Last week, the crypto industry was on the verge of a major development, which was then strongly opposed by a prominent crypto figure. Meanwhile, stories of rising crypto payments, market price surge, and a wave of pro-crypto remarks dominated the weekly crypto news cycle.
Here are the key crypto developments you need to know from the past week.
President Trump wants zero tax on crypto transactions: White House
The White House officially confirmed that U.S. President Donald Trump wants to remove taxes on crypto transactions, including Bitcoin. This policy, if implemented effectively, would enable more investors to join the digital asset industry, leading to its expansion.
Bitmine stakes another $478.8 million worth of Ethereum
Tom Lee’s digital asset and Ethereum treasury company, Bitmine, has staked another $478.8 million worth of Ethereum. In total, the firm has accumulated nearly $4.17 billion in Ethereum.
Brian Armstrong pushes for parity in crypto
Coinbase CEO Brian Armstrong said that crypto companies should be allowed to “compete and offer loans just like banks.” Armstrong stated so after pushing back on efforts to advance the Digital Asset Market Clarity Act/bill (CLARITY Act) for markup and a vote. In his viewpoint, the bill would restrict crypto firms when compared to banks.
GAS memecoin surges in market cap
Solana-based memecoin GAS soared to new heights after scoring $37.95 million in market cap. The memecoin experienced 370% surge and has impacted the volatility across the crypto market.
‘Maduro trade’ infuses insider-trading fears on Polymarket
A trader on Polymarket, a prediction market platform, placed a bet that the seized Venezuelan President Nicolás Maduro would be removed a few hours before the real incident happened. This has caused insider-trading fears, as traders earlier thought the incident was unlikely to happen.
Coinbase gets backlash from Citron over CLARITY Act
Citron Research, a financial commentary firm, criticized Coinbase CEO Brian Armstrong for pulling support for the crypto market structure bill. The firm executives claimed that Coinbase went against the bill in order to protect its stablecoin yield. According to Coinbase, the market structure bill limits stablecoin rewards, which are an integral revenue for the crypto platform.
Apart from all the mentioned events, the crypto news industry saw a latest report on $18 billion market growth for crypto cards, South Korea’s decision to remove unregistered overseas crypto exchanges from Google Play, Ethereum’s month-over-month user activity retention spikes, and much more.
As the crypto industry moves on to bring further developments, the news cycle works hard to inform the audience about what’s happening in the sector. Keep up with weekly crypto news stories at AltCoin Desk.
