Today's Crypto Highlights: A Potential Tax Shift, EIGEN Airdrop Fallout, and BlackRock's New Milestone 🌟
Proposed Bill to Change Crypto Taxation 📝
Two U.S. congressmen, Drew Ferguson and Wiley Nickel, have proposed a bipartisan bill that could significantly impact how crypto networks are taxed. The bill, titled "Providing Tax Clarity for Digital Assets Act," aims to change the taxing structure for block rewards from proof-of-work and proof-of-stake networks. Currently, these rewards are taxed upon acquisition, but the proposed legislation would tax them when sold instead.
The congressmen behind the bill argue that the current system is overly complex, leading to confusion, double taxation, and potentially driving businesses overseas ⚖️
EigenLayer Faces Massive Withdrawal Requests 📉
The Ethereum restaking protocol EigenLayer is under pressure, dealing with over 12,412 withdrawal requests after a controversial EIGEN airdrop. The ban of key economic jurisdictions from the airdrop caused disappointment among users, leading to a significant queue for withdrawals.
Data shows that the protocol experienced a surge in daily withdrawal requests, with 4,336 on April 29 and 6,496 on April 30. This wave of withdrawal requests could potentially lower EigenLayer's total value locked (TVL) from $14.8 billion to around $13 billion. If you're in the restaking game, this might be a trend to watch. 👀
BlackRock's BUIDL: The Largest Tokenized Treasury Fund 🚀
BlackRock's USD Institutional Digital Liquidity Fund, known as BUIDL, has become the largest treasury fund tokenized on a blockchain. With a market cap of $375 million, it surpassed the Franklin OnChain U.S. Government Money Fund (BENJI), which held the top spot with $368 million.
BUIDL attracted $70 million in the last week, with a notable $50 million coming from real-world asset tokenization firm Ondo Finance's OUSG token. 💰 🌐
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