Today, in the cryptocurrency space, Democratic senators have been criticized for proposing a list of DeFi restrictions, Roger Ver has reportedly reached an agreement with the US Department of Justice to avoid jail time on tax charges, while a Luxembourg sovereign wealth fund has made its first investment in a Bitcoin exchange-traded fund.
Backlash when Democrats propose ‘restricted list’ of DeFi protocols
Despite previously supporting a cryptocurrency market structure bill, several Democratic senators have reportedly introduced a counterproposal that could result in DeFi protocols being placed on a “restricted list” if deemed too risky.
The move, among others they suggested, could “kill DeFi,” according to its critics.
Democrats on the Senate Banking Committee sent a proposal to Republicans on the panel Thursday seeking to impose “know your customer” rules on the front-ends of cryptocurrency apps — including non-custodial wallets — and strip protections from cryptocurrency developers, several industry commentators said Thursday, citing… a report From Punchbowl News.
Among those commentators was cryptocurrency lawyer Jake Chervinsky He said The counterproposal could eliminate any chance of creating a structural framework for the cryptocurrency market, noting that it could undermine bipartisan support The law of clarity It had already been secured in the House of Representatives in July, where it received 294 votes to 134.
“It’s very bad. It doesn’t regulate cryptocurrencies, it bans them,” Chervinsky said, pointing to a proposed measure that would allow the Treasury Department to create a “restricted list” of DeFi protocols that it deems too dangerous, making it a crime for anyone to use them.
Summer Mersinger, CEO of the Blockchain Association, said the proposal, if implemented, would make it impossible for industry players to comply and push local innovators abroad.
Roger Ver reaches tentative agreement with US Department of Justice over tax levies: report
Bitcoin advocate Roger Ver, known to many in the cryptocurrency industry as “Bitcoin Jesus,” She reportedly reached an agreement With the US Department of Justice, which may allow him to avoid prison time.
According to a report published by The New York Times on Thursday, Ver receipt A preliminary agreement with US authorities requires the Bitcoin (BTC) defender to pay $48 million in taxes owed on his cryptocurrency holdings. Ministry of Justice Ver was charged with mail fraud And tax evasion in April 2024, seeking his extradition from Spain to stand trial.
The New York Times reported that Fair has ties to figures associated with the administration of US President Donald Trump, including the appointment of lawyers who previously worked for the president. He also reportedly paid $600,000 to political consultant Roger Stone, a Trump adviser, to push for changes to US tax laws.
The reported deal followed a series of regulatory and legal actions under the Trump administration to ease legal issues related to digital assets. At press time, the tentative agreement had not appeared in the docket for Fair’s case in the U.S. District Court for the Central District of California.
The initial indictment alleges Fair lied I mentioned On tax forms related to his cryptocurrency holdings. He and two of his companies, MemoryDealers and Agilestar, allegedly owned about 131,000 bitcoins in 2014. The Justice Department said he tried to evade paying taxes on his assets by renounced his U.S. citizenship and later became a citizen of St. Kitts and Nevis.
Luxembourg sovereign wealth fund dips into Bitcoin ETFs with 1% stake
Luxembourg’s sovereign wealth fund She allocated 1% of her portfolio to Bitcoin exchange-traded funds (ETFs), marking one of the first moves by a European state-backed investment entity.
Luxembourg Treasury Director and Secretary General Bob Kiefer noted the investment in LinkedIn on Wednesday mail. He said Finance Minister Gilles Roth revealed the decision during his presentation of the 2026 budget in the House of Representatives, Luxembourg’s legislative body.
“Recognizing the growing maturity of this new asset class, and underscoring Luxembourg’s leadership in digital finance, this investment is an implementation of FSIL’s new investment policy, which was approved by the government in July 2025,” Kiefer said.
Luxembourg’s Intergenerational Sovereign Wealth Fund (FSIL) has reportedly invested 1% of its holdings in Bitcoin exchange-traded products. – Considering the fund’s assets under its management on 764 million euros (about $888 million) as of June 30. This equates to an investment of about $9 million in Bitcoin ETFs.
