DailyCoin
Published Aug 06, 2021 09:42AM ET
Updated Aug 06, 2021 10:00AM ET
Crypto Flipsider News – August 6th – The White House, Ethereum, FTX Updates, Xiaomi, Spider-man NFTs
The White House Supports Stricter Crypto Tax Regulation
President Biden’s Administration has expressed support for the stricter crypto regulation amendments to the Infrastructure Bill. The Amendment, brought forth by Senators Warner and Portman, excludes developers and PoW miners from tax reporting requirements.
The original Infrastructure Bill aimed to oblige “brokers’” of digital assets to report their crypto capital gains. The Senators have offered two competing amendments, seeking to specify the term “broker.”
Alternative amendments from Senators Wyden, Lummis, and Toomey offer to exempt Bitcoin miners, crypto validators, protocol developers, and wallet creators from taxation.
The final vote is expected to happen tomorrow.
Flipsider:
Ethereum: I’m Going to Create My Own Hard Fork, with Burning and Low Gas Fees
The long-waiting London hard fork happened yesterday. The upgrade was intended to implement two major improvements: lower gas fees and limiting the supply in order to create pricing pressure.
For now, the upgrade is performing the mentioned functions by half. More than $10M in ETH has been destroyed so far. So far, the price hasn’t surged as impressively as speculated. The gas fees also haven’t really changed since the update, in fact, the gwei level is even higher than it was throughout the entirety of June.
Flipsider:
FTX Updates: Binance Tokens, Yield Guild Games, League of Legends
The FTX exchange has listed the native tokens of its competitor: BUSD and BNB. Cryptos are supported on FTX wallet services. FTX’s CEO, Sam Bankman-Fried, commented: “Withdrawals are live — I *think* deposits are; otherwise, they will be very soon.”
FTX has signed a deal with Yield Guild Games in order to sponsor 137 players from developing countries. The chosen users will receive FTX scholarships to cover the cost of “breeding” Axie.
It’s not the first time that FTX has touched the gaming industry. As recently as two days ago, FTX announced a 7 year contract sponsorship of League of Legends, and will have its brand shown during the League of Legends Championship Series (LCS). The move is in furtherance of FTX acquiring the naming rights to professional Esports team “TSM” for $210 million in June.
Flipsider:
Xiaomi Opened for Cryptocurrency Payments
Crypto-friendly Portugal became a testing ground for Chinese electronics giant Xiaomi, where the company’s official retailer, the Mi Store, has begun accepting cryptocurrency payments.
The Mi Store allows the purchase of tech gadgets with various cryptocurrencies, including Bitcoin, Ethereum and Tether.
Xiaomi has surpassed Apple (NASDAQ:AAPL) and now is the second largest smartphone maker in the world.
Portugal is one of the most crypto-friendly countries in Europe and applies no taxation on cryptocurrency capital gains.
Flipsider:
Geek Watch: Spider-Man Digital Figurines Become the First Official Marvel NFTs
The comic book giant is entering crypto! Marvel has introduced Spider-Man sculptures that will be released for $40-$400 each via the VeVe marketplace. In the wake of the recently revealed partnership between Marvel and VeVe, Spider-Man will not be the only character that will be officially purchasable as an NFT, as beloved characters such as Wolverine, Iron Man, and Captain America will become available in the future.
Be a part of @Marvel history! The FIRST APPEARANCE of Spider-Man in premium digital collectible format drops 07 August 8AM PT.(3/5) #MARVELxVeVe pic.twitter.com/SDLbV8udViFlipsider:— VeVe | Collecting 2.0 (@veve_official) August 4, 2021
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