Crypto World
Ethereum’s Staking Tax May Already Be Obsolete Due To EthLabs
Ethereum is running out of money, according to former insiders.
The warning has sparked one of the fiercest Ethereum governance debates in months: should the network fund developers by taxing staking rewards, or just rely on wealthy Ether holders to bankroll its ecosystem?
At the center of the debate is a controversial proposal from Kleros co-founder Clément Lesaege. He suggested redirecting up to 10% of validator rewards to ecosystem funding through a protocol-level mechanism called Validator Redirected Revenue.
Lesaege argued that this may be necessary to solve Ethereum’s “coordination failure” and reduce the underfunding of shared ecosystem work.
The idea was met with a wave of backlash, with critics warning of cartel-like incentives and a dangerous precedent for validator-led redistribution.
Validator Redirected Revenue proposal. Source: Eth Research
But just as the Ethereum community was sharpening its knives, a “credibly neutral” solution was forming: Ethlabs.
Unveiled Monday by five former Ethereum Foundation researchers, the shiny nonprofit Ethereum research and development lab is backed by the ecosystem’s biggest supporters, including BitMine, Sharplink and ConsenSys founder Joseph Lubin.
Related: Ethereum Foundation sacks 20% of workforce amid strategic restructuring
With large investors ready to dig into their pockets, the real question becomes less about whether Ethereum can fund itself and more about how it wants to be funded.
Ethereum’s ‘slow-burning funding crisis’
The latest ETH drama began on Friday when former Ethereum Foundation contributor Trenton Van Epps warned that Ethereum’s core development ecosystem could face a “slow-burning funding crisis” within three to nine months as older support programs dry up and Foundation spending falls.
He estimated that maintaining more than 10 client, research and coordination teams costs roughly $30 million a year, and that the Client Incentive Program and other support mechanisms were no longer enough to cover that bill.
Van Epps argued that Ethereum is entering an institutional “inheritance” phase in which the Foundation will move away from being the primary steward of protocol funding, and that new arrangements must replace the expiring programs he helped coordinate.
Having spent much of the year dealing with leadership turnover, public criticism over priorities, and a growing debate over core protocol funding, Van Epps’ warning touched a raw nerve.
But some Ethereum voices pushed back, arguing that the EF has “enough funds to run for at least 30 years, so there is zero funding crisis.” Bitmine’s Tom Lee also rejected the warning, saying there was “zero chance” of Ethereum running out of funds for protocol development.
Ethereum Foundation Treasury Policy. Source: Ethereum Foundation
The Ethereum Foundation’s own treasury policy already points to a multi-year operating buffer and a planned reduction in annual spending.
In June 2025, the EF said it would maintain a 2.5-year operating expense buffer in cash and stablecoins, pledged to cap annual spending at 15% of total treasury assets and gradually reduce that spending rate toward a 5% baseline over five years.
Related: Ethereum can quantum-proof accounts for just 7 cents, says Ethereum’s Kohaku lead
On Tuesday, Ethereum founder Vitalik Buterin said the Foundation is decreasing its budget by roughly 40%, in line with that policy, as it transitions from spending around 15% of its funds annually before 2026 toward a long-term target of about 5% per year after 2030. It laid off 54 staff members.
The proposal everyone hates
So the Foundation may not run out of money, but it is tightening its belt and has a lot less cash to spend on research and development than in its glory days. Lesaege argued that Ethereum suffers from a coordination failure in which everyone benefits from shared infrastructure — but no one wants to foot the bill.
His proposal would require validators to signal how much of their staking rewards they are willing to redirect, a figure between 0% and 10%. If a majority of validators supported a non-zero rate, that redirect would become mandatory for all.
At current staking levels, he estimated that even a 5%-10% redirect could generate roughly 50,000 to 70,000 ETH per year for ecosystem work, or roughly $82.5 million to $115.5 million at current ETH prices today.
Incentive to fund Ethereum growth. Source: Eth Research
Critics quickly zeroed in on the mechanism’s power dynamics, warning that it could entrench large validators, blur the line between operators and governance actors, and give a stake-weighted majority new leverage over ecosystem funding decisions.
