As a group of U.S. bipartisan senators reached a compromise on how to tax crypto assets, the price of Bitcoin quickly soared to a nearly three-month high.On Monday, August 10, Bitcoin continued its weekend gains. The gain in New York trading hours reached 5.4% to 46,245 US dollars, which was the first time since May 17 that it broke the 46,000 US dollars mark.In the past weekend, Bitcoin rose above $45,000 for the first time in more than two months.
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The rise of Bitcoin has also benefited other encrypted digital currencies. Dash, Ethereum and Litecoin have risen by more than 5%.
Image source: coindesk
In addition, cryptocurrency mining companies have also risen. Shares of Marathon Digital Holdings, which handles blockchain transactions, rose 5%, miner Riot Blockchain’s shares rose 8%, and cryptocurrency exchange Coinbase rose 8.6%.
According to Bloomberg, at 5500With regard to the cryptocurrency reporting requirements of the billion-dollar infrastructure bill, a group of U.S. bipartisan senators reached a compromise. However, it is not clear whether this will be approved by a vote.
The group consists of Democratic Senators Mark Warner and Kyrsten Sinema, and Republican Senators Cynthia Lummis, Pat Toomey and Rob Portman.U.S. Treasury Secretary Yellen also supports this compromise. She said in a statement that it will make meaningful progress on the issue of tax evasion in the cryptocurrency market.
According to Wall Street articles, the Senate’s recent proposal requires cryptocurrency investors to file taxes and declare digital asset transactions to the U.S. Internal Revenue Service. It is estimated that about 28 billion U.S. dollars will be raised through cryptocurrency taxes for the “big infrastructure” program. The cryptocurrency industry called it a $30 billion cryptocurrency corporate taxation issue, so it is one of the focus of the industry this week.
However, this plan has been criticized by cryptocurrency investors and Twitter CEO Jack Dorsey, who believes that the original language of the bill is too broad and requires some cryptocurrency-related companies (such as miners or software developers) to report them to the tax department. Unable to obtain data. In addition, this requirement may cause a large number of withdrawals of the encrypted digital industry to regions outside the United States.
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