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NewsBriefs - a16z crypto supports Blockchain Association in lawsuit against IRS over DeFi broker rules

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  • Michele Korver | Head of Regulatory at a16z crypto

    a16z crypto supports Blockchain Association in lawsuit against IRS over DeFi broker rules

    a16z crypto has voiced its support for the Blockchain Association, DeFi Education Fund, and Texas Blockchain Council in a lawsuit against the IRS and US Treasury. This legal action challenges a new rule that mandates DeFi brokers to report user information starting in 2027, claiming it threatens privacy, exceeds government authority, and could negatively impact the US's role in the digital economy.

    Michele Korver | Head of Regulatory at a16z crypto

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      El Salvador continues Bitcoin buying spree, adds $1 million to strategic reserves

      El Salvador has purchased an additional 11 BTC, valued at approximately $1 million, for its strategic reserves amid its continuing Bitcoin buying spree. The purchase marks the country's third $1 million Bitcoin acquisition since reaching a $1.4 billion agreement with the International Monetary Fund, which requires fiscal consolidation and a reduction in Bitcoin's role in the economy. The country now holds 6,022 BTC, worth $572 million at current prices.

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    • Bullish

      CoinDesk's owner secures crypto trading and custody licenses in Germany, plans EU expansion

      Bullish DE Custody GmbH, part of Bullish Group, obtained licenses for crypto asset trading and custody from the German Federal Financial Supervisory Authority (BaFin). This regulatory approval positions Bullish DE for expansion across the European Economic Area under the MiCA framework. Concurrently, Marco Bodewein was appointed as Managing Director of Bullish DE, enhancing the company's leadership with his extensive experience in financial services and digital asset management.

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      Bullish

    • The Block

      Bitfinex relocates derivatives operations to El Salvador after securing DASP license

      Bitfinex Derivatives has relocated its operations to El Salvador, having obtained a Digital Asset Service Provider license. This move enables Bitfinex to implement innovative trading solutions and extend crypto services within the region's evolving digital economy. Users must accept new terms of service to access the derivatives services now managed by Bitfinex Derivatives El Salvador S.A. de C.V.

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      The Block

    • The Block

      SoSoValue secures $15 million Series A funding at $200 million valuation

      Crypto market data provider SoSoValue raised $15 million in a Series A round, co-led by HongShan and SmallSpark.ai, reaching a $200 million valuation. The funding, completed via a simple agreement for future equity (SAFE) with a token warrant, marks a 300% valuation increase from its post-seed valuation. Besides financing, SoSoValue launched a crypto indices protocol and four wrapped tokens on the Ethereum Layer 2 network, Base, offering diverse exposures such as MAG7.SSI and MEME.SSI.

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      The Block

    • The Block

      South Korea plans to lift ban on institutional crypto trading, reports FSC

      South Korea, through the Financial Services Commission (FSC), intends to lift restrictions allowing local institutions to trade cryptocurrencies. The FSC aims to enable institutional investors to access crypto exchanges and is collaborating with the Digital Asset Committee to implement these changes, starting with non-profit organizations. This shift aligns with President Yoon Suk-yeol's efforts to encourage the local crypto sector and establish a regulatory framework for stablecoins, token listings, and crypto exchanges.

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      The Block

    • Orange Finance

      Arbitrum's Orange Finance hacked, approximately $787,000 in crypto assets stolen

      Orange Finance confirmed a security breach where a hacker accessed its administrative controls and upgraded smart contracts. PeckShieldAlert reported that the hacker transferred about $787,000 in crypto to an external wallet. The attackers manipulated the platform’s code to execute the unauthorized transfers. Orange Finance advises users to cease all contract interactions and revoke any permissions while they investigate and address the security incident.

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      Orange Finance

    • CoinDesk

      Bitcoin drops below $93K amid global sell-off; potential short-term recovery predicted

      Bitcoin erased its gains from early 2025, diving to $92,600 amid broader financial instability and a selloff in crypto markets, but is slightly recovering. Other cryptocurrencies like ADA, RNDR, and APT also faced significant losses. The market downturn triggered nearly $1 billion in liquidations of leveraged positions, primarily affecting those betting on rising prices. Factors contributing to the market's volatility include strong US economic data and warnings of persistent macroeconomic headwinds affecting risk assets including potential interest rate adjustments and upcoming government policies.

