The mayors of Jackson, TN, and Tampa, FL, have committed to converting their next paychecks into bitcoin shortly after Miami Mayor, Francis Suarez, and NYC Mayor-Elect, Eric Adams, announced they would be receiving their paychecks in BTC.

The U.S. Congress has passed the $1.2 trillion bill aimed at improving  America’s infrastructure. The bill’s plans will be funded through a variety of measures, including taxing cryptocurrency brokers.

Social media giant Reddit may soon convert users’ karma points into ERC20 tokens on the Ethereum network, in a move that would onboard 500 million users into the cryptocurrency space through its platform.

Join us at DeFi Live, a newly announced conference seeking to provide a platform for the leaders at the forefront of the decentralised finance (DeFi) industry - hosted virtually on November 10th and in-person in London on November 11th.

Sponsored: Buy bitcoin and 100+ cryptocurrencies with 20+ fiat currencies. New users can enjoy 0% credit/debit card fees on all crypto purchases made in their first 30 days. Join 10 million users and download the Crypto.com App now.

Top stories in the Crypto Roundup today:

• Mayors Throughout U.S. Are Embracing Bitcoin
• Congress Passes Infrastructure Bill With Crypto Tax Provision
• Reddit To Convert Karma Points of 500M Users to ERC20 Tokens
• CryptoCompare Becomes DeFi Live Media Partner
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

Mayors Throughout U.S. Are Embracing Bitcoin

The mayors of Jackson, TN, and Tampa, FL, have committed to converting their next paychecks into bitcoin shortly after Miami Mayor, Francis Suarez, and NYC Mayor-Elect, Eric Adams, announced they would be receiving their paychecks in BTC.

In a tweet, Jackson Mayor Scott Conger revealed that “while state law prohibits the City of Jackson, TN, from paying me in Bitcoin, I’ll follow the lead of Francis Suarez and Eric Adams and instantly convert my next paycheck to Bitcoin.”

The Mayor of Tampa shared a similar strategy, saying she was up to the challenge of joining other U.S. mayors who were getting paid in bitcoin. In response to Suarez, Tampa mayor Jane Castor hinted she was also looking to convert her paycheck into BTC.

In the Twitter thread, Suarez also asked Austin Mayor Steve Adler and Jacksonville Mayor Lenny Curry whether they would convert their paychecks into bitcoin, but neither replied at the time of writing.

Congress Passes Infrastructure Bill With Crypto Tax Provisions

The U.S. Congress has passed the $1.2 trillion bill aimed at improving America’s infrastructure. The bill’s plans will be funded through a variety of measures, including taxing cryptocurrency brokers.

The bill was passed with a final vote of 228-206 and marks a historic moment for the cryptocurrency industry in the United States. In drafting the legislation, a provision was included to change the Internal Revenue Service’s definition of “broker” to include organizations that trade cryptoassets.

Some believe the definition of “broker” in the bill may be too broad, and could include entities like miners and other parties that do not facilitate transactions in the cryptocurrency space. The bill, if signed by President Joe Biden, could negatively affect mining operations in the country.

It also includes a provision that will amend tax code section 6050I,  which requires businesses and individuals that receive physical cash or bank transactions above $10,000 to report the sender’s information.

The eight-word amendment in the new bill would include “any digital asset” in the definition of “cash.” Coinbase CEO Brian Armstrong has said the amendment “seems like a disaster” that “could freeze a lot of healthy crypto behavior.”

Reddit To Convert Karma Points of 500M Users to ERC20 Tokens

Social media giant Reddit may soon convert users’ karma points into ERC20 tokens on the Ethereum network, in a move that would onboard 500 million users into the cryptocurrency space through its platform.

According to Reddit engineer Rahul, the company has been working on improving user interactions with cryptocurrency initiatives. The platform has launched its own layer-two rollup scaling solution using Arbitrum technology for its rewards points earlier this year.

These tokenized rewards points, called Community Points, are currently available for two subreddits, r/cryptocurrency and r/ForniteBR. These tokens will reportedly be scaled to allow for gasless transactions.

Community Points are a “unit of ownership” that “capture some of the value of their community,” according to Reddit. Through a partnership with Offchain Labs’ Arbitrum network, the social media giant is seemingly moving to expand Community Points to the entire platform.

The move will also allow for the creation of separate blockchains or to fork existing blockchains through community-based decisions.

CryptoCompare Becomes DeFi Live Media Partner

DeFi Live is a newly announced conference seeking to provide a platform for the leaders at the forefront of the decentralised finance (DeFi) industry. 

Hosted virtually to a global audience on November 10th and in-person in London on November 11th, DeFi Live will showcase some of the industry’s best talent, and will welcome DeFi’s most passionate proponents to the premier crypto event of the 2021 bull run!

Notable aspects of the agenda include panel discussions addressing a wide variety of the hottest industry topics, such as:

• How NFTs and DeFi will build a brighter future
• How venture firms are investing in DeFi
• The rise of DAOs
• NFTs and gaming - the key to achieving mass adoption of DeFi
• Transitioning to living in the Metaverse

Across these panels, the conference will feature high-profile guests, speakers and participants, all of whom have made tangible impacts to the awareness and acceptance of decentralised finance. Notable contributors include the Co-Founder and Vice-Chairman of Blockchain.com Nicolas Cary, Ava Labs’ VP of Marketing Jay Kurahashi-Sofue, and Mati Greenspan, Founder and CEO of Quantum Economics.

To attend the event and witness crypto history in the making, use the CryptoCompare event code for a 25% discount on tickets: https://bit.ly/3AUKdbi

Crypto.com - The World’s Fastest Growing Crypto App

Buy bitcoin and 100+ cryptocurrencies with 20+ fiat currencies. New users can enjoy 0% credit/debit card fees on all crypto purchases made in their first 30 days. Join 10 million users and download the Crypto.com App now.

Press Release

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.