What staking providers say
A spokesperson for Figment told Cointelegraph the proposal would compress margins, which “tends to consolidate the validator set toward larger, more integrated operators” serving institutional clients, like Figment.
This would come at the “cost of some operator diversity and potentially fewer net new ETH stakers,” the spokesperson said.
Andrew Gibb, chief executive and co-founder of Twinstake institutional staking, told Cointelegraph that various investor segments would respond differently.
While long-term ETH holders may value the prospect of a better-funded ecosystem, shorter-term capital, such as retail participants, liquid multi-asset funds and reward-focused allocators may be less receptive.
He said the proposal would “narrow the addressable staking market at the margin,” with the most price-sensitive cohorts likely to “reduce or exit positions,” adding that he would expect some clients to reassess their staking allocations.
Related: Buterin fires back at Ethereum Foundation critics, recommits to neutrality
Senior research associate at Bitwise, Max Shannon, told Cointelegraph that Ethereum staking participation has so far shown limited sensitivity to lower rewards.
He said that the staking annual percentage rate (APR) has fallen from about 4.6% in June 2023 to around 2.7% now, while staked supply and the staking ratio roughly doubled. However, additional reward compression would make “slashing risk and exit-queue liquidity risk more material relative to the return.”
He added that a lower net consensus-layer yield could push validators to rely more heavily on maximal extractable value (MEV) to make up lost APR, which could potentially weigh on censorship resistance.
How large is the problem, really?
On paper the funding gap is not that large. Shannon noted that if the annual shortfall is around $30 million and annual staking rewards are about $1.9 billion, so the gap could be filled with just 1.6% of staking rewards.
That makes Lesaege’s proposal look modest, even though it remains politically radioactive. In economic terms, a single-digit haircut on staking rewards is manageable. In governance terms, many Ethereum participants see it as a line-crossing move that turns validators into a tax authority.
Shannon also argued that networks with hard-coded development funding are not necessarily better off just because they earmark rewards. In his view, protocol success is driven far more by token performance and contributor incentives than by any one developer funding mechanism.
A new funding model emerges
Tom Lee’s comment there was “zero chance” of an Ethereum funding crisis and that funds were “secured” foreshadowed the unveiling of the new non-profit EthLabs a few days later.
Rather than taxing rewards at the protocol level, Ethlabs enables large ETH-aligned institutions such as BitMine and Sharplink to fund development directly.
Ethlabs nonprofit R&D for Ethereum. Source: Ethlabs
It does not replace the Ethereum Foundation, but complements it. EthLabs signals that the smart contract platform’s next phase may involve a more distributed funding model, where the EF remains central to the protocol’s core, while other labs and treasury-heavy institutions fund adjacent work.
In an X post on Monday, Ethereum co-founder Joe Lubin said there is still “an enormous amount of top tier talent” at the Ethereum Foundation that remain focused on “the cypherpunk core components” of the protocol. But he added that many other Ethereum R&D teams will now explore other dimensions.
Gibb said that the responsibility for funding ecosystem development sits with foundations and protocol treasuries. There are alternate mechanisms to explore, such as staking yield or priority fees, he added, “before making changes to validator economics at the protocol level.”
Whether Ethlabs proves sufficient remains to be seen. But its emergence has already shifted the debate from how Ethereum should tax itself to whether it needs to at all.
Market Moves: Why is Ethereum Foundation selling? BTC futures warning signs
Over the past week, bitcoin (BTC) has traded between $62,000 and $72,000. Despite bullish conditions not being fulfilled, the leading digital asset has managed to hold its floor.
Analysts at the crypto exchange Bitfinex revealed in the latest Bitfinex Alpha report that the current crypto market environment is being reshaped by shifting Federal Reserve expectations and inflation risks. These factors have created near-term pressure for risk assets like gold and BTC; regardless, the floor of the latter has remained intact.
Bitcoin in Limbo
On-chain data shows that neither bulls nor bears are firmly in control. With BTC trading within the $62,500–$72,000 consolidation zone, the market appears to be in limbo, rather than a sustained bearish phase.
