Coinbase argues that U.S. tax changes taking effect on January 1, 2026 could push bettors away from casinos and sportsbooks toward prediction markets. The law limits gambling loss deductions to 90% of losses against 100% of winnings, while some prediction-market contracts receive Section 1256 treatment that allows full netting and loss carryforwards.

On 21 December 2025, a discussion draft from Representatives Max Miller and Steven Horsford outlined proposed changes to how everyday crypto use is taxed in the United States. The plan would exempt up to $200 in qualifying stablecoin payments from capital gains calculations and allow certain staking and mining rewards to be deferred for tax purposes for as long as five years. The draft emphasizes routine payments and reward income rather than speculative trading, while maintaining anti-abuse rules and Treasury oversight.

U.S. Reps. Max Miller (Ohio) and Steven Horsford (Nevada) proposed a de minimis tax exemption for stablecoin payments of $200 or less. In July 2025, Sen. Cynthia Lummis advanced a similar $300 threshold that failed to pass. Banks oppose 3%-4% stablecoin yields, while industry leaders, including Tyler Winklevoss, are pushing back.

On December 21, 2025, Binance Futures launched USDS-margined perpetual contracts for ZKPUSDT, GUAUSDT and IRUSDT with leverage of up to 40x. The new instruments expand Binance's derivatives lineup and may affect trading strategies and liquidity for the underlying tokens as traders access higher-risk, leveraged exposure.

A draft crypto tax framework in the US House of Representatives, led by Rep. Max Miller and supported by Rep. Steven Horsford, proposes a bipartisan overhaul of how digital assets are taxed. The plan includes a de minimis exemption for regulated stablecoin payments under $200, clearer rules for tax treatment of crypto lending, and up to five years of deferral on income from mining and staking rewards. If formally introduced and passed, it could mark a major shift in how Americans use and report digital assets for tax purposes.

On December 21 2025, Elon Musk’s wealth climbed to $769 billion after Delaware’s Supreme Court reinstated his disputed $56 billion Tesla compensation plan. At the same time, SpaceX is reportedly preparing an insider share sale valuing the firm at $800 billion and exploring a potential IPO, while investor Bill Ackman floated a SPARC-based listing structure that would offer Tesla shareholders special acquisition rights. Tesla’s share price has rallied, supported by growing market expectations around SpaceX and its possible public debut.

Industrial metals tracked gold’s strength in 2025, with year‑to‑date gains of more than 34% for copper, 27% for steel, 14% for aluminum, and 30% for lithium. A July 50% tariff on steel and aluminum, plus copper‑intensive goods, sparked inventory moves and price spikes, while mine outages and energy constraints tightened supply.

Reports indicate that U.S. Representatives Max Miller and Steven Horsford are allegedly working on a Digital Asset PARITY Act that would adjust cryptocurrency tax rules, including stablecoin transaction relief and deferred taxation of blockchain rewards. However, the bill and its provisions remain unconfirmed, and observers note similarities with earlier proposals from Senator Cynthia Lummis as questions persist about the measure’s authenticity and potential impact.