Today's news tips:
1. The IRS finalizes new cryptocurrency tax rules, requiring crypto platforms to report transactions starting in 2026
2. National Audit Office: Some financial regulators use virtual currency to hide the source of funds
3. Ripple’s CTO supports Consensys and believes that MetaMask is not for profit
4.Entangle: The X account of the meme project BorpaToken was stolen, please do not click the link
5. Many institutions are optimistic about TON tokens and have already laid out their positions. Kingsway Capital’s largest holding is TON
6. Star Xu: OKX’s internal discipline requires that marketing tactics such as “blackmailing competitors” or “adding insult to injury when competitors are in crisis” should not be used
7. Vitalik Buterin’s Ethereum holdings are worth more than $800 million
Regulatory News
The IRS has finalized new rules for cryptocurrency taxation, requiring crypto platforms to report transactions starting in 2026
The U.S. Internal Revenue Service (IRS) has finalized new rules for cryptocurrency taxation. Starting in 2026, crypto platforms will have to report transactions to the IRS, but decentralized platforms that do not hold assets themselves will be exempt.
This is the main content of the new regulations finalized by the U.S. Internal Revenue Service and the U.S. Treasury Department on Friday, which essentially implements a provision in the Infrastructure Investment and Jobs Act passed by the Biden administration in 2021.
Even without these new rules, cryptocurrency holders still need to pay taxes. But there are no clear standards for how to report holdings to the government and individual investors. Starting in 2026 (covering transactions in 2025), cryptocurrency platforms must provide standard 1099 forms, similar to those sent by banks and traditional brokerage firms. In addition to simplifying the tax process for cryptocurrencies, the IRS has also said it is working to combat tax evasion.
National Audit Office: Some financial regulators use virtual currency to hide the source of funds
According to The Paper, the National Audit Office was recently entrusted by the State Council to report to the Standing Committee of the National People's Congress on the audit of the implementation of the central budget and other fiscal revenues and expenditures in 2023. The report stated that in the financial field, there are cases of arbitrage of policy dividends that hinder the implementation of policy measures. Some companies take advantage of national support policies such as ecological protection and high-tech industries, collude with public officials to obtain operating rights in violation of regulations, or commit fraud to defraud financial subsidies, seriously eroding the national policy dividends. With the intensification of anti-corruption efforts, corruption behaviors such as using information technology and regulatory loopholes have become more concealed, and new types of corruption and hidden corruption have begun to emerge. For example, a department-level cadre of a financial regulatory department used his position to support specific private enterprises to enhance their competitiveness in the industry for a long time, collected huge sums of money and equity, and concealed the source of private enterprise transfers through "technical processing" such as first-withdrawal and deposit at the same outlet, borrowing relatives' bank accounts, and virtual currency transactions, showing typical technical characteristics.
Project News
FLOKI: Fraudulent tokens emerge on Solana and Base blockchains
FLOKI official X platform said that FLOKI tokens are only available on BNB Smart Chain and Ethereum. Currently, fraudulent tokens have appeared on Solana and Base blockchains, misleading investors. Be safe and always verify information from official sources.
Ripple CTO supports Consensys and believes that MetaMask is not for profit
Ripple Chief Technology Officer (CTO) David Schwartz recently expressed support for Consensys in the lawsuit filed by the United States Securities and Exchange Commission (SEC) against the cryptocurrency company. Schwartz cited the diamond market as an example of MetaMask's efforts not being for profit. Moreover, Schwartz also clarified the key difference between commercial contracts and investment contracts. Schwartz further elaborated on the concept of investment in relation to MetaMask, adding that MetaMask's profits are simply the result of external market conditions and user activity, not the efforts of Consensys. Moreover, when contrasting tokens and securities, he asserted: "Tokens governed by smart contracts do not make all holders a common enterprise."
Star Xu: OKX’s internal discipline requires that marketing tactics such as “blackmailing competitors” or “adding insult to injury when competitors are in crisis” should not be used.
In response to the voice of a community user who said that "the OK Wallet was stolen and the customer service could not give an explanation", which was suspected of "blacking" OKX, OKX CEO Star Xu responded: Looking back at the history of science and technology and commercial civilization over the past century, which company has succeeded by blacking its competitors? Which "black public relations" with "black" as its main business has become a mainstream company with long-term development? "Black" may get some short-term benefits, but this short-term profit is more like drugs, which will make a person and a company sink deeper and deeper, lose themselves, and eventually be eliminated by the market. OKX formulated strict internal disciplines a few years ago, and no one is allowed to use marketing methods such as "blacking competitors" or "adding insult to injury when competitors are in crisis".
