Quote of the week:
“What we believe we do is bring a perspective to the market as a multi-rail payment provider. We have to be in this space because people are looking for answers.” -Mastercard CEO Michael Miebach.
International Regulation Featuring Germany: As of August 2, German institutional funds are able to hold up to 20% of their assets in cryptocurrency. This law passed in early July will further encourage blockchain development and cryptocurrency adoption in the country. It is noted that approximately $415 billion worth of investments could flow into cryptocurrency from this legislative rule.
United States Digital Asset Regulation: Representative Don Beyer has introduced a bill called the Digital Asset Market Structure and Investor Protection Act that would allow the Treasury Secretary to veto the creation of stablecoins, direct regulators to define rules for decentralized finance, and even potentially create a charter for crypto exchanges. This bill would further regulate digital assets and define cryptocurrencies.
United States Crypto Tax Regulations: After the tax reporting requirements in the cryptocurrency tax bill were released, many were discouraged and stated that it was “unworkable.” The bill intends to fund $1 trillion in infrastructure improvements through increased tax enforcement on cryptocurrency entities. Many, including Senator Pat Toomey, are pledging to amend the bill and have urged Congress not to “rush forward with this hastily-designed tax reporting regime for cryptocurrency.”
Sources: https://www.coindesk.com/senator-toomey-calls-text-of-current-crypto-tax-proposal-unworkable and https://finance.yahoo.com/news/crypto-tax-exemptions-floated-1t-175042089.html
NFTs, A Hot Topic: At the National Basketball Association Summer League games next week, NBA Top Shot will be selling exclusive NFTs that will commemorate “Moments” and a highlight of each of the games. They will mark the first time that Moments have been sold at an NBA game.
Ethereum Update: On July 5, Ethereum endured an adjustment called Ethereum Improvement Proposal 1559, which upgraded its software. This upgrade changed the way transactions are processed on Ethereum; transaction fees are expected to stabilize and the supply of the ether token is expected to decrease. After initially trading lower prior to the upgrade, Ether gained momentum and was up 2.6% to $2,796.
Sources: https://finance.yahoo.com/news/1-ethereum-software-upgrade-activated-133313028.html and https://coinmarketcap.com/currencies/ethereum/
And, that’s a wrap!