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Crypto Flipsider News – August 6th – The White House, Ethereum, FTX Updates, Xiaomi, Spider-man NFTs

  • The White House supports stricter crypto tax regulation
  • Ethereum: I’m going to create my own hard fork, with burning and low gas fees 
  • FTX updates: Binance tokens, Yield Guild Games, League of Legends
  • Xiaomi open cryptocurrency payments in Portugal
  • Geek watch: Spider-Man digital figurines become the first official Marvel NFTs

The White House Supports Stricter Crypto Tax Regulation

President Biden’s Administration has expressed support for the stricter crypto regulation amendments to the Infrastructure Bill. The Amendment, brought forth by Senators Warner and Portman, excludes developers and PoW miners from tax reporting requirements.

The original Infrastructure Bill aimed to oblige “brokers’” of digital assets to report their crypto capital gains. The Senators have offered two competing amendments, seeking to specify the term “broker.”

Alternative amendments from Senators Wyden, Lummis, and Toomey offer to exempt Bitcoin miners, crypto validators, protocol developers, and wallet creators from taxation. 

The final vote is expected to happen tomorrow.

Flipsider:

  • Bitcoin has supporters at the White House, huh? Jokes aside, if stricter taxation comes into effect, the U.S crypto space may face the risk of capital migration to more crypto-friendly environments.

Ethereum: I’m Going to Create My Own Hard Fork, with Burning and Low Gas Fees

The long-waiting London hard fork happened yesterday. The upgrade was intended to implement two major improvements: lower gas fees and limiting the supply in order to create pricing pressure.  

For now, the upgrade is performing the mentioned functions by half. More than $10M in ETH has been destroyed so far.  So far, the price hasn’t surged as impressively as speculated. The gas fees also haven’t really changed since the update, in fact, the gwei level is even higher than it was throughout the entirety of June.  

Flipsider:

  • Perhaps, it’s going to take some time to feel the difference, or perhaps we first have to escape the summer lull. In any case, NFTs have had more influence on gas prices than the London hard fork so far.

 FTX Updates: Binance Tokens, Yield Guild Games, League of Legends  

The FTX exchange has listed the native tokens of its competitor: BUSD and BNB. Cryptos are supported on FTX wallet services. FTX’s CEO, Sam Bankman-Fried, commented: “Withdrawals are live — I *think* deposits are; otherwise, they will be very soon.” 

FTX has signed a deal with Yield Guild Games in order to sponsor 137 players from developing countries. The chosen users will receive FTX scholarships to cover the cost of “breeding” Axie. 

It’s not the first time that FTX has touched the gaming industry. As recently as two days ago, FTX announced a 7 year contract sponsorship of League of Legends, and will have its brand shown during the League of Legends Championship Series (LCS). The move is in furtherance of FTX acquiring the naming rights to professional Esports team “TSM” for $210 million in June.

Flipsider:

  • The FTX exchange has been in high rotation throughout the media for the last several weeks. Is it simply a well-prepared PR campaign, or a series of real developments made at the speed of light?

Xiaomi Opened for Cryptocurrency Payments

Crypto-friendly Portugal became a testing ground for Chinese electronics giant Xiaomi, where the company’s official retailer, the Mi Store, has begun accepting cryptocurrency payments.

The Mi Store allows the purchase of tech gadgets with various cryptocurrencies, including Bitcoin, Ethereum and Tether.

Xiaomi has surpassed Apple and now is the second largest smartphone maker in the world. 

Portugal is one of the most crypto-friendly countries in Europe and applies no taxation on cryptocurrency capital gains.

Flipsider:

  • Xiaomi officially states that the Mi Store operates independently, and is not related to the Xiaomi company. 
  • This May, Xiaomi was removed from the United States blacklist. The previous President’s Administration had linked it with the Chinese military, and Xiaomi itself was accused of spying on personal user data via smartphones.

Geek Watch: Spider-Man Digital Figurines Become the First Official Marvel NFTs

The comic book giant is entering crypto! Marvel has introduced Spider-Man sculptures that will be released for $40-$400 each via the VeVe marketplace. In the wake of the recently revealed partnership between Marvel and VeVe, Spider-Man will not be the only character that will be officially purchasable as an NFT, as beloved characters such as Wolverine, Iron Man, and Captain America will become available in the future. 

Flipsider:

  • A very interesting choice of marketplace. How much did they pay Marvel to promote them? 

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