Ethereum, Bitcoin down in early trading
Language in proposed bipartisan Senate infrastructure bill narrows definition of 'broker' regarding crypto tax collection, report says
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Ethereum and Bitcoin were both trading lower Monday morning with the losses of 0.14% and nearly 5%, respectively.
Ethereum was trading at $2,586 per token. Bitcoin was trading at $39,685 per coin, according to Coindesk.
The latest version of the U.S. Senate’s bipartisan infrastructure bill narrows the definition of "broker" regarding crypto tax collection, but stops short of specifying only companies that provide services for customers qualify, Coindesk reported.
ETHEREUM PRICE RISES ON SOFTWARE UPGRADE, BITCOIN SLIDES
The bill, which is being debated in the Senate, funds around $1 trillion in infrastructure improvements, and would be partially paid for by almost $28 billion in taxes generated from crypto transactions, the report said.
An earlier version of the bill sought to do this by boosting reporting requirements and broadening the definition of a "broker" for tax purposes so it would include any parties that might interact with crypto -- including decentralized exchanges or other non-custodial service providers.
Coindesk reported the bill’s language states "Any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person" is now included in the definition.
In other cryptocurrency news, the higher bitcoin prices from the end of July are facing pressure from sellers looking to take their profits based on proposed U.S. infrastructure bill’s language.
Saturday’s bitcoin price of nearly $42,400, compared to current prices of around $39,500, is likely associated with uncertainty surrounding the bill, according to Daniel Kim, head of capital markets at Australia-based decentralized lending company Maple Finance.