U.S. infrastructure taxation accepts cryptocurrency to raise 28 billion US dollars

On July 30th, the US bipartisan infrastructure bill plans to raise about 28 billion U.S. dollars through cryptocurrency taxes. According to relevant sources, the tax will be directed to cryptocurrency holders and cryptocurrency exchanges.

U.S. infrastructure taxation accepts cryptocurrency to raise 28 billion US dollars

According to the outgoing copy of the draft bill, brokers in the United States intending to transfer any digital assets are required to submit a declaration form under the revised information reporting system. The draft defines digital assets as “the digital representation of any 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 cryptocurrency transactions will be made public. At the same time, the raising of cryptocurrency funds is also related to the increasing value of the cryptocurrency itself. The United States is very likely to use cryptocurrency to support a stronger tax policy.

According to news on July 30, State Street Bank, which currently manages more than US$40 trillion in assets, is preparing to provide encryption services to its private clients. It is reported that State Street Bank is one of the largest custodians in the world. In early June 2021, State Street Bank established a new digital financial department, State Street Digital, which will focus on cryptocurrency, central bank digital currency, blockchain, DeFi and other fields.

On the same day, the relevant person in charge of the Bank of New York Mellon (BNY Mellon) made a prediction on the Bitcoin ETF. He believed that the Bitcoin ETF would be approved before the end of 2021. According to the China Currency (ZB) Research Institute, New York Mellon Bank has received huge demand for cryptocurrency-related services from its asset management and institutional clients. Currently, the bank is exploring how to obtain approval for a Bitcoin ETF to strengthen the management of its multi-million dollar product serving customers.

On July 30, according to the news obtained by the China Currency (ZB) Research Institute from the FoxBusiness cable network, U.S. Republican Senator and Bitcoin supporter Cynthia Lummis stated that large-scale government spending is accelerating the adoption of cryptocurrencies.

ZB Research Institute believes that the establishment of an encrypted regulatory sandbox and support for attracting Bitcoin miners will help promote citizens to store value in digital assets. The current near-unstoppable inflation in the United States will unstoppably push the American people to Digital assets.

Affected by the recent market rebound, investment in cryptocurrency institutions has increased sharply.

On July 30, it was reported that Vauld, a cryptocurrency lending platform, received US$25 million in Series A financing.

On July 30th, Livepeer, a decentralized video protocol based on Ethereum, announced the completion of a US$20 million Series B financing. Livepeer was established in 2017. It is reported that the B round of financing has brought Livepeer’s total funding to 31 million US dollars to date.

On July 30th, Genesis Crypto Assets announced that it has completed a US$125 million equity financing. This investment is led by Kingsway Capital. Genesis plans to use the funds to purchase equipment and build new data centers in the United States and the Nordic region. Previously, ZB Research Institute reported that the company recently purchased about 10,000 mining machines from manufacturer Canaan. Some insiders said that as Genesis continues to purchase and install mining machines, in the future Within time, the company’s computing power will increase by at least 100%.


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