Today’s edition of the crypto weekly recap covers the Trump administration’s moves to benefit meme coins, Bitcoin, stablecoins and DeFi.
Table of Contents
- Trump signs law repealing Biden-era IRS DeFi broker rule
- Tariff mess is great news for Bitcoin: Binance CEO
- SEC, Binance extend case pause
- Ripple has a good week
- DOJ maintains charges against Do Kwon, dissolves crypto unit
- World Liberty Financial denies ETH sale reports
- 21Shares joins race for Dogecoin ETF
- Hoskinson predicts $250,000 Bitcoin price
- Pakistan explores crypto mining with surplus electricity
- OpenSea requests regulatory clarity
- Argentina approves LIBRA scandal investigation
- WazirX creditors approve restructuring plan
Trump signs law repealing Biden-era IRS DeFi broker rule
President Donald Trump signed a resolution, H.J. Res. 25, that repeals the IRS DeFi broker rule finalized under President Joe Biden that would have required decentralized finance platforms to report crypto transaction data using Form 1099. Proponents of Biden’s regulation saw it as necessary for tax compliance, while critics argued that it “hindered American innovation” and burdened the IRS.
Tariff mess is great news for Bitcoin: Binance CEO
Binance CEO Richard Teng argued that “trade protectionism” could actually “accelerate interest in crypto as a non-sovereign store of value.” On the heels of Trump’s on-again-off-again tariffs, stocks crashed and remain volatile while crypto took a hit. Bitcoin (BTC), at last check Sunday, is trading at about $84,300.
SEC, Binance extend case pause
As Binance gets cozy with the U.S. Treasury officials, its legal spat with the Securities and Exchange Commission was recently put on hold, according to a court filing. This pause is just the latest scenario underscoring how Trump’s SEC is being extra lenient toward companies like Nova Labs, Coinbase, Gemini and Uniswap.
Ripple has a good week
Ripple (XRP) ended its drawn-out legal battle with SEC, and all it cost was $50 million. It also announced the purchase of brokerage Hidden Road for $1.25 billion — one of the largest deals in cryptocurrency industry history.
DOJ maintains charges against Do Kwon, dissolves crypto unit
U.S. prosecutors confirmed they have no plans to modify charges against Terraform Labs founder Do Kwon. The U.S. Department of Justice also disbanded its cryptocurrency unit on Monday and informed staff that it would be “narrowing” cryptocurrency enforcement activities.
World Liberty Financial denies ETH sale reports
The DeFi project backed by Trump and his family has refuted claims that it sold $8 million worth of Ethereum (ETH) earlier this week. Reports had suggested a wallet tagged by blockchain data firm Arkham as potentially belonging to the project had liquidated ETH. Meanwhile, the Official Trump (TRUMP) token is scheduled to receive approximately $320 million worth of tokens next week. This is about 20% of the current circulating supply.
21Shares joins race for Dogecoin ETF
The Switzerland-based crypto asset manager submitted an initial S-1 filing with the SEC on Thursday. It has become the third firm to pursue a spot Dogecoin (DOGE) ETF alongside Bitwise and Grayscale.
Hoskinson predicts $250,000 Bitcoin price
Cardano (ADA) founder Charles Hoskinson told a CNBC podcast interviewer that Bitcoin could reach $250,000 by the end of this year or next. Hoskinson attributed this potential price movement to upcoming U.S. crypto legislation, which he believes could lure major companies to the cryptocurrency sector.
Pakistan explores crypto mining with surplus electricity
The nation is thinking about powering AI data centers and Bitcoin mining operations with extra electrical capacity. The CEO of the Crypto Council and counselor to Pakistan’s finance minister, Bilal Bin Saqib, disclosed that talks have already been held with a number of mining companies. This initiative coincides with Binance co-founder Changpeng “CZ” Zhao’s agreement to advise Pakistan’s recently formed Crypto Council.
OpenSea requests regulatory clarity
The NFT marketplace has asked U.S. regulators to explicitly confirm that platforms like it should not be regulated as securities exchanges or brokers. This request follows the SEC’s recent decision to drop its probe into the company’s alleged violations of federal securities laws.
Argentina approves LIBRA scandal investigation
The Chamber of Deputies voted Tuesday to approve three draft resolutions establishing a special commission to investigate the cryptocurrency scandal that has affected President Javier Milei’s administration since February.
WazirX creditors approve restructuring plan
The Indian cryptocurrency exchange secured approval from more than 93% of creditors for its restructuring proposal. This makes it a critical step in recovering from a $235 million hack attributed to North Korean hackers. This vote clears a key hurdle in the platform’s efforts to rebuild after the security breach.