Schwab opens crypto trading to 39 million clients
Charles Schwab is rolling out direct bitcoin and ethereum trading to retail investors, marking its first spot crypto offering. The platform charges 75 basis points per transaction and launches in phases this quarter through dedicated accounts linked to existing Schwab brokerage accounts. Deposits and withdrawals are disabled at launch as clients must buy crypto directly through Schwab. Read more →
'Bitcoin taxes make no sense'
In new research, Cato Institute fellow Nicholas Anthony argues that the U.S. tax code still makes using bitcoin as actual money deeply impractical. The problem is that bitcoin is treated as property rather than currency, spending it can trigger a capital gains tax event every single time. So buying something simple with BTC is not just a payment – it can also mean tracking your cost basis, purchase date, and gain or loss for tax reporting. Anthony’s point is that this adds so much friction that it undermines bitcoin’s usefulness as a medium of exchange and nudges people toward holding it instead of spending it. Read more →
Tether backs Drift's $127 million recovery plan
Drift Protocol secured $127.5 million from Tether to compensate users after its April exploit, which resulted in roughly $280 million in losses. The package includes a $100 million credit facility, ecosystem grants, and a recovery token that users can trade for early liquidity. Tether surely is doing this from it’s benevolent heart right? No. As part of the deal, Drift will also be switching from USDC to USDT for its relaunch. Read more →
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