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The IRS's New Broker Plan
It is the last Friday of 2024, so naturally there's a 115-page Internal Revenue Service final rule to dig through. The Infrastructure Investment and Jobs Act mandated the IRS better define the word "broker" as it relates to digital asset services. The IRS published a document which creates definitions and rules around these activities.
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.
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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.
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Do Kwon's U.S. Extradition Gets Okay From Montenegro's Justice Minister
Terraform creator Do Kwon will be extradited to the U.S., Montenegrin Justice Minister Bojan Božović said Friday.
The U.S. and South Korean governments have both sought to take custody of Kwon to face criminal charges related to the collapse of the algorithmic stablecoin Terra/Luna system in 2022, which kicked off a series of high-profile collapses including that of FTX.
Kwon, who was arrested in Montenegro in March of 2023 and sentenced to a few months in prison over passport forgery charges,
The U.S. and South Korean governments have both sought to take custody of Kwon to face criminal charges related to the collapse of the algorithmic stablecoin Terra/Luna system in 2022, which kicked off a series of high-profile collapses including that of FTX.
Kwon, who was arrested in Montenegro in March of 2023 and sentenced to a few months in prison over passport forgery charges,
Bitcoin Institutional Adoption Accelerates As ETF Filings Show Investor Appetite
The dominant crypto narrative for 2024 has been institutional adoption. From the U.S. approval of spot bitcoin (BTC) exchange-traded funds to the burgeoning number of companies pledging to buy the largest cryptocurrency for their treasuries, crypto has entered, more than ever before, the mainstream conversation.
Bitcoin has increased almost 130% this year, breaking record highs on several occasions. It is currently hovering near the psychological threshold of $100,000. The ETFs approved in Janu
Bitcoin has increased almost 130% this year, breaking record highs on several occasions. It is currently hovering near the psychological threshold of $100,000. The ETFs approved in Janu
Ethereum Co-founder Vitalik Buterin 'Adopts' Viral Hippo Moo Deng
Stalled bitcoin (BTC) and crypto prices may not be bringing festive cheer to traders, but some with money are trying to spread the goodwill around.
Ethereum co-founder Vitalik Buterin said he'd accepted an invitation to be the “adoptive father” of pygmy hippo Moo Deng when she grows up. He is also donating 10 million Thai baht ($300,000) to the Khao Kheow Open Zoo near Bangkok where the five-month-old lives, he said in a Thursday posting on X.
The donations, made in Moo Deng’s name, will be us
Ethereum co-founder Vitalik Buterin said he'd accepted an invitation to be the “adoptive father” of pygmy hippo Moo Deng when she grows up. He is also donating 10 million Thai baht ($300,000) to the Khao Kheow Open Zoo near Bangkok where the five-month-old lives, he said in a Thursday posting on X.
The donations, made in Moo Deng’s name, will be us
Bitcoin Kimchi Premium Spikes As South Korea's Political Turmoil Escalates
South Koreans are paying a full 3% more to buy bitcoin (BTC) than their U.S. counterparts as they seek protection from the plummeting won, CryptoQuant data show.
Priced in won, the largest cryptocurrency is valued at 145,000,000 ($98,600) on the country's largest crypto exchange, Upbit. That compares with about $96,700 on Coinbase (COIN).
The move follows a vote by the South Korean parliament to impeach Han Duck-soo, the prime minister and acting president, just weeks after impeaching Presiden
Priced in won, the largest cryptocurrency is valued at 145,000,000 ($98,600) on the country's largest crypto exchange, Upbit. That compares with about $96,700 on Coinbase (COIN).
The move follows a vote by the South Korean parliament to impeach Han Duck-soo, the prime minister and acting president, just weeks after impeaching Presiden
Memecoin Degens Raise Millions for Rare Cancer Research After a Father’s Plea
A Pump.Fun memecoin zoomed from zero to an $80 million market capitalization on Thursday after a father’s plea for donations into a research study for his daughter’s rare brain cancer attracted swathes of crypto traders.
The token’s prices have since fallen 80% since a Thursday peak and trade at just over a cent as of Friday. But while late buyers are sitting on losses, the effort still raised over $1 million for the cause.
In an X post on Thursday, Runaway founder Siqi Chen said his daughter
The token’s prices have since fallen 80% since a Thursday peak and trade at just over a cent as of Friday. But while late buyers are sitting on losses, the effort still raised over $1 million for the cause.
In an X post on Thursday, Runaway founder Siqi Chen said his daughter
Why 2025 Will See the Comeback of the ICO
Regulatory overhaul in America and a thawing of crypto antagonism globally in 2025 will usher in a new generation of decentralized capital formation, which was first popularized in 2017 as “ICOs” (initial coin offerings).
