US Senators Push Bill to Make Small Crypto Transactions Tax-Free

In a push for wider crypto adoption, US senators are trying to pass a bill in the Senate to exempt taxes on crypto transactions up to $50. Republican Senator Patrick Toomey joined with Democrat Senator Kyrsten Sinema to push the new bill for crypto tax exemption. 

“While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way,” said Toomey. The latest bill will let people “use cryptocurrencies more easily as an everyday method of payment by exempting from taxes small personal transactions like buying a cup of coffee.” he added.

According to the Internal Revenue Service, if someone sells virtual currency, they must recognize any capital gain or loss on the sale. This has been one of the roadblocks to widespread crypto adoption. Still, the bill might have a flip side to it as hackers and criminal organisations could exploit the loopholes to route drug money or stolen cryptos. 

Crypto scammers and hackers are always on the lookout for new ways to obtain information that allows them to access digital wallets or personal data. 

HackerOne user, dubbed “zhirinovskiy”, has recently submitted a bug report that explains how an attacker can obtain the phone number or email address linked with Twitter accounts even if the user has hidden those fields in the privacy settings.

Five days after posting the report, a Twitter staff acknowledged that it is a "valid security issue” and promised to investigate further. After investigating the bug and working to fix the vulnerability, Twitter awarded zhirinovskiy with a $5,040 bounty. 

The hacker with the pseudonym "devil" is allegedly offering the stolen data for $30,000 on Breached Forums. The hacker is reportedly communicating with the buyers through telegram. The stolen data includes e-mail addresses and phone numbers of celebrities and companies.

Cryptocurrency Prices

The global crypto market capitalisation went down by 4.90 per cent to $965.55 Billion as of 4:40 pm IST. However, the global crypto volume was up by 13.71 per cent to $76.90 billion, according to coinmarketcap.com data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $21,094.74, lower by 4.41 per cent in the last 24 hours. Ethereum (ETH) was down by 8.65 per cent to $1,412.94. 
Among other significant coins, Cardano (ADA) was down by 5.69 per cent at $0.4683, Algorand (ALGO) was trading with a loss of 6.78 per cent at $0.3068, Solana (SOL) was trading with a loss of 8.68 per cent at $35.70, Polkadot (DOT) was down by 6.96 per cent at $6.68 and Binance Coin (BNB) was down by 5.45 per cent at $243.15.

Today’s top gainer was USD Coin (USDC), which was up by 0.01 per cent at $1. The top loser was Polygon (MATIC), which was down by 9.31 per cent at $17.33. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 5.47 per cent at $0.06169. Rival Shiba Inu (SHIB) was down by 7.63 per cent at $0.00001047.

Dogelon Mars (ELON) lost 6.94 per cent to trade at $0.0000003193, Floki Inu (FLOKI) lost 4.25 per cent at $0.00001053, and Samoyed Coin (SAMO) lost 8.60 per cent at $0.009634. 

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 0.95 per cent at $6,709.48, and Terra Classic (LUNC) was trading with a loss of 7.22 per cent at $0.0000907. Avalanche (AVAX) was down by 6.92 per cent at $20.68, Uniswap (UNI) was trading with a loss of 4.12 per cent at $6.60, and Aave (AAVE) fell by 5.98 per cent at $80.62.