🪙 Brazil's Crypto Faction Mobilizes Against Proposed Stablecoin Tax

🔔 A conflict is escalating in Brazil over a proposed 3.5% tax on stablecoin transactions, which the government aims to implement as part of the Tax on Foreign Transactions (IOF). The crypto faction in Congress is preparing to take action to block this initiative, arguing that it represents an overreach of executive power.

➡️ Although the decree has not yet been issued, members of the Parliamentary Front for the Free Market are already strategizing to prevent its implementation. Their plan includes introducing a proposed legislative decree that would suspend executive orders deemed to exceed the executive's authority. If successful, this could force a re-discussion of the issue in Congress and potentially lead to the repeal of the tax.

🔍 Antonio Vale, coordinator of the Free Market Institute, highlighted regulatory contradictions regarding the proposed tax. He pointed out that the decree defining the IOF tax states that the taxable event is the exchange of national or foreign currency. However, Law 14,478 2022, which regulates the crypto sector in Brazil, explicitly states that virtual assets are not considered national or foreign currencies. Vale warned that implementing this tax could destabilize the local crypto industry and jeopardize the economic viability of existing businesses.

🚫 Julia Rosin, President of Abcripto (the Brazilian Association of Cryptoeconomics), also opposes the anticipated decree. She argues that it is unconstitutional to equate stablecoins with foreign currency and that it contradicts current regulations. Rosin has indicated that legal action will be pursued against the government if the Ministry of Finance proceeds with the taxation plan.

🔔 Cango Inc.: From Bitcoin Mining to AI Infrastructure

📉 Cango Inc., a company that transitioned from auto finance to bitcoin mining in November 2024, reported its first full year as a miner with $688.1 million in revenue but ended with a $452.8 million net loss. This loss was primarily due to non-cash charges related to equipment impairments and bitcoin price-linked accounting adjustments. Despite this, Cango achieved an adjusted EBITDA of $24.5 million, indicating positive operating performance when excluding non-cash and one-time items.

🔍 In 2025, Cango mined 6,594 BTC and generated $675.5 million in mining revenue, which constituted the majority of its total income. However, the company faced significant losses due to a $338.3 million impairment on mining machines and $96.5 million in fair value losses related to bitcoin-collateralized receivables. The fourth quarter mirrored these challenges, with revenue of $179.5 million and a net loss of $285 million, attributed to bitcoin price movements and transformation-related costs.

🌍 Cango aggressively scaled its mining operations in 2025, averaging 18.07 BTC per day across over 40 sites worldwide. By February 2026, its deployed hashrate reached 50 EH/s. To address its leverage, the company sold 550 BTC in January and 4,616 BTC in February, using the proceeds to repay bitcoin-backed debt and improve liquidity. A significant sale of over 4,400 BTC in February generated approximately $305 million, reflecting a treasury strategy focused on capital efficiency.

⚖️ Controversy Over Kentucky's House Bill 380: A Threat to Self-Custody in Cryptocurrency

🚨 A last-minute amendment to Kentucky's House Bill 380 has sparked a heated debate between state lawmakers and the cryptocurrency industry. The amendment, which shifts the focus to hardware wallet providers like Ledger and Trezor, proposes strict requirements that critics argue could effectively outlaw self-custody in the state.

❗️ The 77-page legislative package was primarily designed to regulate bitcoin ATMs. However, the amended language now mandates that any person or company providing a hardware wallet must include a mechanism to assist users in resetting passwords, PINs, or seed phrases. This includes maintaining a live, toll-free customer service line for Kentucky residents and providing a functional reset mechanism for credentials necessary to access the wallet’s contents.

⚠️ Failure to comply with these requirements would classify as an “unfair, false, misleading, or deceptive act” under Kentucky’s consumer protection laws, allowing the attorney general to seek civil penalties.

⚠️ Proponents of the bill, sponsored by state Reps. Tom Smith and Aaron Thompson, suggest that it aims to protect consumers who lose access to their digital wealth. However, the technical reality of blockchain security means that “resetting” a seed phrase is not a feature manufacturers can simply toggle on; it would require a complete re-engineering of the devices.

🚀 Kraken's VCXx Token Launch: Access to Private Tech Companies

📈 On March 27, 2026, Kraken's xStocks platform and Fundrise announced the tokenization of the newly launched Fundrise Innovation Fund (NYSE: VCX). This initiative aims to create a unified on-chain asset, VCXx, which will provide eligible investors with global access to a portfolio that includes SpaceX, OpenAI, Anthropic, and Databricks.

We created VCX to serve as a bridge between public and private markets,

said Ben Miller, CEO of Fundrise. The VCXx token will be listed on the xStocks platform in the coming days and is issued by Backed Assets (JE) Limited through Payward Digital Solutions Ltd. This move extends the application of tokenized stocks beyond public markets to encompass private companies.

