Category: crypto

The US Senate is set to vote on March 27 to nullify the IRS broker reporting rule for DeFi operators. The resolution could be sent to President Trump for signing on March 28 if approved. The rule aimed to expand tax reporting obligations for digital asset platforms, but faced industry opposition.

CME Group and Google Cloud are collaborating on a pilot program to explore asset tokenization and streamline wholesale payment processes using blockchain technology. The companies completed the first testing phase of Google Cloud Universal Ledger, aiming to facilitate digital transfers for collateral management, settlement, and more. They plan to launch tokenization services in 2026.

The US Securities and Exchange Commission has closed its investigation into Australian web3 gaming firm Immutable. The company received a Wells notice in November 2024 but no charges were filed. With regulatory uncertainty lifted, Immutable plans to accelerate its expansion in the blockchain gaming sector. The SEC has also established a new Crypto Task Force…

Sonic co-founder Andre Cronje plans to launch a new algorithmic stablecoin on the network offering over 19% APY at $1 billion TVL. Despite concerns about past scandals, Cronje shared technical benchmarks indicating high yield potential. The stablecoin’s mechanics are undisclosed, but it will have a variable-rate return system based on liquidity tiers. Sonic aims to…

Despite the rapid growth of decentralized exchanges (DEXs), centralized exchanges (CEXs) continue to dominate in terms of trading volumes and user accessibility. This indicates that CEXs still hold a significant advantage over DEXs in the cryptocurrency market.

Custodia Bank and Vantage Bank issued the first US bank-backed stablecoin, Avit, on Ethereum. The pilot included minting, transferring, and redeeming tokens, demonstrating compliance with banking regulations. The move blends blockchain technology with the US banking system, offering potential for modernizing US dollar payments while maintaining regulatory standards.

The Senate Banking Committee announced that the FDIC will eliminate reputational risk as a component of bank supervision, a move welcomed by the crypto industry. Operation Chokepoint 2.0 under Biden’s administration prevented banks from working with crypto businesses. The FIRM Act aims to codify the removal of reputational risk standards.

Ripple has agreed to pay a $50 million penalty to the SEC and drop its cross-appeal in a lawsuit. The SEC will request the lifting of an injunction prohibiting Ripple from selling XRP to institutions. The remaining $75 million will be returned to Ripple, and the legal battle began in December 2020.

Cboe filed to trade a spot Solana ETF issued by Fidelity, following Fidelity’s registration of a Solana fund in Delaware. Fidelity manages $5.9 trillion in assets and has significant inflows from Bitcoin and Ethereum ETFs. Other companies are also aiming to offer a Solana ETF in the US. Solana futures recently started trading on the…

Bitcoin futures open interest increased by 10% due to a price rally, sparking a trading frenzy on smaller exchanges. Binance, the largest exchange, saw only moderate growth, indicating that most of the trading activity was happening on mid-sized exchanges.