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CryptoCodex


	Good Tuesday morning. This is Billy Bambrough, bringing you your latest batch of news and analysis from crypto-land. (I'm on the road this month so you may receive your copy of *CryptoCodex* a little early/late—apologies in advance for any disruption and normal service will resume the week beginning August 23)

24-hour crypto market snapshot

$45,986

$3,148

$165.10

$74.55

Flying in the face of failure 💫


	Cryptocurrency prices are up across the board this morning, despite the scramble to amend "problematic" text in the infrastructure bill that's currently making its way through the Senate ending in failure. Bitcoin is now closer to $50,000 than $40,000, up almost 3% in the last 24 hours, while much of the crypto top ten is up between 2% and 4%. The rally has pushed the crypto market to almost $1.9 trillion for the first time since it dropped under the $2 trillion mark in May. The price of decentralized exchange Uniswap's uni token is up 10% while litecoin, a bitcoin fork that's sometimes called the silver to bitcoin's gold, is up 7%. The pair rallied after crypto exchange Binance said it will perform reverse splits on certain trading tokens linked to litecoin and uni. Internet computer's ICP token is apparently back from the dead, adding almost 10% in the last 24 hours. The ICP price has doubled over the last week, surging up CoinMarketCap's crypto rankings after Bloomberg reported the network had attracted "500 developers and nearly 250,000 users of its applications in just 10 weeks after launch."

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Taxing times


	After weeks of wrangling, a compromise crypto amendment in the Senate's $1.2 trillion bipartisan infrastructure bill was blocked Monday afternoon. Back and forth: An amendment, which would have limited a proposal to increase federal regulation of cryptocurrencies, was blocked by former presidential hopeful Bernie Sanders after senator Richard Shelby (R-Al) attempted to add defense funding to it. Catch up: Introduced by senators Pat Toomey (R-Pa) and Cynthia Lummis (R-Wyo), the amendment sought to clarify language in the bill that would broaden the definition of a "broker" and increase tax requirements on software developers and those that secure blockchains in return for freshly minted tokens, known as miners. The bill sent shockwaves through the U.S. cryptocurrency community in recent weeks, with crypto lobbyists scrambling to alter it. If passed and signed into law, the changes won't take effect until 2023. So close: The amendment was defeated just hours after the Treasury Department said it would not oppose a bipartisan agreement that limits a proposal in the infrastructure bill to increase federal regulation of cryptocurrencies. "I am grateful to senators Warner, Portman, Sinema, Toomey and Lummis for working together on this amendment to provide clarity on important provisions in the bipartisan infrastructure deal that will make meaningful progress on tax evasion in the cryptocurrency market," Treasury secretary Janet Yellen said in a statement Monday afternoon. What next? The infrastructure bill remains on track to pass the Senate this morning. "We will continue to look for ways to fix the digital asset language in this bill," Lummis said via Twitter. "It might not be today, but we won’t give up." Now read this: Circle's journey to become a national digital currency bank

Coinbase's billions 💰



	Coinbase founder and chief executive Brian Armstrong has been described as bitcoin's guardian angel Getty Images


	Coinbase, the San Francisco-based cryptocurrency exchange that made its Nasdaq debut to much fanfare earlier this year, is expected to report revenue of $1.8 billion for its second quarter today. Taking stock: The exchange's stock price has struggled since it was listed in April at the top of the recent bitcoin and crypto price rally. Coinbase stock is trading at $280 a share, down from almost $350, but has bounced off its lows recently. Great expectations: "I think their user growth is going to exceed verified users of 60 million, and I think that’s going to be sort of a benchmark that they’re going to continue to feed on," Blue Line Capital founder and president Bill Baruch told CNBC last week, predicting the stock could return to $300 a share. "Trading activity’s where they get paid as well. I think that’s going to pick up." Pivot: Yesterday, it was reported by the Wall Street Journal Coinbase's head of capital markets, Brett Redfearn, has left the company after just four months on the job. Redfearn, a former official at the Securities and Exchange Commission, left the firm after Coinbase decided to shift its priorities away from digital-asset securities, the Journal reported. Go DeFi or go home: A source "with knowledge of the situation" told Coindesk the priority shift reflected growing consumer demand for access to decentralized finance (DeFi). "As we looked at prioritizing DeFi, we deprioritized the digital-asset securities area," the source said. Don't miss: AMC Plans To Accept Bitcoin At Movie Theaters By The End Of 2021

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

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