Daily Bits — Taxing Times

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Chart of the Day

Wrapped Up. A significant percentage of Bitcoin’s circulating supply has been tokenized and locked up in smart contracts on the Ethereum network. According to The Block, the amount of tokenized Bitcoin has increased by 100,000 in absolute number since the beginning of this year, with the total amount reaching 240,000.

The growth is no doubt spurred by robust development in the DeFi space. With the broader market trapped in a sluggish state, the demand for Ethereum-based protocols has fallen, along with prices, as evidenced by the recent 28% drop in Uniswap trades from its mid-May peak.

Talk of the Town

Regulatory Rumble. The budgeting report of the fiscal year 2020 reveals that the Internal Revenue Service (IRS) is seeking fresh funding to pursue external experts and contractors to support the expansion of its crypto tax enforcement. This aligns with the broader strategies adopted by the Biden Administration to curb tax evasion, with the conviction that a unified framework on reporting requirements for cryptocurrency could be a significant step towards the goal of closing the tax gap.

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Just in: The plan of Latin American’s youngest president to tap into the charm of Bitcoin has been approved by a super majority in the Salvadoran Congress. This, in a bid to salvage an economy long plagued by underinvestment, dearth of opportunity and lack of financial inclusion. History #BTC

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