US President Donald Trump repealed a controversial Biden-era IRS rule that required decentralized finance (DeFi) platforms to collect and report user data to the tax agency. Meanwhile, Strategy has announced an unrealized loss of $5.9 billion in Q1 2025 after adopting an accounting change that requires companies to value digital assets at market prices, and Ripple completed the acquisition of Hidden Road in a massive $1.25 billion deal. Read on to find out more!
Bitcoin
James Murphy, a prominent crypto lawyer, has sued the United States Department of Homeland Security to force the agency to disclose who it believes is Satoshi Nakamoto: Bitcoin’s elusive creator.
Michael Saylor’s Strategy has disclosed it will announce an unrealized loss of $5.9 billion during the first quarter of 2025 after adopting an accounting change that requires companies to value their digital asset holdings at market value.
Ethereum
Former Ethereum Foundation developer Virgil Griffith has been released from prison on parole after serving a 63-month sentence for violating US sanctions.
DeFi
Coinbase has announced the launch of Verified Pools, a set of liquidity pools available to users verified by the firm. The new feature is available to users based in Singapore, the US, Netherlands, British Virgin Islands, Cayman Islands, and Channel Islands.
Graphite Network announced the launch of its Market Staking Program, an innovative staking model that rewards active traders rather than passive holders.
Business
Ripple announced the acquisition of crypto-friendly prime broker Hidden Road. The $1.25 billion deal is one of the largest in the digital asset space and makes Ripple the first crypto firm to own and operate a global, multi-asset prime broker.
Regulation
New Hampshire has voted to pass its Bitcoin reserve bill, with lawmakers voting 192-179 in favor of the bill following a 16-1 vote by the House Commerce and Consumer Affairs Secretary in March.
President Donald Trump has repealed a controversial Biden-era crypto tax rule that required decentralized finance (DeFi) platforms to collect and report user data to the tax agency, similar to how traditional brokers function.
The United States Securities and Exchange Commission has dropped its lawsuit against Nova Labs, the creator of the decentralized wireless network, Helium.
Nigeria’s President has signed the Investment and Securities Act (ISA) 2024, formally recognizing virtual assets and investment contracts as securities.
The United States Senate has voted 51-45 to proceed with Paul Atkins’ nomination as the new Securities and Exchange Commission Chair. With the SEC leadership in place, investors can expect urgency in making clear rules for Solana, Ripple, and Dogecoin ETFs.
The United States Department of Justice is disbanding its National Cryptocurrency Enforcement Team. Instead, it will focus on crypto’s use within drug cartels and terrorist groups.
The stablecoin market has registered a significant jump in activity as the trade war between the US and other countries wreaked havoc on markets.
Argentina has voted to investigate the LIBRA scandal and President Milei. The Argentine Chamber backed the creation of a commission of inquiry into the cryptocurrency promoted by President Milei.
The United States Securities and Exchange Commission has confirmed that stablecoins backed by cash or cash-equivalent reserves and redeemable for US Dollars on a one-to-one basis are not classified as securities under Federal law.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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