During the 2010s, crypto hadn't settled on a productive use case for Bitcoin and altcoins until Ethereum smart contracts enabled early-stage teams to raise capital from supporters dispersed around the world. We saw Ethereum bootstrap a global decentralized computer which spawn
During the 2010s, crypto hadn't settled on a productive use case for Bitcoin and altcoins until Ethereum smart contracts enabled early-stage teams to raise capital from supporters dispersed around the world. We saw Ethereum bootstrap a global decentralized computer which spawn
Animoca Brands Founder Yat Siu's X Account Exploited to Promote Fake Token
The X account of Animoca Brands co-founder Yat Siu, one of CoinDesk's Most Influential 2024, was compromised and used to promote a fictitious token, the company said in a post on the social media platform.
Animoca, a metaverse and gaming venture capital firm, posted a warning on its own account at 01:36 UTC on Thursday saying Siu's account had been compromised and the company was not introducing an official token or non-fungible token (NFT).
The exploit was probably perpetrated through a phish
Animoca, a metaverse and gaming venture capital firm, posted a warning on its own account at 01:36 UTC on Thursday saying Siu's account had been compromised and the company was not introducing an official token or non-fungible token (NFT).
The exploit was probably perpetrated through a phish
CoinDesk 20 Performance Update: HBAR Drops 8.2% As All Index Constituents Trade Lower
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 3333.82, down 5.0% (-176.57) since 4 pm ET on Wednesday.
None of the 20 assets are trading higher.
Leaders: ETH (-3.7%) and BTC (-3.7%).
Laggards: HBAR (-8.2%) and APT (-7.4%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
The CoinDesk 20 is currently trading at 3333.82, down 5.0% (-176.57) since 4 pm ET on Wednesday.
None of the 20 assets are trading higher.
Leaders: ETH (-3.7%) and BTC (-3.7%).
Laggards: HBAR (-8.2%) and APT (-7.4%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Bitcoin Returns to $95K As Christmas Rally Snuffed Out
With much of the globe celebrating Christmas, bitcoin (BTC) quietly appeared set to retake the $100,000 level after having fallen to below $93,000 just ahead of the holiday.
The rally, however, stalled at just above $99,800 as Asia opened for business on Thursday morning and declined rapidly to roughly $95,000 only a few hours later.
Bitcoin at press time was trading at $95,300, down 3.1% over the past 24 hours.
The broader CoinDesk 20 Index was lower by 4.2% over the same time frame, with ET
The rally, however, stalled at just above $99,800 as Asia opened for business on Thursday morning and declined rapidly to roughly $95,000 only a few hours later.
Bitcoin at press time was trading at $95,300, down 3.1% over the past 24 hours.
The broader CoinDesk 20 Index was lower by 4.2% over the same time frame, with ET
Six Bitcoin Mutual Funds to Debut in Israel Next Week: Report
Six mutual funds tracking the price of bitcoin (BTC) will debut in Israel next week after the Israel Securities Authority (ISA) granted permission for the products, Calcalist reported on Wednesday.
All six will start operations on the same day, Dec. 31, a condition imposed by the regulator, Calcalist said. Final approval for the funds was granted last week.
The funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI, with management fees ranging from a
All six will start operations on the same day, Dec. 31, a condition imposed by the regulator, Calcalist said. Final approval for the funds was granted last week.
The funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI, with management fees ranging from a
Floki on Course for Europe ETP As DAO Floats Proposal to Provide Early Liquidity
Meme-turned-utility project Floki is working with an unidentified asset manager to develop an exchange-traded product (ETP) tracking its FLOKI token that could be available to investors in Europe early in the new year, one of the developers told CoinDesk.
If approved, FLOKI would be the only meme token other than dogecoin (DOGE) with an institutional product in Europe.
“We've been actively working with a respected Asset Manager and an ETP Issuer to launch a Floki ETP (Exchange-Traded Product)
If approved, FLOKI would be the only meme token other than dogecoin (DOGE) with an institutional product in Europe.
“We've been actively working with a respected Asset Manager and an ETP Issuer to launch a Floki ETP (Exchange-Traded Product)
2025 Will Be the Year That AI Agents Transform Crypto
One of the most significant emerging trends of 2024 has been the interplay between artificial intelligence (AI) and the crypto ecosystem. Historically this has primarily been on the infrastructure side, affecting various layers of the stack such as decentralized compute, storage and model training and inference. However, the last few months the crypto x AI crossover has taken stage front and center as agents have surfaced and are multiplying by the thousands. While the AI agent narrative has tak
ESG-Focused Blockchain Trrue Secures $10M Investment Commitment From GEM Digital
Trrue, a layer-1 blockchain focused on environmental, social and governance (ESG) compliance and real-world asset tokenization received a $10 million investment commitment from GEM Digital, the company said in a press release on Tuesday.
The money will be used to accelerate the development of Ireland-based Trrue's platform, the company said.
