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Illinois backs delay to crypto tax rule after months of industry pushback

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Illinois backs delay to crypto tax rule after months of industry pushback
Illinois officials have joined crypto industry groups in seeking a six-month delay to the state’s controversial digital-asset tax. The agreed motion, filed Oct. 1 in Sangamon County, asks a judge to postpone the levy’s Jan. 1 start until July 1, 2027, while a constitutional challenge brought by The Digital Chamber and the Illinois Blockchain Association … Read more

El Salvador’s $666 million Bitcoin reserve survives IMF review

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El Salvador’s $666 million Bitcoin reserve survives IMF review
El Salvador secured access to $138 million from the IMF while recommitting to limits on further state Bitcoin accumulation. The International Monetary Fund (IMF) completed the second and third reviews of the country’s $1.4 billion loan program on Oct. 1, allowing an immediate disbursement equivalent to SDR 101.96 million, or $138 million. The board also … Read more

Lido’s proposed staking route needs over 13 times the default entry bond

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Lido’s proposed staking route needs over 13 times the default entry bond
Lido’s proposed route for running larger Ethereum validators would require a 32 ETH entry bond, compared with 2.4 ETH for its existing default route. That higher collateral can become more efficient once enough stake is allocated to the validator, but an operator’s profile and place in the funding queue determine how useful the advantage is. … Read more

3x Bitcoin and Ether futures funds clear SEC listing hurdle

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3x Bitcoin and Ether futures funds clear SEC listing hurdle
On Oct. 2, the SEC approved the Cboe BZX exchange’s listing proposal for VS Trust’s 3x Bitcoin ETF and 3x Ether ETF. The decision clears an exchange-rule hurdle for products sponsored by Volatility Shares that seek amplified daily crypto futures exposure. The order covers six funds, including products tied to gold, silver, crude oil and … Read more

The same Fed rate hike can help stablecoins and hurt Bitcoin borrowers

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The same Fed rate hike can help stablecoins and hurt Bitcoin borrowers
When you hold a dollar stablecoin, somebody else may be earning interest on the assets backing your balance, while a company borrowing to buy Bitcoin has to find the money to pay its lenders. Both businesses are crypto-native, but a higher interest rate can reward the first and eat into the economics of the second. … Read more

Binance will hold some Brazil crypto deposits until users explain where the money came from

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Binance will hold some Brazil crypto deposits until users explain where the money came from
Binance will require Brazilian users to provide additional information for cross-border crypto transfers starting Nov. 1. The exchange said customers sending crypto abroad or receiving it from nonresidents must disclose the purpose of each transfer and identify the counterparty type. Corporate accounts must also say whether the other party belongs to the same economic group. … Read more

Leveraged funds’ Bitcoin futures shorts fall by 5,300 BTC-equivalent as longs shrink

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Leveraged funds’ Bitcoin futures shorts fall by 5,300 BTC-equivalent as longs shrink
Leveraged funds’ reported Bitcoin futures shorts fell by about 5,300 BTC-equivalent in the week to Sept. 29, narrowing their net short even as their aggregate long exposure shrank. The Commodity Futures Trading Commission’s latest futures-only figures, released in the Oct. 2 reporting cycle, cover CME standard and micro Bitcoin futures plus Coinbase Derivatives’ nano Bitcoin … Read more