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Gate upgrades the US dollar ecosystem, streamlining the entire process of US dollar recharge, trading, and withdrawal

Gate announces the launch of a new USD ecosystem and upgrades its two major product modules, Gate Pay and Exchange, further integrating USD asset management, capital flow, and digital asset usage scenarios. Currently, this feature is gradually being opened to users. After updating the app to version 8.24.0 or above, users can manage USD assets, recharge USD, trade digital assets, withdraw USD, and transfer funds between accounts within Gate. Through the new USD account, users can hold and manage USD assets and directly use their USD balance to participate in digital asset trading.At the same time, Gate Pay has completed a product design upgrade, optimizing the display of accounts, assets, and capital flow, enhancing the clarity and smoothness of fund management. Both the Gate App and Gate Pay now support USD recharge and withdrawal functions. Users can recharge USD to the platform via SWIFT bank wire transfer and withdraw USD funds to their bank accounts. Meanwhile, users can also directly use their USD balance to purchase cryptocurrencies or sell their held crypto assets with one click to exchange for USD balance, achieving convenient conversion between USD assets and digital assets.This upgrade by Gate aims to integrate USD asset management and digital asset usage processes into the same product system, covering core aspects such as recharge, trading, withdrawal, and fund transfer, providing global users with a more efficient one-stop USD fund service. In the future, Gate will continue to expand the usage scenarios of USD assets and fiat currency service capabilities, continuously providing global users with a more convenient and efficient fund management experience.

The second front of the encryption bill has opened, with tax policies focusing on the controversy over deferring taxes on mining and staking profits

According to CoinDesk, major lobbying organizations in the U.S. cryptocurrency industry jointly sent a letter to the House Ways and Means Committee, urging the advancement of the "Tax Clarity for Mining and Staking Act," advocating for tax treatment options for cryptocurrency miners and staking income recipients. The bill was introduced by Republican Congressman Mike Carey, and its core content allows taxpayers to choose the timing of taxation when they receive new mining or staking assets—either paying taxes at the time the assets are generated or deferring taxes until the final sale.Industry associations, including the Blockchain Association, Digital Chamber, and Crypto Council for Innovation, have expressed support, arguing that the current tax system may force users participating in network security maintenance to bear tax burdens before they have realized the assets. Supporters claim that the proposal does not provide "indefinite deferral," but rather avoids immediate taxation on income that has not yet realized liquidity, thereby alleviating cash flow pressure on miners and validators.However, Democratic lawmakers and some external critics are concerned that this mechanism could be exploited by large mining companies for long-term tax deferral, especially in the context of some publicly listed or politically connected companies participating in mining operations, raising potential policy arbitrage disputes. Meanwhile, the industry's focus remains on the broader "Digital Asset Market Structure Act" (Clarity Act), but tax issues have become the second key battleground, expected to continue advancing in tandem with regulatory framework legislation in the coming weeks.

JPMorgan: Bitcoin mining is becoming increasingly sensitive to price fluctuations, with more miners approaching the breakeven point

According to CoinDesk, JPMorgan's latest report indicates that as more miners operate close to breakeven, the Bitcoin mining network is showing a higher sensitivity to price changes, with the response of hash rate and mining difficulty to price fluctuations significantly enhanced. The analysis shows that the "elasticity coefficient" of mining difficulty relative to Bitcoin price changes has risen to 0.62 over the past six months, indicating that the hash rate is responding more quickly to market changes.Analysts state that Bitcoin prices have been below production costs for five consecutive months, with approximately 20% of miners currently in a loss-making position. Under profit pressure, publicly listed mining companies have increased their Bitcoin selling scale, with sales exceeding 32,000 BTC in the first quarter alone, surpassing the total for the entire year of 2025. As some high-cost mining machines shut down, the network hash rate declines, and mining difficulty adjusts accordingly.JPMorgan expects that as long as Bitcoin remains below the production cost of about $78,000, the high sensitivity of mining to price fluctuations will continue to exist. At the same time, some mining companies are turning to artificial intelligence and high-performance computing businesses to seek more stable sources of income.
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