Traders still offloading TRUMP holdings after dinner announcement — Nansen  

Veteran US Internal Revenue Service (IRS) official Trish Turner was appointed to lead the agency’s digital assets division following the departure of two key crypto-focused executives.Turner, who has spent over 20 years at the IRS and most recently served as a senior adviser within the Digital Assets Office, will now head the unit, according to a report from Bloomberg Tax citing a person familiar with the situation.Her promotion marks a significant leadership transition at a time when US crypto tax enforcement is facing both internal and external pressures.On May 5, Sulolit “Raj” Mukherjee and Seth Wilks, two private-sector experts brought in to lead the IRS’s crypto unit, exited after roughly a year in their roles.Mukherjee served as compliance and implementation executive director, while Wilks oversaw strategy and development. Wilks announced his departure on LinkedIn, while Mukherjee confirmed his decision in a statement to Bloomberg Tax.“The reality is that federal employees have faced a very difficult environment over the past few months,” Wilks wrote. “If stepping aside helps preserve someone else’s job, then I am at peace with the decision.”Seth Wilks announced his departure on LinkedIn. Source: Seth WilksRelated: Coinbase files brief with US Supreme Court in support of taxpayers’ privacyIRS ramps up crypto scrutinyThe IRS has ramped up its focus on cryptocurrency in recent years, increasing audits and criminal probes targeting digital asset transactions.It also attempted to introduce broad crypto broker reporting requirements, which drew sharp criticism from industry stakeholders and was eventually overturned by President Donald Trump.Set to take effect in 2027, the so-called IRS DeFi broker rule would have expanded the tax authority’s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.Related: NFT trader faces prison for $13M tax fraud on CryptoPunk profitsTurner’s leadership also comes during a shift in Washington’s approach to crypto regulation.With the return of the Trump administration in January, federal agencies have scaled back regulations perceived as burdensome to digital asset innovation.For instance, the Securities and Exchange Commission has dropped or paused over a dozen enforcement cases against crypto companies. Additionally, the Department of Justice has announced the dissolution of its cryptocurrency enforcement unit, signaling a softer approach to the sector.Internally, the IRS is also navigating instability. Over 23,000 employees have reportedly expressed interest in resigning after Trump reintroduced a deferred resignation policy, raising concerns about long-term staffing and morale within the agency.Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

Crypto exchange OKX’s CEO for its Middle East and North Africa (MENA) arm urged the industry to focus on delivering real-world utility as interest in real-world asset (RWA) tokenization accelerates. In a Cointelegraph interview at the Token20249 event in Dubai, OKX MENA CEO Rifad Mahasneh warned that while tokenization is promising, projects must “clearly demonstrate” the benefits of tokenizing specific assets. “In some cases, we’re tokenizing things that don’t need tokenization, but in some cases, we’re tokenizing things that actually give you real, everyday value, right? And if you can see that everyday value, then that is a promising project,” Mahasneh told Cointelegraph.He said hype can drive project growth in the Web3 space, but providing everyday value should be the priority. OKX MENA CEO Rifad Mahasneh at the Token2049 media lounge. Source: CointelegraphRWA tokenization gains traction in the UAEMahasneh’s comments come amid an increase in real-world asset tokenization projects in the Middle East, including the United Arab Emirates. On May 1, MultiBank Group signed a $3 billion RWA agreement with the UAE-based real-estate firm MAG and blockchain infrastructure provider Mavryk — the largest RWA initiative worldwide to date. In addition to billions in RWA deals, the UAE government has started working on RWA tokenization. On March 19, the Dubai Land Department — the government agency responsible for promoting, organizing and registering real estate in Dubai — announced a pilot phase of its real-estate tokenization project. The agency is working with Dubai’s Virtual Assets Regulatory Authority (VARA), the emirate’s crypto regulator. On Jan. 9, RWA project Mantra also signed a $1 billion deal with Damac Group to tokenize the assets of the UAE-based conglomerate. However, months later, Mantra saw one of the biggest token collapses in crypto history, wiping out billions in market capitalization on April 13. Mahasneh told Cointelegraph that the region’s clear regulations