Crypto Taxes to Help Pay for Joe Biden’s U.S. Infrastructure Plan: The Week in Cryptocurrency

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Binance’s problems have increased tenfold in the past week, starting with the news that their US operations are seeking to become independent.

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In an interview with Forbes, Brian Brooks, CEO of Binance US, said, “We are in the process of migrating the technology stack to all-US servers. We already store all information about American customers in the United States. But things like matching engine and product functions and so on, we’ll be moving ashore in the next four or five months; we are already in the middle of this migration process.

Brooks did not comment on the regulatory issues that continued to plague Binance proper. This week, that meant that Malaysia and India stepped up their investigations against the exchange of illegal transactions and for allegedly aiding in the laundering of betting applications, The company also announced on Friday that it would end its futures and derivatives offerings in Germany, Italy and the Netherlands.

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Amid all this regulatory crackdown, CEO Changpeng Zhao said that while he had no plans to step down immediately, a succession plan was in place for someone with more experience. in regulation.

So a tough week for the trade would be an understatement. But there was good news for Binance.

Vancouver Dapper Labs Feed was listed on Binance on Friday. It’s a token powering a blockchain network for NFTs like NBA Top Shot, a platform for collectable basketball highlights. The flow started the day at $ 18.26 and climbed to $ 27.56 after listing. Its market value soared to $ 1.23 billion. On Wednesday afternoon, Flow was priced at $ 22.19, up 6.64% on a 24-hour basis.

Despite Binance’s troubles, they remain the largest crypto exchange in terms of both spot and derivative market volumes and open interest in the futures markets. It still has more than sufficient market value.

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In another sign of continued acceptance of crypto, administration Joe Biden made a last-minute addition to its $ 1,000 billion infrastructure bill with measures to strengthen enforcement of crypto asset laws. This additional application will be used to pay for approximately $ 28 billion for the proposed infrastructure.

Specifically, brokerage firms and stock exchanges will be required to provide details of transactions of $ 10,000 or more to the Internal Revenue Service. Crypto playing a role in what’s called a ‘once in a generation’ investment in the United States is, depending on your view of crypto, either ultra-progressive or an unhindered slide into the apocalypse.

In the wake of Mastercard and Visa announcing cryptoplans, Pay Pal unveiled extensions to its crypto services in the form of a “super app” and open banking integration.

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On their second quarter earnings conference call, CEO Dan Schulman said, “We continue to be very pleased with the momentum we’re seeing in crypto and we’re obviously adding incremental functionality to it.”

PayPal also increased its weekly crypto purchase limit to $ 100,000 and removed the annual limit altogether. In addition, Schulman mentioned that the company is in the process of fully integrating with the Automated Clearinghouse, the U.S. financial network used for electronic payments and money transfers.

  1. On August 4, at block 12,965,000, the London Hard Fork will go live on the Ethereum mainnet when a series of five protocol updates called EIP (Ethereum Improvement Proposals) are introduced.

    Amy ter Haar: Why everyone in crypto is talking about the London Hard Fork

  2. United States Securities and Exchange Commission Chairman Gary Gensler.

    US SEC Chairman Gensler Calls on Congress to Help Bring Crypto ‘Wild West’ Under Control

  3. Nothing

    The digital currency wars are coming and China fires the first salvo

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Today, Ether, Ethereum’s native token and the second largest cryptocurrency by market cap, is expected to experience a hard fork or a backward compatible upgrade. This one is called “London”.

Part of this upgrade includes the Ethereum Improvement Proposal (EIP) 1559 which will activate a mechanism to burn off some of the fees paid to miners, which will go a long way in making Ethereum scalable and sustainable. Typically, this would lead to a deflationary asset pull for Ether, but analysts say it will be some time before its effects are felt, as it will all depend on how much is burned.

On Wednesday afternoon, Ethereum was at $ 2,693, up 7.27% in the past 24 hours. It remains to be seen how the hard fork will help or hinder cryptocurrency.

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In-depth reporting on The Logic’s innovation economy, presented in partnership with the Financial Post.

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