Gate Daily (August 7): The CLARITY Act grants Trump massive tax benefits; Thailand exempts crypto transactions from capital gains tax

Bitcoin (BTC) gave back its midweek gains, trading at around $64,370 as of August 7. Bloomberg, citing people familiar with the matter, reported that Trump could receive substantial tax benefits from the asset-divestment plan under the CLARITY Act. Thailand confirmed that cryptocurrency trades will be exempt from capital gains tax, with the exemption valid through the end of 2029.

Macro Events & Crypto Highlights

1. Bloomberg, citing people familiar with the matter, reported that Senators Thom Tillis (Republican, North Carolina) and Ruben Gallego (Democrat, Arizona) submitted an ethics provision to Trump last week that would require him to divest his cryptocurrency-related businesses. This means Trump may not need to pay federal taxes on his cryptocurrency gains for years or even permanently, potentially saving millions of dollars in taxes.

The ethics provision is crucial to the passage of the CLARITY Act, the first comprehensive federal cryptocurrency regulatory bill. This week is seen as critical for advancing the CLARITY Act toward passage in the Senate. The Senate will recess for a month on Friday and may then devote most of its attention to the November elections, meaning the window for passing the bill is extremely limited.

2. According to an announcement from Thailand's Ministry of Finance, Thailand will exempt cryptocurrency trades from capital gains tax for five years, with the exemption running from January 1, 2025, through December 31, 2029. The policy applies only to trades conducted through exchanges, brokers, or dealers licensed by Thailand's SEC. It aims to attract investors and build a more robust digital-currency ecosystem. The Ministry of Finance expects the move to generate approximately $1 billion in annual tax revenue by stimulating market activity, attracting foreign investment, and boosting domestic consumption. Thailand's Deputy Finance Minister said the policy would help position Thailand as one of the world's financial centers. Other crypto-related income, such as income from mining and staking, will remain taxable. Thailand's move aligns with that of several jurisdictions that have fully abolished cryptocurrency capital gains taxes.

News Updates

1. Sui plans a mainnet upgrade in Q1 2027 to defend against quantum threats

2. The 433k HYPE redeemed by HyperLabs a week ago has been distributed among nine wallets

3. JPMorgan: Competition facing Hyperliquid is intensifying, while HYPE ETF inflows have stalled

4. Wintermute registers as a U.S. SEC broker-dealer

5. Jesse Pollak: Base applications will become “less Base-centric” under Cobie's leadership

6. Tokenized RWA deposits more than doubled year over year to $7.4 billion in Q2, while total deposits fell 15% during the same period

7. The mother of the late Ondo founder seeks control of the company and the removal of De Bode as CEO

8. OpenAI's first consumer-focused device resembles a doughnut and may be priced above $300

9. OpenAI: Free users can chat with ChatGPT via text

10. Bernstein reiterates its bullish view on Circle: Q2 results ease concerns about stablecoin competition, maintaining a $140 price target

Market Trends

1. Latest Bitcoin news: $BTC gave back its midweek gains and is trading at around $64,370, with $17.78 million in liquidations over the past 24 hours, primarily involving short positions;

2. The three major U.S. stock indexes closed lower on August 6, taking a breather after strong gains earlier this week. The S&P 500 fell 0.2%, declining for a second consecutive trading day and moving further away from the record high set on Tuesday, while the Philadelphia Semiconductor Index edged higher. Investors digested the latest round of corporate earnings while watching for new developments in peace talks between the United States and Iran. The Dow Jones Industrial Average closed down 464.02 points, or 0.85%, at 53,885.10; the S&P 500 fell 13.52 points, or 0.18%, to 7,710.03; and the Nasdaq fell 15.09 points, or 0.06%, to 26,348.35.

(Source: Gate)

3. According to the Gate BTC/USDT liquidation map, based on the current price of 64,319.10 USDT, if the price falls to around $64,103, the cumulative liquidation value of long positions will exceed $197 million; if it rises to around $65,552, the cumulative liquidation value of short positions will exceed $848 million. Short-side liquidations are significantly higher than long-side liquidations. Leverage should be managed appropriately to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. Over the past 24 hours, BTC spot inflows totaled $1.08 billion, outflows totaled $1.09 billion, and net outflows totaled $10 million.

(Source: Coinglass)

5. Over the past 24 hours, $MU, $KORU, $HEI, $CL, $SNXX , and other futures contracts had the largest net outflows, presenting trading opportunities.

Selected Views from X KOLs

Phyrex Ni (@Phyrex_Ni): “The most important macroeconomic data this week is Friday's nonfarm payrolls report. In fact, calling it the most important is relative. In the past, when we paid attention to nonfarm payrolls, it was because changes in inflation were smaller and Powell was very concerned that the U.S. economy might slip into a recession. As long as the unemployment rate rose above the Fed's expectations, there would be a possibility of a rate cut. But inflation is continuing to rise now, so labor data is temporarily less important, especially while the unemployment rate remains near historic lows.”

“So personally, I don't think Friday's data will have much impact on the market. At most, it will have a short-term effect. What matters more should still be inflation, and inflation still cannot be separated from the war between the United States and Iran. At this point, an all-out war appears to have stopped, but the reopening of the Strait of Hormuz is still only a possibility and has not yet been fully implemented. Of course, this has a lot to do with Iran constantly stirring things up.”

“In the early stages of the U.S.-Iran war, I felt that the United States was simply shooting itself in the foot by initiating the war. But later, after Iran had tasted the benefits of the Strait of Hormuz, it began turning a public resource into a private one and transforming it into its own cash cow. That was disgusting. Although many countries did not say so publicly, they were instead supporting the United States.”

“The oil issue will probably continue to drag on for a while. I'm watching the situation now. If the fighting cannot resume, the rebound in oil prices will be very limited. But if hostilities break out again, I should probably take profits first. This is happening day after day.”

“Bitcoin has remained fairly stable recently. Although its rebound has not been as strong as that of U.S. stocks, BTC has already performed well compared with semiconductors. For now, the strategy remains to place buy-the-dip orders at $63,000 and sell-the-rally orders at $66,000. Both expire Monday afternoon, so we'll see whether there are any opportunities.”

Today's Outlook

1. China's July trade balance (USD billions), previous reading: 125.62

2. China's July trade balance (CNY billions), previous reading: 859.05

3. China's foreign exchange reserves at the end of July (USD billions), previous reading: 3416.00

4. Germany's seasonally adjusted June trade balance (EUR billions), previous reading: 15.6

5. U.S. seasonally adjusted July change in nonfarm payrolls (thousands), previous reading: 57

6. U.S. July unemployment rate, previous reading: 4.2%

7. St. Louis Fed President Musalem to speak on the U.S. economy and monetary policy

8. Richmond Fed President Barkin to speak.