NewsBriefs - Senate repeals controversial IRS crypto rule, President Trump expected to sign

Mar 27, 12:52 AM The Block

Senate repeals controversial IRS crypto rule, President Trump expected to sign

The US Senate voted to repeal an IRS rule mandating decentralized finance industry participants to operate like traditional securities brokers, which required them to collect and report user trading data and issue tax forms. President Donald Trump is anticipated to approve this measure, overturning a rule that was introduced in the final days of the previous administration. The decision was supported by a bipartisan majority and reflected concerns over privacy and the excess regulatory burden on US innovation in the crypto sector.

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• Apr 1, 5:09 PM Bitcoin Sistemi

  Binance addresses sudden drop in ACT token and altcoins, adjusts leverage ratios

  Binance issued a statement regarding a significant drop in the Act I: The AI Prophecy (ACT) token and other altcoins on its platform. The decline prompted liquidations among some futures traders and affected other tokens. Binance found that three VIP users heavily sold ACT tokens, affecting the market. Additionally, changes were made in leverage ratios for futures to manage risks and market stability. Meanwhile, Binance continues to investigate the declines and advises users on risk management.

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• Apr 1, 12:37 PM Bitcoin Sistemi

  Coinbase CEO calls for US regulation changes to allow interest on stablecoins

  Coinbase CEO Brian Armstrong is urging US lawmakers to revise stablecoin regulations to allow consumers to earn interest on their stablecoin holdings. He argues that the interest from reserve assets backing stablecoins should directly benefit the users, akin to interest-bearing checking accounts. Current regulations, however, block this practice. Proposed US legislation on stablecoins has been stalled in Congress, debating issuer oversight and financial stability. Armstrong suggests that permitting interest payments to stablecoin holders could notably advance the industry and enhance its appeal compared to traditional banking products.

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• Apr 1, 12:30 PM Mastercard

  Mastercard launches new program to boost virtual card adoption in commercial payments

  Mastercard has initiated a new program aimed at enhancing the scalability and integration of virtual card technology (VCN) in commercial payment systems. This move targets banks, platform partners, and corporate users, streamlining their experience and interaction through embedded VCN applications in enterprise systems. Beginning April 1st, the program facilitates easier and more consumer-like payment experiences within corporate workflows, leveraging existing ERP and other platforms to reduce integration complexities and foster a more streamlined onboarding process.

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• Apr 1, 12:00 PM Bybit

  Bybit to discontinue NFT and IDO services on April 8

  Bybit Web3 will cease operations of its NFT Marketplace, Inscription Marketplace, and IDO product pages effective April 8, 2025, at 16:00 UTC. Users must manage their assets prior to this date. Alternate platforms for trading NFTs include OpenSea, Blur, Magic Eden on the ETH Chain, and Element Marketplace, Mintle on the Mantle Chain. IDO participants should transfer airdropped tokens to Bybit Web3 seed phrase or private key wallets.

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• Apr 1, 6:00 AM Arkham Intelligence

  Tether acquires 8,888 Bitcoin, total holdings now exceed 100,000 BTC

  Tether purchased 8,888 Bitcoin valued at $735 million in Q1 2025, increasing its total holdings to 100,521 Bitcoin worth approximately $8.29 billion.

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• Mar 31, 12:21 PM The Block

  Bitcoin could threaten US dollar’s global dominance as national debt balloons

  BlackRock CEO Larry Fink warned in his annual letter to investors that the US may lose its status as the world's reserve currency to digital assets like bitcoin if it does not manage its growing debt and deficits. Fink highlighted the potential of decentralized finance to disrupt traditional financial advantages held by the US. He also noted the impressive growth of BlackRock's bitcoin exchange-traded fund, IBIT, which gathered significant assets since its launch, outperforming competitors and expanding globally.

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• Mar 29, 9:55 PM The Block

  FTX to start major creditor repayments on May 30, despite token value discrepancies

  FTX, embroiled in a lengthy bankruptcy since November 2022, is set to commence its first repayments to major creditors on May 30, utilizing $11.4 billion in reserve cash. Despite an overall potential payout of 118% per claim, repayment calculations are based on crypto values at the time of FTX's bankruptcy, not reflecting substantial increases in token prices since then. Solana, XRP, BTC, and Ethereum have seen significant appreciation, with Solana rising by approximately 650%. Creditors will additionally receive a 9% annual interest on their claims during the period awaiting repayment.

