In a bid to address the societal and environmental impacts of cryptocurrency mining, President Joe Biden's administration is proposing a targeted tax on the industry, according to a post on the White House's Council of Economic Advisers (CEA) blog.

Nasdaq-listed cryptocurrency exchange Coinbase has announced the launch of a global cryptocurrency derivatives trading platform, the Coinbase International Exchange, while the Winklevoss twins’ Gemini launched the Gemini Foundation, a non-US derivatives platform.

The largest decentralized exchange in the cryptocurrency space, Uniswap, has launched the Uniswap Agora governance interface, which allows community members to connect with value-aligned delegates.

Top stories in the Crypto Roundup today:

• Crypto Miners Face Potential 30% Energy Tax Under White House Plan
• Coinbase and Gemini Launch Global Crypto Derivatives Platforms
• Uniswap Launches Governance Delegation Platform
• Chart of the Week: CCData’s Trade Data for BTC-USDT on Binance

Crypto Miners Face Potential 30% Energy Tax Under White House Plan

In a bid to address the societal and environmental impacts of cryptocurrency mining, President Joe Biden's administration is proposing a targeted tax on the industry, according to a post on the White House's Council of Economic Advisers (CEA) blog.

The suggested tax, dubbed the Digital Asset Mining Energy tax, would be equivalent to 30% of a mining company's energy costs, potentially cutting into the profitability of such businesses. The CEA post argues that cryptocurrency mining operations do not currently bear the full cost of their impact on the environment and local communities.

This impact, it argues, includes pollution, higher energy prices, and increased greenhouse gas emissions. The CEA argues other energy-intensive industries wouldn’t be hit with the new tax, as it contends that crypto mining “does not generate the local and national economic benefits typically associated with businesses using similar amounts of electricity.”

If implemented, the tax is expected to generate up to $3.5 billion in revenue over the next decade. Major U.S. mining companies that would be affected by the tax include Riot Platforms (RIOT), Marathon Digital (MARA), Cipher Mining (CIFR), Greenidge Generation (GREE), BitDeer (BTDR), and CleanSpark (CLSK).

In March, the administration's Council of Economic Advisers also published a report highlighting broader concerns with the cryptocurrency mining industry.

The proposed tax is likely to face opposition in the Republican-controlled House, as Congressional Republicans have in the past resisted attempts to impose penalties on the crypto sector.

Coinbase and Gemini Launch Global Crypto Derivatives Platforms

Nasdaq-listed cryptocurrency exchange Coinbase has announced the launch of a global cryptocurrency derivatives trading platform, the Coinbase International Exchange, while the Winklevoss twins’ Gemini launched the Gemini Foundation, a non-US derivatives platform.

The Coinbase International Exchange (CIE) is set to start trading by listing Bitcoin and Ether perpetual futures contracts later this week, with contracts on the platform being settled in the  USDC stablecoin.

Coinbase emphasized that its direct access trading on CIE is currently accessible only to institutional clients in eligible, non-U.S. jurisdictions, and this access is granted via an application programming interface. The platform is being launched with the support of regulators in Bermuda.

The Gemini Foundation, which launched this week, is now open for trading to customers in available jurisdictions, which do not include the US, the UK, or the European Union.

On the platform, users can trade BTC perpetual contracts denominated in Gemini dollars (GUSD) with up to 100x leverage.

Uniswap Launches Governance Delegation Platform

The largest decentralized exchange in the cryptocurrency space, Uniswap, has launched the Uniswap Agora governance interface, which allows community members to connect with value-aligned delegates.

Uniswap Agora allows delegates to create individual profiles showcasing their opinions and perspectives, enabling community members to find representatives who share their values. Devin Walsh, Executive Director of the Uniswap Foundation, noted that the sustainability of protocols like Uniswap is reliant on the active participation of these delegates.

Walsh highlighted a "chicken and egg problem" in the current delegation process, where potential delegates face significant hurdles in securing delegation from UNI token-holders. Meanwhile, token holders struggle to identify delegates who align with their values and concerns.

Uniswap Agora aims to resolve this issue by consolidating delegate information in one platform, providing a more accessible way for users to learn about individual delegates and make informed decisions about representation.

The launch of Uniswap Agora will be followed by a four-week delegate race, encouraging new and existing delegates to create profiles on the platform to help users identify the most suitable representatives.

Chart of the Week: CCData’s Trade Data for BTC-USDT on Binance

The impact of large-scale sell-offs on Bitcoin's recent decline is evident. Since late April, the value of Bitcoin has decreased from $30,000 to $27,000.

A notable example occurred on May 1st, when a sale of 222 BTC contributed to a price drop from $29,200 to $29,100.

State of the Crypto by Top Tier Exchange Volume

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