U.S. Congresswoman Anna Eshoo (D-Calif.) has sent a letter to Speaker Nancy Pelosi (D-Calif.) asking to amend the cryptocurrency tax provision included in the Senate’s infrastructure bill. Eshoo wrote that the current definition of the term “broker” may be too broad.

Delaware-based digital finance firm Kryptcoin has filed for an ether (ETH) exchange-traded fund (ETF), according to a filing with the U.S. Securities and Exchange Commission. The filing details the fund would function like the firm’s proposed bitcoin ETF.

Chainlink’s oracles have been integrated into Ethereum scaling solution Aribtrum One. The oracles will make Chainlink’s U.S.-denominated price feeds available on the scaling solution, with more pairs to be supported in the future.

Top stories in the Crypto Roundup today:

• Congresswoman Asks to Amend Infrastructure Bill’s ‘Problematic’ Crypto Language
• Digital Finance Firm Kryptcoin Files for Ethereum ETF
• Chainlink Oracles Launch on Ethereum Scaler Arbitrum One
• Coin of the week: IoTeX (IOTX)

Congresswoman Asks to Amend Infrastructure Bill’s ‘Problematic’ Crypto Language

U.S. Congresswoman Anna Eshoo (D-Calif.) has sent a letter to Speaker Nancy Pelosi (D-Calif.) asking to amend the cryptocurrency tax provision included in the Senate’s infrastructure bill. Eshoo wrote that the current definition of the term “broker” may be too broad.

The letter said:

“When the House takes up the Senate bill, I encourage you to amend the problematic broker definition in Section 80603 of the legislation.”

It sees Eshoo join a growing number of bipartisan lawmakers pushing back against the crypto provision. House Financial Services Committee Patrick McHenry (R-N.C.) and a handful of others on both sides of the political spectrum have expressed support for changing the language.

The infrastructure bill itself will fund $1 trillion in infrastructure improvements and new initiatives around the country, and includes some measures to help pay for the added expense. It currently describes a crypto broker as any party “responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person."

Some in the cryptocurrency space have expressed concern for the language, as the bill could define miners and other network validators as brokers. In a joint statement the Blockchain Association, Coinbase, Coin Center, Ribbit Capital, and Square expressed concern over the language included in the infrastructure bill, as it will place “unworkable requirements on crypto technology.”

Senators Ron Wyden (D-Ore.), Pat Toomey (R-Pa.), and Cynthia Lummis (R-Wyo.) have proposed an amendment to narrow the definition. The Senate has, however, proceeded without considering any amendments. Eshoo endorsed a compromise amendment that had been blocked under Senate procedural rules.

Digital Finance Firm Kryptcoin Files for Ethereum ETF

Delaware-based digital finance firm Kryptcoin has filed for an ether (ETH) exchange-traded fund (ETF), according to a filing with the U.S. Securities and Exchange Commission. The filing details the fund would function like the firm’s proposed bitcoin ETF.

It reads:

“The Trust’s investment objective is to provide exposure to Ethereum at a price that is reflective of the actual Ethereum market where investors can purchase and sell Ethereum, less the expenses of the Trust’s operations.”

To track the price of the second-largest cryptocurrency by market capitalization, the fund would hold ETH and value its shares according to the CF Ether-Dollar US Settlement Price. If approved, the Ethereum ETF would be listed on the Chicago Board Options Exchange (Cboe).

Chainlink Oracles Launch on Ethereum Scaler Arbitrum One

Chainlink’s oracles have been integrated into Ethereum scaling solution Arbitrum One. The oracles will make Chainlink’s U.S.-denominated price feeds available on the scaling solution, with more pairs to be supported in the future.

The move comes as Arbitrum says it’s addressing a common request from smart contract developers who require high-quality data from the financial markets to power their decentralized platforms.

Developers on Arbitrum will now be able to receive the same data quality and reliability as those building on the Ethereum base layer, but at a lower cost and with more frequent updates. Arbitrum One is the network’s mainnet.

Coin of the week: IoTeX (IOTX)

IoTeX’s IOTX token has surged 450% over the week thanks to a new listing on Coinbase. The cryptocurrency benefitted from what’s known as the “Coinbase Effect,” but the surge came after seeing a 600% growth in new wallets being created.

As IOTX’s price surged, Binance Futures announced it was adding IOTX perpetual contracts with up to 25x leverage to its platform, allowing traders to bet on the cryptocurrency’s future price directions while bolstering its liquidity.

What is IoTeX?

IoTeX is a privacy-centric blockchain infrastructure for the Internet of Things (IoT) that launched in 2017. It aims to make autonomous device coordination a reality while creating an open ecosystem where people and IoT devices can interact freely with properly designed incentives.

IoTeX is based on the Ethereum blockchain and the IOTX token powers the IoTeX network. This includes paying for transactions, staking, governance, and registering new devices to the IoTeX network.

The project uses an innovative Roll-DPoS consensus mechanism, a variant of the Delegated Proof of Stake (DPoS) mechanism, that provides instant finality and throughput to help it support millions of IoT devices. IoTeX’s technology aims to give users full control of their internet-connected devices and data.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.