The hardest part of drafting any new regulation is establishing a definition. In fact, most of the policy work is in the definition and there are alarmingly few policy considerations after something is defined as a covered entity. The definition of cryptocurrency has already proved problematic for regulators. Essentially, to commodities regulators, virtual currency is a commodity. For bank regulators, it is a bank. For securities regulators, it is a security. For those who regulate money transmitters, it is a money transmitter. For the purpose of property taxes, it is a property. Everyone wants a stake in the new world of virtual currency.

On June 22, the House Judiciary Committee brought in outside experts to examine the allegations of misconduct against IRS Commissioner John Koskinen. Conservatives point to overwhelming evidence that Koskinen lied before the House Judiciary Committee, obstructed the ability of Congress to uncover the IRS’s targeting of conservative groups, and is responsible for destruction of evidence.

This week, the House will consider a bill that would stop the Internal Revenue Service (IRS) from collecting identifying information about donors to tax-exempt organizations. The IRS, in repeatedly using tax disclosures to create political targets, has prompted a chilling effect on First Amendment rights and political free speech.