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• Mar 29, 11:51 AM Cointelegraph

  Sonic Labs pivots from USD to UAE dirham-denominated stablecoin amid industry critique

  Sonic Labs has abandoned its plans to introduce a US dollar-pegged algorithmic stablecoin, following backlash from the crypto community. Instead, the company is now developing a UAE dirham-denominated alternative. This decision came shortly after the UAE’s announcement to launch its digital dirham central bank digital currency (CBDC) by late 2025. The crypto industry has been wary of US dollar-pegged algorithmic stablecoins since the Terra collapse, which spurred regulatory attention on such tokens.

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• Mar 28, 5:47 PM Hand-Picked

  Hyperliquid upgrade introduces fully onchain voting for asset delisting

  Hyperliquid blockchain now supports fully onchain validator voting for asset delisting, utilizing a permissionless stake-based voting system integrated into HyperCore. This system activates delisting automatically once a quorum is reached, eliminating the need for offchain coordination. An upcoming demonstration by Hyper Foundation validators will showcase the functionality by voting to delist MYRO perps.

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• Mar 28, 5:29 PM Hand-Picked

  FDIC vows to collaborate with Trump's team to set clear crypto-related guidance for banks

  The Federal Deposit Insurance Corporation (FDIC) released new guidance allowing FDIC-supervised institutions to engage in permissible crypto-related activities without prior approval. The guidance replaces FIL-16-2022, emphasizing that banks should manage the risks associated with these activities. FDIC Acting Chairman Travis Hill highlighted this as part of a broader initiative to revise approaches to crypto and blockchain activities, ensuring compliance with safety and soundness standards. The agency plans to collaborate with the President's Working Group on Digital Asset Markets to provide additional clarity on banks' engagement in specific crypto-related activities. The FDIC will also partner with other banking agencies to develop new guidance or regulations to replace existing interagency documents related to crypto assets.

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• Mar 28, 3:09 PM The Block

  Dominari Holdings invests $2 million in BlackRock’s Bitcoin ETF

  Dominari Holdings has implemented a corporate Bitcoin treasury strategy by purchasing $2 million in BlackRock's iShares Bitcoin Trust ETF. Dominari, primarily engaged in wealth management, investment, and trading, plans to use its earnings and excess cash to continue expanding its investment in this and other crypto assets. This strategy coincides with their recent financial results indicating a projected annual revenue of $19 million for 2024.

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• Mar 28, 6:30 AM Axios

  Galaxy Digital settles for $200 million with NY AG over LUNA promotion

  Galaxy Digital has reached a $200 million settlement with the New York Attorney General's office for promoting LUNA without adequate disclosure of its financial interests. The settlement arises from allegations of Galaxy's misconduct in selling the once-prominent crypto token LUNA while publicly promoting it, significantly profiting from these activities without proper disclosure to investors. Galaxy neither admitted nor denied the allegations but agreed to a series of commitments to avoid future conflicts of interest.

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• Mar 28, 12:02 AM The Block

  SEC ends investigation into Crypto.com without filing charges

  Crypto.com announced that the US Securities and Exchange Commission (SEC) has concluded its investigation into the company without pursuing any enforcement actions. This decision is part of a broader trend where the SEC has recently dropped multiple investigations and lawsuits against crypto firms such as Kraken, Coinbase, and Ripple. The SEC's shift in approach follows significant organizational changes and policy reversals since the onset of the Trump administration and the departure of former SEC Chair Gary Gensler.

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• Mar 27, 10:24 PM Bitcoin Sistemi

  SEC drops enforcement actions against Kraken, Consensys, and Cumberland

  The US Securities and Exchange Commission has dismissed its civil enforcement actions against Kraken, Consensys, and Cumberland, citing a strategic reform in its regulatory approach rather than the merits of the cases. This move is part of the SEC's broader recalibration of its legal stance towards the crypto industry.

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• Mar 27, 12:41 PM Hand-Picked

  ICE collaborates with Circle to explore new crypto products based on USDC, USYC

  Intercontinental Exchange and Circle have signed a memorandum of understanding to utilize Circle's stablecoin USDC and its tokenized money market offering, US Yield Coin (USYC), to innovate and develop new market solutions. This collaboration aims to integrate USDC into diverse use cases across ICE's derivative exchanges, clearinghouses, data services, and other markets, leveraging ICE's global network and Circle's technology to expand digital currency applications in capital markets.

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