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Despite all the drama concerning crypto taxes associated with the infrastructure bill, Bitcoin remains defiant surging its way past $46,000 today.
With all the drama going around the bipartisan US infrastructure bill, Bitcoin (BTC) remains defiant and continues to head north. The Bitcoin (BTC) price has surged all the way past $46,000 levels today.
As of press time, Bitcoin is trading 5.57% up at $46,132 with a market cap of $865 billion, the crypto market has managed to sail through all the uncertainty surrounding crypto taxes in the infrastructure bill.
Bitcoin and Wider Crypto Market amid the News Regarding the Bill
On Monday, August 9, the last-minute amendment by Sen. Rob Portman and Mark Warner had got crypto enthusiasts at the edge of their seats. Senator Portman has put an exception to the Proof-of-Work consensus from its inclusion in the bill.
However, post a significant pushback from the crypto community, the amendment was changed to cover all mechanisms. But in the last-minute update, only the Proof-of-Work and Proof-of-Stake remained while discarding other mechanisms.
However, Bitcoin and the overall crypto market have strongly defied all the events. Over the last week, the overall cryptocurrency market has added $300 billion to its market cap. Meaning, there’s been a 20% rally in the overall crypto space.
This gives us a clear indication that Bitcoin and crypto investors aren’t perturbed with all the regulatory developments. Rather, they are now becoming a part of the journey. Some analysts have also welcomed the evolving regulatory landscape. Better regulations will only help the crypto market to move ahead in a proper way.
Regulators Gear Up the Oversight
Regulators worldwide have been extending their oversight on the crypto market amid this year’s rally. The massive surge in crypto market participation has got all the regulatory attention.
The world’s top economies have been approaching the regulations in different ways. China has introduced stricter bans on crypto trading and activities of any other kind. The strong regulatory action has led to a massive exodus of Bitcoin miners from the country.
On the other hand, the US has been a bit accommodative over the adoption of crypto. However, regulators have been keen on getting every slice of the revenue in terms of crypto taxes. The US Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler have called for introducing regulations on stablecoins.
Winston Ma, former managing director and head of North America at China Investment Corporation, China’s sovereign wealth fund, said:
“Given the united focus on stablecoins by the US Treasury Department, Federal Reserve and the SEC, stablecoin-related law-making will accelerate in the US. The US and China don’t agree on much these days,” he said, “but on the regulation of stablecoins these two superpowers see eye-to-eye.”
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