US infrastructure tax accepts cryptocurrency and plans to raise US $28 billion!

On July 30, the bipartisan infrastructure bill in the United States plans to raise about $28 billion through cryptocurrency taxes. According to relevant sources, the tax will point to cryptocurrency holders and cryptocurrency exchanges.

According to the outgoing copy of the draft act, brokers in the United States who intend to transfer any crypto assets are required to submit returns in accordance with the revised information reporting system. The draft defines digital assets as “any digital representation of value recorded on an encrypted and secure distributed ledger” or related technologies.

ZB Research Institute believes that the description of the draft may mean that the transaction of cryptocurrency will be made public. At the same time, the financing of cryptocurrency is also related to the increasing value of cryptocurrency itself. The United States is likely to support a stronger tax policy with cryptocurrency.

On July 30, State Street, which currently manages more than $40 trillion in assets, is ready to provide encryption services to its private customers. It is reported that State Street bank is one of the largest custody institutions in the world. In early June 2021, State Street Digital, a new digital financial department of State Street, was established by State Street bank, which will focus on cryptocurrency, central bank cryptocurrency, blockchain, DeFi and other fields.

On the same day, the relevant person in charge of BNY Mellon made a forecast for bitcoin ETF. He believed that bitcoin ETF would be approved by the end of 2021. According to ZB Research Institute, at present, Meilong Bank of New York has received huge demand for cryptocurrency related services from its asset management and institutional customers. At present, the bank is exploring how to get the approval of bitcoin ETF to strengthen the management of its multi million dollar products serving customers.

On July 30, according to the news obtained by ZB Research Institute from FoxBusiness cable TV network, Cynthia Lummis, a Republican senator and bitcoin supporter, said that large-scale government spending was accelerating the adoption of cryptocurrency.

ZB Research Institute believes that establishing an encryption regulatory sandbox and supporting the attraction of bitcoin miners will help promote citizens to store value in digital assets. At present, the almost irresistible inflation in the United States will irresistibly push the American people to crypto assets.

Affected by the recent market recovery, cryptocurrency institutional investment has increased sharply.

On July 30, Vauld, a cryptocurrency lending platform, received $25 million in round A financing.

On July 30, Livepeer, a decentralized video protocol based on Ethereum, announced the completion of round B financing of US $20 million. Livepeer was founded in 2017. It is reported that round B financing has made livepeer’s total capital to date reach US $31 million.

On July 30, Genesis encryption assets announced that it had completed an equity financing of US $125 million, which was led by Kingsway Capital. Genesis plans to use this fund to purchase equipment and establish new data centers in the United States and Northern Europe. Earlier, ZB Research Institute reported that the company recently purchased about 10000 mining machines from manufacturer Canaan. Insiders said that with Genesis continuous procurement and installation of mining machines, the company’s computing power will increase by at least 100% in the future.

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