The top cryptocurrencies by market value saw a boost in price over the weekend.

Bitcoin topped $48,000 on Saturday, which lifted the value of the entire cryptocurrency market above $2 trillion for the first time since May. Altcoins, like ether, dogecoin and cardano, jumped as well.

This comes despite a relatively tough past week for the industry. From the Senate passing the infrastructure bill without an amendment to its crypto tax reporting provision to over $600 million in crypto stolen in a record DeFi, or decentralized finance, hack, here are six things worth knowing.

1. Senate passes infrastructure bill without an amendment to crypto tax provision

After contention over the language in its provision on cryptocurrency tax reporting, the Senate passed the $1 trillion infrastructure bill on Tuesday without an amendment. Now, many House democrats are urging for change, just like crypto advocates and many Senators attempted prior.

Currently, the bill defines a “broker” as “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person,” which crypto advocates say is too broad. As written, it could potentially target miners, developers, stakers and others who do not have customers and therefore wouldn’t have access to the information needed to comply.

Since the infrastructure bill passed in the Senate, members of the House, including Reps. Ro Khanna, D-Calif., Eric Swalwell, D-Calif., Anna Eshoo, D-Calif., Bill Foster, D-Ill., and Darren Soto, D-Fla., have urged for adjustment and called for the definition of a “broker” to be narrowed.

If the House amends the bill, it would then be sent back to the Senate for another vote before proceeding to President Joe Biden’s desk.

But to avoid further delay, the U.S. Treasury Department plans to clarify its definition of a “broker” without amending the bill, Bloomberg reports, citing a Treasury official. The bill would remain unchanged, but the Treasury would verbally promise not to target non-brokers when later writing the tax law.

Policymakers are set to meet this week to discuss.

2. A record $600 million was stolen in a DeFi hack

3. Coinbase reports that Ethereum trading volume was higher than bitcoin’s for the first time in Q2

4. Walmart is hiring a digital currency and cryptocurrency product lead

5. Mark Cuban and Elon Musk agree that dogecoin is ‘strongest’ as medium of exchange

Meme-inspired cryptocurrency dogecoin surged on Monday morning, hitting 35 cents, according to CoinMarketCap.

This boost came after billionaire investor Mark Cuban told CNBC Make It that “the community for doge is the strongest when it comes to using it as a medium of exchange.” On Twitter, Elon Musk, CEO of Tesla and SpaceX, said that he agrees.

“I’ve been saying this for a while,” Musk tweeted on Saturday.

Though Cuban had support from Musk, many bitcoin maximalists didn’t agree. While explaining his position on Twitter, Cuban revealed that he personally owns $494 worth of dogecoin. Cuban also said that while he doesn’t prefer dogecoin over bitcoin, dogecoin does have its advantages.

In addition to dogecoin, both Musk and Cuban own bitcoin and ether, among other digital coins.

6. Microsoft’s research department proposes use of Ethereum blockchain for anti-piracy

(Excerpt) Read more Here | 2021-08-16 14:35:57
Image credit: source


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