Crypto Weekly Recap: TrumpS Moves and Market Updates
President Donald Trump has signed a resolution that repeals the IRS DeFi broker rule. This rule,finalized under President Joe Biden,would have required decentralized finance platforms to report crypto transaction data using Form 1099. Supporters of the rule saw it as essential for tax compliance, but critics argued it hindered innovation and burdened the IRS.
Binance CEO Richard Teng believes that trade protectionism could boost interest in crypto as a non-sovereign store of value. Following Trump’s tariff actions, stocks have crashed, and Bitcoin (BTC) is trading at about $84,300.
The SEC and Binance have extended their case pause. This is part of a broader trend were Trump’s SEC is being more lenient toward crypto companies like Nova Labs, Coinbase, and Uniswap.
Ripple (XRP) resolved its legal battle with the SEC by paying $50 million. it also announced the purchase of brokerage Hidden Road for $1.25 billion, one of the largest crypto deals ever.
The U.S. Department of Justice (DOJ) will not modify charges against Terraform Labs founder Do Kwon.The DOJ also disbanded its crypto unit, narrowing enforcement activities.
World Liberty Financial, a DeFi project backed by Trump, denied selling $8 million worth of Ethereum (ETH). Simultaneously occurring, the Official Trump (TRUMP) token is set to receive $320 million worth of tokens next week.
Switzerland-based crypto asset manager filed for a spot Dogecoin (DOGE) ETF.Cardano (ADA) founder Charles Hoskinson predicts Bitcoin could reach $250,000 by the end of this year or next,citing upcoming U.S. crypto legislation.
Pakistan is exploring crypto mining with surplus electricity. Binance co-founder Changpeng “CZ” Zhao will advise Pakistan’s Crypto Council. OpenSea requested regulatory clarity,following the SEC’s decision to drop its probe into the company.
Argentina approved an examination into a cryptocurrency scandal affecting President Javier Milei’s administration. WazirX creditors approved a restructuring plan, a key step in recovering from a $235 million hack.
