Republicans seek to overturn IRS crypto broker rule

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

Congressional Republicans are working to reverse new IRS guidelines that require so-called “custodial brokers” to report transactions. 

Rep. Mike Carey and Sen. Ted Cruz this week introduced corresponding resolutions seeking to “roll back the disastrous IRS broker rule.” 

The legislation comes weeks after a group of crypto lobbying firms sued the IRS over the rule. They claim the requirement “exceeds the agencies’ statutory authority, violates the Administrative Procedure Act (“APA”) and is unconstitutional.” 

As it currently stands, starting in 2025, custodial…

Read more on Blockworks

Tariff tantrum? Not yet.  – Blockworks

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

As expected, Donald Trump has backed off a bit on the ambitious tariff goals he touted on the campaign trail. 

“I think we’ll do it Feb. 1,” Trump said during a Monday press conference, referring to tariff increases on Canada, Mexico and China. 

While he did not comment on specific timing or pace of tariffs, based on conversations with Stephen Miran, head of Trump’s council of economic advisors, we expect to see tariffs increase by around 2% to 5% per month. 

The first time Trump proposed 25% tariffs on China was back in 2018. What ended up actually happening was a ~17%…

Read more on Blockworks

What the SEC’s new crypto task force could mean 

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

If you’ve been reading Forward Guidance, you know the last few days in crypto land have been — to put it mildly — eventful. 

Bitcoin surged to a new all-time high the day Donald Trump was sworn in. After a pullback, BTC’s price rebounded yesterday to $107,000. BTC hovered around $104,200 at 1:30 pm ET.

Despite a lack of crypto-specific executive orders, optimism stemmed from word of a new Hester Peirce-led SEC crypto task force.

Those watching the space know Peirce’s name; Wormhole Foundation general counsel Cathy Yoon called it “a relief” that she would guide this…

Read more on Blockworks

BlackRock CEO Larry Fink Forecasts $700K Bitcoin Price Amid Inflation Worries

Larry Fink, CEO of BlackRock, recently speculated that Bitcoin could potentially reach valuations as high as $700,000 per BTC. This projection arises against the backdrop of intensifying concerns about currency debasement and global economic instability, positioning Bitcoin as a hedge against vulnerabilities in traditional financial systems. Fink’s remark was not an outright endorsement but rather a reflection on a recent meeting he had with a sovereign wealth fund. The fund sought advice on whether to allocate 2% or 5% of its investment portfolio to Bitcoin. According to Fink, if institutional adoption continues to grow and similar allocation strategies are embraced broadly, market…

Read more on BitcoinMagazine

Silk Road’s Ross Ulbricht: 'Why Defend A Murderer?'

Ross Ulbricht, sentenced to life in prison without the possibility of parole for creating the darknet market Silk Road, is free.

Ulbricht is a freedom fighter to some, and a dangerous criminal to others. The former know Ulbricht as described in Forbes, “a principled libertarian and cypherpunk in the same vein as WikiLeaks founder Julian Assange and Bitcoin creator Satoshi Nakamoto”.

Ulbricht had a theory: that violent drug cartels would have no chance sustaining themselves in a free market environment where the state did not control the use of substances, as non-violent operations would simply outperform the violent ones based on demand.

Most who believe the latter, however, often base…

Read more on BitcoinMagazine

Making Waves in Tampa Bay: Bitcoin Bay Foundation Joins the Gasparilla Parade of Pirates

The sounds of cannons and cheers fill the air as Tampa Bay’s famous Gasparilla Parade of Pirates begins, drawing a crowd of over 600,000 people. Among the colorful floats and pirate-themed fun, one float stands out— The world’s first Bitcoin Pirate ship proudly flying the Bitcoin Bay Foundation flag. For the first time ever, Bitcoin is part of this historic event, and Bitcoin Bay is once again making history.

As parade-goers stop by Bitcoin Bay’s tent along the parade route, they’re welcomed with food, drinks, and an invitation to learn more about this mission-driven organization. But how did Bitcoin Bay get here? How did a small group of Bitcoin fans grow into an organization…

Read more on BitcoinMagazine

bitcoin++ Hacking Edition 2025: Brazil

The next edition of bitcoin++ will be taking place February 19-22, 2025 at the ACATE Centro de Inovação in Florianópolis, Brazil. This edition of the conference is breaking from the usual narrowly focused topical structure(the last conference in Berlin focused exclusively on the subject of ecash), and is essentially going to be one big hackathon. 

Catering to developers, engineers, and innovators, the event promises to be a valuable experience both for veteran contributors in the space as well as developers looking to dip their toes into the Bitcoin ecosystem. 

What to Expect:

Workshops and Technical Sessions: Learn from top-tier professionals in the Bitcoin space. Sessions will cover… Read more on BitcoinMagazine

Ethereum's Looming Collapse Is A Lesson In Blockchain Integrity

Follow Guillaume on X.

In the world of decentralized networks, the battle lines are drawn not just between different blockchains but within the communities they spawn. Bitcoin, having weathered its own civil war, has emerged stronger, proving its resilience and commitment to the principles of decentralization, freedom, and Truth. Ethereum, on the other hand, is currently embroiled in internal strife, revealing a stark contrast in community ethos and…

Read more on BitcoinMagazine