Bitcoin Sees Minor Selloff Following Senate Rejection Of Crypto Amendment
The bitcoin price fell slightly after an amendment clarifying cryptocurrency tax rules in the proposed U.S. infrastructure bill was rejected.The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.In Friday’s Daily Dive, “Tik Tok, Impending Supply Shock,” we covered the supply and demand dynamics present in the bitcoin market, and stated how bitcoin was in a position to continue to run. While this has begun to play out....
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The U.S. Senate Rejected A Bipartisan Amendment Monday Aiming To Clarify The Tax-Reporting Provisions Required For Brokers Supporting The Bitcoin Economy.
Bitcoin saw a strong overnight selloff that caused its price to erase most of the gains incurred throughout the past couple of days This selloff came about at a crucial resistance level, with the selling pressure at $13,800 proving to be significant This is a historical level, as it is where BTC rallied to before facing a strong rejection in the summer of 2019 The rejection here was grave, but the cryptocurrency still has multiple […]
Senate talks regarding the controversial crypto provisions to the U.S. infrastructure bill have ended without amendment, suggesting the original bill will be voted on come Tuesday. The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation, and will impose broad third-party reporting requirements on any crypto firm deemed to comprise a “broker.”On August 9, general counsel to Compound Finance, Jake Chervinsky, tweeted that the Senate had voted 68 in favor to 29 against ending debate surrounding the provisions, halting discussions until....
"Who knows how much innovation we’re going to stifle, who knows what kind of new apps never emerge," said Senator Pat Toomey. A compromise which proposed amending provisions in the bipartisan infrastructure deal on crypto failed to meet the requirements of a unanimous consent request in the Senate, making the bill likely to go to a full vote without additional changes.This afternoon, Senator Tom Carper, the Democratic floor manager for infrastructure bill HR 3684, put forth the compromise amendment agreed upon earlier today by Senators Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner,....
US Senate candidate Cynthia Lummis is pro-bitcoin. She bought her first bitcoin during her time in Congress. Now she calls herself a hodler and sees the cryptocurrency as a viable alternative store of value to the US dollar. Bitcoin Advocate in the Senate Cynthia Lummis served Wyoming as a conservative Republican in the U.S. House of Representatives for eight years. She is now in the running for the U.S. Senate, with the endorsement of President Donald Trump. Lummis revealed during the third annual Wyoming Blockchain Stampede on Sunday that she is a bitcoin “hodler,” having....