help drive bigger institutions to get into tokenization and crypto. He said regulatory clarity allows understanding of how key players in the space, like exchanges, are governed. Related: Real estate not the best asset for RWA tokenization — Michael SonnensheinUAE stablecoin framework gives institutions confidenceThe executive also praised the region’s progress in stablecoin regulations. In June 2024, the Central Bank of the UAE approved a regulatory framework for stablecoin licensing. This clarified the issuance, supervision and licensing of dirham-backed payment tokens. According to Mahasneh, this demonstrates the UAE’s speed in regulating crypto-related technologies. The executive also highlighted that the central bank’s involvement gives institutions extra confidence in entering the business. “Other markets are still debating whether they should have crypto regulations. Here, we moved into developing stablecoin regulations. For an investor, you want to know that your stablecoin is regulated. That’s a big plus,” Mahasneh said.Since then, major players like Tether have joined the race by issuing a dirham-pegged stablecoin. On April 29, institutions like Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Developmental Holding Company (ADQ), First Abu Dhabi Bank and the International Holding Company partnered to launch a dirham-pegged stablecoin, pending regulatory approval. Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Efforts to pass crypto legislation in the US Senate face mounting resistance amid growing ethical concerns around US President Donald Trump’s ties to crypto.In a May 5 letter to the US Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said that Trump and his family stand to personally profit from an investment involving UAE state-backed firm MGX, crypto exchange Binance and World Liberty Financial (WLFI).The senators called for an urgent probe, warning the deal may violate the US Constitution’s Emoluments Clause and federal bribery statutes.At the center of the controversy is WLFI’s USD1 stablecoin, reportedly chosen for a $2 billion investment MGX plans to make into Binance.The senators said the transaction amounts to a potential backdoor for foreign influence and self-enrichment, with Trump’s allies allegedly set to receive hundreds of millions of dollars:“This deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption.”Further raising ethics concerns, Trump hosted a $1.5 million-per-plate dinner on May 5 at his golf club in Sterling, Virginia. The event came just days after hosting a $1 million-per-plate fundraiser for the MAGA Inc. super PAC.He also plans to hold a gala dinner with major Official Trump (TRUMP) memecoin holders on May 22 despite multiple US lawmakers expressing concern over the initiative.Source: Elizabeth WarrenRelated: America’s crypto renaissance is already failing; but we can fix itGENIUS Act faces roadblocksTrump family’s controversial $2 billion crypto deal comes as the Senate prepares to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and other crypto-related bills.The fallout is already being felt in Congress. Some Democratic lawmakers are pushing for additional hearings before advancing any legislation, while others question whether Trump’s personal stake in digital assets is undermining bipartisan support for crypto regulation.On May 5, Senate Majority Leader John Thune signaled a willingness to amend the GOP-backed stablecoin legislation to pass the bill in the coming weeks.Speaking to reporters, Thune said changes can be made on the floor and that he is waiting to hear what Democrats are asking for, per a report from Politico.Internal GOP challenges also remain, with Senator Rand Paul expressing uncertainty about backing the bill, according to the report.The stalling isn’t limited to the Senate. House Financial Services Committee Ranking Member Maxine Waters plans to block a Republican-led event discussing digital assets on May 6.The hearing, “American Innovation and the Future of Digital Assets,” is expected to discuss the new crypto markets draft discussion paper pitched by Thompson, Hill, and other committee members.Related: Elizabeth Warren joins call for probe of Trump over crypto tokensCrypto community slams political pushbackProminent crypto figures are speaking out as political resistance threatens to derail stablecoin legislation in the US Senate.“Elizabeth Warren and Chuck Schumer haven’t learned their lesson,” Tyler Winklevoss, co-founder of Gemini, posted on X.“If they want Democrats to continue losing elections, they will continue standing in front of crypto legislation like the stablecoin bill which they are stalling out in the Senate.”Source: Tyler WinklevossMagazine: Trump’s crypto ventures raise conflict of interest, insider trading questions