What to expect as the GENIUS Act stablecoin bill advances to the House: CNBC Crypto World
On today's episode of CNBC Crypto World, bitcoin and ether hover ahead of an interest rate decision from the Fed. Plus, hackers claim to steal $90 million from an Iranian crypto exchange. And, Kristin Smith of Solana Policy Institute explains what's next after the Senate passes the GENIUS Act stablecoin bill.
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Lawler called the Senate proposal "DEAD ON ARRIVAL" and reiterated, "$40,000 is the deal – I will not accept a penny less." Sarenski emphasized that the SALT provision "is a concern for residents of high tax states like California, New York, Connecticut, etc." He anticipates that if the Senate moves to keep the cap at $10,000, "it may not pass the House," and expects "there will be a compromise somewhere in the middle of those two figures." More Social Security: Jean Chatzky sends strong message on 401(k)s, Social SecurityDave Ramsey's blunt advice regarding Social Security and 401(k)sSuze Orman addresses growing Social Security problem Harold Eisenberg, the founder and CEO of WealthTec, takes a more critical view of the overall legislation, describing the One Big Beautiful Bill as "just not sound tax policy on many levels" with "too much politics in this proposed legislation." He characterizes the temporary senior tax break as "gimmicky," though notes that this very quality "means some form of it likely passes." On the SALT deduction, Eisenberg argues that the limitation "is targeted primarily at taxpayers in Blue states, so on its face is discriminatory." The prospects for these tax changes remain uncertain, with the legislative path forward depending heavily on House dynamics. "The chances of any of these changes rests with the house," said Sarenski. "The senators can pass whatever they agree on. The house is the issue with Republicans not voting in tandem." Tax professional George Papadopoulos takes a more cautious approach to predicting outcomes, noting his long experience with the legislative process: "I have been around for a while and long enough to not really get into pending legislation matters. I know in general what is on the table and stay away from guessing what will actually be signed into law. When we actually have a law then it is time to get into analyzing it." Related: These are the most tax-friendly states if you work in retirement Despite his general reluctance to speculate, Papadopoulos does offer some measured predictions based on political realities. He expects the $10,000 SALT deduction cap will increase "but not more than doubling," suggesting a final figure well below the House's proposed $40,000 limit. He also anticipates "some form of senior deduction" will ultimately be included, driven by the political influence of older voters as "that voting block is so large." However, he expects the income thresholds for phasing out the senior deduction may be set higher than currently proposed. Eisenberg, despite his self-described role as a "federal tax policy cynic," also weighs in on the political dynamics. He believes that with the narrow House Republican majority, "keeping the SALT limitation at $10K would likely kill the bill in the house" because "too many Republicans in 'swing districts' in the Blue states are depending on raising that cap." Reflecting on the complex nature of tax legislation, Papadopoulos said: "Whoever said negotiating tax legislation is like making sausage was right." Got questions about retirement, email What is a pledged asset line? The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