Bitfinex analysts outlined two bullish tests for a potential sustained uptrend on lower timeframes, but they all failed. The tests were a sustained spot exchange-traded fund (ETF) market bid and a calming of the derivatives complex, with funding moving from neutral to negative.
In the face of the failure, there are now two opposing forces pulling at market sentiment on inflation: the potential of softening energy risks following a peace deal between the U.S. and Iran and the Fed’s focus on inflationary heat rather than the immediate relief in crude prices.
For BTC to continue holding its floor, the Fed needs to be willing to “hold its nerve,” according to experts. It remains to be seen how the market will move until this happens.
Fragile Bullish Conditions
Analysts further explained that ETFs are currently the primary proof of the market’s indecisiveness. These products have failed to establish a bullish trend and have instead reverted to net redemptions. The total volume traded across ETFs has declined significantly, but it is still not low enough to support a bearish case. So they are also in a state of limbo, and not a bear market.
Nevertheless, a structural perspective indicates that BTC is trading below the active-investor cost basis. The $68,500–$72,000 zone remains the primary overhead supply band, and analysts expect further compression within the $62,000–$64,000 range, or broader movements between $60,000 and $70,000 in the coming days.
As the market gives in to either the bulls or the bears, the $68,500–$72,000 range is expected to act as significant resistance, as many investors in this range are at a loss and are likely to sell at break-even. So, BTC now has three key levels: the $54,000 foundational floor, the $72,000 break-even point for recent buyers, and the $77,200 hurdle for short-term holders.
The post Bitcoin Holds Key Price Floor Despite Weak Bullish Signals: Bitfinex Alpha appeared first on CryptoPotato.
CBOE has begun evaluating a conversion of its Bitcoin and Ether futures into perpetual contracts after crypto perpetuals generated more than $8.5 billion in trading volume on Kalshi within weeks of launch.
Summary
- CBOE is considering converting its Bitcoin and Ether futures into perpetual contracts after recent CFTC approvals.
- Kalshi’s crypto perpetual futures have generated more than $8.5 billion in trading volume within weeks of launch.
- CME has challenged the CFTC in court as perpetual futures trading expands across regulated and decentralized markets.
According to a June 23 report from The Wall Street Journal, CBOE Global Markets is considering turning its continuous Bitcoin and Ether futures into perpetual futures following recent regulatory developments in the United States.
The report cited Rob Hocking, CBOE’s global head of derivatives, who said the exchange is exploring the possibility after the U.S. Commodity Futures Trading Commission approved cryptocurrency perpetual futures for prediction market operator Kalshi.
While Hocking did not provide a timeline for any changes, the comments place one of the largest U.S. exchange operators among a growing list of firms responding to fresh competition in the perpetual futures market.
CBOE introduced its continuous Bitcoin and Ether futures contracts in December, offering products with expirations extending as far as 10 years.
According to The Wall Street Journal, the exchange is now studying whether perpetual contracts could provide an alternative structure following the CFTC’s decision to permit similar products on regulated U.S. venues.
Kalshi’s rapid growth has drawn attention from incumbent exchanges
Trading activity has accelerated quickly since Kalshi entered the market. According to The Wall Street Journal, Kalshi’s cryptocurrency perpetual futures have recorded more than $8.5 billion in volume within weeks of becoming available.
The CFTC’s approval has not been welcomed by all established exchanges. Earlier this month, the Chicago Mercantile Exchange filed a lawsuit against the regulator, arguing that the decision allowing Kalshi to list perpetual futures violates federal law. CME claimed the approval caused “textbook competitive injury” to incumbent futures exchanges.
The dispute highlights the growing importance of perpetual futures, a product that has become the dominant form of crypto derivatives trading since being popularized by BitMEX. Unlike traditional futures contracts, perpetuals do not expire and instead use periodic funding payments to keep contract prices aligned with the underlying asset.
Perpetual futures activity continues to expand across crypto markets
Outside traditional exchange operators, trading firms and crypto platforms continue adding new perpetual products.
Earlier this month, Coinbase launched perpetual futures linked to stock indexes, giving eligible U.S. traders leveraged exposure to sectors including artificial intelligence, defense, and Chinese equities. The rollout followed Coinbase International Exchange’s March launch of round-the-clock futures tied to U.S.-listed stocks for eligible traders outside the U.S.
