The US Senate moves closer to finalizing its first crypto regulatory bill, with stablecoin rules advancing in a 68–30 vote despite ongoing partisan tensions.Led by Sen....
Push to repeal gambling tax cap gains steam in Congress
A bipartisan bill seeks to reverse a 2026 tax rule capping gambling loss deductions, but repeal efforts face delays in both the House Ways and Means Committee and Senate.
The tax rule is not scheduled to take effect until January 1, 2026, but legislative action remains uncertain despite bipartisan support for the FAIR BET Act. The legislation wants to reverse the tax code change enacted through the “One Big Beautiful Bill” (OBBB) passed by Congress earlier this month.
Nevada Rep. Dina Titus announced that Reps. Darren Soto of Florida and Chris Deluzio of Pennsylvania joined as cosponsors of FAIR BET Act. The number of sponsors now totals 9, with 6 Democrats and 3 Republicans.
The FAIR BET Act, formally HR 4304, has been referred to the House Ways and Means Committee, which oversees taxation and fiscal legislation. A vote has not yet been scheduled.
Nevada Rep. Dina Titus posted on X (previously Twitter) that she’ll keep pushing this bipartisan fix through Congress. Titus represents a district that includes the south end of the Las Vegas Strip and has led efforts to repeal the new limit on gambling loss deductions.
The OBBB introduced a change that limits the percentage of gambling losses that can be deducted from taxable income. Previously, taxpayers could deduct 100% of gambling losses against winnings. The new rule reduces this to 90%.
Although the change is expected to affect a relatively small number of taxpayers who itemize deductions, the gambling industry has expressed concern. Industry representatives warn that higher taxes on gambling winnings could drive players toward unregulated markets.
Federal judge dismissed lawsuit against DraftKings, ruling that the company's $1,000 deposit bonus promotion wasn't materially misleading under New York law.The complaint...
