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Bitcoin halving hype breaks week-long ETFs outflow streak

Coin Telegraph
Bitcoin halving hype breaks week-long ETFs outflow streak
Coin Telegraph

Five of the 10 approved ETFs recorded positive inflows that overshadowed the GBTC outflows, bringing in a total of $30.4 million to the spot BTC ETF market.

Bitcoin (BTC) investments in the United States exchange-traded funds (ETFs) market recorded a net positive inflow right before the Bitcoin halving day following five consecutive days of drain.

Anticipating an increase in market value post-halving, investment strategies worldwide recommended adding Bitcoin to existing portfolios. The Bitcoin ETF market followed through with the strategy while putting an end to an outflow streak dating back to April 12.

According to Farside data, the U.S. Bitcoin ETF ecosystem recorded outflows for five straight days between April 12 and 18, owing to a lack of contribution from most players. The outflows are majorly attributed to the Grayscale Bitcoin Trust ETF (GBTC), which has been shedding investments since January when the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs.

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

IRS releases draft of 2025 digital asset reporting form for US taxpayers

Coin Telegraph
IRS releases draft of 2025 digital asset reporting form for US taxpayers
Coin Telegraph

The U.S. Internal Revenue Service has been grappling with crypto tax reporting for years, and they may have a ways to go still.

The United States Internal Revenue Service (IRS), the country’s tax service, has released a draft of its new Form 1099-DA “Digital Asset Proceeds from Broker Transactions” for reporting income from digital asset transactions. The form is expected to come into use in 2025 for reporting in 2026.

A broker will prepare Form 1099-DA for every customer who sells or exchanges digital assets. Brokers include kiosk operators, digital asset payment processors, hosted wallet providers, unhosted wallet providers and others, per the form. Copies of the 1099-DA will be sent to customers and the IRS, which will use them for verification purposes.

The form asks for token codes, wallet addresses, and blockchain transaction locations. Under the rule proposed in August 2023, cryptocurrencies, nonfungible tokens and stablecoins are reportable. The rule stated:

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

Binance co-founder He Yi says CZ received ‘most optimal outcome’

Coin Telegraph
Binance co-founder He Yi says CZ received ‘most optimal outcome’
Binance

The mother of CZ’s children sought to dispel concerns about the former CEO’s fate as he awaits sentencing in the United States.

Former Binance CEO Changpeng Zhao, often known as CZ, is in a “positive situation,” according to the cryptocurrency exchange’s co-founder He Yi. CZ is set for sentencing in the United States on one felony charge on April 30.

Yi “dispelled concerns over the regulatory status” at the Binance Chinese Meetup held on the sideline of the Token2049 conference in Dubai, according to the company’s newsfeed. The post did not quote her directly, but added Yi said that:

When he is sentenced in the District Court of Western Washington, CZ could receive a prison term of up to 10 years. The sentence recommended in the guidelines is 12 to 18 months. The single charge resulted from a settlement reached in November that also required the company to forfeit $4.3 billion. That settlement forced CZ to resign as Binance CEO.

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

Elizabeth Warren supports enhanced U.S. sanction options for stablecoins

Coin Telegraph
Elizabeth Warren supports enhanced U.S. sanction options for stablecoins
Coin Telegraph

The senator wants new sanctions authority included in stablecoin legislation, but the Lummis-Gillibrand bill will disappoint her.

United States Senator Elizabeth Warren has sent a letter to Treasury Secretary Janet Yellen commenting on Deputy Treasury Secretary Wally Adeyemo’s testimony before the Senate Banking Committee on April 9. She pursued the same line of thought as she did during the hearing — Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

Warren expressed her support in the letter for the legislative adoption of more comprehensive AML/CFT measures for stablecoins. Adeyemo appeared at the Senate hearing to discuss Treasury proposals for expanding its sanctions powers to blockchain validator node operators, among other measures. The Treasury listed its enhanced enforcement goals in response to gaps in current regulation in a document Warren calls a “letter to Congress” dated November 2023. Warren wrote:

Warren was apparently not referring to the stablecoin bill introduced into the Senate by Senators Kirsten Gillibrand and Cynthia Lummis on April 17, the day after the date of her letter. The 179-page Lummis-Gillibrand bill makes almost no mention of AML/CFT.

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

Pro-crypto Super PAC backs winners of Democratic primaries for House seats

Coin Telegraph
Pro-crypto Super PAC backs winners of Democratic primaries for House seats
Coin Telegraph

Democratic candidates in Texas and Alabama both won their primary races after receiving a combined $3.7 million in financial support from the Protect Progress Super PAC.

A political action committee (PAC) used $3.7 million toward Democratic candidates in Alabama and Texas for the race to win seats in the United States House of Representatives starting in 2025. 

In an April 16 runoff between Democratic candidates to represent Alabama’s 2nd Congressional District, Shomari Figures defeated Anthony Daniels with roughly 61% of the vote. Figures is expected to face off against Republican Caroleene Dobson in the general election, scheduled for Nov. 5.

According to data from the Federal Election Commission (FEC), the Protect Progress Super PAC used roughly $1.7 million from donations, including Coinbase and Ripple Labs, to support Figures’ bid for office between July 2023 and February 2024. A Protect Progress spokesperson told Cointelegraph that an additional $950,000 was reported after February, with the funds used to purchase advertisements supporting Figures and polling.

