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On today's issue:
Grayscale wins over the SEC on BTC ETF regulation (via CNBC)
Robinhood holds $3B BTC (via CoinDesk)
US proposes regulation for crypto tax reporting (via Blockworks)
Tornado Cash founder arrested (via Decrypt)
PEPE coin founding team rugs holders (via Cointelegraph)
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Grayscale wins over the SEC on BTC ETF
BTC, ETH and Coinbase stock have been up ~14% after the news.
The court sided on the Grayscale side to provide a bitcoin ETF, which would be traded through a traditional stock exchange. This allows institutional investors to gain exposure to the world’s biggest cryptocurrency without having to own the coin themselves.
This is the first official step towards the BTC ETF, and other players in the financial industry will follow.
Robinhood owns $3B BTC
After moving some BTC around, it is speculated that Robinhood is the third-largest bitcoin holder, behind Binance and Bitfinex, which hold $6.4B and $4.3B.
US crypto tax proposal
The rules, if passed, would go into effect in 2026, for the 2025 tax year.
These new set of rules oblige most platforms, defined as "brokers", to report tax-related information to the IRS, in a similar way any other financial entity or broker does.
Even though it's a well-spirited proposal, aimed to help individual taxpayers figure out their taxes more easily, the definition of brokers includes platforms like DEX's which, due to their permissionless architecture, are in no way able to offer this kind of information comprehensively.
Tornado Cash Founder Arrested
Tornado Cash founders were charged for laundering more than $1 billion in criminal proceeds. The charges included conspiracy to commit money laundering, sanctions violations, and conspiracy to operate an unlicensed money-transmitting business.
One founder was arrested in Washington state proceeding the charges.
$PEPE Coin Rug
$PEPE has plummeted 15% in the last week due to insider trading allegations.
3 former co-founders and multisig holders withdrew 16 trillion tokens and distributed them across centralized exchanges for a selloff. Remaining PEPE coin team members are astonished, and have released a statement on the official PEPE coin twitter account detailing the issues.
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Disclosure: All content published is for informational purposes only, and does not constitute any sort of financial advice.
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