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Senators Reach Compromise on Crypto Tax Provision in Infrastructure Bill
Rep. Cynthia Lummis and other U.S. senators announced a compromise to the tax provision in the $1 trillion infrastructure bill Monday that would exempt crypto transaction validators from a broadened definition of “broker.” However, unless it receives unanimous consent before a final vote by Tuesday, the bill will likely be sent to the House as-is, without any amendments. "You need no senator to object to the adoption of this new language," host Naomi Brockwell said. "It's a very narrow path, and it's not clear whether this is going to be feasible."
USDC Builder Circle Wants to Become a ‘Full-Reserve National Commercial Bank’
“The Hash” hosts discuss the industry implications for Jeremy Allaire’s Circle, a neo-bank and stablecoin USDC issuer, intending to become “a full-reserve national commercial bank.” “This is an ambitious plan, but the idea of having an FDIC-insured digital asset bank would be very notable for the sector,” host Zack Seward said.
Why US Government Yanked BitGo’s Contract and Gave It to Anchorage
Digital asset infrastructure provider BitGo’s $4.5 million deal to be the custodian of cryptocurrency seized by the U.S. government fell through late last week. Instead, Anchorage, a smaller competitor, secured a more significant contract for $6.6 million.
What to Know About Two New Amendments to US Infrastructure Bill
U.S. Treasury Secretary Janet Yellen has reportedly been lobbying against cryptocurrency legislation proposed by Sen. Ron Wyden (D-Ore.) and other senators. Meanwhile, the White House is supporting a competing amendment that excludes proof-of-work miners from the reporting provision.
Could Apple's Plan to Scan iPhones for Child Abuse Images Become Trojan Horse for Mass Surveillance?
Apple says it will install software on all iPhones in the U.S. to scan for child abuse imagery, opening the door to mass surveillance. This comes as the tech giant, known for its privacy leadership, faces growing pressure to monitor encrypted data. Is the move a trojan horse? "[Apple's] system is currently trained to spot child sex abuse, but it can be adapted to scan anything," host Naomi Brockwell said. "This is a very scary system."
Huobi-Branded HUSD Reveals Breakdown of Reserves: All Held in Cash
The reserves backing Huobi’s HUSD, the eighth-largest stablecoin by market cap, are revealed to be all held in cash in money market accounts in the U.S. This comes as stablecoin issuers have followed each other in increasing transparency.
FTX Strikes Deal With Yield Guild Games to Sponsor Axie Infinity Players
Sam Bankman-Fried’s cryptocurrency exchange FTX has struck yet another sponsorship deal. This time, with decentralized gaming startup Yield Guild Games (YGG) to sponsor Axie Infinity players from developing countries.
JPMorgan Launches In-House Bitcoin Fund for Private Bank Clients
Mega-bank JPMorgan has started pitching an in-house bitcoin fund to its Private Bank clients in partnership with NYDIG for the first time this week.
Ether Price Jumps After London Hard Fork Takes Effect
Ether’s price popped after the underlying Ethereum blockchain activated one of its biggest upgrades in the network’s history, known as the London hard fork. “The Hash” hosts discuss what this means for miners, investors, and the overall Ethereum ecosystem.
Oscar Mayer Auctions Single Pack of 'Hot Doge Wieners' Worth 10,000 DOGE
Oscar Mayer, a unit of food giant Kraft Heinz, is the latest to take advantage of this year's massive dogecoin (DOGE) hype. The longtime hot dog maker has put a limited-edition single pack of “Hot Doge Wieners” that comes with the cash value of 10,000 dogecoins for sale on eBay. Is this a jump-the-shark moment or a trend that we can expect to grow?