Infrastructure bill set for a vote by Sept. 27 with no changes to crypto tax provisions
The controversial $1 trillion infrastructure bill will see a vote in the U.S. House of Representatives without any amendments to the crypto tax provisions by Sept. 27. The vote was agreed to after the House narrowly approved the Democrats’ $3.5 trillion budget blueprint in a vote of 220 to 212. Despite some initial pushback from moderate Democrats, the dissident voters were swayed after House Speaker Nancy Pelosi committed to pass the bill before Sept. 27. Pelosi stated: In late July, last-minute cryptocurrency provisions were added to the infrastructure bill in a bid to raise a further $28 billion through expanded tax obligations for the crypto sector.
Celsius becomes first CeFi or DeFi platform to cross $20B AUM
Crypto lending platform Celsius Network has reported it holds more than $20 billion in digital assets, making the company one of the largest in decentralized finance. In a Tuesday announcement, Celsius said its holdings had grown more than 1,900% in less than a year, from $1 billion in June 2020 to $20.3 billion as of Aug. 13. The company conducted an internal audit using technology provided by analytics firm Chainalysis, also determining it was adding roughly $1 billion in new digital assets monthly. According to Celsius CEO Alex Mashinsky, the platform’s growth could be attributed to its “low-cost lending and high-interest yield on 43 cryptocurrencies” as well as its community-centric model. The Celsius website shows the platform currently has more than 962,000 users, or roughly 1% of its goal “to bring the next 100 million people into crypto.”
MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC
MicroStrategy has once again purchased more Bitcoin (BTC), with the company adding 3,907 BTC to its holdings. According to a Form 8-K filing with the United States Securities and Exchange Commission published on Tuesday, the business intelligence upped its Bitcoin holdings by 3,907 BTC between July 1 and Monday, Aug. 23. The SEC filing also revealed that MicroStrategy spent an average of $45,294 to acquire the additional Bitcoin.
FTX’s Bankman-Fried remains cautious about nascent NFT space
In an interview with CNBC’s Street Signs Asia released Tuesday, Sam Bankman-Fried expressed optimistic caution surrounding the pace of nonfungible tokens’ (NFT) growth over the last year, warning investors that they could become vulnerable to the volatile market dynamics if improperly educated in the space. The 29-year-old crypto entrepreneur and founder of trading company Alameda Research and crypto derivatives exchange FTX intimated that conversions have occurred with his own clients regarding their intent to purchase digital assets, but those same clients can become tentative when challenged on the genuine utility of their new asset. “It’s almost going mainstream faster than the mainstream understands what it is they’re adopting, which is a weird phenomenon,” Bankman-Fried claimed.
Poll shows Brits concerned over the prospect of a digital pound
The results of a recent survey undertaken by Redfield & Wilton Strategies on behalf of Politico suggest that a plurality of the British adult population hold visceral concerns surrounding a Bank of England (BOE)-issued central bank digital currency (CBDC). The 2,500 British adults surveyed in the study in early August expressed doubts and concerns on the inherent societal benefits of the issuance of a CBDC by the Bank of England. According to the data, 30% of participants believe that a “Britcoin” CBDC is “more likely to be harmful than beneficial to the UK,” with 24% believing that it could be beneficial, while the remaining participants at 46% were undecided.
Ethereum network's hashrate is 613,610.93 GH/s，mining difficulty is 8,143.78T
According to data from eth.btc.com，ethereum network's hashrate is613,610.93 GH/s，mining difficulty is8,143.78T. ETH's price ：$ 3,198.35 Avg Gas Price：178.00Gwei Pending Txs ：169128
Upbit reportedly first crypto exchange to file with Korean regulators
Major South Korean cryptocurrency company Upbit has reportedly submitted a business report with the Korean Financial Intelligence Unit (FIU). Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit’s operator, Dunamu, announced the news on Friday, The Korea Economic Daily reported. Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit, and reportedly makes up more than 80% of the local cryptocurrency market. FSC vice chairman Doh Gyu-sang said that the authority will be ready to accept more reports from the most popular South Korean exchanges in the near future. The official said that the FSC expects one or two more crypto exchanges to have filed reports by the end of August.
Iran to lift Bitcoin mining ban in September
Iran will once again allow Bitcoin and crypto miners to operate in the country from the last week of September. According to a report by Iran’s Financial Tribune, Tavanir, the country’s power generation organization, made the decision known earlier in August. As previously reported by Cointelegraph, Iran’s government banned Bitcoin (BTC) and crypto mining operations back in May. At the time, the decision was reportedly made to prevent miners from overburdening the grid during the hot summer months.
FTX buys name rights to Cal Memorial Stadium for 10 years in $17.5M deal
Crypto derivatives exchange, FTX, has purchased the naming rights to California University’s Cal Memorial Stadium with a view to introducing its own branding. The Sam Bankman-Fried owned derivatives exchange is delving deeper into sports after signing a 10-year, $17.5 million naming rights deal with the university. The stadium's home team, the Cal Golden Bears, will now play their games on newly rebranded FTX Field this football season, according to Bloomberg. The $17.5 million will also be paid to the university in the form of crypto assets.
Chinese province to cut off Bitcoin miners from hydropower stations
Regulators from Yingjiang County in Yunnan, China have issued strict warnings to hydroelectric plants against supplying power to enterprises involved in Bitcoin (BTC) mining. A recent report claimed that the Office of the People’s Government of Yingjiang County issued notice to hydropower plants to strengthen oversight on Bitcoin mining operations. According to the announcement, the power plants have been given until Tuesday, Aug. 24, to delist mining companies from their grid’s “illegal” supply. After the given deadline, the county reportedly plans to “forcibly dismantle” the power supply to Bitcoin mining establishments within its jurisdiction.