U.S. Senate takes steps toward digital assets

580
2
U.S. Senate takes steps toward digital assets

During the trading session, Bitcoin was earning strong gains early Thursday morning, while Ethereum was trading slightly higher, reports said.

Bitcoin was trading at $2,634, up more than 6.6% per token, while Ethereum was trading at $38,480, up a modest 1.94%, respectively, Coindesk reported.

Rival Dogecoin was trading near 20 cents per coin up 1.5% and XRP was trading at 71 cents, or 2.5% per coin, the report said.

A trio of U.S. senators introduced bipartisan infrastructure bills which would rewrite part of a section and set up reporting requirements for cryptocurrency transactions on Wednesday night.

Cynthia Lummis, Pat Toomey and Ron Wyden started working on an amendment after pointing out unworkable and overly broad language which they say would implement broker reporting requirements on people who are not really brokers.

These people, as bitcoin miners who confirm transactions in the system, would not even be capable of fulfilling the requirements in the bill, Asatoy, R-Pa. said.

Digital assets are here to stay. While much more work needs to be done, this amendment is a responsible step towards fully integrating digital assets into the U.S. financial sector, Lummis, R-Wyo. said in a statement. The digital asset and financial technology space is incredibly complex, and we have spent long hours working in the Senate, with industry stakeholders, and with the administration to find a way to effectively integrate digital assets into our tax code without harming the technology or stopping innovation.

Coindesk began pitching its own private bank clients on an in-house bitcoin fund for the first time this week, completing its transformation from the never-bitcoin-mega-bank to a genuine player in the digital assets space, reported JPMorgan Chase.

According to two sources, the passively managed fund, offered in partnership with bitcoin powerhouse NYDIG, doesn't have any client investments at the current time. However, that may change soon; advisers were briefed on the fund in a launch call with the bank. JPMorgan declined to comment.

The fund, which CoinDesk told in late April, will be presented to clients as the safest and cheapest bitcoin investment vehicle available on private markets, the sources said.