Tax Overhaul and Tech Breakthroughs: Major Shifts in the Crypto Conversation

GM Anon ☕🐺

In today’s Alpha Bytes,

Biden's Bold Budget: President Biden’s 2025 budget proposal includes a significant increase in the capital gains tax to 45% and aims to eliminate cryptocurrency tax loopholes, signaling a major shift in financial policy.

Jack Dorsey announces updates on the advanced 3nm technology for Bitcoin mining chips, marking a leap forward in cryptocurrency mining efficiency.

SEC Setback: Anticipated denial of Spot Ether ETFs highlights continued regulatory caution

BTC $62,986 (-4.8%), ETH $3090 (-5.1%), SOL $142 (-9.4%)

Crypto News 📰

• Biden’s 2025 budget proposal seeks to tax capital gains at 45%, eliminate crypto tax loopholes

• Jack Dorsey issues update on 3nm BTC mining chips 

• SEC expected to deny spot Ether ETFs next month, industry sources say

• Why is the crypto market down today?

• Manchester City to release digital collectibles thanks to partnership with Quidd

• EU enacts crypto regulations to combat money laundering  

• Crypto Ponzi scam Influencer Jay Mazini sentenced to 7 years in prison 

• Bitcoin has just done something that has happened only three times before. Here is what usually happens next.

• South African regulator licenses 75 institutions as crypto asset service providers 

• BitcoinOS whitepaper to address Bitcoin limitations 

• Ripple expecting massive news 

• Pro-crypto Sarah Netburn nominated as district judge 

• Korean crypto boom: Upbit now a top global exchange 

• Do Kwon’s fine shows SEC is upping penalties against crypto firms 

• Hong Kong approves crypto ETFs, but with a key difference 

• Bitcoin ETF outflows hit $120 million 

• Crypto market stumbles amid arrest of Samourai Wallet founders 

• Morgan Stanley may allow brokers to pitch Bitcoin ETFs to customers 

• Indonesian president warns of money laundering via crypto and NFTs 

• Crypto.com postpones South Korea launch after reports of money laundering probe

• BlackRock’s IBIT ETF logs the first zero-inflow day since launch of spot bitcoin ETF

• US wants Changpeng Zhao to spend 3 years in prison 

• Standard Chartered predicts Bitcoin could hit $150,000 after halving 

• Bitcoin-hating European Central Bank is not doing much to stop scammers 

• BlackRock has no commercial relationship with Hedera: HBAR sinks 32%

• Decentralized science can be the next big thing for blockchain utilization 

• BNB Chain to enable native liquid staking on BSC

• Nigeria puts its faith in new crypto-friendly regulator 

• Tokenization’s next phase requires real-world data integration 

• Two on-chain metrics suggest Bitcoin is in its best moment to buy 

• Runes make up 68% of all Bitcoin transactions since launch 

• Banks could flood into stablecoins if new bill is passed 

• 39% of Canada’s institutional investors have exposure to crypto 

• Meta drops 15% on weak outlook and high AI and metaverse spending 

• Bitcoin analysts agree BTC has a lot further to run 

• What is Britcoin?

• A16z CTO slams meme coins, says they paint “risky casino” narrative

• Russia pilots new system to trace crypto to fiat links 

• Fireblocks expands security tool to 200 million institutional wallets 

• Binance burns over $1.17 billion in BNB tokens 

• Crypto liquidations cross $210 million 

• Crypto businesses in the EU to conduct due diligence on customers 

• NFT lending volume reaches quarterly high with $2.1 billion in Q1

• TON to significantly reduce commissions on transactions 

• Bitcoin-centric app Strike enters Europe 

• BRICs exploring creation of a stablecoin for global trade settlements 

• Paraguayan deputy presented bill to legalize BTC as legal tender 

• Grayscale files S-3 for spot Ether ETF 

Project Updates 🔥👷🏼‍♂️

• Xbridge exploited 

• Cosmos IBC reentrancy infinite mint security glitch discovered and fixed 

• Rune bugs on Unisat Wallet 

• Safe introduces Safe Pass points system 

• GuildFi Global rebrands to Zentry 

• Worldcoin subsidiary selling WLD tokens from treasury 

• Layer Zero Labs token coming in Q2 2024 

• Ethereum name service integrates browser-compatible .box web domains 

Interesting Threads🧵  

• A TLDR of the ezETH depeg 

• Thread on current market thoughts and mental framework 

• Thread on Celestia Blobstreams

• Article about left curving

• Thoughts on altcoin/venture markets

• Self-improving decentralized AI network

• The symbol of omnichain connectivity 

• Case study for a better sharing economy 

• State growth: The elephant in the room 

Raises 🤑

• Perplexity raises ^62.7 million at $1 billion valuation from Stan Druckenmiller, NVIDIA, Jeff Bezos, and others 

Anon, we understand you want crypto to be your path to financial freedom.

Join us in our quest for alpha that might help us all achieve it!