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Ethereum and Bitcoin were both trading lower on Monday morning with 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 US Senate bipartisan infrastructure bill narrows the definition of “broker” for collecting crypto taxes, but does not specify that only companies that provide services to clients are eligible, a Coindesk reported.
ETHEREUM PRICE INCREASES ON SOFTWARE UPGRADE, BITCOIN SLIDE
The bill, which is debated in the Senate, funds around $ 1 trillion in infrastructure improvements and would be partially paid for by nearly $ 28 billion in taxes generated by crypto transactions, according to the report.
An earlier version of the bill sought to do this by tightening up reporting requirements and broadening the definition of a “broker” for tax purposes to include all parties that may interact with crypto, including decentralized exchanges or other non-depository service providers.
Coindesk reported that the wording of the bill stated that “any person who (for a fee) is responsible for regularly providing a service performing digital asset transfers on behalf of another person” is now included in the definition.
In other cryptocurrency news, higher bitcoin prices from late July face pressure from sellers looking to take profits based on the language proposed in the US infrastructure bill. .
Saturday’s bitcoin price of nearly $ 42,400, compared to current prices of around $ 39,500, is likely associated with the uncertainty surrounding the bill, according to Daniel Kim, head of capital markets at the loan company. decentralized Australian Maple Finance.
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