Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Lawmakers push back on crypto provisions in Infrastructure Bill

The latest proposal from a group of House Democrats seeks to change how updates to the tax code affect crypto entities “who do not engage in brokerage services.”

Lawmakers from both sides of the aisle are fighting back against changes to tax reporting rules for crypto brokers and transactions over $10,000 in the newly passed Infrastructure Bill. 

Ten U.S. Democratic Congresspeople led by Rep. Darren Soto from Florida called for revisions to the definition of a broker in the infrastructure bill that was passed into law on Nov. 15.

The group issued an open letter, signed by Soto along with Representatives Ro Khanna, Stacey E. Plaskatt, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasy, Jake Auchincloss, Al Lawson, and Charlie Crist calling for updates to section 6045(c)(1) in the tax code under the Bipartisan Infrastructure Framework (BIF).

Experts warned that the contentious new rule could see miners, validators, and wallet developers considered as brokers for tax purposes. The letter calls on House Speaker Nancy Pelosi to exclude this group on the grounds that they do not engage in brokerage services.

The letter also addresses concerns over negative market effects and how the United States will sustain its rate of technological innovation if the regulations remain unchanged.

“As it is written today, the BIF would increase uncertainty in the cryptocurrency industry, pick winners and losers, and thwart IRS efforts to accurately tax cryptocurrencies, all while ending our country’s competitive edge against other countries on the digital asset marketplace.”

Senators are also pushing to amend the tax reporting requirements in the BIF. As reported by Bloomberg, Democrat Senator Ron Wyden and Republican Senator Cynthia Lumis submitted a bill proposal which they say protects American innovation, ensures Americans pay the taxes they owe, and “do not apply to individuals developing blockchain technology and wallets.”

Related: US senator submits resolution to allow crypto payments in Capitol Complex

Republican Senator Ted Cruz also introduced legislation on Nov. 16 to amend the tax code. He calls the new reporting rules a “devastating attack” on the cryptocurrency industry. His concerns echo some of those from the Democratic House Representatives that the current provision will stifle American innovation, and “endanger the privacy of many Americans.”

Senators as a whole are only now beginning to understand with greater depth how the cryptocurrency industry works. U.S. Congress Joint Economic Committee held a Nov. 17 hearing titled “Demystifying Crypto: Digital Assets and the Role of Government.” At this hearing, they discussed the complicated tax entities that should govern centralized exchanges, and agreed that privacy and security are top issues.

https://ift.tt/3HttQa6
Labels:

Comments

Post a Comment

Popular posts from this blog

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more

The Congolese Mountain of Gold: Surprise Discovery in Africa Shows Metal’s Scarcity Is Hard to Prove

A myriad of gold bugs like to compliment the yellow precious metal for its ostensible scarcity, as estimates say only 2,500 to 3,000 tons of new gold is produced annually. While new gold discoveries have seemingly slowed, investigative studies also show that in some areas, gold is being smuggled into the economy by the ton, and often never accounted for as far as per annum issuance estimates. Recently, reports show a whole mountain of gold was discovered in the Congo, as the Democratic Republic of the Congo is well known for being a region that sees tons of smuggled gold filtered into the global financial system unreported. Surprise Gold Deposits Continue to Crack the Precious Metal’s Scarcity Proposition It has always been said that the precious metal gold (Au) is scarce, and some reports even say that gold mining on earth will end by the year 2050 . Additionally, estimates also show that there’s roughly 2,500 to 3,000 tons of new gold that is accounted for and enters into the fin...
Post a Comment
Read more

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more