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

M6 Labs Alpha Bytes🚨: 25th April

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 

  • 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 🔥👷🏼‍♂️

Interesting Threads🧵  

Raises 🤑

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

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