Weekly Crypto News for 7/12/21 to 7/18/21 — Curated by BearTax
1/ Biden & IRS Put Pressure on Crypto Tax Avoidance, by proposing the following:
- Businesses must report all crypto-transactions valued at ‘>’ $10,000
- Crypto custodians & exchanges to report data on user accounts which conduct at least $600 worth of inflows/outflows each year
2/ Binance Stops Stock Token Sales
Binance’s stock tokens let users buy a fraction of publicly-listed stocks like Apple, Coinbase, Microsoft & Tesla. Prices were settled $BUSD.
However, the company announced to have stopped stock token sales & users have 90 days to sell them.
3/ Blocknative Raises $12M to Track In-Flight Trades
In-Flight Trades are transactions that are waiting to be validated. CEO & Co-founder — Matt Cutler, stated that Blocknative tools will benefit blockchain projects to:
- estimate gas fee
- detect attackers
- track ‘in-flight trades’ that haven’t yet settled in their wallets
Read more here: https://www.coindesk.com/blocknative-raises-12m-to-follow-crypto-transactions-in-flight
4/ PayPal US Expands Crypto Purchase Limits To $100K!
Previously, the amount was restricted to $20,000 each year. The annual cap has been removed as well.
Vice President — Jose Fernandez da Ponte — stated that the move should give customers more options for crypto trading.
5/ S&P Dow Jones Indices Launches S&P Cryptocurrency Broad Digital Market (BDM) Index
The world’s leading index provider has launched its latest cryptocurrency indices, which aims to provide a broad performance snapshot of the cryptocurrency markets. The BDM includes 240 coins!
