US lawmakers continue to target crypto tax reform to close loopholes that benefit wealthy crypto investors by focusing on digital asset wash sales. Seen as the latest in a raft of legislation and legal challenges brought by the US government and governmental agencies such as the SEC, crypto enthusiasts are waiting to see if their crypto assets will have to abide by the same tax rules that govern traditional investments.
While this could cause trouble for the active trader, the longer-term investor could find security in the new GameFi coin Metacade, now in the final stage of its presale, ahead of the general release of its native MCADE coin.
What the new crypto tax reform could mean for crypto traders
Under current legislation, crypto traders can perform a “wash sale” when a digital asset loses value. This is a method whereby security is sold at a loss and then re-purchased at a lower value in the hope that the price will appreciate within a 30-day window.
By selling at a loss, an investor can realize the asset loss on paper, thus securing a tax break on the sold crypto holding while benefiting from potential gains on the same currency within a month. The proposals would shift the tax burden from the taxpayer onto exchanges, thus increasing SEC crypto scrutiny on crypto trading platforms.
Although the proposals have yet to pass through Congress and will need to overcome significant hurdles before it becomes law, the proposals serve as another indication that the government is paying closer attention to digital assets and that SEC crypto regulations are becoming more likely.
Metacade is thriving as the general release date approaches
As the threat of crypto tax regulation increases uncertainty across the Crypto market, Metacade continues to bound along during its presale, attracting investors in their droves.
Since the ICO launched in Q4 of 2022 at $0.008 per token, a remarkable level of investment has been achieved in just weeks. Now that the presale is in its final phase, investors have a limited amount of time to purchase an exciting new token at a reasonable price before MCADE’s general release.
What is Metacade?
Metacade is a brand-new online virtual gaming arcade aiming to bring the world’s largest collection of play-to-earn (P2E) arcade games to a mass audience of gaming enthusiasts and crypto fans. Metacade aims to bring an exciting earning experience to its growing community with a comprehensive and unrivaled rewards system extending far beyond the P2E capability of GameFi titles.
Other income channels offered by Metacade will include the Compete2Earn scheme, which incentivizes MCADE token holders to stake their coins in return for entry into lucrative prize draws and online tournaments. Meanwhile, to help build a thriving community, users are rewarded each time they post social content onto the hub in alpha sharing, reviews, and contributions to Reddit-style sub-forums.
How does MCADE operate?
MCADE is an ERC-20 coin, and the platform’s medium of exchange is used to gain access to games and merchandise while providing the stimulus for everything else on the platform. While users contribute to Metacade’s ecosystem using MCADE tokens, external advertising, game studios, and Web3 job providers generate revenue for the platform by paying for space or releasing titles on Metacade.
With extensive utility built in to unlock the underlying value of MCADE, its transition toward becoming a full governance token, with the MCADE community gaining full voting rights on all strategic decisions over the platform’s future, will further push the value upwards. Meanwhile, the team and its platform code have undergone the rigorous CertiK audit to verify the project’s viability further and add an additional layer of reassurance to investors.
MCADE: Driving GameFi innovation
Metacade’s platform is packed with pioneering and innovative features, the best of which is its ground-breaking Metagrants program. Developers can help to push Metacade to the forefront of the GameFI revolution by applying for crypto funding to support the development of new exclusive titles for Metacade.
Each idea gets pooled and presented to the MCADE community, who vote for their favorites. The submissions with the most votes get produced with the support of crypto funding. Not only does this keep users engaged with Metacade as new titles help the platform evolve, but the wider Web3 space also stands to gain as they gain access to the hottest new development talent via another exciting Metacade feature, the Work2Earn initiative.
Is Metacade a good investment?
As crypto tax proposals challenge established cryptocurrencies to navigate potentially, and with increasing scrutiny provided by the SEC, crypto markets could find their progress in the opening weeks of 2023 checked.
Metacade continues to perform exceptionally strongly despite these challenges, with its secure environment and feature-filled platform offering the possibility of driving substantial gains for the earliest investors.
You can participate in the Metacade presale here.
Source: https://www.cryptopolitan.com/us-lawmakers-targeting-crypto-tax-reform-creates-perfect-storm-for-upcoming-mcade-general-release/