Riding The Wave News Summary 225

Joe Biden Proposes New Crypto Regulation, Including A Mining Tax And 'Wash Sale Rule', Bernstein Sees Bitcoin Reaching $150,000, 332 Billion SHIB Moved to Robinhood Address, Coinbase Hits.. & more.

Mar 14, 2024

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Joe Biden Proposes New Crypto Regulation, Including A Mining Tax And 'Wash Sale Rule'

President Joe Biden's budget proposal for fiscal 2025, released this week, covers nearly every area of the American economy. Some of the more notable items detailed in the budget revolve around new crypto taxes and regulations.
In terms of new taxes, the Biden administration unveiled plans for an excise tax on mining cryptocurrencies.
"Any firm using computing resources, whether owned by the firm or leased from others, to mine digital assets would be subject to an excise tax equal to 30% of the costs of electricity used in digital asset mining."

The report also mentions a new proposed role for wash trading, a form of market manipulation that usually involves buying and selling large amounts of an asset in a short time, usually for tax-loss harvesting purposes.
"The budget eliminates this tax subsidy for cryptocurrencies by modernizing the tax code's anti-abuse rules to apply to crypto assets just like they apply to stocks and other securities," the White House said.
The proposal would make it so that the tax benefits of wash trading would only be realized if the asset is sold and not bought again within 30 days. This would incentivize some to not partake in wash trading and increase tax revenue for those who still wash trade.

Full Article

Bernstein Sees Bitcoin Reaching $150,000, 332 Billion SHIB Moved to Robinhood Address, Coinbase Hits Back at SEC: Crypto News Digest by U.Today

Bernstein sees Bitcoin reaching $150,000
In a recent note to its clients, Bernstein, a global asset management firm, stated that the price of Bitcoin is heading toward the $150,000 mark and urged investors to consider buying Bitcoin miners, pointing to the current bullish trend on BTC's market. According to the company, the current decline in the price of Bitcoin miner stock offers a great chance to invest before the impending halving event, which is anticipated to significantly increase the price of the flagship coin. Bernstein's analysis points to Bitcoin miners as the most viable equity option for participating in the ongoing rally. Gautam Chhugani, the firm's analyst, has a strong belief that Bitcoin will hit the $150,000 mark. Significant inflows into Bitcoin have supported this optimism; $9.5 billion came into Bitcoin ETFs in the first 40 days after their launch in January. According to Chhugani, this is just the start of Bitcoin's integration into mainstream investment portfolios. After the halving, it expects more institutional investment.

Full Article

Visa, Mastercard could be key drivers for crypto in the year ahead

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