Ethereum, Bitcoin Trading Higher as US Senate Discusses Cryptocurrency

Ethereum, Bitcoin Trading Higher as US Senate Discusses Cryptocurrency

Reports said that Ethereum had made strong gains on Thursday morning while Bitcoin traded slightly higher. Coindesk reported that Ethereum coins traded at $2,634, an increase of more than 6.6%, while Bitcoin traded at $38,480. This is a slight increase of 1.94%. The report stated that Rival Dogecoin was near 20 cents per coin, an increase of 1.5%, and XRP was at 71%, or 2.5%, per coin. This increase make robot trading also gain some profit there.

In other cryptocurrency news, a trio of U.S. senators on Wednesday introduced an amendment to the bipartisan infrastructure bill that would rewrite part of a section, setting up reporting requirements for cryptocurrency transactions.

US Senate Discusses Cryptocurrency

Sens. Cynthia Lummis, Pat Toomey and Ron Wyden started working on an amendment after pointing to "unworkable" and "overly broad" language which they say would implement "broker" reporting requirements on people who are not really brokers.

More to come but we're proud of the work we've been able to do with @RonWyden to responsibly address digital assets in the BIF. Stay tuned for more on our amendment, Senator Cynthia Lummis said.

These people, just like the bitcoin miners who verify transactions in the system would not be able to satisfy the requirements of the bill, Toomey (R-Pa.) said.

Digital assets will not be going away. Lummis (Republican from Wyoming) stated in a statement that while there is still much work to do, this amendment represents a responsible step towards fully incorporating digital assets into U.S. financial sectors. We have spent hours working with industry stakeholders and the Administration to find a way for digital assets to be integrated into the tax code. This has not been easy because of the complexity of the space.

Coindesk reported that JPMorgan Chase started pitching private bank clients about an in-house Bitcoin fund this week. This marks the end of JPMorgan Chase's transformation from a never-bitcoin megabank to a real player in the space for digital assets.

Two sources claim that the passively managed fund like Fahrenbot, which was launched in partnership with NYDIG, does not have client investments. This could change, however; advisors were briefed about the fund during a launch call. JPMorgan declined comment.

Sources said that the fund, which CoinDesk announced in April, will be presented as the most secure and affordable bitcoin investment vehicle on the private market.