| SEC warns cryptocurrency investors of rampant illegal trading: The Securities and Exchange Commission (SEC) warned investors Thursday that firms and brokers who offer cryptocurrency investments are often breaking federal trading laws. In a joint statement, SEC Chairman Jay Clayton and commissioners Kara Stein and Michael Piwowar also said the agency faces severe challenges in recovering losses for jilted cryptocurrency investors. The SEC has reviewed cryptocurrencies that are traded as securities, holding them subject to the same disclosure laws as other commonly traded assets. The agency has blocked initial coin offerings (ICOs), sales of cryptocurrencies meant to raise capital for a business, that don't follow federal trading laws. "It is clear that many promoters of ICOs and others participating in the cryptocurrency-related investment markets are not following these laws," the SEC said in its statement.
The SEC said those who purchase cryptocurrencies are entitled to protection under federal securities laws, but would have limited success getting restitution. "If you lose money, there is a substantial risk that our efforts will not result in a recovery of your investment," the agency said: http://bit.ly/2lWT9sR US regulators to discuss trading in Bitcoin futures: The Commodity Futures Trading Commission (CFTC) said Thursday it will meet on Jan. 31 to discuss the trading of cryptocurrency futures contracts. The agency says that its technology and risk advisory committees will meet to discuss the self-certification process for such derivative contracts, focusing on "oversight, surveillance, and monitoring" of listed cryptocurrency derivatives. "With the rapid development of financial technology products -- including cryptocurrencies -- and the corresponding demand for new and novel price discovery and risk management tools, the CFTC is poised to utilize its authority and expertise to ensure that the markets we oversee innovate responsibly within an appropriate oversight framework," said CFTC Commissioner Rostin Behnam. Regulators and financial institutions have been wary of cryptocurrency futures, in part because of the price volatility of many cryptocurrencies. The meeting comes after two exchanges launched bitcoin futures in December: http://bit.ly/2qrYj53. Senators battle over defense spending in budget talks: A fight over defense funding is emerging as a key hurdle to getting a budget deal and avoiding across-the-board spending cuts. Senators on Thursday battled over a Democratic push to equally increase defense and nondefense spending as Congress faces an upcoming deadline to lock down an agreement. Senate Majority Leader Mitch McConnell (R-Ky.) said following a closed-door meeting between congressional leadership and the White House that he was "optimistic" a two-year agreement could be reached, but Democrats must set aside their demand. "Any agreement must provide our armed forces with the resources they need to fulfill their missions. That means setting aside the misguided notion that new defense spending needs to be matched dollar for dollar by new nondefense spending," he said.
McConnell argued that the military had taken more of a hit under the Budget Control Act and the ongoing negotiations provided a "golden opportunity to put aside political calculations." Congress faces a mid-January deadline to both avoid a government shutdown and automatic across-the-board spending cuts under sequestration: http://bit.ly/2lXEQ7F. Happy Thursday and welcome back to Overnight Finance. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line. See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N. Sanders starts briefing with Trump video address: In an unusual move, White House press secretary Sarah Huckabee Sanders on Thursday opened her daily press briefing by playing a video in which President Trump touts his recent signing of a sweeping tax code rewrite. "The historic tax cut I signed into law just two weeks ago, before Christmas, is already delivering major economic gains," Trump says in the video. "Hundreds of thousands of Americans are seeing larger paychecks, bigger bonuses and higher pension contribution, and it's all because of the tax cuts and the tax reform and I want to thank all of the companies that work so hard to do it." In the video, Trump thanked a number of companies, including AT&T, Bank of America and Southwest Airlines, among others, who have promised bonuses or wage increases since the tax measure was signed last month: http://bit.ly/2qs4Ex4. US businesses added 250,000 jobs in December: U.S. businesses wrapped up 2017 with another month of robust hiring while congressional Republicans and the White House signed off on a sweeping tax-reform package. Companies added 250,000 jobs in December, up from 185,000 in November, the most jobs in a month since March, according to the payroll processor ADP's latest report released on Thursday. The job gains were spread across all sectors and industries, with retail and professional services seeing a surge bolstered by consumer spending over the holidays. "My sense is that tax cuts probably have their fingerprints on the employment numbers," said Mark Zandi, chief economist of Moody's Analytics, who helps oversee the ADP data. "I think we should see relatively strong employment numbers and overall economic growth through first couple or three quarters through 2018 as the tax-cut effects filter through the economy," he