Crypto

A draft US crypto tax bill proposes stablecoin exemptions and new rules for digital assets, but excludes a Bitcoin de minimis provision. US Representatives Max Miller and Steven Horsford published a discussion draft bill on Thursday titled the ‘‘Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Yields Act’’ or the ‘‘Digital Asset PARITY Act,” to overhaul the tax code for digital assets.

The US city is expected to pen an amicus brief in Coinbase’s lawsuit against the state of Michigan, which the exchange filed ahead of its prediction markets launch. Lawyers representing the US city of Detroit plan to file an amicus brief in Coinbase’s lawsuit against Michigan, which argues that federal regulators should have authority in overseeing prediction markets and not states.

Bitcoin and select major altcoins have turned down sharply, indicating that the bears are trying to take charge of the market. Bitcoin’s fall below the $66,000 support heightens the risk of a drop to the $62,500 level.

The P2P.me team opened positions on the Polymarket prediction platform to wager whether the project would hit its $6 million fundraising goal. The team behind the P2P.me decentralized trading platform said it took positions on Polymarket tied to its recent capital raise.

Regulatory uncertainty shakes stablecoins as institutions push forward, prediction markets tighten rules and AI agents reshape micropayment economics. Stablecoins are once again at the center of the crypto business narrative — but for very different reasons.

Bitcoin price slumped on Friday as uncertainty over the US economy and war in Iran negatively impacted stock and crypto markets. Bearish sentiment is rising as Bitcoin options professional traders lose confidence that the $66,000 level will hold for long.

The executive order is the latest in a wave of legal actions in the US seeking to curb government insider trading on prediction markets. California Governor Gavin Newsom signed an executive order on Friday, expanding rules to curb public servants and those close to them from benefiting from insider trading on prediction markets tied to political or economic events they can influence or are privy to.

Bloomberg ETF analyst Eric Balchunas said Morgan Stanley’s 16,000 financial advisors would have no problem recommending the product at such low fees. Investment bank Morgan Stanley is seeking to launch its spot Bitcoin exchange-traded fund with a 0.14% fee, which would make it the cheapest in the US market and potentially force rivals to cut fees to stay competitive.

Ripple’s Brad Garlinghouse noted that stablecoin trading volume soared to over $33 trillion in 2025, while Bloomberg predicted that stablecoin flows would hit $56.6 trillion by 2030. Ripple CEO Brad Garlinghouse said stablecoins will be the crypto sector’s “ChatGPT moment” for businesses in search of faster, more efficient payments, and that many companies are already discussing and strategizing how to implement stablecoins into their operations.