Here’s what happened in crypto today

Today in crypto: Uniswap’s fee switch is set to go live as a community vote is likely to pass, Jameson Lopp says Bitcoin migration to post-quantum could ‘easily’ take 10 years, and US lawmakers proposed a tax exemption for stablecoin payments of up to $200.

Uniswap fee switch to go live as community vote set to pass

The Uniswap protocol fee switch, dubbed “UNIfication,” is set to pass and go live later this week, having reached the 40 million vote threshold needed to trigger one of the biggest upgrades in the decentralized exchange protocol’s history.

Nearly 62 million votes had been cast in favor of the governance proposal as of early Monday, with voting having opened on Saturday and set to close on Thursday, Christmas Day.

![](https://img-cdn.gateio.im/social/moments-39b35321dc-6c09157eca-153d09-6d5686)

_Vote distribution for the UNIfication proposal as of late Sunday. Source: _Uniswap

Uniswap Labs CEO Hayden Adams has said a successful vote would follow a two-day timelock period in which Uniswap v2 and v3 fee switches would flip on the Unichain mainnet, triggering the burning of more Uniswap (UNI) tokens.

The proposal will see 100 million UNI tokens burned from the Uniswap Foundation’s treasury, while a Protocol Fee Discount Auctions system to increase liquidity provider returns would also be implemented.

The changes are expected to significantly improve the supply-demand dynamics of the UNI token and make it more appealing to hold over the long term.

Jameson Lopp says Bitcoin migration to post-quantum could ‘easily’ take 10 years

The Bitcoin protocol’s shift to post-quantum security standards could “easily” take up to 10 years to complete, according to Jameson Lopp, a Bitcoin Core developer and co-founder of crypto custody solutions company Casa.

Lopp weighed in on the social media debate that intensified after venture capitalist Nic Carter sounded the alarm on Bitcoin’s lack of a quantum security plan.

Carter argued that the Bitcoin community needs to shift to post-quantum standards as soon as possible. Lopp responded:

“No, quantum computers won’t break Bitcoin in the near future. We’ll keep observing their evolution. Yet, making thoughtful changes to the protocol and an unprecedented migration of funds could easily take 5 to 10 years.”

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Source:_ Jameson Lopp_

The ongoing debate highlights the schism in the crypto community, with many Bitcoin maximalists saying that the threat of quantum computers to the Bitcoin protocol and encryption is still decades away.

Still, others, including software developers and venture capitalists, say that quantum supremacy is only five years away.

US lawmakers propose tax break for small stablecoin payments, staking rewards

US lawmakers have introduced a discussion draft that would ease the tax burden on everyday crypto users by exempting small stablecoin transactions from capital gains taxes and offering a new deferral option for staking and mining rewards.

The proposal, introduced by Representatives Max Miller of Ohio and Steven Horsford of Nevada, seeks to amend the Internal Revenue Code to reflect the growing use of digital assets in payments. The draft is set “to eliminate low-value gain recognition arising from routine consumer payment use of regulated payment stablecoins,” per the draft.

Under the draft, users would not be required to recognize gains or losses on stablecoin transactions of up to $200, provided the asset is issued by a permitted issuer under the GENIUS Act, pegged to the US dollar and maintains a tight trading range around $1.

The bill includes safeguards to prevent abuse. The exemption would not apply if a stablecoin trades outside a narrow price band, and brokers or dealers would be excluded from the benefit. Treasury would also retain authority to issue anti-abuse rules and reporting requirements.

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_Draft bill explains the reasoning behind tax breaks. Source: _House