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Infrastructure bill passed with Coinbase posts $1.6 billion in Q2 profit with $600 million stolen in Defi hack

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During Tuesday the Infrastructure bill was passed in the U.S senate in a 69-30 vote. The bipartisan bill proposes a $1 trillion of funding into transportation and electricity infrastructure projects. The bill also had rules regarding maintaining the crypto assets while widening the reporting needs for brokers who will be asked to state digital asset transactions worth more than $10,000 to the IRS.

There was six senators Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Krysten Sinema and Ron Wyden who proposed an amendment to the buzz-kill bill on Monday. They deducted the software developers, transaction validators and node operators as brokers while proposing tax reporting requirements “only apply to the intermediaries.” Their efforts weren’t of use with no further details revealed on crypto. Senator Toomey conflagrated the bill after the legislation was termed as “too expensive, too expansive, too unpaid for and too threatening to the innovative cryptocurrency economy.” 

The United States Securities and Exchange Commission, or SEC recently announced a $10 million settlement with cryptocurrency exchange Poloniex on Aug. 9. Poloniex was charged with maintaining trades in unregistered securities between July 2017 and November 2019. The indictment states that SEC also included that Poloniex employees were disrespectful as they repeatedly avoided securities regulation in a plot to increase the company’s market share. Hester Peirce SEC commissioner also known as “Crypto Mom” due to her pushback against SEC crypto enforcement spoke against the regulator’s actions in a public statement. She pointed out the regulator’s framework that crypto firms must navigate in the U.S while mentioning that even if Poloniex had tried to register with the SEC they “likely would have waited…and waited…and waited some more” for a verdict. 

During the weekend, the Bitcoin reached at $46,262, Ether at $3,189 and XRP at $1.01. The total market cap is at $1.92 trillion also the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are IoTex (IOTX) at 314.69%, XinFin Network (XDC) at 71.34% and Ravencoin (RVN) at 71.23%. The major three altcoin failures of the week are THORchain (RUNE) at 12.02%, Quant (QNT) at -5.71% and THETA (THETA) at -2.58%. 

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