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Senator proposes a bill to exempt small crypto transactions from taxes
Senators are participating in a bipartisan effort to exempt crypto transactions under $ 50 from taxes.
Senator Patrick Toomy (R-Pa.) Worked with Kyrsten Sinema (D-Ariz.) To promote tax exemption for crypto users who make small investments or purchases. Their crypto tax fairness law is in line with similar efforts previously introduced in the House of Representatives.
The law aims to make cryptocurrency trading and purchases available to all Americans and to revitalize the economy.
The IRS has been sticking to crypto trading so far, but the bill will legalize individuals not to declare small transactions.
“When you sell cryptocurrencies, you need to be aware of the capital gains or losses from the sale,” said the IRS website.
SEC investigates Coinbase in unregistered securities transactions
The Stock Exchange (SEC) is reportedly investigating the cryptocurrency exchange platform Coinbase to offer unregistered securities.
According to CNBC, the US Securities and Exchange Commission is scrutinizing whether users are illegally allowed to trade digital assets that are not registered as securities.
The news came after a former Coinbase product manager was charged Thursday with two other individuals in the first case of this type of crypto insider trading.
Coinbase’s share fell 15% on Tuesday and the platform lost 77% of its value this year.
Ethereum Rally stops on track
The upward momentum of Ethereum has reversed. Shares fell below $ 1,400 on Tuesday, extending Monday’s 10% decline. Ethereuem was previously a 6-day trading range between $ 1,460 and $ 1,660.
Last week’s rally was partly due to the upcoming transition of the Ethereum blockchain to the Proof of Stake consensus algorithm. However, the expected rate hike by the US Federal Reserve seems to have taken off and stopped it.
Katie Stockton, founder and managing partner of Fairlead Strategies, said: A research note released Monday points out short-term signs of investor fatigue.
Tether is stable for the first time since the beginning of Crypto Winter
Stablecoin Tether, which links its value to the US dollar, has stabilized for the first time in more than two months.
Tether is the largest stablecoin in volume and helps survive winter cryptos more than similar cryptos such as Terra, which collapsed on May 12.
Tether’s market capitalization fell $ 16 billion to $ 65 billion in two months. This is a sign of a large redemption by the holder. According to CoinDesk, this means that the company behind USDT, Tether Ltd., respected billions of dollars in redemption after the UST meltdown.
After passing the first stress test, surviving Stablecoin has the potential to bring the future to the crypto community.
