Coindesk

Bitcoin (BTC) rose over 1.5% to $84,900 Saturday, looking to break a three-month downtrend after the Trump administration issued new guidance on reciprocal tariffs, listing several exemptions like smartphones, computers, chips and other electronics. These exclusions published by the U.S. Customs and Border Protection exclude the listed products from President Donald Trump's 125% China tariff and his baseline 10% global levy. "The US imports over $60 BILLION of smartphones per year. These exemptions cover some of the most crucial imports in another sign of the U.S. conceding in the trade war. After all, the bond market is forcing Trump to concede," The Kobeissi Letter said on X. The U.S. and China ratcheted up trade tensions this week, imposing import tariffs...

Late Friday, attorneys with the U.S. Securities and Exchange Commission and Binance filed a joint status report asking a federal judge to continue a 60-day pause in the case for another 60 days.You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.Who's left?The narrativeWe heard about two more Securities and Exchange Commission (SEC) cases this week. The first, Binance and the SEC, was last paused in February, though late Friday attorneys asked for another extension to continue discussing matters. Separately, Nova Labs settled allegations with the regulator.Why it mattersAs we continue to watch the SEC develop its new views on digital asset issues, how it treats...

A New York judge ruled Friday that the majority of New York Attorney General Letitia James’ civil securities fraud suit against crypto venture firm Digital Currency Group (DCG) and two of its executives can proceed to trial.In 2023, James sued James sued DCG and its CEO Barry Silbert, DCG’s now-bankrupt lending arm Genesis Global Capital and its former CEO Michael Moro and crypto exchange Gemini, alleging that they worked together to cover up a gaping $1 billion hole in Genesis’ balance sheet caused by the wipe-out of Singapore-based crypto hedge fund Three Arrows Capital (3AC) in 2022.James said DCG and Genesis made “false assurances” on social media that DCG had absorbed Genesis’ losses from 3AC’s implosion when, in fact, they...

Attorneys for the U.S. Securities and Exchange Commission and Binance asked a federal judge on Friday to continue a pause in the regulator's case against the crypto exchange for another two months, citing "productive discussions." The SEC sued Binance in 2023, alleging the exchange — alongside its U.S. affiliate and executives such as former CEO Changpeng Zhao — violated federal securities laws by operating as an unlicensed clearing agency, broker and exchange. The SEC also alleged commingling and that Binance.US's trading volume was manipulated. In February, after U.S. President Donald Trump retook office and appointed Commissioner Mark Uyeda as acting agency chair, the regulator asked for a 60-day pause in the case, which was set to expire on Monday. The...

Tariffs, tariffs, tariffs.Trump’s on-again, off-again import levies dominated the week. At the beginning, tariffs sent stocks and crypto appreciably lower. By the end, with all new non-China tariffs paused for 90 days, markets were up again.Bitcoin returned to a level ($82,000) that it was at this time last week. And analysts debated whether, in the panic of the previous days, it showed “safe haven” qualities (like gold) or whether it was a risk-asset like many others. The consensus was that bitcoin performed resiliently rather than completely reassuringly.Our Asia reporting team led the way on our markets coverage. Omkar Godbole started the week strong by revealing how the unwinding of the "basis trade" could impact bitcoin price. Sam Reynolds wrote on...