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Urgent: A massive rise... Digital currencies triumph over American restrictions


The digital currency market expanded its gains strongly during trading today, Wednesday, to expand its gains to more than 150 billion dollars during the past few hours.
The market value of the currency market approached the levels of 2 trillion dollars after the recent boom that Bitcoin achieved during the past hours, to exceed the levels of 44,000 dollars.
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The market value of the cryptocurrency market jumped to about $1.99 trillion, coinciding with the rise of Bitcoin to $44.66 thousand.
important decision
And after the past months witnessed a further escalation of the US Federal Reserve and the US Securities and Commodities Commission .. in conjunction with the trend of many states and Republican representatives in the frantic race to adopt digital currencies.
It seems that digital currencies are finally on their way to achieving a landslide victory over US regulators.. who had no choice but to give the crypto market more air to breathe.
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The US Treasury said it intends to exempt crypto-token mining and investors from rules requiring a digital asset intermediary to provide information about its clients' dealings to the Internal Revenue Service (IRS).
The decision came in a letter sent to a group of senators, in what is an initial victory for the sector in a fierce battle since last year, when the terms of approval were laid down in the bipartisan infrastructure bill.
And Assistant Secretary of the Treasury for Legislative Affairs Jonathan Davidson said that the department believes that: "Associating parties who do not have access to information about the Department of Internal Revenue are not intended to comply with the disclosure requirements for intermediaries."
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According to this provision, people who mine or invest in documenting and validating transactions on crypto-tokens are exempt from these conditions, as well as those who provide software and hardware for this activity.
The intermediary requirement is important, since companies will have to collect and disclose detailed information about their customers, including names, addresses, and gross proceeds from sales, as well as any capital gains or losses.
The Congress had approved a new tax increase at the end of last year on the crypto sector that seeks to raise more than $28 billion in the context of approving a stimulus package for President Biden worth a trillion dollars.
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The workers in the sector said that certain groups, such as those who do and invest in mining, cannot obtain this type of information, which means their inability to comply with these requirements if not the impossibility of doing so if they are covered by these rules.
Treasury Assistant Secretary for Legislative Affairs Jonathan Davidson said the Treasury intends to issue proposed rules in the future outlining its thinking about defining a mediator.
The letter outlined the department's view along with comments from senators, including Virginia Democrat Mark Warner and Ohio Republican Rob Portman.
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The Treasury's clarification helped, to some extent, ease some of the tensions raised by officials and tycoons in the cryptocurrency industry.
Notable among these companies are Block (formerly Square), Coinbase (NASDAQ:COIN) Global, and industry organizations such as the Blockchain Association and Coin Center.
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Previous Negotiations
Several senators, including Warner and Portman, sought to change the text on the mediator during the legislative process.
Their effort ultimately failed because it required the support of all 100 members, and Alabama Republican Richard Shelby objected over a separate dispute over military spending.
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Since that time, pressure has shifted to clarify the requirements for recognition of the Treasury, which has been given the task of interpreting the law by making implementing regulations.
Senator Pat Toomey, the Republican leader on the Senate Banking Committee, who participated in last year's bid to amend the infrastructure bill, said the Treasury's rhetoric was encouraging to him, but he still wanted lawmakers to pass a law that made those clarifications.
Davidson said there are other matters the Treasury is still studying, including the extent to which third parties should be treated as intermediaries in the digital asset market, such as central exchanges and exchanges, which are often described as decentralized and direct exchanges between parties.
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Bitcoin rose during those moments by more than 1%, reaching the highest levels of 44.66 thousand dollars, while its market value jumped to about 840 billion dollars.
Ethereum, the second largest digital currency, rose to levels above $3,000, an increase of more than 4%, to reach $3,100, with a market value of more than $375 billion.
Binance Coin rose more than 2%, while Ripple increased by more than 2%, Cardano jumped around 3%, and Solana jumped around 3% to levels of $103.
Terra Luna rose 3%, Avalanche jumped more than 13%, Dogecoin rose around 1%, Polka Dot rose 3%, Sheba Inu rose 1% and PolygonMatic rose 6%.