Crypto Flispider News – August 31st – Sandbox, Celo, Solana, Cosmos,

• The Altcoins Month: Sandbox, Celo, Solana, Cosmos, Arweave, Harmony.
• The Biden administration and new crypto reporting.
• Partnerships: IOTA + Gaia-X; Celo, Aave, Curve, Sushi for DeFi.
• Robinhood (NASDAQ:) suffers, PayPal (NASDAQ:) explores stock trading.
• NFT News: OpenSea hit $3B, Spider-Man, Vincent Van Dough

The Altcoins Month: Sandbox, Celo, Solana, Cosmos, Arweave, Harmony

August of 2021 could easily be dubbed “altcoin month.” Indeed, more than 80% of Altcoins overperformed over the last 30 days. Of note is that Bitcoin’s main rival, , is among them. While Bitcoin’s price increased by 15%, Ethereum gained by approximately twice as much.

The main performers of August have been such cryptos as , Fantom, Avalanche, Terra, Arweave, and some smaller ones.

Here are best gainers regarding the last 24 hours:

• The Sandbox (SAND) reached a new all-time-high of $1.1.
• Celo (CELO) gained more than 60%, and 115% over the last 7 days.
• Solana (SOL) reached a new all-time-high of $119.85, gaining by about 20% in the last 24 hours.
• Cosmos (ATOM) gained almost 30% in the last 24h.
• Arweave (AR) surged more than 30% in the last 24h, and almost 90% over 7 days.
• Harmony (ONE) rose by 35% in the last 24h.

Flipsider:

• On the other hand, Bitcoin’s market cap still represents more than 40% of the total crypto market cap. Considering this aspect, it’s logical that BTC is less movable.

The Biden Administration and New Crypto Reporting

The Biden administration wants Democrats to speed up and include additional tax compliance rules for cryptocurrency transactions, after a provision in the Senate-passed infrastructure bill sparked a major industry lobbying offensive aiming to limit the reach of the new mandates.

According to an article published in Roll Call, an anonymous administration official has stated that the Biden administration wants to incorporate new crypto reporting requirements in an upcoming $3.5 trillion budget reconciliation bill. The language would require U.S. cryptocurrency firms, namely exchanges, to report data about non-U.S. users; this information could be shared with other countries to ensure that crypto traders pay taxes. None of this is in the spending package currently constituted.

Finally, this framework lays the groundwork for Democrats to write formal legislation that can pass without a Republican vote. Democrats have called for higher taxes on the wealthy and corporations, and stronger IRS enforcement to fund their agenda.

Flipsider:

• To crack down, the U.S. needs information from other countries. In order to get that information, it needs to come to the table with its own tradable information. It is fair to say that this would be a tricky task, thus the reporting requirements should be revised once again.

Partnerships: IOTA + Gaia-X; Celo, Aave, Curve, Sushi for…