News

According to Bloomberg, the US House Ways and Means Committee is preparing to legislate the structure for cryptocurrency taxation, with a release expected as early as Friday and a hearing scheduled for early next week. Committee Chairman Jason Smith has made digital asset tax frameworks a top priority, and the Treasury Department is involved in the process. The seven proposed bills include provisions such as the timing of taxation on mined or staked tokens, exempting certain stablecoin transactions from capital gains tax, equal treatment of digital assets and securities for tax purposes, a safe harbor for foreign investors trading US securities, as well as expanding wash sale rules to include digital assets.

According to Lookonchain monitoring, the newly created wallet 0x6436 once again withdrew 140,960 HYPE (9.48 million US dollars) from the exchange. Over the past three days, it has cumulatively withdrawn 902,317 HYPE (64.9 million US dollars).

Golden Ten Data reported on June 5 that Japan's holdings of overseas securities decreased significantly in May, indicating that the Japanese government may have used overseas assets, including US Treasury bonds, to fund its record-breaking currency market intervention over the past month. According to foreign exchange reserve data released by the Japanese Ministry of Finance on Friday, Japan's holdings of overseas securities decreased by $75.6 billion compared to April. As of the end of May, Japan's total foreign exchange reserves fell to $1.09 trillion. Foreign currency deposits, another potential source of intervention funds, basically remained unchanged at around $162 billion. Previously, it was confirmed that during the month ending May 28, Japan's intervention in the foreign exchange market reached a record high of 11.73 trillion yen (approximately $73.4 billion).