said: http://bit.ly/2lXuG74. Tax filing season to start Jan. 29: The last tax-filing season under the old code will begin on Jan. 29, the IRS announced Thursday. The deadline to file 2017 tax returns will be April 17, rather than the traditional April 15 due date. This is because April 15 falls on a Sunday and the District of Columbia will observe Emancipation Day on April 16. Last year, the tax filing season started about a week earlier, on Jan. 23. The IRS said that it is starting the filing season on Jan. 29 "to ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 tax returns." The new tax law President Trump signed late last month largely takes effect for 2018, so taxpayers will generally be filing their 2017 taxes this spring under the old code. However, there are a few changes that apply for 2017, such as the lower threshold for the medical-expense deduction. Additionally, some taxpayers took steps to maximize their deductions before the new law takes effect, such as by prepaying their 2018 property taxes and increasing their charitable contributions: http://bit.ly/2qsngNK California state senate leader offers bill to blunt effects of Trump tax law: A prominent California Democrat is offering a bill in the state Senate to blunt potential tax increases state residents may see as a result of the recently passed federal tax law. The measure from Kevin de León, president pro tempore of the California Senate, would let Golden State residents make charitable donations to a state fund and receive a dollar-for-dollar tax credit for the donations. The donations would be deductible from federal taxes. De León, who is challenging incumbent Sen. Dianne Feinstein (D) in the primary, is offering the bill in response to the limits the new tax law places on the state and local tax deduction. The deduction is capped at $10,000 starting in 2018. That is expected to be harmful to a number of residents of California and other high-tax states. A fact sheet from de León's office notes that California and other states already have various tax credits for charitable contributions. The California legislature in 2014 passed a measure that gives people a tax credit for donations to a state higher education grant program. Additionally, other states offer credits for contributions to private schools: http://bit.ly/2qnTNVc GOP senator calls for probe into 'flawed' vetting process for CFPB official: Sen. Ron Johnson (R-Wis.) on Thursday called on a federal watchdog to review the "flawed" process in which Leandra English jumped from a position as political appointee to serving as a senior career civil servant at the Consumer Financial Protection Bureau (CFPB). Johnson, the head of the Senate Homeland Security and Governmental Affairs Committee, sent a letter to the head of the Office of Special Counsel (OSC), Henry Kerner, raising concerns about the conversion process in the final days of the Obama administration. "Based on the information that [the Office of Personnel Management] provided to the Committee, it may be appropriate for the Office of Special Counsel to review whether the conversion of Ms. English from a political appointment at OPM to a career position within CFPB adhered to the merit system principles," Johnson wrote. Johnson's letter comes after a showdown in November over dueling appointments between the White House and the outgoing CFPB head over who would lead the agency. Exiting CFPB Director Richard Cordray, an Obama-era appointee, promoted English, his chief of staff, to deputy director -- leaving her in a position to lead the agency after he departed: http://bit.ly/2qsMFaa. US sanctions Iranian firms tied to missile program: The Treasury Department on Thursday announced sanctions against five companies it says are tied to Iran's ballistic missile program. Treasury's Office of Foreign Assets Control blocked five Iranian technology, manufacturing, engine supply and research companies owned by Shahid Bakeri Industrial Group. "These sanctions target key entities involved in Iran's ballistic missile program, which the Iranian regime prioritizes over the economic well-being of the Iranian people," said Treasury Secretary Steven Mnuchin in a statement. "As the Iranian people suffer, their government and the [Islamic Revolutionary Guard Corps] fund foreign militants, terrorist groups, and human rights abuses." http://bit.ly/2qpnjtF. Mnuchin: New book on Trump White House '#Fake' Treasury Secretary Steven Mnuchin on Thursday blasted a new book about President Trump's first year as "fake," one day after excerpts from the text roiled the administration. "We have become used to #FakeNews, now we have #FakeBooks! #MAGA," tweeted Mnuchin, referring to Michael Wolff's upcoming book, "Fire and Fury: Inside the Trump White House." Wolff's book about the early days of the Trump administration has enraged the president and some of his close aides. Trump on Wednesday excoriated former chief strategist Stephen Bannon, who according to the book said that the meeting between Trump's eldest son and son-in-law had inappropriate contact with Russians. Trump is also suing Bannon for allegedly violating a nondisclosure agreement and is seeking a court order to block Wolff's book from publication: http://bit.ly/2qnU1LM. From The Hill's opinion pages Congress needs a vision for prosperity Bitcoin is the new gold -- and why everyone wants a piece of it | 
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