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President Warming Up His Pen to Sign Resolution to Kill IRS Crypto Rule If Passed

The White House is signaling a likely approval from President Donald Trump if a congressional resolution hits his desk that would rescind a crypto Internal Revenue Service rule approved just before he returned to office.
Trump’s senior advisers will recommend he sign the Congressional Review Act resolution into law, according to a Tuesday statement posted by David Sacks, the president’s crypto czar, saying that the «midnight regulation in the final days of the previous administration» is an unnecessary burden on decentralized finance (DeFi) in the U.S.
The rule «inappropriately requires certain DeFi participants to report gross proceeds from cryptocurrency sales and other digital asset transactions, including data about the taxpayers involved,» according to the statement, which emerged as the U.S. Senate began considering the resolution that could delete the IRS’ work under the authority of the CRA.
In the opening moments of what could be a longer floor debate on Tuesday, a number of Democrats voted yes on a motion to proceed with Republican Senator Ted Cruz’s resolution, showing some split in the party over opening the discussion on it. The initial motion to proceed with Senate action drew what’s known as a super majority of senators, 70-28, meaning more than two thirds of the chamber voted yes to move ahead.
«In a bipartisan, super majority vote, the Senate voted to move forward to discuss and debate the CRA resolution,» noted Jennifer Rosenthal, a spokesperson for the DeFi Education Fund. «This is a tremendous step forward, and now we move to the debate before the full Senate vote.»
In order for the CRA resolution to reach Trump, it has to pass both the Senate and the House of Representatives, where the matter had previously advanced through a committee vote.
Read More: U.S. Senate Expected to Vote on Erasing IRS’s Crypto Broker Rule That Threatens DeFi: Source
The CRA allows Congress to get rid of the rules of federal regulators approved in a very recent time window, making a tight deadline for the lawmakers to oppose the work of the previous administration.
Senator Cynthia Lummis, an industry supporter who heads a digital assets subcommittee, argued in a post on social-media site X that «these heavy-handed federal rules threaten to drive American crypto entrepreneurs overseas at a time when we should be cultivating this industry at home.»
The vote continues what promises to be a big week for crypto in Washington, with Trump’s weekend expressions of support for a crypto reserve, to an end-of-week meeting with crypto leaders and regulators at the White House. The Commodity Futures Trading Commission is also planning a crypto CEO forum.
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Tesla Reports $951M in Crypto Holdings as it Misses Earnings

Tesla (TSLA) still holds almost $1 billion in bitcoin, according to the automaker’s latest earnings report.
The electric vehicle firm reported digital asset holdings worth $951 million as of March 31, down from $1.076 billion on Dec. 30. Tesla currently holds 11,509 bitcoin in its balance sheet, according to Bitcoin Treasuries data.
The change is almost certainly due to bitcoin’s price depreciating between the two quarters. Data from Arkham Intelligence indicates that Tesla did not perform any transactions in the last three months. Arkham marks Tesla’s holdings as being currently worth $1.049 billion.
A new rule from the Financial Accounting Standards Board (FASB) requires corporate holders of digital assets to begin marking those assets to market each quarter.
Tesla also reported $19.34 billion in revenue for the first quarter of the year; analysts had expected the carmaker to rake in $21.37 billion.
The TSLA shares were up more than 2% in after-hours trading.
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Bitcoin Tops $91K as Trade Optimism Fuels Crypto Rally But Demand Headwinds Remain

