trump will not be the same,” he said. “The United States would do itself a great service to resume working closely with Israel.”
He added, “There is no realistic path for Iran to become a constructive, peaceful country while its current leadership remains.”
Congress prodded to stop food stamp payments in restaurants
America’s oldest taxpayer advocacy organization is throwing its support behind legislation to end restaurant purchases under the SNAP Act of 2026.
National Taxpayers Union Senior Fellow Matthew Dickerson recently informed Rep. Brandon Gill of the group’s support for his legislation that would repeal the Restaurant Meals Program for food stamps.
“Thank you for your efforts on this issue. We look forward to working with you to advance this legislation and encourage all members of Congress to support it,” Mr. Dickerson wrote in a letter to the Texas Republican.
“The purpose of the Food Stamp program is to raise the levels of nutrition among low-income households and to assist low-income adults in obtaining employment and increasing their earnings.”
While food Stamps are generally required to be used for food meant for consumption at home, many states have begun working with the U.S. Department of Agriculture to promote healthier food options by restricting the purchase of certain items with food stamp benefits.
“However, nine states operate a Restaurant Meals Program that allows a limited number of recipients to use Food Stamps for prepared meals at restaurants,” Mr. Dickerson said.
“Historically, implementation of the Program was more narrowly tailored. Fast food restaurants now are the predominant participants in this program.”
• The Advocates column is a weekly look at the political action players who drive the debate and shape policy outcomes in Washington. Send tips to theadvocates@washingtontimes.com. Click here to receive The Advocates in your inbox each week.
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