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U.S. Digital Assets Tax Policy Getting Hearing During ‘Crypto Week’

As the U.S. House of Representatives digs into digital assets policy during what lawmakers have styled «Crypto Week» next week, the committee that focuses on tax policy will discuss the proper way forward for taxing crypto.
The chairman of the House Ways and Means Committee, Representative Jason Smith, announced a July 16 hearing of the oversight subcommittee to look at the «affirmative steps needed to place a tax policy framework on digital assets,» according to a statement on Wednesday.
Crypto taxation is next in line behind overall regulation of the markets and the oversight of stablecoins as a leading policy issue expected to get attention in Congress. The two primary legislative efforts are both expected to see action next week, including a potential House vote to approve the Senate’s recently passed bill to regulate stablecoin issuers.
Taxation on digital assets activity has long been a millstone around the industry’s neck, because until crypto taxes get a reliable, rational U.S. tax regime, investors have to face uncertainty in their accounting approach. The House hearing announcement comes on the heels of Senator Cynthia Lummis’ introduction of a bill last week in the other chamber of Congress that addresses some of the lingering complaints of cryptocurrency users.
Lummis’ legislation would set a threshold of $300 on crypto transactions that would need to factor into a users’ tax calculations, freeing up people’s small, day-to-day transactions from capital-gains headaches — limited to a total of $5,000 a year. And it would also eliminate double taxation on crypto given in staking, mining, airdrops and forks, eliminating the initial tax when the rewards are received and focusing only on taxing gains from the eventual sale.
It’s unclear what the House has in mind just yet, but the Republican-led committee is looking for industry-friendly policy, with the hearing entitled, «Making America the Crypto Capital
of the World: Ensuring Digital Asset Policy Built for the 21st Century.»
Read More: Crypto Tax Proposal That Didn’t Make It to Trump’s Budget Bill Pushed on Its Own
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Shiba Inu Smashes Triangle Pattern Against Bitcoin, But Looks Weak Against Dogecoin

Shiba Inu’s (SHIB) dollar-denominated price hit a one-month high, charting a bullish trend against Bitcoin. However, the outlook against its rival, dogecoin, doesn’t look as promising.
SHIB has gained 5.2% in the past 24 hours, reaching a high of $0.00001255 on Coinbase, the level last seen on June 12. As of writing, the cryptocurrency teased a breakout into bullish territory above the widely tracked 50-day simple moving average (SMA) at $0.00001242.
Key AI insights based on the 24-hour price action
- Institutional flows drove prices from $0.00001215 to a peak of $0.00001250 between 19:00 and 20:00 on July 9, with an exceptional institutional volume of 1.25 trillion tokens.
- Strong institutional resistance has been established around the $0.00001250 level, significantly exceeding the average daily institutional volume of 491 billion tokens.
- An additional 2.54% institutional gains occurred during the final trading hour from July 10, 03:56 to 04:55, advancing from $0.00001244 to $0.00001247.
- A session low of $0.00001238, established around 04:15, indicates what institutional traders view as strong technical support within the $0.00001238-$0.00001240 range.
SHIB/BTC breakout
The SHIB/BTC pair listed on CoinEx, which represents SHIB’s BTC-denominated price, rose 3.70% Wednesday (UTC), rising out of a triangular consolidation pattern identified by trendlines connecting June 24 and July 3 highs and June 22, June 27 and July 4 lows, according to data source TradingView.
The breakout follows a prolonged year-long downtrend and indicates that the bulls have emerged victorious, having successfully absorbed supply during the triangular consolidation.
The pair, therefore, could continue to gain ground in the short term, supported by a positive MACD histogram, which points to a strengthening of upward momentum. The swing low from May 7, represented by the horizontal line on the chart below, could offer resistance on the way higher.
SHIB/DOGE breaks down
SHIB could underperform DOGE in the coming days, as the Binance-listed SHIB/BTC pair has penetrated a trendline support, marking the end of the recovery rally from May lows.
Furthermore, the Guppy multiple moving average indicator appears poised to cross bearish, indicating a negative shift in momentum. The bear cross occurs when the band of short-term exponential moving averages (EMAs) moves below the long-term EMAs.
The pair needs to top the June 24 high of 0.0000719 to negate the bearish outlook.
(Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.)
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XRP Traders Target $6 as Ripple’s RLUSD Surges Past $500M Market Cap

XRP (XRP) is hovering above a key support at $2.34, and traders are betting on a breakout toward $2.65 in the coming weeks.
A move higher would mark the upper bound of a consolidation range that’s held since December 2024, a range that’s seen steady accumulation even as retail interest waned.
Arthur Azizov, founder of B2 Ventures, said the token is “likely to move towards a new local high around $2.65” if it continues to hold above current levels.
“Since XRP has been in accumulation for quite a long time, the outlook remains positive,” he said in a Thursday note to CoinDesk, noting that a clean breakout from the range could push the token toward the $4–$6 zone.
That view is echoed by other technical analysts, who flag multiple bullish formations — including a symmetrical triangle and bull flag — supporting the case for a $2.60–$2.65 retest. If broken, those levels could act as a springboard for a move toward multi-year highs.
Sentiment has been bolstered by growing open interest in XRP derivatives, tightening volatility bands, and apparent whale accumulation.
Meanwhile, Ripple’s stablecoin RLUSD crossed a $500 million market cap on Wednesday, less than eight months after launch.
The dollar-backed token now ranks among the top 20 stablecoins globally, backed by custody from BNY Mellon and integrated across platforms like Transak and OpenPayd.
Read more: Ripple Taps BNY to Custody Stablecoin Reserves as RLUSD Surpasses $500M
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PUMP Lingers at 40% Premium Over ICO Price on Hyperliquid Ahead of Pump.fun Token Sale

Pump.fun’s official token, PUMP, is trading at a mark price of $0.0056 on derivatives platform Hyperliquid, a value 40% above its upcoming ICO price, as futures begin pricing in demand ahead of the July 12 token sale.
The token’s PUMP-USD perpetual pair went live on July 9 following community requests, offering up to 3x leverage. In its first 24 hours, the pair generated $30 million in trading volume, suggesting strong speculative interest despite the token not yet being live on-chain.
Open interest stood at over $17 million as of Asian morning hours Thuesday, but activity is expected to accelerate after Binance Futures launches its own PUMP perpetual contract on July 10 at 07:30 UTC.
The Pump.fun ICO will distribute 33% of PUMP’s total 1 trillion token supply, with 18% already sold in a private round and 15% reserved for the public sale, both priced at $0.004. All tokens will be fully unlocked at launch.
Pump.fun is positioning the token as part of a broader strategy to build a decentralized social platform pitched as a Web3-native alternative to TikTok, Twitch, and Facebook, where users are rewarded with money, not just engagement.
The protocol has already generated over $600 million in revenue, largely from fees on meme coin launches, and has been at the center of Solana’s low-friction token boom since early 2024.
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