Commodity-linked perpetual products are also gaining traction. BitMEX recently pointed to rising interest in commodity perpetual swaps as volatility in oil and gold markets increased.
Decentralized trading venues have become another major center for perpetual futures activity. According to data from DeFiLlama, decentralized exchanges processed more than $22.5 billion in perpetual futures volume during the past 24 hours and approximately $663 billion over the previous 30 days. DeFiLlama data showed that Hyperliquid accounted for most of that activity.
With regulated U.S. exchanges now receiving a pathway to offer perpetual futures, competition between traditional futures operators, crypto-native platforms, and decentralized venues is intensifying as firms move to capture trading activity that has historically been concentrated outside the U.S.
Crypto World
Franklin Templeton closes 250 Digital acquisition deal and sets up new Franklin Crypto division
The $1.7 trillion asset manager Franklin Templeton is establishing a new dedicated active crypto investment management arm through acquisition of 250 Digital.
Franklin Templeton has established Franklin Crypto to offer institutional investors actively managed cryptocurrency strategies the asset manager said in a statement.
The San Mateo, California-based asset manager first announced the acquisition and the new crypto division in April as part of its increasing push into digital assets. It has not disclosed financial terms of the deal
The new division will combine the investment capabilities of the former 250 Digital team with Franklin Templeton’s global distribution. Franklin Templeton will also invest its own capital into these liquid strategies as part of the closing agreement.
The new unit absorbs the entire 250 Digital investment team, alongside all liquid cryptocurrency strategies they previously ran under CoinFund, according to the statement.
Crypto industry veterans Christopher Perkins and Seth Ginns will co-lead the new division. Perkins will serve as Head of Franklin Crypto and Chief Investment Officer respectively.
Read More: Franklin Templeton proposes new ETFs that turn corporate dividends into bitcoin
CFTC Chair Michael Selig has defended crypto perpetual futures while stressing they are not suitable for agricultural markets, as regulated crypto perps continue expanding across U.S. venues.
Summary
- Michael Selig said crypto perpetual futures are not a natural fit for agricultural markets that rely on physical delivery.
- The CFTC and SEC have launched a joint review of swap definitions that could affect how crypto perpetuals are regulated.
- CBOE is evaluating crypto perpetual futures after Kalshi’s products generated more than $8.5 billion in trading volume.
According to remarks delivered by Selig at the American Cotton Shippers Association Annual Convention on Tuesday, the CFTC recognizes that 24/7 trading and perpetual futures structures are not well suited to traditional agricultural markets that depend on physical delivery and operate during limited trading hours.
Drawing a contrast between the agency’s historic role overseeing products ranging from corn to livestock and its newer responsibilities involving digital assets, Selig said perpetual contracts tied to cryptocurrencies are not appropriate for every asset class, particularly in agriculture.
While emphasizing those differences, Selig’s comments come only weeks after the CFTC approved Bitcoin perpetual futures contracts for prediction market platform Kalshi and issued a no-action position allowing similar products on Coinbase. Following those developments, crypto exchange Kraken also launched perpetual futures trading for U.S. customers through its CFTC-regulated platform Bitnomial.
Crypto perpetuals remain under regulatory review
Alongside the emergence of regulated crypto perpetuals, the CFTC and the Securities and Exchange Commission recently opened a joint public consultation seeking feedback on how U.S. regulations classify swaps, security-based swaps, mixed swaps, and related derivatives products.
As reported by crypto.news, the agencies said financial markets and trading practices have evolved since the original implementation of Title VII of the Dodd-Frank Act, prompting a review of whether current definitions still align with modern products. Comments will remain open for 60 days after publication in the Federal Register.
According to the agencies, the request covers jurisdictional questions, swap exclusions, alternative compliance frameworks, mixed swaps, and newly developed financial products. The review also includes event contracts and prediction market products that increasingly sit at the intersection of commodities and securities regulation.
Addressing the initiative, Selig said the consultation could help resolve what he described as longstanding ambiguities within Dodd-Frank. SEC Chair Paul Atkins separately stated that additional regulatory clarity is overdue, including for event-based products.
