Coindesk

David Sacks, President Donald Trump’s crypto and artificial intelligence czar, came under fire this week following allegations that he could financially benefit from Trump’s announcement of a U.S. strategic crypto reserve.The initiative, which Trump shared details about on Sunday, would involve the government holding a reserve of digital assets, including Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL). Critics raised concerns that individuals within the administration with ties to these assets could stand to gain from the move.Sacks, a venture capitalist with previous crypto investments, quickly became a focal point of the controversy. Over the weekend and into Monday, he responded on X (formerly Twitter), rejecting accusations that he had a financial interest in the policy. He stated...

Led by President Nayib Bukele, El Salvador apparently has no intention of stopping its accumulation of bitcoin (BTC) no matter what the IMF demands."'This all stops in April.' 'This all stops in June.' 'This all stops in December.' No, it’s not stopping," Bukele posted on X on Tuesday afternoon. "If it didn’t stop when the world ostracized us and most 'bitcoiners' abandoned us, it won’t stop now, and it won’t stop in the future. Proof of work > proof of whining."Bukele's social media post came shortly after the International Monetary Fund (IMF) published more details about its $3.5 billion deal with the Latin American nation. The IMF claimed as part of the loan package to have imposed a prohibition of...

The U.S. Securities and Exchange Commission (SEC) has agreed to drop its enforcement case against Cumberland DRW, the crypto trading arm of Chicago-based trading firm DRW, according to a Tuesday announcement from the company.The SEC sued Cumberland DRW last October, accusing the firm of acting as an unregistered securities dealer and alleging it sold more than $2 billion in unregistered securities, naming tokens like Polygon (POL), Solana (SOL), Cosmos (ATOM), Algorand (ALGO) and Filecoin (FIL) as a “non-exhaustive” list of tokens the agency considered to be securities.At the time the suit was filed, Cumberland DRW and its CEO Don Wilson pledged to fight the charges. In an interview with CoinDesk last October, Wilson said that his firm had tried and...

A big Tuesday reversal in risk markets has seen bitcoin (BTC) climb nearly 10% from its weakest level of the session and the Nasdaq move into the green after being lower by nearly 2% earlier in the day.Buffeted about by Trump's tariff threats for weeks, stocks and crypto initially were sharply lower today as the levies against Mexico, Canada and China actually went into effect.Dip-buyers emerged late in the U.S. morning, though, and with a bit more than an hour to go before the close of stock trading, the Nasdaq is sporting a 0.7% advance on the session. The S&P 500 has narrowed a large early loss to just 0.25%.Trading just above $88,000, bitcoin is now ahead 1.5% over the...

Bitcoin development firm Blockstream is launching three investment funds, including two focused on crypto lending, the company announced Tuesday.The crypto company co-founded by legendary bitcoin (BTC) developer Adam Back plans to launch a fund that underwrites Bitcoin-backed loans and one that allows for crypto borrowing with U.S. dollars as collateral while a third fund would deploy hedge fund strategies, according to a tweet. Bloomberg reported earlier that the company had secured several billion dollars in funding to launch these funds, citing anonymous sources.The crypto lending business had been hit hard after the collapse of former crypto exchange FTX, whose falsified balance sheets and in the end, inability to pay back money lent to them, resulted in several bankruptcies of then-reputable...