BTC Price Reclaims $10K After US Lawmaker Says Bitcoin Can’t Be Killed

BTC Price Reclaims $10K After US Lawmaker Says Bitcoin Can’t Be Killed

Bitcoin price is back to five figures following downward correction and some bullish comments from U.S. lawmakers

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Bitcoin (BTC) has retaken $10,000 today following a moderately volatile month, according to data provided by Coin360.

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Bitcoin starting its parabolic advance in April which culminated in retailing the 5-figure mark in June for the first time since March 2018. At the time, BTC was on a slow-and-steady bull run that peaked just shy of $14,000 on June 26.

Since then, BTC has moved around a decent amount, dipping below $10,000 on July 2, retaking $13,000 on July 10, and slumping below $10,000 again on July 16.

Some analysts linked this week’s correction to technical reasons alongside the Libra hearings on Capitol Hill. Additionally, recent remarks from United States (U.S.) Secretary Treasury Steven Mnuchin who echoed president Donald Trump’s “not a fan of Bitcoin” comments could have also played a role. 

But the ongoing scrutiny of Facebook’s Libra project in Washington D.C. appears to be educating lawmakers about the key differences between Bitcoin and other so-called “cryptocurrencies.”

As reported by Cointelegraph, Blockstream chief strategy officer Samson Mow suggested that Facebook should have simply offered a BTC service instead of foraying into a new cryptocurrency with Libra. Mow remarked:

“Once Libra is compliant with every jurisdiction, it will just be a more complex PayPal governed by an association. Should’ve just used Bitcoin.”

U.S. representative says ‘there’s no capacity to kill bitcoin’

Meanwhile, U.S. representative Patrick McHenry said that he believes Bitcoin (BTC) can not be killed in an interview with CNBC’s “Squawk Box” on July 17.

During the interview — when he was asked whether he believes politicians will allow cryptocurrencies to thrive — McHenry said:

“I think there’s no capacity to kill Bitcoin. Even the Chinese, with their firewall and their extreme intervention in their society could not kill Bitcoin.”

McHenry also pointed out that newer cryptocurrencies, backed by startups or corporations, are trying to replicate the success of Bitcoin’s decentralized, open-access network. He concluded:

“The essence of Bitcoin is what Libra and Facebook, and corporates are trying to mimic.”

As Cointelegraph reported, the United States’ Senate Banking Committee raised a wave skepticism over Facebook’s crypto project Libra during the first day of testimony on July 16. 


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Bitcoin price is back to five figures following downward correction and some bullish comments from U.S. lawmakers

US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill in Congress

US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill in Congress

U.S. Congressman Tom Emmer has reintroduced his forked assets bill, an effort started in 2018 ostensibly to lessen the burden on crypto tax payers

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United States Congressman Tom Emmer has reintroduced his Safe Harbor for Taxpayers with Forked Assets bill, according to a press release published July 9.

The reintroduced version of the bill appears to have been published on July 3, based on the date printed within the document.

Emmer initially announced plans for the Forked Assets bill in 2018 as a means to simplify tax laws pertaining to assets held on blockchains with hard forks

A hard fork on a blockchain splits the chain in two, with one path following the original protocol and another path diverging with different features. The new path is incompatible with the original blockchain, and does not regard its previously ratified transactions as valid.

Emmer purportedly introduced the bill in order to foster blockchain industry growth in the U.S. by lessening the burden on businesses to figure out relevant tax laws. In Emmer’s own words, “taxpayers can only comply with the law when the law is clear.”

Worth noting is that The Safe Harbor bill is not intended to eliminate taxes on a hard forked blockchain. Instead, the bill aims to provide a safe harbor to investors who don’t properly account for a hard fork in calculating their tax returns.

As previously reported by Cointelegraph, Congressman Emmer also recently reintroduced the bill to “provide a safe harbor from licensing and registration for certain non-controlling blockchain developers and providers of blockchain services” in January.

In April, Congress representatives Warren Davidson and Darren Soto — a co-sponsor of the foregoing licensing and registration bill — moved to reintroduce the Token Taxonomy Act. This bill would exclude cryptocurrencies from security regulations, and would similarly aim to simultaneously clarify and simplify regulatory compliance for blockchain-based businesses.


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U.S. Congressman Tom Emmer has reintroduced his forked assets bill, an effort started in 2018 ostensibly to lessen the burden on crypto tax payers