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      CoinDesk

    • Gelephu Mindfulness City

      Bhutan’s Gelephu Mindfulness City integrates Bitcoin, Ether, and BNB into its strategic reserves

      Gelephu Mindfulness City (GMC) in Bhutan has become one of the first Special Administrative Regions to include major digital assets like Bitcoin, Ether, and BNB in its strategic reserves. This move aims to enhance GMC's economic resilience and is aligned with its focus on blockchain technology and technological innovation. The decision to recognize these crypto tokens as part of GMC's reserves follows the enactment of GMC Law No. 1 of 2024, promoting a regulated yet progressive digital asset ecosystem.

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      Gelephu Mindfulness City

    • Cointelegraph

      Fidelity predicts nation-state Bitcoin reserves to spur crypto growth in 2025

      Fidelity Digital Assets predicts a significant growth in the crypto market by 2025, driven by more nation-states, central banks, and sovereign wealth funds establishing strategic Bitcoin reserves. The firm highlighted the successful experiences of Bhutan and El Salvador and noted the risks nations face by not allocating to Bitcoin. Fidelity's report also indicates a potential secret accumulation of Bitcoin by nation-states and forecasts an expansion in structured digital asset products and tokenization.

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      Cointelegraph

    • The Block

      Sol Strategies secures $25 million credit line for SOL token investments and staking

      Sol Strategies, now focusing solely on the Solana ecosystem, has secured a $25 million unsecured credit facility to invest in SOL tokens and enhance its staking operations. This strategic funding, bearing a 5% annual interest, marks a significant shift in the firm's investment direction, previously known as Cypherpunk Holdings. With this move, Sol Strategies aims to become a major player within the Solana ecosystem, leveraging large-scale purchases and its substantial staking of over 1.5 million SOL tokens (worth approximately CAD$450 million).

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    • CoinDesk

      Bitcoin’s correlation with stocks resurfaces

      Bitcoin’s correlation with the S&P 500 has climbed back to 0.88, indicating a renewed alignment between the two markets. This marks a shift from Bitcoin’s recent outperformance, where it rose 47% since Donald Trump’s election, compared to the S&P 500's modest 4% gain. Analysts attribute the reemerging correlation to macroeconomic factors, including the Federal Reserve’s revised rate cut projections and a stronger US dollar, which continue to weigh on both crypto and traditional markets. Despite strong on-chain support for Bitcoin, its movement is increasingly influenced by broader market trends, suggesting potential short-term risks ahead.

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      CoinDesk

    • Bloomberg

      Gemini settles with CFTC for $5 million over misleading claims

      Gemini Trust Co., founded by the Winklevoss twins, has agreed to pay $5 million to settle a Commodity Futures Trading Commission (CFTC) lawsuit. The CFTC alleged that Gemini made misleading statements during its bid to launch the first US-regulated Bitcoin futures contract. The settlement, which avoids trial, was reached without Gemini admitting or denying the claims. This settlement is part of broader regulatory enforcement efforts over the cryptocurrency sector.

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      Bloomberg

    • The Block

      Fed vice chair Michael Barr to step down, cites need for stablecoin regulation

      Michael Barr, Vice Chair for Supervision at the US Federal Reserve, announced he will step down from his position in late February, staying on as a member of the Board of Governors. Barr, known for advocating stablecoin regulation, cited potential distractions over his role and the efficiency of fulfilling his duties as reasons for his resignation.

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      The Block

    • Hand-Picked

      GSR secures UK FCA approval to enhance global crypto trading

      GSR, a global crypto trading firm, has received approval from the UK's Financial Conduct Authority (FCA) for GSR Markets UK Limited, making it the first crypto liquidity provider to be authorized by both the FCA and the Monetary Authority of Singapore (MAS). This approval allows GSR to offer over-the-counter and programmatic execution trading services in the UK, highlighting its commitment to high regulatory standards and the expansion of its services to global institutional and professional clients.

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    • The Block

      Bitcoin options signal bullish sentiment, traders bet on price rise ahead of Trump inauguration

      The Bitcoin market is experiencing a bullish surge, with significant activity at the Deribit exchange focusing on options with strike prices at $110,000 and $120,000. Bitcoin's price rebound to about $99,000 after a recent dip adds to the optimism reflected by a low put-call ratio of 0.24, indicating a strong preference for call options. Upcoming US President Donald Trump's inauguration is expected to further boost market optimism. Additionally, institutional inflows into bitcoin ETFs reinforce this positive market sentiment.

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