🌐 Tokenized stocks are gaining popularity in the financial sector as Nasdaq and Payward collaborate to develop a gateway connecting regulated equity markets with open blockchain networks. VCXx will be available to eligible investors outside the U.S. and is subject to local jurisdiction rules.

🔔 eToro Launches Cryptocurrency Trading in New York After Three-Year Wait

🚀 eToro has officially launched its cryptocurrency services for users in New York, more than three years after obtaining the Virtual Currency Business Activity License (BitLicense). Andrew McCormick, eToro's head in the US, shared this news in an interview with The Block.

🔍 Initially, the company has added around 20 crypto assets that meet regulatory requirements, with plans to expand this list in the future. In other jurisdictions, eToro offers approximately 115 crypto assets along with access to stocks, ETFs, indices, currencies, and commodities.

⏳ The delay in the launch was due to the complexity of regulatory procedures. eToro received its BitLicense in February 2023, which is one of the most challenging licenses for crypto businesses in the US. Since 2015, less than 40 companies have obtained it. McCormick stated,

We knew it wouldn't be 'from day one.' We expected to launch that same year, but the process took longer.

🛡 He also emphasized that eToro was the first company to receive the BitLicense after the collapse of the FTX exchange, which led to increased scrutiny from regulators.

🛡 Three Scenarios for Protecting Lost BTC from Quantum Computers

🔍 Zak Pandl, head of research at Grayscale, believes that the main quantum challenges for Bitcoin (BTC) are more about community discussions than technology. The primary difficulty lies in the need for consensus. In a recent blog post, Pandl noted that Bitcoin is inherently less susceptible to technical risks than other cryptocurrencies. It operates on the UTXO model, uses a proof-of-work consensus, does not support smart contracts at the protocol level, and certain types of addresses remain safe from quantum attacks if not reused.

⚠️ The main threat comes from coins whose access has been lost—if private keys are lost or no longer accessible. This also includes approximately 1 million BTC attributed to Satoshi Nakamoto—worth about $68.9 billion at current rates. Since no one controls these keys, it is impossible to transfer the funds to a quantum-resistant format.

🔄 Pandl outlined three scenarios that the Bitcoin community may consider:

permanently freeze vulnerable coins; leave the issue unresolved; limit the withdrawal speed of funds from open addresses.

🚨 Justin Sun's Controversial Claims: A Call for Transparency in the WLFI Project

💔 A recent scandal in the cryptocurrency market has intensified following Justin Sun's statements regarding World Liberty Financial (WLFI). Sun, a prominent figure in the sector, has criticized the project after an alleged insider text circulated on social media, raising questions about its credibility.

📌 Sun claimed to have long supported President Donald Trump's pro-cryptocurrency policies and made significant early investments in WLFI aligned with this vision. He stated that his motivation for investing was to expand financial freedom, eliminate intermediaries, and make decentralized finance (DeFi) accessible to a broader audience. However, he alleged that a crucial detail was concealed from him and other investors during the investment process. It is claimed that a hidden "blacklist" mechanism was integrated into the WLFI token's smart contract, granting the project team unilateral authority to freeze, restrict, or take control of users' wallets and assets.

🚫 Sun described this situation as "the complete opposite of decentralization", labeling the structure as "a trap disguised as a door." He also pointed out the presence of "malicious actors" within WLFI, asserting that recent disputes surrounding the project were due to these individuals.

🔔 Binance launches $200k Genius trading contest for GENIUS token buyers

🚫 Binance Alpha is launching a two-round Genius Foundation trading competition that will hand out roughly $200,000 in GENIUS tokens to 2,520 of the platform’s most aggressive buyers over the last two weeks of April. Binance is rolling out a Genius Foundation trading competition on its Binance Alpha platform, dangling rewards equivalent to roughly $200,000 to drum up activity around GENIUS tokens. The exchange said its Web3 wallet will host the campaign in two rounds, ranked purely by participants’ total buying volume of GENIUS during the event windows.

⚠️ The first round runs from April 16, 2026, at 21:00 to April 23, 2026, at 21:00, followed by a second round from April 23, 2026, at 21:00 until April 30, 2026, at 21:00, giving users two discrete weeks to accumulate eligible trading volume. According to Binance’s announcement, the top 2,520 users across the campaign will share a pool of 176,400 GENIUS tokens, with each qualifying trader receiving 70 GENIUS.

➡️ The exchange said the reward pool, sized at 176,400 GENIUS, is equivalent to about $200,000 at current reference prices, implying a per‑token valuation slightly above $1, though the exact dollar payout per user will fluctuate with the token’s market price. Each of the 2,520 eligible participants receives an equal 70 GENIUS allocation, avoiding a tiered or winner‑takes‑most structure and instead spreading the incentive across a broader group of traders.

