Crypto Market Update: Tax Delay, Security Incident, and More
The Illinois state government has delayed the implementation of a 0.2% tax on cryptocurrency transactions, including trades with no profit. The tax was set to take effect on July 1, 2027, subject to court approval. Industry groups have already filed lawsuits against the tax.
The Latvian central bank has granted a MiCA license to a UK-backed firm, allowing it to operate across the EU. This is part of a larger effort to regulate the cryptocurrency industry.
The Philippine central bank has restricted bank deposits into Coins.ph, a popular e-wallet service. However, outbound transfers remain available. This move is part of a broader effort to regulate the country's cryptocurrency landscape.
In the aftermath of the failed CLARITY Act, the cryptocurrency market experienced a rally. Bitwise CIO Matt Hougan attributed this to the industry's willingness to sacrifice long-term certainty for better, faster rules. The SEC and CFTC have since moved forward with their own regulatory initiatives.
MetaMask disclosed a security incident related to its staking operation, but assured users that their wallets were not affected. The company has since exited affected validators in its non-custodial staking business. Lido, a staking service, has also taken steps to protect its users.
The NEAR protocol was exploited for approximately $3.8 million due to a bug in its Omni deposit and withdrawal infrastructure. The team has pledged full reimbursement and has taken steps to prevent similar incidents in the future.
The Zcash community has approved approximately $8.4 million in retroactive grants to fund developers and researchers who identified and fixed a critical vulnerability in the protocol.
Litecoin is set to launch on the Canton Network as cLTC, with no official launch date announced. The Litecoin Foundation has signed a Memorandum of Understanding with Greywick Digital to bring LTC to the network.
The TRUMP team has outlined plans for new products, including a mobile game, a Shark Tank-style show, and potentially a Trump amusement park.