Crypto-specific tax bill proposed in the US House of Representatives – August 8

📈 30 Second Price Summary

Current Bitcoin Price$11,677

It’s red across the majority of large-cap crypto today, following Bitcoin’s cooling-off after its recent revival to $12,000. Ethereum , Litecoin, and XRP have all followed suit, also being down between 1% and 2%. Binance Coin is the top-20’s biggest gainer, with a 5.4% rise.

Top Stories for 8th August 2019 🔥

👉 Crypto-specific tax bill proposed in the US House of Representatives

A tax bill has been introduced in the US House of Representatives, which would prevent cryptocurrencies from being double-taxed.

The amendment to legislation from 1986 will effectively make the exchange between different cryptocurrencies of “like-kind” a non-taxable event.

Such a move is yet another step in crypto-friendly bills, following a recent “Safe Harbor” bill for tax on forked coins.

👉 80% of all Tether held by only 318 addresses

A report by Bloomberg today has shown the majority of tether lies in very few hands, with just 318 addresses holding 80% of the entire circulating supply.

The concentration of ownership suggests that those who control this majority of tether can “swing Bitcoin prices”, and “have a vested interest in doing so”.

👉 Coinbase avoids lawsuit over insider trading on Bitcoin Cash listing

An official court ruling has found that well-known crypto exchange Coinbase did not commit fraud when it launched Bitcoin Cash trading, in late 2017.

The judge ruled that the accuser could not explain how the BCH launch manipulated price, and that the plaintiffs demonstrated there was no plausible reason for Coinbase to participate in any manipulation.