Crypto Weekly Recap: Trumpās Moves and Market Updates
President Donald Trump has signed a resolution, H.J. Res. 25, repealing 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. Critics argued it hindered innovation and burdened the IRS.
Binance CEO Richard Teng believes trade protectionism could boost interest in crypto as a non-sovereign store of value. Following trumpās tariff actions, stocks crashed, and bitcoin (BTC) is now trading at about $84,300.
The SEC and Binance have extended their case pause. This aligns with Trumpās SEC being lenient toward crypto companies like nova Labs, Coinbase, and Uniswap.
Ripple (XRP) resolved its legal battle with the SEC for $50 million and bought brokerage Hidden Road for $1.25 billion. Meanwhile, the DOJ maintains charges against Do Kwon and disbanded its crypto unit.
World Liberty Financial denied selling $8 million worth of Ethereum (ETH). 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.
Pakistan explores using surplus electricity for AI data centers and Bitcoin mining. OpenSea requests regulatory clarity, and Argentina approves a LIBRA scandal examination.WazirX creditors approved a restructuring plan following a $235 million hack.