Entangle: The X account of the meme project BorpaToken was stolen, please do not click the link
DeFi protocol Entangle said on the X platform that the official X account of BorpaToken, a meme token project developed by its team, was stolen. Please do not click on any links. The team is in contact with X to resolve the issue.
Many institutions are optimistic about TON tokens and have already laid out their plans. Kingsway Capital’s largest holding is TON.
After Pantera Capital disclosed its investment in TON tokens, Manuel Stotz, founder and CEO of Kingsway Capital, also revealed that the company's largest token holding to date is also TON tokens. Kingsway began buying TON tokens long before Pantera (more than two years ago). RyzeLabs (formerly Sino Global Capital) has also invested heavily in TON tokens. Its founding and managing partner Matthew Graham revealed that Ryze has been a "big buyer" of TON tokens. AnimocaBrands co-founder and executive chairman Yat Siu once said that the company started buying TON tokens when the price was less than $1. Siu said that the company then continued to buy at prices of $1, $1.50 and $2.
V God: Crypto Regulation Leads to "Anarchy Tyranny"
Vitalik Buterin said in response to a user on the Warpcast platform that the current regulatory work has basically forced honest cryptocurrency developers into a corner. There has always been such a major challenge in cryptocurrency regulation (especially in the United States), that is, if you do something useless, or you ask people to give you money, but as long as there is no clear mention of potential returns, then you are free and innocent. On the contrary, if you try to clearly explain to customers where the returns come from and promise them the rights they have, then you are finished because you are a "security." This "anarchic tyranny" will eventually be worse than pure anarchy or pure tyranny.
Curve founder suspected of selling 400,000 USDT of CRV off-site
According to crypto community user @maid_crypto on the X platform, some on-chain analysts pointed out that the address suspected to be @Christianeth purchased CRV worth 400,000 USDT from Curve founder Michael Egorov at an off-market price of 0.107 USDT on June 21, and sold all of it at a price of 0.333 USDT the next day, causing CRV to fall by 5%. On June 28, it obtained the same amount of CRV from the Curve founder again.
Important data
The number of newly installed crypto ATMs in the past year is close to an all-time high
The number of cryptocurrency ATMs installed worldwide surged 17.8% to 38,279 over the past 12 months, approaching the previous high of 39,541 set in December 2022. The number increased every month between July 2023 and May 2024. Installations fell by 115 from May to June, but rebounded strongly in June with a net increase of 377 machines. Bitcoin Depot, Coinflip, and Athena Bitcoin are the leading cryptocurrency ATM operators, with 7,543, 5,057, and 2,756 machines, respectively. With 2,564 cryptocurrency ATMs installed so far in 2024, it is on track to surpass the 2,861 that were unplugged in 2023.
Vitalik Buterin's Ethereum Holdings Are Worth Over $800 Million in USD
According to Arkham monitoring, the US dollar value of Ethereum held by Vitalik Buterin currently exceeds US$800 million.
Data: Scroll mainnet TVL breaks through $920 million, a record high
According to L2BEAT data, the TVL of Ethereum Layer2 network Scroll mainnet reached US$922.4 million, a record high, with a 7-day increase of 17.35%.
The giant whale 0x96E is redeeming ezETH in batches and recharging all of it into the exchange
According to ai_9684, the whale 0x96E...FE485 is redeeming ezETH in batches and depositing all of it into the exchange. In the past 17 hours, he has redeemed 1,986 ezETH (worth $6.68 million) from Renzo and deposited it into Binance six hours ago; currently, there are 3,477 ETH staked in Renzo waiting to be redeemed, worth $11.79 million.
Bitcoin Rune Trading Volume Has Fallen Over 88% This Month
Bitcoin rune trading volume has fallen more than 88% this month. Bitcoin miners have earned less than 2 bitcoins from rune trading for the past six consecutive days, a sharp drop from the record 884 bitcoins on April 24.
According to Dune Analytics data, the average daily transaction volume of Runes was 37,800 from June 22 to 28, down nearly 90% from the average daily transaction volume of 331,000 from June 9 to 15. In particular, the transaction volume on June 24 was 23,200, which was the lowest level since the fourth Bitcoin halving. In the past week, Rune transactions accounted for only 4.9-11.1% of all Bitcoin transactions.
Matrixport withdrew 5,308 ETH from Binance about 1 hour ago, worth about 17.94 million US dollars
According to monitoring by The Data Nerd, Matrixport withdrew 5,308 ETH (about 17.94 million US dollars) from Binance 1 hour ago.
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