Crypto News

The Brazilian Congress is set to debate the legality of a new cryptocurrency taxation scheme imposed by President Lula, which eliminated the income tax exemption for minor trading operations and targeted decentralized finance activities through a Provisional Measure that took effect in June. Brazilian Congress to Decide Fate of Cryptocurrency Taxation Provisional Measure Brazilian lawmakersSource link

Ten of the largest trade associations in fintech and crypto have called on President Donald Trump to intervene in what they say is a coordinated attack by big banks to stifle innovation and lock out competitors.In a letter sent on Wednesday, the groups, which include the Blockchain Association, and the Crypto Council for Innovation, warned that JPMorgan’s plan to charge fees for access to consumer banking data threatens to de-bank millions of Americans and could cripple the adoption of stablecoins (USDC, USDT) and self-custody wallets.At the center of the fight is how Americans fund digital wallets and exchanges. Aggregators like Plaid and MX enable consumers to transfer funds from their bank accounts to platforms like Coinbase or Kraken. These connections...

Western Union CEO Devin McGranahan stated in a recent interview that stablecoins should be viewed as an opportunity rather than a threat to the company’s business model. He emphasized that stablecoins can facilitate faster and cheaper cross-border transactions, benefiting both the company and its customers. McGranahan told Bloomberg that while stablecoins cannot be directly spentSource link

Thursday's price pullback in major cryptocurrencies is probably the result of a long squeeze, or unwinding of leveraged bullish plays, rather than an outright bearish stance.The CoinDesk 20 Index (CD20) of the largest, most liquid tokens has lost 6.8% in the past 24 hours, with bitcoin (BTC), the leading cryptocurrency by market value, falling almost 1% having failed to maintain gains above $120,000. Among major altcoins, ether (ETH) dropped 3%, XRP (XRP) 13% and Solana's sol (SOL) 8%. All the declines are consistent with the bearish signals from technical charts. They're also characterized by falling open interest in the offshore perpetual futures market and positive funding rates. For instance, open interest — the number of unsettled contracts in the futures...

Former U.S. President Barack Obama was recently accused of colluding with members of his administration to fabricate what has been termed Russiagate, following a report alleging that Russia was involved in meddling with the 2016 presidential election. Prediction markets are already wagering on the possibility of his indictment. Polymarket Degens Believe Obama Won’t Be IndictedSource link