The Altcoins Month: Sandbox, Celo, Solana, Cosmos, Arweave, Harmony
August of 2021 could easily be dubbed “altcoin month.” Indeed, more than 80% of Altcoins overperformed Bitcoin over the last 30 days. Of note is that Bitcoin’s main rival, Ethereum, is among them. While Bitcoin’s price increased by 15%, Ethereum gained by approximately twice as much.
The main performers of August have been such cryptos as Cardano, Fantom, Avalanche, Terra, Arweave, and some smaller ones.
Here are best gainers regarding the last 24 hours:
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The Biden Administration and New Crypto Reporting
The Biden administration wants Democrats to speed up and include additional tax compliance rules for cryptocurrency transactions, after a provision in the Senate-passed infrastructure bill sparked a major industry lobbying offensive aiming to limit the reach of the new mandates.
According to an article published in Roll Call, an anonymous administration official has stated that the Biden administration wants to incorporate new crypto reporting requirements in an upcoming $3.5 trillion budget reconciliation bill. The language would require U.S. cryptocurrency firms, namely exchanges, to report data about non-U.S. users; this information could be shared with other countries to ensure that crypto traders pay taxes. None of this is in the spending package currently constituted.
Finally, this framework lays the groundwork for Democrats to write formal legislation that can pass without a Republican vote. Democrats have called for higher taxes on the wealthy and corporations, and stronger IRS enforcement to fund their agenda.
Flipsider:
Partnerships: IOTA + Gaia-X; Celo, Aave, Curve, Sushi for DeFi
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Robinhood suffers, PayPal Explores Stock Trading
SEC Chairperson Gary Gensler has said that the SEC may entirely eliminate the Payment For Order Flow (PFOF) practice as it has “an inherent conflict of interest.”
PFOF is what small payment brokers attain for directing trade orders to certain market makers. It is also one of the top revenue streams of popular broker Robinhood, a leading trading app. Robinhood’s stock fell by 9% right after Gensler’s statement.
At the same time, PayPal is showing interest in stock trading. Although officially unconfirmed, has it that PayPal is researching the plausibility of enabling a stock trading platform for US users.
Mainstream trading apps became a highly profitable business in 2021. Robinhood played an important role in the GameStop (NYSE:GME) stock saga that took the investing world by storm in January.
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NFT News: OpenSea Hit $3B, Spider-Man, Vincent Van Dough
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Source: Cryptocurrency - investing.com
