Travis Hill has served as acting FDIC chair since Donald Trump took office on Jan. 20, later issuing guidance on crypto-related activities and criticizing allegations of debanking. US President Donald Trump sent the nomination of acting chair of the Federal Deposit Insurance Corporation (FDIC), Travis Hill, to the Senate for consideration to assume the government role for a five-year term. According to congressional records, Trump’s nomination of Hill as FDIC chair was sent to the Senate Banking Committee on Tuesday. Before assuming his role at the FDIC, Hill issued a statement that the department should offer additional guidance on digital assets and tokenization and spoke out against allegations of US authorities debanking companies due to their ties to crypto. He followed with a letter aimed at financial institutions in March, clarifying that banks could engage with digital assets as a ”permissible activity.” Read more
Bitwise’s Hunter Horsley says Solana’s shorter unstaking period gives it an advantage over Ethereum in the race for staking ETFs, as US regulators prepare key decisions in October. Bitwise CEO Hunter Horsley says Solana may gain an edge over Ethereum in the staking exchange-traded fund (ETF) market, pointing to its design as more favorable for investors. Speaking with Cointelegraph editor Andrew Fenton at Token2049 in Singapore, Horsley argued that Solana’s quicker unstaking period gives it an advantage over Ethereum. For instance, Ethereum’s withdrawal queue recently reached new highs, while Solana’s typically clears faster. Horsley said that difference matters for issuers who must be able to return assets to investors quickly. “It’s a huge problem,” Horsley said. “The ETFs need to be able to return assets on a very short time frame. So this is a huge challenge.” Read more
Injective launches onchain pre-IPO perpetuals for companies like OpenAI, offering leveraged exposure and a decentralized alternative to Robinhood’s tokens. Injective Protocol, a layer-1 blockchain focused on decentralized finance, is launching onchain pre-IPO perpetual markets, giving global investors access to trade synthetic versions of major private companies such as OpenAI. The new offering allows users to take up to five times leveraged positions on private company valuations directly through Injective, a move the protocol says distinguishes it from centralized pre-IPO products offered by platforms like Robinhood. According to Injective’s announcement on Wednesday, the Pre-IPO perpetuals are powered by onchain data sourced from Seda Protocol, which provides decentralized oracle infrastructure to bring price data onto blockchains, and Caplight, which aggregates private market pricing data for venture-backed companies. Read more
Senate lawmakers debated whether cryptocurrencies should have special tax exemptions to encourage everyday use and the industry's growth. US lawmakers debated crypto tax policy at Wednesday’s Senate Committee on Finance hearing, including possible tax exemptions for crypto transactions below a certain threshold and how income from staking services should be classified. Lawrence Zlatkin, the vice president of tax at crypto exchange Coinbase, urged the Senate committee to consider a de minimis tax exemption for cryptocurrency transactions under $300 to encourage commercial use in payments and ensure innovation occurs inside the US. Zlatkin said: Lawmakers also grappled with how to close the annual tax gap of about $700 billion through enforcing tighter reporting requirements for cryptocurrency transactions, minimizing tax exemptions, and potentially classifying revenue from staking services as earned income subject to taxation under the tiered income tax system. Read more