A key issue emerging from the review involves crypto perpetual futures, which differ from traditional futures contracts because they have no expiration date. As crypto.news previously reported, Kalshi’s Bitcoin perpetual futures were permitted to remain listed under existing futures rules, subject to compliance with the Commodity Exchange Act and CFTC regulations.
If regulators eventually classify crypto perpetuals as swaps rather than futures, platforms offering the products could face different requirements covering execution, reporting, clearing, and regulatory oversight.
Traditional exchanges are taking notice
Growing interest in regulated crypto perpetuals has also attracted attention from established exchange operators.
According to additional reporting, CBOE has begun evaluating whether its Bitcoin and Ether futures products could be converted into perpetual contracts after crypto perpetuals generated more than $8.5 billion in trading volume on Kalshi within weeks of launch.
At the same time, Selig’s handling of prediction markets and crypto perpetual approvals continues to face legal scrutiny. Last week, CME Group filed a lawsuit against the CFTC in the U.S. District Court for the District of Columbia, alleging that the agency’s approvals violated the Commodity Exchange Act.
Further uncertainty surrounds the agency itself. Despite calls from lawmakers to fill vacant seats, President Donald Trump has not appointed additional commissioners, leaving Selig as the CFTC’s sole commissioner and chair following Caroline Pham’s departure in December 2025.
Meanwhile, the U.S. Senate is expected to consider the Digital Asset Market Clarity Act in the coming weeks. According to lawmakers and industry participants, the legislation could redefine how regulatory responsibilities are divided between the CFTC and SEC for digital asset markets.
“Strengthening the resilience of payments in Europe has become a geopolitical necessity,” Markus Ferber, a leading member of the ECON committee said on Tuesday.
“In a world marked by geopolitical tensions, we can no longer accept that digital payments are largely dependent on the goodwill of a few foreign providers,” he added, echoing concerns expressed across the EU.
The new rules voted by the ECON Committee cleared the way for the ECB to introduce both online and offline versions of the currency by 2029. Crucially, the offline version will allow users to swap digital euros directly from phone to phone without an internet connection, guaranteeing cash-like privacy that prevents the ECB from seeing what citizens are buying.
The EU’s central bank digital euro approval comes just hours after U.S. Senate voted to place a four-year ban on a CBDC. The bill now heads to the House of Representatives. If they follow suit it then goes to President Donald Trump for his signature.
Commercial banks successfully lobbied for strict holding limits on how much a citizen can keep in a digital wallet to avoid a mass exodus of cash from traditional accounts during a crisis.
The ECB will now undertake a 12-month pilot phase using a beta version to test the infrastructure in real-world scenarios with select merchants and payment service providers.
CryptoQuant has urged MicroStrategy to stop buying Bitcoin (BTC) and rebuild its cash reserve. The research firm published that call on June 23, roughly two weeks after the Michael Saylor-led Bitcoin treasury had already started doing it.
By then, the company had spent two straight weeks steering most of its fresh capital into cash, not Bitcoin. That timing blunts the force of the recommendation.
Inside CryptoQuant’s MicroStrategy Warning
In its June 23 report, CryptoQuant said MicroStrategy’s annualized dividend obligations have nearly quadrupled to $1.2 billion in 2026.
Its US dollar reserve, the buffer for those payments, has fallen 38% over the same period.
STRC, the variable-rate preferred stock Strategy markets as a stable instrument near $100, instead slid to $82.50 last week. That marked a record low, about 17.5% below par.
That gap cut dividend coverage from more than seven years to roughly 14 months, by CryptoQuant’s math. The reserve sat near $2 billion before May, when MicroStrategy spent about $1.5 billion buying back convertible notes due 2029.
Selling Bitcoin to refill the reserve would backfire, the firm argued. MicroStrategy sits on a $10.6 billion unrealized loss, since Bitcoin now trades well below its average cost near $75,000.
“The company’s strategic priority should be to pause Bitcoin purchases and rebuild its cash reserve,” stated Julio Moreno a CryptoQuant analyst.
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MicroStrategy Had Already Pivoted
Strategy’s weekly purchase updates show the shift began before the warning. In the week of June 22, it bought just 520 Bitcoin for about $35 million.
