Bitcoin

Bitcoin Daily: Bitcoin Briefly Breaches $3.7K; NH Eyes Crypto Tax Payments

bitcoin-crypto-tax-payments

Despite the fact that it’s rejected a number of bitcoin exchange-traded fund (ETF) proposals, a commissioner at the U.S. Securities and Exchange Commission (SEC) believes one will eventually win approval.

“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so,” said Robert J. Jackson Jr., according to CoinDesk.

While a number of bitcoin ETF proposals have requested SEC approval, none have been approved. Jay Clayton, chairman of the SEC, has said he doesn’t see that happening until worries about market manipulation are addressed.

In fact, the SEC has rejected at least 10 proposals, including filings from ProShares, Direxion and GraniteShares. And in July, the agency rejected Cameron and Tyler Winklevoss’ proposal on the Bats BZX Exchange for the second time.

In other news, New Hampshire is considering a law that would allow residents to pay their taxes with cryptocurrency.

CoinDesk reported that NH House Bill 470 would allow state agencies to accept digital currency for tax payments. Last week, the legislation unanimously passed, with amendments that added protections for the state.

“It’s just being more specific about how we do it … it doesn’t change the intent of [the bill] at all,” said NH Rep. Carol McGuide, who is serving on the subcommittee.

If the bill becomes a law, the state treasurer would have until November to figure out how it can accept crypto for tax payments. The payments will then begin to be accepted by July 2020.

And bitcoin finally moved past $3,500 — if only for a short time. According to CoinDesk, the crypto briefly passed $3,700, while other major coins also hit double-digit gains.

Litecoin, the world’s fourth-largest cryptocurrency, rose just over 40 percent from its opening price of $33 to reach a 3-month high of $47. EOS, ether, cardano, bitcoin cash, IOTA, NEO and lisk also posted double-digit 24-hour price increases.

——————————–

Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 AML/KYC Tracker provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

TRENDING RIGHT NOW

To Top