The House Ways and Means Committee circulated seven draft bills ahead of this week’s hearing on crypto tax policy, signaling what the industry can expect. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. The narrative The House Ways and…
Michael Saylor may have offered a clue about Strategy’s (MSTR) next move after last week’s surprise bitcoin BTC$62,806.40 sale. On Sunday, the company’s executive chairman posted the chart traditionally used to track Strategy’s bitcoin purchases on X, writing: “A good time to add more dots.” Market observers have viewed such posts as a precursor to…
Bitcoin BTC$62,160.89 is back to trading at levels seen in early February: near $60,000. But this time, the response from institutions is totally different. Today, they are aggressively selling into the dip, ETF flows indicate, unlike in February, when selling slowed as prices dropped to near $60,000. That marks a fundamental shift in how institutions…
Bill Barhydt built Abra around a simple idea: Crypto should function like a bank. In 2018, Abra became one of the first companies to offer what Barhydt describes as a full crypto banking service, allowing customers to trade, earn, borrow and make payments from a single platform. Eight years later, as the company prepares to…
Ethereum Foundation budget cuts, staff departures and leadership changes have fueled weeks of criticism from parts of the blockchain’s community, but Joe Lubin, who was involved in its creation and is now CEO of software developer Consensys, said the moves are a necessary evolution, not a crisis. Lubin, who has no role at the foundation,…
Strategy’s sale of 32 Bitcoin shouldn’t have mattered. The company still holds hundreds of thousands of BTC, and the transaction barely moved the needle on its balance sheet. Yet the market reaction was swift, exposing how much of the Bitcoin treasury trade had been built on a simple assumption: companies buy Bitcoin… and they never…
Some digital asset industry advocates are pushing back against a provision in a $56 billion state budget passed by the Illinois General Assembly on Monday, due to its impact on crypto users. In a Senate bill included as part of the Illinois state budget for the fiscal year 2027, lawmakers proposed a 0.2% tax on…
Crypto exchange Kraken is giving customers access to the upcoming SpaceX initial public offering through xStocks, a tokenized equities platform, highlighting the growing convergence between crypto infrastructure and traditional capital markets. Kraken announced Friday that SpaceX will be the first public offering available through xStocks IPO Access, which allows eligible users to participate in the…
Key takeaways: Over-leveraged Bitcoin short positions between $63,000 and $66,000 have created a potential $2.6 billion squeeze trap for bears. Negative perpetual funding rates indicate that bulls have fully deleveraged, significantly reducing downside risk. The Bitcoin (BTC) crash to $61,100 on Friday wiped out $335 million in leveraged long positions. However, after a 21% decline…
The US House Ways and Means Committee circulated seven discussion drafts of bills to address digital asset taxation ahead of a Tuesday hearing on the matter, covering stablecoins, staking, mining and transactions. Among proposals in the draft legislation are reducing the tax paperwork required for crypto holders, providing clarity for mining and staking tokens and…