🚨 Crypto Investor Loses Assets Due to AI Scam

🔔 This week, Hong Kong witnessed a surge in cryptocurrency investment fraud cases, with over 80 incidents reported and losses exceeding HKD 80 million. One notable case involved a woman who lost approximately HKD 7.7 million due to a Telegram-based cryptocurrency scam that utilized artificial intelligence.

📱 According to the Hong Kong police, the scam began when the fraudster contacted the woman via Telegram and offered professional investment advice. The scammer promised high returns through quantitative trading and AI tools. Shortly after, the victim received a link to a fake investment platform along with instructions for transferring funds. She then made 17 transfers in USDT and ETH from her wallet to an address controlled by the scammer.

🚫 The fraud was uncovered when the victim attempted to withdraw the funds that were indicated as profits on the platform. However, the "operators" suspended the process and continued to provide excuses. It was only later that she realized the profits were fictitious and the platform was merely a part of the fraudulent scheme.

🔔 James Check: The Sale of Satoshi Nakamoto's Bitcoins Won't Crash the Market

💬 James Check, the founder of the analytics service Checkonchain, stated that the potential sale of bitcoins from the era of Satoshi Nakamoto due to advancements in quantum technologies will not have a catastrophic impact on the cryptocurrency market. He assessed that the actual selling pressure in such a scenario would be significantly lower than often portrayed in headlines.

📊 He categorized potentially vulnerable assets into three groups: approximately 1.716 million BTC from the early network period, about 214,000 BTC in Taproot addresses, and around 4.996 million BTC in reused addresses. The analyst emphasized that substantial risks are primarily associated with the first category.

🔄 Check noted that Taproot address holders are likely to be active and able to swiftly move their funds. In contrast, reused addresses typically belong to exchanges and custodial services that are already working on protective mechanisms.

📈 He pointed out that the market regularly absorbs between 10,000 to 30,000 BTC daily through the so-called "returning supply" (coins that have not moved for a long time and are re-entering circulation). At this rate, liquidating the entire volume would take 60 to 90 days.

🪙 Bitmine's Ethereum Accumulation: 65,000 ETH in 24 Hours

📈 Bitmine Immersion Technologies, led by Tom Lee, has significantly increased its Ethereum exposure through a series of short-term purchases and staking activities. In just 24 hours, the company accumulated approximately 65,000 ETH worth around $147 million. Some of these transactions were facilitated by institutional platforms FalconX and BitGo.

Bitmine initially acquired 45,000 ETH valued at nearly $103.5 million,

followed by an additional 20,000 ETH costing about $44.8 million. This surge in purchasing activity marks one of the largest short-term accumulation phases this year.

🔄 In addition to its buying spree, Bitmine continues to allocate a significant portion of its assets to staking. Recent blockchain movements indicate that approximately 75,600 ETH were transferred to Coinbase Prime for staking, following a previous transfer of over 61,200 ETH.

According to blockchain data from Arkham Intelligence,

the company has already staked around 3.8 million ETH valued at approximately $8.8 billion. This represents about 70.1% of its total Ethereum assets.

⚠️ Senators Express Concern Over Tether's Influence on US Commerce Secretary

📌 US Commerce Secretary Howard Lutnick recently sold his stake in Cantor Fitzgerald, which was bought by trusts controlled by his four children. Prior to this, one of his children received a loan from Tether, the purpose of which remains unclear.

✉️ Senators Elizabeth Warren and Ron Wyden have sent letters to Secretary Lutnick and Tether's CEO Paolo Ardoino, seeking clarification regarding the loan provided by Tether to the trust controlled by Lutnick's children. Their concerns stem from Lutnick's previous role as CEO of Cantor Fitzgerald, the custodian of Tether's reserves, and his subsequent appointment as Commerce Secretary.

If the reports about this loan are true, it raises serious questions about the relationship between Secretary Lutnick and Tether, as well as its influence on his political decisions,

the senators stated in their letter.

🌐 Wall Street's Shift Towards Digital Assets

💰 Institutional capital is once again moving towards digital assets, marking a noticeable shift from previous cycles. Bitcoin ETFs are experiencing significant inflows, venture giant a16z is establishing a new multi-billion dollar fund, and traditional banks are accelerating their integration of blockchain infrastructure. Amidst this backdrop, prediction markets are garnering serious attention from Wall Street for the first time.

📈 The Kalshi platform recently conducted its first institutional deal, attracting $1 billion. The round was led by Coatue Management and included participation from Andreessen Horowitz, Sequoia Capital, Morgan Stanley, and Ark Invest. Analysts from Bernstein characterized this influx of major players as not just financial support but also as evidence that Wall Street and Silicon Valley are seriously betting on regulated prediction markets. The deal involved a custom contract linked to California's carbon credit auctions, with liquidity provided by Jump Trading.

