Taproot live on Bitcoin, senators publish amendment on Tax Bill and Futures ETF launched on CBOE
Taproot is live on Bitcoin mainnet
Last Sunday, the first bitcoin upgrade in four years has just gone live.
The Taproot update means greater transaction privacy and efficiency — and crucially, it will unlock the potential for smart contracts, due to a combination of P2SH, Schnorr Signatures and a MAST-structure for signing transactions.
Unlike the SegWit upgrade in 2017, this soft fork didn’t cause any problems in the community. That fork is also known as as the “last civil war” because of the contentious ideological divide separating adherent.
Taproot has near universal support, in part because these changes involve fairly incremental improvements to the code.
Bitcoin Futures ETF makes debut on CBOE
The investment firm VanEck’s bitcoin futures exchange-traded fund (ETF) went live, yesterday. It made its debut on the Chicago-based CBOE exchange, after delays since winning U.S. Securities and Exchange Commission approval in late October.
The CBOE said in a notice on its website that the new VanEck Bitcoin Strategy Fund started trading under the ticker symbol “XBTF”.
According to VanEck, the average daily open interest in the CME’s bitcoin futures has increased from $77 million in average daily open interest in the first quarter of 2018 to approximately $1.5 billion in the third quarter of 2021.
Senators introduce amendment for Bitcoin brokers regarding the Infrastructure Bill
Senate Finance Committee Chairman Ron Wyden (OR-D) and Senator Cynthia Lummis (WY-R) have plans to introduce a new bill that would reverse some of the cryptocurrency provisions in the recently-passed bipartisan infrastructure package.
“The draft seeks to revise the rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets, and for other purposes.”
The text of the infrastructure bill was debated among crypto advocates since the bill proposed extensive crypto taxation measures in the hopes of funding portions of the US government’s $1 trillion plan.
The language of the bill left some worried it viewed blockchain network participants under the “broker” definition, which would subject them to Internal Revenue Service (IRS) reporting requirements.
Source: The Block
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