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On Friday, the US Treasury Department proposed new rules relating to taxation across the digital asset space. The new 1099-DA form allows crypto market participants to establish if they have unpaid taxes. Additionally, the Treasury Department proposal imposes traditional broker sales reporting rules on digital asset brokers.
The Treasury Department opened the proposed rules to the public for input and feedback. According to the Treasury Department press release,
“The US Department of the Treasury and the Inland Revenue Service (IRS) today released proposed regulations on the sale and exchange of digital assets by brokers in an effort to crack down on tax cheats while helping law-abiding taxpayers know how much they own on the sale or exchange of digital assets.”
New rules relating to reporting and taxation traditionally have a bearish impact on cryptos.
Pending SEC v Coinbase Court Ruling Significant for Cryptos
However, there were no SEC v Coinbase (COIN) case-related updates to draw investor interest. After the SEC filed charges against Coinbase for operating as an unregistered securities exchange, broker, and clearing agency, investors await a Court response to a motion to dismiss.
Earlier this month, crypto lobbyists, professors, and Senator Cynthia Lummis filed Amicus Curiae briefs, asking the Court to dismiss the SEC v Coinbase case.
Considering the Judge Torres ruling on Programmatic Sales, the presiding Judge could dismiss the case. A dismissal should support an XRP and broader-based crypto market rally. However, the presiding Judge will likely tread carefully. The SEC would appeal adverse rulings.
The Sunday Session
After a mixed start to the weekend, XRP investors need to consider lingering crypto headwinds that continue to cap the upside.
Uncertainty toward the outcome of the SEC motion for interlocutory appeal will likely prevent an XRP breakout. Ripple must file its opposition to the SEC motion by September 1. The language within the opposition filing and the SEC response to the Ripple opposition motion will influence. However, XRP’s price trajectory will hinge on the final ruling.
Chatter relating to the appeal will need consideration.
We expect XRP sensitivity to SEC v Binance and SEC v Coinbase-related news.
XRP Price Action
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