From a tool primarily for retail speculation, prediction markets are evolving into a fully-fledged financial product,

analysts noted. Institutional investors are increasingly exploring event contracts related to macroeconomic policy, elections, and geopolitics as hedging instruments. They also highlighted the growing importance of regulated infrastructure; Kalshi operates under the oversight of U.S. regulators, while its decentralized competitors have primarily developed outside traditional financial rails.

💼 Coinbase CEO Sells $540 Million in Stock Amid Company Losses

📉 Brian Armstrong, the CEO of Coinbase, has sold over $540 million worth of the company's stock in the past year, surpassing Coinbase's net loss of $394 million for the first quarter of 2026. This significant sale occurred despite the company reporting a 40% decline in transaction revenue and a 57% drop in COIN stock value since July 2025.

📊 According to SEC filings, Armstrong sold approximately 1.55 million shares of COIN between May 2025 and January 2026, with an average sale price of $349.58 per share—almost double the current levels. The largest transactions took place in June and July 2025 when Coinbase shares were trading above $350.

📉 In contrast to Armstrong's stock sales, Coinbase reported a net loss of $394 million on revenues of $1.4 billion for the first quarter of 2026. This time last year, the company had posted a profit of $66 million due to a booming crypto market following Donald Trump's election victory.

🔔 Transaction revenues, which are crucial to Coinbase's business, fell by 40% year-over-year to less than $756 million. In response to these financial challenges, Coinbase announced a workforce reduction of about 14%, laying off approximately 700 employees.

🌍 Stablecoins: Bridging the Gap Between Crypto and Traditional Finance

🚀 Stablecoins are rapidly transcending the cryptocurrency market and becoming integrated into the conventional financial system. Banks, payment services, and major tech companies are increasingly viewing blockchain as a more convenient alternative to traditional bank transfers.

💱 Previously, stablecoins were primarily used by traders for transfers between exchanges. However, their applications have expanded significantly. They are now being utilized for international transfers, inter-company settlements, and corporate cash management. Some companies are even testing automated payments between devices and AI systems.

⏳ The growing interest in stablecoins is largely due to the slow and costly nature of traditional bank transfers. According to a16z crypto, the volume of stablecoin transfers reached $4.5 trillion in the first quarter of 2026. More and more of these transactions are related to everyday payments rather than cryptocurrency trading.

⚡️ The main reasons companies are increasingly turning to stablecoins are speed and lower transfer costs. The financial platform Finzly notes that stablecoins enable almost instantaneous international transfers because settlements occur directly through blockchain.

🔔 Bitcoin ETF outflows hit $1.26B as Santiment sees buy signal

📌 The 11 US-listed spot Bitcoin ETFs have recorded net outflows in each of six sessions from May 15 through May 22, totalling $1.26 billion according to Farside data. “Sustained ETF outflows have historically correlated with conditions favorable for patient accumulation rather than panic,” Santiment said in a published report. The analytics firm argued that ETFs disproportionately reflect retail conviction rather than smart money positioning, making large outflows a counter-signal.

⚠️ Santiment’s analysis rests on a historical pattern: Bitcoin’s strongest rallies have followed periods of heavy ETF withdrawals. The firm said retail investors grew less patient after Bitcoin failed to hold $80,000, with the current streak resembling a healthy market reset. ETF analyst James Seyffart noted that Bitcoin ETFs have clawed back most of the $9 billion in outflows seen between October 2025 and February 2026. Crypto news has reported on the first May outflow event, which reversed the early-month inflow trend.

🔖 Fidelity’s Wise Origin Bitcoin Fund led individual redemptions within the streak. BlackRock’s IBIT saw outflows on multiple sessions, and Morgan Stanley’s MSBT attracted positive flows on some days during the period.

🚫 Worldcoin price jumps 8% as human-only tickets spark WLD rally

👀 Worldcoin moved higher after the Sam Altman-linked identity project gained attention for a new ticketing use case. The partnership allows verified World ID users to access special Thirty Seconds to Mars tickets. The offer gives verified fans 2-for-1 ticket access, with one free extra ticket excluding VIP packages. It also gives users limited-edition merchandise vouchers for selected shows.

📌 The campaign targets a common live-event problem: bots buying tickets before real fans can access them. World Network says World ID can prove that a user is human without giving ticket sellers a normal account-based identity check. That real-world use case helped WLD stand out in a mixed altcoin market. The token rose strongly earlier in the session before cooling from its intraday high.

⚡️ Worldcoin traded near $0.33 after earlier climbing as high as $0.38. The move followed a sharp daily rally, although the latest update showed the token had eased from its strongest level.
WLD’s 24-hour trading volume stood above $328 million, showing active market participation during the move. The token held a market cap of about $1.09 billion and ranked near the top 70 crypto assets by market value.