GEM Digital is a Bahamas-based $3.4 billion alternative investment group that specializes in the digital asset sector. It will receive TRRUE tokens in ret
The money will be used to accelerate the development of Ireland-based Trrue's platform, the company said.
GEM Digital is a Bahamas-based $3.4 billion alternative investment group that specializes in the digital asset sector. It will receive TRRUE tokens in ret
North Korea Blamed for May's $305M Hack on Japanese Crypto Exchange DMM
The $308 million hack of Japanese crypto exchange DMM in May was the work of North Korean hackers, the U.S. and Japanese law enforcement agencies said Monday.
The theft of 4,502.9 bitcoin (BTC), which is forcing the exchange to close, was "affiliated" with a group known as TraderTraitor, the FBI said in a statement with the Department of Defense Cyber Crime Center and National Police Agency of Japan.
Hackers linked to North Korea dominated crypto crime this year, Chainalysis said in its annual
The theft of 4,502.9 bitcoin (BTC), which is forcing the exchange to close, was "affiliated" with a group known as TraderTraitor, the FBI said in a statement with the Department of Defense Cyber Crime Center and National Police Agency of Japan.
Hackers linked to North Korea dominated crypto crime this year, Chainalysis said in its annual
SOL's Evolving Throwback Pattern Makes It Enticing for Breakout Traders: Godbole
In financial markets, the best entry opportunity is often fleeting and easily missed. Now, Solana's SOL is flashing a timely second chance for those looking to trade bullish breakouts.
The SOL price has surged over 7% this week to $193, rebounding off a former resistance-turned-support identified by the trendline connecting highs from March and July. This line, and the one joining April and August lows, define a large descending channel comprising prolonged range play from March to October.
Th
The SOL price has surged over 7% this week to $193, rebounding off a former resistance-turned-support identified by the trendline connecting highs from March and July. This line, and the one joining April and August lows, define a large descending channel comprising prolonged range play from March to October.
Th
Russia Imposes 6-Year Ban on Crypto Mining in 10 Regions, Citing Energy Use: Tass
The Russian government imposed a six-year ban on crypto mining in 10 regions due to the industry's high power consumption, Tass reported.
The ban, which includes participation in a mining pool and temporary restrictions in other regions during periods of peak demand, takes effect Jan. 1 and ends March 15, 2031, Tass said, citing a decision by the Council of Ministers.
The country legalized crypto mining in July, with the law taking effect last month. Russia bans the use of cryptocurrencies as
The ban, which includes participation in a mining pool and temporary restrictions in other regions during periods of peak demand, takes effect Jan. 1 and ends March 15, 2031, Tass said, citing a decision by the Council of Ministers.
The country legalized crypto mining in July, with the law taking effect last month. Russia bans the use of cryptocurrencies as
Record $14B Bitcoin Options Expiry Looms As Market Looks Highly Levered-Up
Just when you thought the year-end couldn't get any more intriguing, a significant options expiry is set to shake things up in this highly levered-up market.
Options are derivative contracts that give the purchaser the right to buy or sell the underlying asset at a preset price at a later date. A call gives the right to buy, and a put confers the right to sell.
On Friday at 8:00 UTC, 146,000 bitcoin options contracts, valued at nearly $14 billion and sized at one BTC each, will expire on the c
Options are derivative contracts that give the purchaser the right to buy or sell the underlying asset at a preset price at a later date. A call gives the right to buy, and a put confers the right to sell.
On Friday at 8:00 UTC, 146,000 bitcoin options contracts, valued at nearly $14 billion and sized at one BTC each, will expire on the c
Bitcoin Lull Could Spur Altcoin Rally, With $90K Considered 'Attractive' Buying Area
Traders expect bitcoin (BTC) choppiness to continue with a possible rotation to altcoins, as a major options expiry weighs on market dynamics in the festive week ahead.
“All eyes are on the massive expiry this Friday, where almost $20B notional across BTC and ETH options will expire,” Singapore-based QCP Capital said in a broadcast message early Tuesday. “This represents almost half the total OI on Deribit. We believe it's quite possible especially if spot continues to range here and as option
“All eyes are on the massive expiry this Friday, where almost $20B notional across BTC and ETH options will expire,” Singapore-based QCP Capital said in a broadcast message early Tuesday. “This represents almost half the total OI on Deribit. We believe it's quite possible especially if spot continues to range here and as option
The Protocol: Trump Makes More Pro-Crypto Appointments
Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. In this week’s issue of the Protocol newsletter:
Trump’s crypto team
Aptos' leadership shake-up
TikTok meets tokens
Kraken scales up
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.
Network News
TRUMP CRYPTO APPOINTMENTS: President-
Trump’s crypto team
Aptos' leadership shake-up
TikTok meets tokens
Kraken scales up
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.
Network News
TRUMP CRYPTO APPOINTMENTS: President-