Washington DC Ignite Crypto Controversy

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2021-10-27 13:20:37

Initial drafts of the definition of a “broker” in the crypto market to determine who are subject to tax were released last week, shared at previous post. Now we have new updates and controversies from MPs.

By Sunday evening in the US, Washington DC has updated some comments and suggestions from Congressman Ted Cruz. Congressman Ted Cruz said that the definition of crypto “broker” as well as the law related to this market should not be rushed into the same support package, but should be separated to have time to study more closely.

After that, Senator Schumer was only interested in the infrastructure support package being passed, so he didn’t want to spend more time arguing but wanted to leave the initial version and quickly vote on it.

In one of the earliest objections to the move to introduce a crypto tax provision in the $1.2 trillion infrastructure bill was Senator Mike Lee. He is concerned that the new crypto tax bill could stifle the growth of the crypto industry and that the law could cause many companies to move out of the United States.

On Monday morning, the group of Senators Warner, Toomey, Sinema, Lummis and Portman reached an agreement to limit innovation or impose tax information reporting requirements on miners, developers, …and prepare to vote in the Senate.

In the Senate, Senator Toomey introduced a process known as Consensus, a motion that could pass if there were no objections. Although support for the deal was widespread, it fell short of objections from Senator Richard Shelby (R-AL). The reason why Mr. Richard Shelby objected is that the proposal to have an additional $50 million in defense spending in his bill was opposed, so he also did not agree to any amendments.

Senator Richard Shelby’s objections made the bipartisan efforts and agreements unsuccessful. This means that no amendments to the crypto provisions of the Infrastructure Bill will be passed by the Senate on Tuesday.

The chances are very high that the initial version of this bill will pass in the Senate and will move to the House. In the House of Representatives can still be fought and changed the provisions of the bill.

Although there are many unfavorable information from the above bill, the market does not seem to care. The price of BTC and crypto last day in general mostly increased. In the short term, the price of BTC continues to fluctuate a lot, but the general trend of long-term BTC over the years is still strong growth.

When there was a BTC price drop from $4,000 to $30,000 in just one day, JP Morgan said that investors were selling BTC to buy gold. But so far the price of BTC has grown rapidly from $30,000 to $45,000. While gold is falling now and if compared with 10 years ago even the price of gold is only equal to and lower than the high price of 10 years ago.

While the Infrastructure Bill support package continues to be negotiated, Democrats announced a $3.5 trillion budget resolution on Monday. Money is still being printed at the current rate, we have seen the future continue to slide in the value of the USD.

BTC price grows but whale wallets still show no signs of selling. As shared by Santiment, BTC wallets holding between 100 and 10,000 BTC have not seen any signs of profit taking as the price has risen over the past few weeks. These wallets currently hold a total of 9.23 million BTC, which is the highest it has been since July 28 of this year.

The market is still in an uptrend these days. The on-chain situation shows that BTC shows no signs of being pushed to the exchange to take profits. The majority of BTC withdrawn from the exchange is still higher than deposited.

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