A bipartisan bill proposed by two US lawmakers could change the way crypto networks are taxed. Ethereum restaking protocol EigenLayer is dealing with a huge backlog of withdrawal requests following the EIGEN airdrop. Meanwhile, BlackRock's six-week-old tokenized treasury fund is now the world's largest.
The proposed US bill would not allow taxation of block rewards at the time of acquisition.
U.S. Congressmen Drew Ferguson and Wiley Nickell (Republican of Georgia and Democrat of North Carolina, respectively) have announced that they will be able to collect block rewards from proof-of-work and proof-of-stake networks at the time of sale. He proposed a new bill that would require taxes to be paid at the time of sale instead. They were bought out.
The new law, called the “Tax Clarity for Digital Assets Act,” declares staking rewards as “created property” under U.S. tax law, and taxes on block rewards are collected at the time of acquisition.
Nickel said in a statement that the current rules are “too complex,” adding that they lead to “confusing investors, double taxation, and relocating U.S. companies offshore.”
EigenLayer has over 12,000 confirmed withdrawals pending
EigenLayer, the largest Ethereum restaking protocol, has received over 12,412 withdrawal requests following widespread disappointment surrounding its planned EIGEN airdrop.
According to Dune data, the high volume of withdrawal requests started on April 29th, with EigenLayer receiving more than 4,336 withdrawals each day, increasing to 6,496 on April 30th.
Although the size of individual withdrawals is not yet trackable, the 11.6% of pending withdrawals would reduce EigenLayer's current $14.8 billion total value lock (TVL) to just over $13 billion. Become.
EigenLayer airdrop bans in major economic jurisdictions will cause widespread disappointment and impact the protocol's TVL, according to Andy Liang, intergovernmental blockchain expert and author of EigenLayer. Probably. NFT: From zero to hero.
BlackRock’s BUIDL is now the largest tokenized treasury fund
BlackRock’s six-week-old USD Institutional Digital Liquidity Fund (ticker BUIDL) is now the largest treasury fund tokenized on the blockchain.
According to Dune Analytics, BUIDL hit a market capitalization of $375 million on April 30, surpassing the $368 million of the 12-month-old Franklin Onchain U.S. Government Money Fund (BENJI) .
BUIDL received $70 million last week. $50 million alone from his OUSG token at real-world asset tokenization company Ondo Finance. Meanwhile, BENJI's assets under management decreased by approximately 3.7% during the same period.
More than $1.2 billion worth of U.S. government debt currently resides on Ethereum, Polygon, Solana, and other blockchains.
Additional reporting by Geraint Price, Ana Paula Pereira, Sam Bourgi, and Felix Ng.
