Why Terra Luna Cryptocurrency Popped 17% Today

Terra Luna (CRYPTO: LUNA) tokens soared nearly 17% as of 11:10 a.m. ET on Tuesday on news that the decentralized financial institution Terra has passed its first proposition under new voting period parameters. Specifically, Terra Luna announced today that more than 92% of stakeholders participating voted in favor of a proposal to issue a "community grant" to pay a developer working under the handle Rebaz to "continue with a massive overhaul of [the] TrackTerra" tax and reporting application. As the company explained in a tweet, this application will permit Terra transactions to be exported to "popular tax software," easing reporting requirements as global governments establish new rules requiring that cryptocurrency income be reported to tax authorities for tax assessment.