Bitcoin (BTC) surged past $91,000 on Tuesday, climbing nearly 5% amid renewed investor optimism and fresh hopes of a thaw in U.S.-China trade tensions, but headwinds persist that could cap further upside, analytics firm CryptoQuant cautioned.
The largest crypto by market capitalization hit $91,700 in the U.S. afternoon, its strongest price since early March. Altcoins followed BTC higher, with Ethereum’s ether (ETH) rising 8% over the past 24 hours above $1,700, and dogecoin (DOGE) and Sui’s native token (SUI) gaining 8.6% and 11.7%, respectively. The broad-market crypto benchmark CoinDesk 20 Index advanced 5.2%.
Markets were buoyed by remarks from U.S. Treasury Secretary Scott Bessent, who reportedly told investors at a closed-door JPMorgan event that the tariff standoff with China was unsustainable. Bessent said de-escalation would come “in the very near future,” characterizing current conditions as a “trade embargo.” However, he cautioned that a more comprehensive deal between the two nations could take even years.
Stocks recovered from yesterday’s decline, with the S&P 500 and the tech-heavy Nasdaq finishing the session 2.5% and 2.7% higher, respectively. Gold, meanwhile, sharply reversed from its record price of $3,500 during the day and was down 1%.
«As capital rotates into safe-haven and inflation-hedging assets, BTC and gold are proving to be key beneficiaries of the exodus from USD risk,» analysts at hedge fund QCP Capital said in a Telegram broadcast.
They highlighted rejuvenating inflows to spot U.S.-listed BTC ETFs and the return of the so-called Coinbase price premium, suggesting demand from American institutional investors. BTC ETF booked over $381 million net inflows on Monday adding to Thursday’s $107 million, according to Farside Investors data.
But not all signs point to a sustained breakout.
Despite the price jump, on-chain data points to fragility beneath the surface, CryptoQuant analysts said in a Tuesday report. Bitcoin’s apparent demand has decreased by 146,000 BTC over the past 30 days—an improvement from the sharp drop in March, but still negative. CryptoQuant’s demand momentum metric, which tracks new investor interest, has deteriorated further to its the most bearish level since October 2024, the report noted.
Market liquidity remains soft, with the report using USDT’s market cap growth as a proxy for crypto liquidity. USDT grew $2.9 billion over the past two months, below its 30-day average. Historically, BTC rallies coincided with USDT growth above $5 billion and above trend — a threshold not yet met.
Adding to the caution, bitcoin is now facing a key resistance zone between $91,000 and $92,000 at around the «Trader’s On-chain Realized Price» metric, a level that has often served as resistance in bearish conditions. CryptoQuant’s on-chain bull score classified current market conditions as bearish, suggesting a pause or pullback could follow if sentiment weakens.
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Unicoin CEO Rejects SEC’s Attempt to Settle Enforcement Probe

Unicoin has rebuffed the U.S. Securities and Exchange Commission’s (SEC) attempt to negotiate a settlement agreement to close an ongoing probe into the Miami-based crypto company, its CEO Alex Konanykhin revealed in a Tuesday letter to investors.
In his letter, Konanykhin said Unicoin was given an “ultimatum” by the SEC to attend a settlement negotiation meeting last week, on April 18.
“We declined to show up,” Konanykhin told CoinDesk, adding that the SEC had made demands ahead of the meeting that he found “unacceptable.” He declined to share specifics, telling CoinDesk that the communication between Unicoin’s lawyers and the SEC was confidential.
Unicoin received a Wells notice — a sort of official heads-up from the SEC that it intends to file an enforcement action against the recipient — in December, shortly before former Chair Gary Gensler stepped down, alleging violations related to fraud, deceptive practices, and the offer and sale of unregistered securities. No official enforcement action has yet been filed.
Since President Donald Trump took office, the SEC has reversed its once-aggressive stance toward crypto regulation, backing off from many of its open investigations into crypto companies, including blockchain gaming firm Immutable and non-fungible token (NFT) marketplace OpenSea, and even some of its ongoing litigation, including against Coinbase and Cumberland DRW.
Other SEC enforcement cases against crypto companies, including its cases against Binance and Tron, have been paused while the parties attempt to negotiate a settlement. The agency recently reached a settlement agreement with Nova Labs, the parent company behind the Helium blockchain, that saw Nova Labs pay a $200,000 fine to settle civil securities fraud charges, and the SEC dropped its claims that Helium (HNT) and other related tokens were securities.
In his letter to investors, Konanykhin claimed that the SEC’s probe has caused “multi-billion-dollar damage” to the company and its investors.
“We would likely be a $10B+ publicly traded company by now if the SEC had not blocked our ICO, stock exchange listing and fundraising,” Konanykhin wrote, adding that the SEC had prevented Unicoin from acting on the “very favorable market opportunities.”
“We were forced into a standstill,” Konanykhin wrote.
The SEC did not respond to a request for comment.
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