China’s Crypto Crackdown is an Opportunity for the US, Says Senator Pat Toomey

Pennsylvania Senator Pat Toomey argued that China's crypto crackdown offers a big opportunity for the United States.

Three US Senators propose narrowing crypto tax language in infrastructure bill

“While Congress works to better understand and legislate on issues surrounding the development and transaction of cryptocurrencies, it should be wary of imposing burdensome regulations that may stifle innovation,” said Senator Pat Toomey. Lawmakers have written an amendment to an infrastructure bill in the US Senate which proposes excluding certain crypto companies from the reporting requirements for brokers.In an amendment from Oregon Senator Ron Wyden on behalf of himself and Wyoming Senator Cynthia Lummis and with the support of Pennsylvania Senator Pat Toomey, the US lawmakers suggested that some of the provisions in the bipartisan infrastructure deal not apply to developers in the crypto space, miners, and blockchain firms.

Pennsylvania legislature mulls crypto task force bill

The proposed crypto task force will examine the impact of crypto and digital currencies across the Commonwealth of Pennsylvania. A bill to establish a crypto task force in Pennsylvania has been introduced in the state’s General Assembly.According to the details of HB1724 published by LegiScan, the proposed crypto task force will be mandated to examine the potential impact of widespread crypto and digital currency adoption in the state.A moderately partisan bill introduced by eight Democratic and two Republican members of the General Assembly, the proposed legislation, if passed will be known as the “Digital Currency Task Force Act.” Introduced back on July 19, the bill has been referred to the Committee on Commerce.Outlining the duties of the proposed task force, the bill stated the agency would determine the number of cryptocurrencies being traded in the state and the exchange platforms operating in Pennsylvania.The task force will also look into investment entities seeking large-scale exposure to crypto and digital currencies and the potential tax implications of cryptocurrencies on State and local taxes.Pennsylvania’s crypto task force bill also seeks to evaluate the transparency of the crypto marketplace, especially in price manipulation and other illegal activities.

Waste Coal-Converting Bitcoin Miner Stronghold Digital Mining Raises $100 Million

On Tuesday, Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner announced it has raised $105 million in two private equity securities funding rounds.