That same week, Strategy raised $335.5 million selling common stock. It routed $300 million into the reserve, lifting it to $1.4 billion.
A week earlier, it bought 1,587 BTC but still funneled most proceeds to cash. Across both weeks, Strategy was selling more stock than it spent on Bitcoin.
MicroStrategy casts the cash build as protecting the credit quality of its preferred shares. The move marks a shift from its long-standing buy-only pledge.
The Real Debate Now
Bitcoin’s spot price hovered near $62,534, down about 2.5% on the day, keeping the treasury underwater.
CryptoQuant says the reserve must reach about $2.8 billion, or 24 months of coverage, before STRC can recover. At $1.4 billion, Strategy is only halfway there.
Strategy is not required to sell Bitcoin to defend STRC. It can raise the 11.5% dividend or issue more MSTR stock instead, levers it has already pulled.
So the question is no longer whether to rebuild the reserve. It is whether MicroStrategy can do it fast enough to steady STRC.
The next purchase update will show whether it keeps cash ahead of Bitcoin.
The post CryptoQuant’s MicroStrategy Warning Comes Two Weeks Late appeared first on BeInCrypto.
THORChain restored full operations Tuesday morning, bringing signing, churning, swaps, and liquidity-provider actions back online after a halt tied to a $10.7 million exploit in May. The protocol's official account announced the restart just before 3 a.m. ET Tuesday, confirming that signing,… Read the full story at The Defiant
In its first earnings report since its May IPO, Cerebras Systems (CBRS) is lower by 11% in after-hours trading after guiding to lower profit margins next quarter.
First-quarter revenue nearly doubled from the year-ago level to $193.4 million, and the company’s adjusted net loss of $2.5 million beat analyst forecasts of $36.75 million.
For the second quarter, the company guided to revenue of $194 million, but investors, for now, appear focused on core gross margin — the company expects 36%-38% in the second quarter versus 46.5% in the first.
Cerebras raised $6 billion in a May IPO priced at $185 per share. The stock soared as high as $385 shortly after going public, but has since retreated. It’s down another 11% in after-hours trading at $201.55.
South Korea proposed taxing unrealized gains on stocks and real estate at a National Assembly forum on Tuesday. The push triggered what local traders are already calling Black Tuesday across the entire Korean stock market.
The proposal would tax investors on paper profits they have never realized by selling, redefining how wealth is treated in Asia’s fourth-largest economy.
What South Korea’s New Tax Proposal Says
An unrealized gain is the on-paper profit an investor holds before actually selling the asset and converting the value into cash. The new South Korean push would treat that paper gain as taxable income, even if the underlying stock or property has never changed hands.
The forum brought together a powerful coalition. Lawmakers from the Democratic Party, the Progressive Party, the Rebuilding Korea Party, and the Social Democratic Party signed on.
Furthermore, civic groups, including the Korean Confederation of Trade Unions and the Federation of Korean Trade Unions, joined the effort.
The forum title clearly sets the tone. Organizers framed the event as “Exploring the Tax Gap on Asset Income and a Transition to Comprehensive Income Taxation.” The argument rests on a simple idea: rising wealth signals rising capacity to pay, regardless of whether assets are sold.
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The proposal is the latest step in a broader campaign. In February, lawmakers floated lowering the real estate capital gains exemption from ₩1.2 billion to ₩800 million (~$780,000 to $520,000).
Moreover, an April push targeted the long-term holding deduction for property owners.
“We should revive the financial investment income tax, reduce tax exemptions and deductions concentrated among high-income groups, and add nominal brackets to raise the effective tax rate for the ultra-high-income class,” said Park Ki-san, director at the Federation of Korean Trade Unions.
Tuesday marks the first time the campaign has explicitly reached unrealized stock gains.
Under current law, investors owe tax only when they sell shares and lock in a profit. The proposed shift would fundamentally redefine taxation across all major Korean asset classes.
The wider context matters. President Lee Jae Myung reversed an earlier plan in September 2025 to lower the capital gains tax threshold from ₩5 billion to ₩1 billion (~$3.26 million to $652,000) after a retail-investor backlash erased billions in market value across a single trading week.
