Abu Dhabi regulator grants trading firm Rain permission to offer crypto services

The Department of Government Efficiency (DOGE) is reportedly proposing cutting the Internal Revenue Service’s (IRS) workforce by 20% in a change expected to take effect by May 15, 2025.According to CNN, the cuts would impact an estimated 6,800 employees at the government agency, in addition to the 6,700 probationary employees who have already been let go and 4,700 IRS agents who were given severance packages to retire.However, a recent ruling from US district judge William Alsup ordering federal agencies to reinstate probationary workers terminated due to the DOGE cost-cutting programs could hinder the layoffs if the order is not overturned.President Trump has promised comprehensive tax reform in the United States, including potentially eliminating the federal income tax and funding the federal government exclusively through tariffs on foreign goods.President Trump discussing his policy proposals with reporters inside the Oval Office. Source: The White HouseRelated: Crypto taxes, DOGE, Trump and avoiding an IRS audit: Taxbit exec spills the teaDOGE pursues cost-cutting and efficiency strategiesThe Department of Government Efficiency, headed by businessman Elon Musk, is exploring methods to reduce the $36 trillion US national debt by substantially reducing the size of the federal bureaucracy and introducing cost-cutting measures.One of the more unique measures proposed included putting all public spending onchain to reduce deficits and ensure transparency.On Feb. 21, the Securities and Exchange Commission (SEC) announced it was cutting its regional office directors to comply with the Trump administration’s cost-saving directives.However, under the reorganization plan, the regional offices, which are spread out across major US cities, would stay open, and the SEC recently submitted its 2025 budget proposal to Congress requesting $2.6 billion.The US national debt has exploded to over $36 trillion. Source: US Debt ClockPresident Trump and Elon Musk have considered passing on 20% of the DOGE savings to Americans in a stimulus check or potential tax credits.Research from accounting automation company Dancing Numbers argued that Trump’s plan to eliminate federal income tax could save the average American $134,809 in taxes throughout their lives.The company added that these lifetime tax savings could extend to as much as $325,561 per person if other wage-based taxes at the state level are also repealed.Despite this, not everyone is convinced by DOGE’s cost-cutting tactics, including US Senator Elizabeth Warren, who is highly critical of Elon Musk, Trump, and DOGE.In January 2025, the Massachusetts Senator sent a letter to the DOGE proposing increasing taxes and federal spending to make the government more efficient.Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

The founder of a cryptocurrency exchange whose namesake was tied to Anti-Money Laundering (AML) was found guilty of wire fraud and money laundering in a California court.In a March 12 trial in the US District Court for the Northern District of California, a jury found AML Bitcoin creator Rowland Marcus Andrade guilty of two felony counts as part of a scheme to defraud investors. Authorities initially filed criminal charges against Andrade in June 2020 in parallel to a civil case filed by the US Securities and Exchange Commission (SEC) against the AML Bitcoin creator and the NAC Foundation, for which he was the founder and CEO.“Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features,” said Linda Nguyen, the IRS Criminal Investigation Oakland Field Office Special Agent in Charge. “But there is nothing advanced about this scheme. Rowland Marcus Andrade stole money from innocent people and used it to further his personal wealth.”Rowland Marcus Andrade jury verdict on March 12. Source: PACERThe SEC’s civil case against Andrade was notable for the involvement of political lobbyist Jack Abramoff, who served four years in prison between 2006 and 2010 following his conviction on mail fraud, conspiracy to bribe public officials and tax evasion. A judge agreed to stay the SEC lawsuit in January 2021 until the conclusion of Andrade’s criminal case, suggesting that it may once again proceed soon.The June 2020 indictment alleged the NAC Foundation claimed a cryptocurrency that AML Bitcoin would launch — it never did — would comply with money laundering and Know Your Customer (KYC) regulations. Andrade used those claims for an initial coin offering between 2017 and 2018. According to the information presented at his trial, the AML Bitcoin creator diverted more than $2 million in proceeds from the sale of the platform, spending it on real estate and luxury automobiles.Related: IRS wants court to toss crypto exec’s appeal over bank record summons“Andrade falsely claimed, among other misrepresentations, that the Panama Canal Authority was close to permitting AML Bitcoin to be used for ships passing through the Panama Canal when no such agreement existed,” said the Justice Department.The AML Bitcoin creator is scheduled to return to court for a sentencing hearing on July 22, having remained free on a $75,000 bond since 2020 with some travel restrictions. He faces a maximum penalty of 20 years in prison for the wire fraud count and 10 years for the money laundering count.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

The United States Senate Banking Committee elected to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in an 18-6 vote.None of the amendments proposed by Senator Elizabeth Warren made it into the bill, including her proposal to limit stablecoin issuance to banking institutions.“Without changes, this bill will supercharge the financing of terrorism. It will make sanctions evasion by Iran, North Korea, and Russia easier,” Warren argued.Senator Warren argues for amendments to be included in the bill. Source: US Senate Banking Committee GOPSenator Tim Scott, chairman of the Senate Banking Committee, characterized the bill as a victory for innovation. The Senator said:”The GENIUS Act establishes Common Sense rules that require stablecoin issuers to maintain reserves backed one-to-one, comply with anti-money laundering laws, and ultimately protect American consumers while promoting the US dollar’s strength in the global economy.”The bill must still pass a vote in both chambers of Congress before it is turned over to President Trump and ultimately signed into law. However, the Senate Banking Committee advancing the bill represents the first step in clear, comprehensive legislation requested by the crypto industry.Senator Tim Scott, chairman of the Senate Banking Committee, leads the hearing. Source: US Senate Banking Committee GOPRelated: The GENIUS stablecoin bill is a CBDC trojan horse — DeFi execGENIUS Act gets overhaul to feature stricter provisionsSenator Bill Hagerty, who introduced the bill in February 2025, defended the legislation against the proposed amendments from Senator Warren, arguing that the bill already includes provisions for consumer protection, Anti-Money Laundering, and crime prevention.On March 10, Hagerty announced that the bill was updated to include stricter reserve requirements for stablecoin issuers, AML provisions, safeguards against terrorist financing, transparent risk management procedures, and stipulations for sanctions compliance.According to Dom Kwok, founder of the Web3 learning platform Easy A, the newly added provisions will make it harder for foreign stablecoin issuers to comply, giving US-based firms a competitive edge.Senator Bill Hagerty defends his bill from proposed amendments. Source: Senate Banking Committee GOPAttorney Jeremy Hogan said the GENIUS Act signals an impending merger of the traditional financial system with stablecoins.“The legislation is explicitly making plans for stablecoins to interact with the traditional digital banking system. The ‘merge’ is being planned,” the attorney wrote in a March 10 X post.During the March 7 White House Crypto Summit, US Treasury Secretary Scott Bessent explicitly said that the Trump administration would leverage stablecoins to protect the US dollar’s global reserve status.Magazine: Bitcoin payments are being undermined by centralized stablecoins