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Crypto News

Trump Signs Bill Blocking IRS Crypto Tax Rule Biden Pushed

President Donald Trump signed legislation to block an Internal Revenue Service rule that would have forced some cryptocurrency brokers to provide tax information on transactions conducted on their platforms, delivering another victory to the digital asset industry he has vowed to champion in office.

The IRS reporting rule — not yet in force — was due to take effect in 2026, but it had already sparked furious opposition from the crypto industry. The regulation required certain decentralized exchanges to report their customers’ gross sales of digital assets to the IRS.

Crypto industry advocates argued that decentralized exchanges can’t be defined as brokers or comply with the rule because they are typically automated and run by software applications, rather than individuals. These exchanges use blockchain technology to directly connect crypto buyers and sellers without the need for an intermediary to hold users’ tokens.

S&P 500 More Volatile Than Bitcoin as U.S. Assets Lose Investor Favor

For years, Wall Street criticized bitcoin (BTC) for its volatility, but the situation has dramatically changed as President Donald Trump's aggressive trade policies diminish the appeal of U.S. assets.

Since Trump's Liberation Day tariff announcement on April 2, the seven-day realized volatility of the S&P 500, Wall Street's benchmark equity index, has surged from an annualized 50% to 169%, according to data from TradingView. That's the highest level since the coronavirus crash in 2020.

BTC's seven-day realized volatility has doubled to 83%, yet it remains significantly lower than the S&P 500, hinting at the cryptocurrency's possible evolution as a low-beta hedge against stocks. The cryptocurrency also looks significantly less volatile than the S&P 500 on a 30-day basis.

Ripple and SEC File Joint Motion to Pause Appeals

Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have jointly requested a pause in their respective appeals to finalize a potential settlement, per a motion filed on Thursday.

The filing signals a possible end to a high-profile dispute that has gripped the payments upstart industry since December 2020 for its sale of XRP tokens, which the SEC alleged were unregistered securities.

The case has been a focal point for debates over the regulatory status of cryptocurrencies in the United States, with Ripple arguing that XRP is a currency, not a security, and thus outside the SEC’s jurisdiction.

Bitcoin, Ethereum Lose Steam, Trader Warns Of 'New Lows' Under One Condition

Crypto trader sentiment remains cautious despite Bitcoin’s recent bounce, with several prominent analysts highlighting key resistance levels and structural risks on the horizon.

Echoing that skepticism, trader Inmortal said plainly, "If there's no bounce here, we'll make new lows," pointing to a critical moment for Bitcoin's short-term path.emphasized that the market structure still shows a lower high, a bearish signal, until proven otherwise. “Flipping $90,000 will trigger a rally, but until then, it's caution,” he warned.

Trader Miles Deutscher pointed to declining volume across Bitcoin and altcoins, attributing it to typical summer market compression. urged caution on higher timeframes despite the bullish recovery.

Block Fined $40 Million By New York Regulator Over Cash App Compliance Failures

The New York State Department of Financial Services (DFS) has fined Block, Inc. $40 million for violations tied to its anti-money laundering and virtual currency compliance protocols on the Cash App platform.

The enforcement action follows a state-led investigation revealing significant regulatory gaps in customer identification and transaction monitoring, increasing the risk of illicit financial activity.

According to DFS Superintendent Adrienne A. Harris, the fine addresses years of insufficient oversight at Cash App, particularly in handling high-risk Bitcoin transactions and managing transaction alerts during the app's rapid expansion between 2019 and 2020.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was -$127.12 million. The total net asset value of Bitcoin spot ETFs is $91.79 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.56%.

The Bitcoin spot ETF with the highest net outflow on Apr. 10 was Fidelity Wise Origin Bitcoin Fund, with a net outflow of $74.63 million. Following that was Grayscale Bitcoin Trust, with a net outflow of 44.63 million, according to SoSoValue.