North Columbus News

Yesterday, U.S. Representative Mike Carey from Ohio's 15th district participated in a House Ways and Means Subcommittee on Oversight hearing focused on the future of cryptocurrency and digital asset innovation in the United States economy.

During the session, Rep. Carey discussed his role in leading the repeal of the IRS DeFi Broker Rule, marking it as the first-ever cryptocurrency legislation signed into law by a president. He emphasized its significance for innovation and privacy. Additionally, he pointed out the economic contributions of the digital asset industry and stressed the importance of establishing clear regulations to support job growth and maintain America's position as a leader in crypto.

Rep. Carey stated, “The first step in this process was overturning the DeFi broker rule, which would have fundamentally changed the business models of America’s self-custodial wallet and software providers, while overwhelming the IRS…and infringing on the privacy of tens of millions of Americans.”

On job growth within this sector, he noted that “Bitcoin mining alone has generated over 31,000 jobs and contributed $4.1 billion annually to the U.S. economy. The industry’s total projected revenue is expected to hit $16.1 billion by the end of 2025.”

Summer Mersinger, CEO of The Blockchain Association added: “We have over 2,000 jobs listed and growing every day. That’s just one example of the growth in this industry—and how clear rules, in both tax and regulation, can help it thrive.”