🔔 MARKET MOVING NEWS!

1️⃣ Montenegro Extradites Terraform Labs Co-Founder Do Kwon To The US With Help From Interpol 🔍
#Interpol
According to a local media report, Do Kwon, the founder and former CEO of Terraform Labs, has been extradited to the U.S. following a decision by the Ministry of Justice of Montenegro. The report stated that Kwon was handed over to U.S. law enforcement authorities and FBI agents. NCB Interpol Podgorica officials reportedly facilitated the extradition with the support of the special police unit. Notably, the extradition comes after months of legal proceedings in Montenegro, where Kwon faced competing extradition requests from the U.S. and South Korea. He will now face criminal charges in the U.S., including conspiracy to commit fraud related to securities transactions, money laundering and electronic fraud.

2️⃣ Vitalik Buterin Donates $170K To Tornado Cash Developers’ Legal Fund 💰
#VitalikButerin #donate
Ethereum co-founder Vitalik Buterin has reportedly donated 50 ETH (about $170,000) to a legal defence fund for Tornado Cash developers Roman Storm and Alexey Pertsev. Acknowledging the donation, Storm stated that the contribution accounted for 25% of the $650,000 in total funds available to the Tornado Cash developer through JusticeDAO ahead of his trial.

For context, the Tornado Cash developers have been charged with money laundering, sanctions violations and fraud related to their roles with Tornado Cash by both U.S. and Dutch law enforcement authorities. Alexey Pertsev, the developer arrested and charged by Dutch authorities, was found guilty of money laundering and sentenced to more than five years in prison in May 2024. While Storm was given bail conditions ahead of his trial, scheduled to begin on April 14 in the U.S. The legal defence fund will be used to fund the costs of both Pertsev’s appeal and Storm’s legal battle in the U.S.

3️⃣ IRS Issues Temporary Relief On Crypto Cost-Basis Method Changes ‼️
#IRSUpdates
The United States Internal Revenue Service (IRS) has reportedly issued a temporary relief on a rule that would have defaulted crypto holders on centralised exchanges to report sales using the FIFO method, if they didn’t select their preferred accounting method, like HIFO (Highest In, First Out) or Spec ID.

For context, FIFO (otherwise known as “First In, First Out,”) is the default method for calculating capital gains tax in the US. It is calculated by assuming the oldest cryptocurrency bought is sold first, pushing up a taxpayer’s capital gains. The temporary relief applies to sales on centralised crypto exchanges until Dec. 31, 2025, in order to give brokers time to support all accounting methods. This will allow crypto taxpayers to maintain their own records until that date.

4️⃣ Proposal Mandating The Swiss National Bank To Hold Bitcoin Now Underway 💸

Giw Zanganeh, Tether’s vice president of energy and mining, along with Yves Bennaïm, founder and chairman of Swiss Bitcoin nonprofit think tank 2B4CH, and eight other Bitcoin advocates have reportedly launched a proposal to constitutionally mandate the Swiss National Bank (SNB) to hold Bitcoin on its balance sheet. The proposal is reported to have been set in motion by the Swiss Federal Chancellery on Dec. 31. It must now accumulate 100,000 signatures by June 30, 2026, for it to be put to a public referendum.

According to reports, the proposal specifically proposes Article 99 Paragraph 3 of the Swiss Federal Constitution to be amended to:

“The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.”

5️⃣ China Tightens Crypto Trade Oversight With New Foreign Exchange Rules ❓
The Chinese foreign exchange regulator has reportedly introduced foreign exchange rules that make it more difficult for residents to buy digital assets. Specifically, the rules require the country’s banks to monitor and flag risky forex trading activities. This includes cross-border gambling, underground banks and illegal cross-border financial activities involving crypto assets. The rules also require banks to track the activities based on the identity of individuals and institutions involved, their sources of funds and the frequency of their trades.
#Crypto2025Trands

🚨 JUST IN: 🇺🇸 IRS Requires Brokers to Report Digital Asset Transactions, Including Decentralized Exchanges, Starting in 2027 💼📊 $BTC $ETH $BNB
In a significant regulatory update, the IRS has announced that starting in 2027, brokers will be required to report digital asset transactions to the agency. This includes not only traditional centralized exchanges but also decentralized exchanges (DEXs), marking a major step toward greater oversight of the cryptocurrency space.
Key Details:
Expanded Reporting: Under the new rules, brokers—defined as entities that facilitate the buying, selling, or exchange of digital assets—will need to report a range of crypto transactions, including those conducted on decentralized platforms. This is the first time such comprehensive reporting will include DEXs, which have previously operated with less regulatory scrutiny.Improved Tax Compliance: The new reporting requirements aim to help ensure that taxpayers are reporting digital asset income accurately and complying with tax obligations. The move comes as part of the IRS's ongoing efforts to clamp down on potential tax evasion related to cryptocurrency transactions.Impact on the Crypto Ecosystem: This shift in regulation could have far-reaching consequences for the decentralized finance (DeFi) space, as decentralized exchanges and platforms will need to navigate the complexities of compliance and potentially alter their operations to accommodate reporting requirements.Timeline: Brokers and exchanges have until 2027 to prepare for these new reporting rules. This gives the industry some time to adapt, but also signals that further regulatory scrutiny is on the horizon for the crypto market.
What’s Next?
This move from the IRS signals that regulation of digital assets is tightening, with both centralized and decentralized platforms now under the tax authorities' radar. As the 2027 deadline approaches, crypto brokers and DeFi platforms will likely need to invest in new compliance measures, potentially changing the way they operate.
For investors, this is a reminder to stay on top of tax obligations as the IRS steps up enforcement in the crypto space.
Stay tuned for further updates! 💡#IRS #IRSUpdates #MarketRebound