Biden’s Infrastructure Bill to Implement Crypto Taxation

Because of Bitcoin’s and Ethereum’s latest rallies, the global crypto economy worth has gone past US$ 3 Trillion. The two leading crypto coins i.e. Bitcoin as well as Ethereum were the top gainers during the rally and broke their highest value records. But soon after the rally, there came price reduction as well. As of now, Bitcoin is trading hands at the value of US$ 60,000 while Ethereum’s value is over and above US$ 4,200.

Meanwhile, it is expected that the most criticized and debated crypto tax provision will finally be implemented in letter and spirit. The tax provision was made part of the Infrastructure Bill which has been sanctioned recently by US President, Joe Biden. Though crypto tax provision’s introduction is going to be something new, however, there are other things that too require public attention.

One such important to note is the data breach that occurred at the crypto brokerage of Robinhood. It was told by Robinhood on 3rd November 2021, that any attempt of a data breach was made by an unauthorized person(s). As a result of the breach, at least 7 million users of Robinhood’s crypto trading platform became vulnerable. Whoever was behind the breach, managed to get hold of approximately 5 million registered email ids at Robinhood. In addition, the data relating to the rest of 2 million Robinhood users was compromised. The intruder could see full names, addresses, and other important details such as the bank account numbers of the 2 million users. Luckily no harm was caused so far to any of the customers, however, the situation was disastrous.

The situation was however handled carefully by Robinhood’s technical staff and protocols were restored effectively. Till to date, there hasn’t been any complaint in which the user had claimed that he or she had suffered any sort of loss.

Secondly, there was a further announcement from Ripple suggesting that a new product feature has been finalized. Ripple said that the new product, which is named “Liquidity Hub”, will be launched soon. The very product will enable customers of financial service providers to access digital currencies. However, the latest feature of Ripple will be effective in the upcoming year 2022.