Why the Proposal Triggered a Korean Black Tuesday
The market reaction was immediate and brutal. Traders quickly dubbed June 23 a Black Tuesday for Korean equities, with major listings plunging across the KOSPI and the broader index. As a result, retail sentiment turned sharply negative within hours of the forum.
The fear among investors is structural. Taxing paper gains would force holders to sell shares simply to pay an annual liability.
Also, the policy could undermine long-term investing, hurt retirement portfolios, and accelerate capital flight toward overseas equity markets across Asia.
Internationally, there is now a clear precedent. The Netherlands passed a similar law on February 12, 2026, imposing a flat 36% annual tax on unrealized gains across stocks, bonds, and crypto assets. The Dutch backlash hit local markets and startups almost immediately.
Critics are already pointing to the Dutch example. They argue the Netherlands case shows how an aggressive unrealized gains regime can choke innovation, drive talent abroad, and pressure household balance sheets.
As a result, opposition lawmakers are expected to escalate resistance in the coming weeks.
Supporters frame the policy as fairness. They argue that high-net-worth holders have an enormous capacity to pay long before selling, while wage earners pay tax on every paycheck. Civic groups insist that closing the gap is essential for a modern income tax architecture.
The path forward remains uncertain. Any actual legislation must still clear the National Assembly, where parties remain divided.
The post South Korea’s Plan to Tax Unrealized Gains Sparks Market Chaos and Black Tuesday appeared first on BeInCrypto.
Crypto World
Senate Votes to Rein In Trump’s Iran Strike Authority: Oil Moves, Stocks and Bitcoin Do Not
The U.S. Senate passed a War Powers Resolution on Tuesday, voting 50-48 to rein in Trump’s war with Iran. Bitcoin (BTC), often pitched as a geopolitical hedge, barely moved.
The measure is the first of its kind to clear both chambers of Congress. Yet traders treated it as a formality, since the U.S.-Iran ceasefire is already weeks old.
A Historic Rebuke Markets Had Already Priced
Four Republicans broke ranks to support the resolution. Bill Cassidy, Susan Collins, Lisa Murkowski, and Rand Paul joined the Democrats. Senator John Fetterman was the only Democrat to oppose it.
Congress has reached for the 1973 War Powers Resolution against this president before. In 2020, after the Soleimani strike, the Senate passed a binding Iran measure that Trump vetoed.
This one is a concurrent resolution, so it never reaches his desk.
The vote followed a U.S.-Iran ceasefire reached earlier this month. That truce reopened the Strait of Hormuz and pulled oil back from its wartime highs.
Equities and crude had reacted to the earlier ceasefire relief long before Tuesday.
The White House dismissed the result as meaningless.
“Concurrent resolutions do not go to the president and have no force of law,” a White House official made that point to CNN.
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The S&P 500 barely moved, just like oil, after tech sector sell-off hit the markets earlier in the day. However, oil price saw modest gains.
Bitcoin Marches to its Own Drum
BTC traded near $62,667 on Wednesday, down about 2.5% over 24 hours. Its recent price action has followed crypto-specific stress, not the politics in Washington.
A record 13-day run of outflows drained about $4.4 billion from U.S. spot Bitcoin exchange-traded funds (ETFs) through early June. It was the longest streak since the funds launched in January 2024.
BlackRock’s IBIT, the largest fund, lost roughly $980 million in its worst week yet. A Federal Reserve in no hurry to cut rates has added to the strain. BTC now trades near half its October record around $126,000.
The slide undercuts the safe-haven story crypto promoters often repeat. During the U.S. strikes on Iran this year, BTC slid with equities rather than rising like gold.
The pattern is familiar. BTC fell about 8% the day Russia invaded Ukraine in 2022, then quickly rebounded. The move echoed its Ukraine war playbook.
For now, BTC trades on liquidity and interest rates, not geopolitics. Whether ETF flows turn around may matter more than any vote in Congress.
The post Senate Votes to Rein In Trump’s Iran Strike Authority: Oil Moves, Stocks and Bitcoin Do Not appeared first on BeInCrypto.
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