🏛 Crypto Community Turns to House to Counter ‘Impossible’ Tax Requirements
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NEWS Following a major setback yesterday, there is still hope that onerous new tax requirements for the cryptocurrency industry can be addressed before they become law.
SO WHAT That’s the upshot from a day of frustration on the floor of the U.S. Senate when the crypto community got a crash course in the vicissitudes of Washington. Ever since President Biden’s $1 trillion infrastructure spending bill proposed taxing cryptocurrency transactions as an offset, senators on both sides of the aisle have been scrambling to limit the damage. No sooner had a bipartisan compromise been struck with White House support, than Sen. Richard Shelby (R-Ala.) rejected the amendment.
NIGHTMARE Barring an eleventh-hour development, it will be up to lawmakers in the House of Representatives to fix a provision that could force players ranging from protocol developers to miners to stakers to exchanges to collect and report their customers’ crypto transactions to the Internal Revenue Service. That would be a costly, administrative nightmare, they say.
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FRENZY Last month, one anonymous user spent more than $5M on CryptoPunks in a buy that kicked off a frenzy of NFT sales.
EXCLUSIVE In an exclusive interview, The Defiant’s Camila Russo sat down to chat with the buyer 0x650d, who purchased 88 CryptoPunks for $5.5M in a single block.
HUGE 0x650d gives us the scoop on how he actually planned to purchase 124 CryptoPunks, aiming to buy every single Punk listed for under 30 ETH. He also outlines the process of working with MiningDAO to bundle 88 transactions into a single block and reveals how he managed to make such a huge purchase without spending any gas fees.
The House of Representatives is now the only hope to stop a bill that could kill crypto. Use this form to contact your representatives now.
The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.
United States Securities and Exchange Commission Commissioner Hester Peirce, known colloquially as “Crypto Mom,” has slammed the SEC for its $10-million settlement with cryptocurrency exchange Poloniex.
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🧑💻 ✍️ Stories in this newsletter were written by Dan Kahan and Owen Fernau, and edited by Bailey Reutzel and Edward Robinson. Videos were produced by Robin Schmidt and Alp Gasimov. Podcast was led by Camila, edited by Alp.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).