PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Infrastructure Bill Threatens the Value of Cryptocurrencies

Tim Sloane by Tim Sloane
August 13, 2021
in Analysts Coverage, Cryptocurrency, Digital Currency
0
Infrastructure Bill Threatens the Value of Cryptocurrencies

Infrastructure Bill Threatens the Value of Cryptocurrencies

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The SEC has treated cryptocurrencies as a commodity for several years, but this was apparently widely ignored by investors. To fix this the U.S. Congress added a provision to the infrastructure bill that would require cryptocurrency brokers to report crypto activity to the IRS with the goal of raising tax revenue to defray costs of the infrastructure bill itself, estimated to raise $28 billion over 10 years.

Investment gurus argue that if imposed this proposal would slow the growth of crypto value, currently approaching a $2 trillion market value.

“The cryptocurrency sector is back in sight of a $2 trillion market value, a level last seen in May, but further gains face an obstacle from potential new U.S. tax reporting requirements.

The value of more than 8,800 tokens tracked by CoinGecko has risen 55% to $1.95 trillion from a July low, helped by rallies in Bitcoin and Ether. The climb in Bitcoin has stalled due to the oversight of virtual currencies in the infrastructure bill passed by the Senate, according to crypto exchange Luno.

“Bitcoin’s rally was capped due to the bill” and it’s now hovering between $45,000 and $47,000, said Vijay Ayyar, Luno’s Asia-Pacific head in Singapore.

The crypto industry failed to adjust the tax reporting rules — which are projected to raise about $28 billion in revenue — despite a big push by lobbyists, and procedural issues could imperil efforts to change the provision when the House of Representatives takes up the bill. Bulls remain undaunted, with predictions of $100,000 for Bitcoin flying around after its latest comeback.”

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

Tags: CryptocurrenciescryptocurrencyPayment infrastructuretaxes
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023
    liquidity management

    Liquidity Management Takes on Increasing Importance in Uncertain Economic Times

    March 14, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Ekata complimentary report: