‘Infrastructure Bill’ US passes senate, VanEck files for ETF and Venmo starts with crypto-cashbacks
Infrastructure bill passes US Senate, affecting Bitcoin industry
This legislation imposes a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation,” said Senator Toomey.
The fight for lawmakers to clear up the language used to define brokers in the crypto space may be moving to the United States House of Representatives soon after a failed attempt in the Senate.
In a 69–30 vote, the Senate passed HR 3684 this morning. There had been a debate (with several declined amendments) regarding the word ‘broker’, and the position of miners, software developers and node-owners in relation to the bill.
VanEck Files for Bitcoin Strategy ETF
VanEck is once again seeking to launch an ETF that will invest in bitcoin futures while its other proposed offering that would directly invest in the cryptocurrency awaits regulatory approval.
The New York-based firm filed for the VanEck Bitcoin Strategy ETF, according to an Aug. 9 SEC disclosure. The document does not indicate a ticker or expense ratio for the proposed product.
The ETF would be actively managed and invest in bitcoin futures contracts as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin, according to the preliminary prospectus. The fund would not invest in bitcoin or other digital assets directly.
Venmo allows consumers to receive crypto-cashbacks
Market giant PayPal has dropped another piece of good news for consumers earlier today. Venmo, a Paypal owned payments platform, has enabled its cardholders to purchase cryptocurrency using the monthly cashback rewards they acquire from their Venmo credit card buyings.
Reportedly, Venmo has introduced a new update on its platform today, dubbed the “Cash Back to Crypto” program which will enable Venmo credit cardholders to acquire Bitcoin, Ethereum, including other supported crypto assets via the cash rewards they receive from credit card buying.
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