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

MeWe social network boss says blockchain can solve the TikTok problem

Coin Telegraph
MeWe social network boss says blockchain can solve the TikTok problem
China

CEO Jeffrey Edell laid out a six-point plan for social media companies planning the transition to blockchain.

MeWe chairman and CEO Jeffrey Edell recently penned an op-ed detailing how he believes the situation between the US government and China’s TikTok could be avoided through the implementation of blockchain technologies.

Edell’s in the unique position of helming a social media company with, reportedly, more than 20 million users that’s made the leap from traditional web2 to the blockchain.

A slew of recent reports indicate that the U.S. is currently weighing an outright ban on China’s TikTok social media platform. There are allegations that ByteDance, the platform’s owner, has turned over sensitive user data to the Chinese government with potential negative implications for U.S. security.

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

US senators introduce new stablecoin bill

Coin Telegraph
US senators introduce new stablecoin bill
Coin Telegraph

For months, Senators Kirsten Gillibrand and Cynthia Lummis had hinted that they were preparing legislation to establish guardrails for stablecoin issuers and users.

United States Senators Kirsten Gillibrand and Cynthia Lummis have introduced legislation establishing a regulatory framework for payment stablecoins.

In an April 17 announcement, the two U.S. Senators said they had introduced the Lummis-Gillibrand Payment Stablecoin Act, a bill the lawmakers had been drafting for months and expected to make public in 2024. According to Gillibrand and Lummis, the legislation prohibited “unbacked, algorithmic stablecoins” — likely a nod at TerraUSD (UST) depegging from the U.S. dollar in 2022 — required one-to-one reserves for issuers, created state and federal regulatory regimes for firms and prevented illicit uses of stablecoins.

“Passing a regulatory framework for stablecoins is absolutely critical to maintaining the U.S. dollar’s dominance, promoting responsible innovation, protecting consumers and cracking down on money laundering and illicit finance,” said Senator Gillibrand. “To draft the strongest bill possible, our offices worked closely with the relevant federal and state agencies and I’m confident this legislation can earn the necessary support in the Senate and the House.”

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

Senate Banking Committee chair wants to combine stablecoin bill to boost chance of passage

Coin Telegraph
Senate Banking Committee chair wants to combine stablecoin bill to boost chance of passage
Coin Telegraph

A bill in the House of Representatives aimed at providing guardrails for stablecoins has not moved forward since July 2023.

Sherrod Brown, chair of the United States Senate Banking Committee, has reportedly revealed plans to advance a significant stablecoin bill by combining it with legislation related to marijuana businesses and clawing back compensation for bankers.

According to an April 16 Bloomberg report, Senator Brown said he was open to passing stablecoin legislation in Congress as one of his goals, provided his concerns were addressed. The U.S. lawmaker’s reported plans included placing the stablecoin bill in a package with legislation authorizing banks to conduct business with firms selling marijuana and clawbacks for executives of failed financial institutions.

Lawmakers in both the U.S. House of Representatives and Senate have largely failed to advance bills to address regulatory concerns around stablecoins despite support from many in Congress and industry leaders. In February, House Financial Services Committee Ranking Member Maxine Waters said Democrats and Republicans were “very close” to a compromise on a stablecoin bill. In the Senate, a bipartisan group headed by Republican Cynthia Lummis and Democrat Kirsten Gillibrand have spearheaded similar legislation efforts.

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

Iraq commitment to capture flare gas sparks crypto mining speculation

Coin Telegraph
Iraq commitment to capture flare gas sparks crypto mining speculation
Coin Telegraph

Iraq is looking to reduce both pollution and its dependence on fossil fuels.

Iraq’s Deputy Prime Minister, Muhammad Ali Tamim, recently co-chaired a U.S.-Iraq Higher Coordinating Committee meeting with U.S. Secretary of State Antony Blinken to discuss the future partnership between the two nations. 

During the meeting, Deputy Prime Minister Tamim stated clearly that it was Iraq’s goal to reduce its dependence on fossil fuels, lower pollution, and engage in new partnerships to develop and employ technology to capture “flare gas,” a byproduct of the oil field industry considered a poisonous pollutant.

The statement surrounding the use of “technologies” to capture flare gas have caused some in the crypto community to speculate that Iraq intends to enter the Bitcoin mining sector.

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

Montenegrin Supreme Court Postpones Terra Founder Do Kwon’s South Korean Extradition

The Daily Hodl
Montenegrin Supreme Court Postpones Terra Founder Do Kwon’s South Korean Extradition
Costa Rica
Montenegrin Supreme Court Postpones Terra Founder Do Kwon’s South Korean Extradition

The Supreme Court of Montenegro is postponing the extradition of disgraced Terra (LUNA) founder Do Kwon to South Korea. According to a new memo, the Supreme Court of Montenegro is overturning a previous ruling that greenlit the extradition process to send Kwon back to his homeland of South Korea where he is wanted for alleged […]

The post Montenegrin Supreme Court Postpones Terra Founder Do Kwon’s South Korean Extradition appeared first on The Daily Hodl.

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Sky’s Stablecoin USDS Climbs to Billion Circulation in Breakout Month

Sky’s Stablecoin USDS Climbs to $2 Billion Circulation in Breakout Month

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