Suspicious arrest of crypto scam reporter, Japan’s pro-crypto PM: Asia Express

The US Social Security Administration (SSA) will move all public communications to the X social media platform amid sweeping workforce cuts recommended by the Department of Government Efficiency (DOGE), led by X owner Elon Musk. According to anonymous sources who spoke with WIRED, the government agency will no longer issue its customary letters and press releases to communicate changes to the public, instead relying on X as its primary form of public-facing communication. The shift comes as the SSA downsizes its workforce from 57,000 employees to roughly 50,000 to reduce costs and improve operational efficiency. The agency issued this statement in February 2025:“SSA has operated with a regional structure consisting of 10 offices, which is no longer sustainable. The agency will reduce the regional structure in all agency components down to four regions. The organizational structure at Headquarters also is outdated and inefficient.”Elon Musk, the head of DOGE, has accused the Social Security system of distributing billions of dollars in wrongful payments, a claim echoed by the White House. Musk’s comments sparked intense debate about the future of the retirement program and sustainable government spending.Source: Elon MuskRelated: Musk says he found ‘magic money computers’ printing money ‘out of thin air’DOGE targets US government agencies in efficiency pushThe Department of Government Efficiency is an unofficial government agency tasked with identifying and curbing allegedly wasteful public spending through budget and personnel cuts.In March, DOGE began probing the Securities and Exchange Commission (SEC) and gained access to its internal systems, including data repositories.SEC officials signaled their cooperation with DOGE and said the regulatory agency would work closely with it to provide any relevant information requested.Musk and Trump discuss curbing public spending and eliminating government waste. Source: The White houseDOGE also proposed slashing the Internal Revenue Service’s (IRS) workforce by 20%. The workforce reduction could impact up to 6,800 IRS employees and be implemented by May 15 — exactly one month after 2024 federal taxes are due.Musk’s and the DOGE’s proposals for sweeping spending cuts are not limited to slashing budgets and reducing the size of the federal workforce.DOGE is reportedly exploring blockchain to curb public spending by placing the entire government budget onchain to promote accountability and transparency.Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

United States President Donald Trump has exempted an array of tech products including, smartphones, chips, computers, and select electronics from tariffs, giving the tech industry a much-needed respite from trade pressures.According to the US Customs and Border Protection, storage cards, modems, diodes, semiconductors, and other electronics were also excluded from the ongoing trade tariffs.”Large-cap technology companies will ultimately come out ahead when this is all said and done,” The Kobeissi letter wrote in an April 12 X post.US Customs and Border Protection announces tariff exemptions on select tech products. Source: US Customs and Border ProtectionThe tariff relief will take the pressure off of tech stocks, which were one of the biggest casualties of the trade war. Crypto markets are correlated with tech stocks and could also rally as risk appetite increases on positive trade war headlines.Following news of the tariff exemptions, the price of Bitcoin (BTC) broke past $85,000 on April 12, a signal that crypto markets are already responding to the latest macroeconomic development.Related: Billionaire investor would ‘not be surprised’ if Trump postpones tariffsMarkets hinge on Trump’s every word during macroeconomic uncertaintyPresident Trump walked back the sweeping tariff policies on April 9 by initiating a 90-day pause on the reciprocal tariffs and lowering tariff rates to 10% for countries that did not respond with counter-tariffs on US goods.Bitcoin surged by 9% and the S&P 500 surged by over 10% on the same day that Trump issued the tariff pause.Macroeconomic trader Raoul Pal said the tariff policies were a negotiation tool to establish a US-China trade deal and characterized the US administration’s trade rhetoric as “posturing.”Bitcoin advocate Max Keiser argued that exempting select tech products from import tariffs would not reduce bond yields or further the Trump administration’s goal of lowering interest rates.Yield on the 10-year US government bond spikes following sweeping trade policies from the Trump administration. Source: TradingViewThe yield on the 10-year US Treasury Bond shot up to a local high of approximately 4.5% on April 11 as bond investors reacted to the macroeconomic uncertainty of a protracted trade war.”The concession just given to China for tech exports won’t reverse the trend of rates going higher. Confidence in US bonds and the US Dollar has been eroding for years and won’t stop now,” Keiser wrote on April 12.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Changpeng “CZ” Zhao, former CEO of Binance, has denied claims that he agreed to provide evidence against Tron founder Justin Sun as part of a plea deal with the United States Department of Justice (DOJ).In an April 11 report, The Wall Street Journal cited unnamed sources alleging that CZ had agreed to testify against Sun under the terms of his settlement with US prosecutors.“As part of Zhao’s plea deal, he agreed to give evidence on Sun to prosecutors,” an “arrangement” that “hasn’t previously been reported,” the WSJ report stated, citing sources familiar with the matter.“WSJ is really TRYING here. They seem to have forgotten who went to prison and who didn’t,” Zhao wrote in an April 12 X post. “People who become gov witnesses don’t go to prison. They are protected. I heard someone paid WSJ employees to smear me.”Source: Changpeng ZhaoCZ was sentenced to four months in prison in April 2024 for Anti-Money Laundering (AML) violations. He walked free from federal prison on Sept. 27 as the wealthiest person to ever serve a US prison sentence, with a $60 billion net worth at the time.In a separate April 11 post, CZ claimed multiple individuals had warned him about the Journal’s intentions to publish what he described as a “hit piece.”Source: Justin SunSun said he was “not aware of the circulation rumors,” calling CZ his “mentor and close friend,” Cointelegraph reported on April 11.Related: Trump kills DeFi broker rule in major crypto win: Finance Redefined“Some players are lobbying against us again in the US” — CZCZ further speculated that the report could be linked to lobbying efforts against him and his former company. “I also heard some rumors about some players ‘lobbying’ against us again in the US,” CZ said.Cointelegraph has approached CZ for more details on the lobbying claims.In November 2023, Zhao said that “FTX sought regulatory ‘crack down’ on Binance to increase market share,” citing a Federal Newswire report.Related: New York bill proposes legalizing Bitcoin, crypto for state paymentsZhao’s comments come over a month after crypto donations raised influence concerns among industry participants.Crypto firms spent over $134 million on the 2024 US elections in “unchecked political spending,” which presents some critical challenges, Cointelegraph reported on March 10.Fairshake donations. Source: politicalaccountability.net“While the companies making these contributions may be seeking a favorable regulatory environment, these political donations further erode public trust and expose companies to legal, reputational, and business risks that cannot be ignored,” according to a March 7 report by the Center for Political Accountability (CPA).Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set