As the U.S. House of Representatives digs into digital assets policy during what lawmakers have styled «Crypto Week» next week, the committee that focuses on tax policy will discuss the proper way forward for taxing crypto.

The chairman of the House Ways and Means Committee, Representative Jason Smith, announced a July 16 hearing of the oversight subcommittee to look at the «affirmative steps needed to place a tax policy framework on digital assets,» according to a statement on Wednesday.

Crypto taxation is next in line behind overall regulation of the markets and the oversight of stablecoins as a leading policy issue expected to get attention in Congress. The two primary legislative efforts are both expected to see action next week, including a potential House vote to approve the Senate’s recently passed bill to regulate stablecoin issuers.

Taxation on digital assets activity has long been a millstone around the industry’s neck, because until crypto taxes get a reliable, rational U.S. tax regime, investors have to face uncertainty in their accounting approach. The House hearing announcement comes on the heels of Senator Cynthia Lummis’ introduction of a bill last week in the other chamber of Congress that addresses some of the lingering complaints of cryptocurrency users.

Lummis’ legislation would set a threshold of $300 on crypto transactions that would need to factor into a users’ tax calculations, freeing up people’s small, day-to-day transactions from capital-gains headaches — limited to a total of $5,000 a year. And it would also eliminate double taxation on crypto given in staking, mining, airdrops and forks, eliminating the initial tax when the rewards are received and focusing only on taxing gains from the eventual sale.

It’s unclear what the House has in mind just yet, but the Republican-led committee is looking for industry-friendly policy, with the hearing entitled, «Making America the Crypto Capital

of the World: Ensuring Digital Asset Policy Built for the 21st Century.»

Read More: Crypto Tax Proposal That Didn’t Make It to Trump’s Budget Bill Pushed on Its Own

Bitcoin (BTC) broke out of its recent very tight trading range during U.S. Wednesday afternoon hours, threatening to topple its May record of $112,000.

The largest crypto briefly notched a new record in U.S. dollar terms on some exchanges including Binance, Coinbase and Bitstamp, before retreating towards $111,000. However, price data aggregators including CoinDesk, CoinGecko and CoinMarketCap show that BTC remained just below its May 22 peak.

The move came amid a broader crypto rally that also saw Ethereum’s ether (ETH) surge 6% to $2,760, its highest level in a month. Bitcoin itself was ahead 2.4% at $111,400 at press time.

During today’s swift move higher, some $425 million in leveraged short positions were liquidated across all crypto derivatives, CoinGlass data shows.

For BTC, the area around the $110,000 level has been a significant barrier over the past several weeks with investors taking profits and shorts piling each time the price neared that level.

Checking crypto-related stocks, Strategy (MSTR) is higher by 4.4% and at $414, only a few dollars shy of its highest level of 2025 (though still well below its record high of $543 set late last year). Coinbase (COIN) is ahead 5%. Bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) are up roughly 6%.

Still, market watchers noted that the slow, quiet buildup could be a bullish setup.

«Crypto feels so quiet, [while] bitcoin is ready to move,» wrote Charlie Morris, chief investment officer at ByteTree, in a report.

Morris pointed out that bitcoin’s volatility has steadily declined, a pattern that historically preceded large upward moves.

«The setup for the next one is looking good,» he said. «As I keep on saying, the quiet bulls are the best.»

Joel Kruger, market strategist at LMAX Group, pointed to ether’s strength above key technical support levels and growing demand from long-only institutions betting on its future role in settlement infrastructure and asset tokenization.

That view was echoed by digital asset manager Bitwise’s analysts, who named ETH as one of the «cleanest» token plays to bet on the red-hot tokenization trend, The Block reported.

UPDATE (July 9, 2025, 20:30 UTC): Adds more details throughout the story.

Revolut, Europe’s most valuable start-up, is in talks to raise $1 billion in fresh capital at a $65 billion valuation, according to the Financial Times.

The funding would mark a significant step in the fintech group’s global expansion strategy and represents a 44% increase over its last known valuation of $45 billion from a secondary share sale one year ago.

The London-based company plans to raise the funds through a combination of newly issued shares and the sale of existing stock, the report said.

Greenoaks, a U.S. investment firm that specializes in backing high-growth technology ventures like Robinhood and Stripe, is in talks to lead the round, although final terms have not been confirmed.

The jump in valuation would also push Revolut closer to an internal milestone. CEO Nik Storonsky is eligible for a substantial compensation package if the company reaches a $150 billion valuation, according to the Financial Times.

Revolut offers users the possibility of gaining exposure to various cryptocurrencies and crypto stocks. It’s working on rolling out Lightning Network payments for European users.