The crypto market topped $2 trillion for the first time since May, and 6 other key things that happened in crypto this past week – CNBC

The crypto market topped $2 trillion for the first time since May, and 6 other key things that happened in crypto this past week – CNBC

The top cryptocurrencies by market value saw a boost in price over the weekend.

Bitcoin topped $48,000 on Saturday, which lifted the value of the entire cryptocurrency market above $2 trillion for the first time since May. Altcoins, like ether, dogecoin and cardano, jumped as well.

This comes despite a relatively tough past week for the industry. From the Senate passing the infrastructure bill without an amendment to its crypto tax reporting provision to over $600 million in crypto stolen in a record DeFi, or decentralized finance, hack, here are six things worth knowing.

1. Senate passes infrastructure bill without an amendment to crypto tax provision

Read more about cryptocurrencies from CNBC Pro

Since the infrastructure bill passed in the Senate, members of the House, including Reps. Ro Khanna, D-Calif., Eric Swalwell, D-Calif., Anna Eshoo, D-Calif., Bill Foster, D-Ill., and Darren Soto, D-Fla., have urged for adjustment and called for the definition of a “broker” to be narrowed.

If the House amends the bill, it would then be sent back to the Senate for another vote before proceeding to President Joe Biden’s desk.

But to avoid further delay, the U.S. Treasury Department plans to clarify its definition of a “broker” without amending the bill, Bloomberg reports, citing a Treasury official. The bill would remain unchanged, but the Treasury would verbally promise not to target non-brokers when later writing the tax law.

Policymakers are set to meet this week to
Source…