According to Odaily, Simon Gerovich, CEO of the Japanese-listed company Metaplanet, which employs a Bitcoin reserve strategy, announced on the X platform that the company is assessing whether it might be classified as a Passive Foreign Investment Company (PFIC) by the U.S. Internal Revenue Service (IRS) for its American shareholders. Under current IRS guidelines, a company is considered a PFIC if 75% or more of its income in a tax year is passive, or if 50% or more of its average assets produce or are held for the production of passive income. Metaplanet believes that most of its goodwill can be classified as active assets. However, the IRS may disagree and could potentially classify Metaplanet as a PFIC for the 2025 tax year. The company is currently consulting with advisors to provide clearer guidance to shareholders, including whether information can be provided to allow shareholders to make a "Qualified Electing Fund" election regarding their shares. Additional guidance is expected to be available soon. Note: A Passive Foreign Investment Company is a special classification under U.S. tax law concerning the tax treatment of U.S. investors holding shares in such foreign companies, requiring compliance with specific reporting rules based on shareholding.

According to PANews, Louisiana is considering the establishment of a committee to evaluate artificial intelligence, blockchain, and cryptocurrency technologies. This initiative follows an executive order by U.S. President Donald Trump aimed at promoting innovation in the cryptocurrency sector. The resolution seeks to explore the benefits and challenges associated with these emerging technologies.

According to PANews, Russia's Ministry of Digital Development is drafting new regulations aimed at curbing illegal cryptocurrency mining. The proposed rules stipulate fines ranging from 100,000 to 200,000 rubles for individuals involved in unauthorized mining activities, while companies could face penalties of up to 2 million rubles. Additionally, any cryptocurrencies involved in illegal mining operations would be confiscated. The proposal is currently undergoing interdepartmental review. The regulations also explicitly prohibit the use of cryptocurrencies for payment settlements, with violators facing fines of up to 1 million rubles. Mining farm operators will be required to report mining data and wallet addresses to the financial regulatory authority. While current Russian policies permit household mining with a monthly electricity consumption cap of 6,000 kilowatt-hours, restrictions are enforced in ten regions. The Central Bank has stated that the confiscation of crypto assets will serve as the most effective deterrent.

Odaily Planet Daily News Simon Gerovich, CEO of Metaplanet, a Japanese listed company that adopts a Bitcoin reserve strategy, posted on the X platform that for the company's US shareholders, Metaplanet is currently evaluating whether it will be classified as a passive foreign investment company (PFIC) by the IRS. According to existing IRS guidelines, if 75% or more of the income in a tax year is passive income, or 50% or more of the average assets held in the tax year generate passive income or are held for the purpose of generating passive income, Metaplanet will become a passive foreign investment company for that tax year. Although Metaplanet believes that most of the company's goodwill can be characterized as active assets, the IRS may disagree with this determination and will likely identify Metaplanet as a passive foreign investment company in the 2025 tax year. Currently, Metaplanet is communicating with advisors to provide shareholders with clearer guidance, including whether information can be provided to enable shareholders to make a "qualified elective fund" choice for their holdings, and it is expected that such additional guidance will be provided in the near future. Note: Passive foreign investment companies are a special classification for non-US companies in US tax law. They mainly involve the tax treatment rules when US investors hold shares in such companies. Compliance declarations must be ensured based on shareholdings.

According to Cointelegraph, a forthcoming Bitcoin software update is set to significantly increase the data capacity on the blockchain, sparking debate within the community. The Bitcoin Core 30 update, scheduled for release on October 30, will remove the existing 80-byte limit on the OP_RETURN function, allowing each output to carry up to 4 megabytes of data. This change was announced by Bitcoin Core developer Gloria Zhao on GitHub, following a statement signed by 31 Bitcoin Core developers supporting the modification, known as merged pull request (MPR) #32406. The decision to remove the data limit was initially indicated by developers on May 5. The OP_RETURN function gained attention last year during the Ordinals craze, enabling users to store various types of data on the Bitcoin blockchain, from non-fungible token-like collections to historical documents like the Afghan war logs published by WikiLeaks in 2010. However, the proposed change has stirred controversy among conservative members of the Bitcoin community, who argue that non-financial data could clutter the blockchain with unnecessary information, detracting from its primary purpose of facilitating peer-to-peer Bitcoin (BTC) transactions. Alexander Lin, co-founder of crypto investment firm Reforge, expressed concerns on social media platform X, labeling the data limit expansion as a "terrible mistake" and warning that it could increase systemic risks to Bitcoin's core property as sound money. Despite the opposition, some Bitcoiners, including Peter Todd, the lead author of the proposal, advocate for the increased data limit, suggesting it could broaden Bitcoin's applications beyond financial transactions. In a GitHub statement, Zhao emphasized the developers' preference for a hands-off approach, allowing users to decide how they utilize the blockchain: "Demanding that Bitcoin Core prevent certain transactions from being mined reflects a misunderstanding of the relationship between open source software users and developers." However, the decision has led to dissatisfaction among several Bitcoiners, including Dennis Porter, CEO of the Satoshi Action Fund, who expressed disappointment and announced he would cease supporting Bitcoin Core development. The controversy has also impacted Bitcoin Core's market share. Since the introduction of MPR #32406 on April 28, Bitcoin Core's dominance in the market share of Bitcoin nodes has decreased from approximately 98% to just over 88%, according to data shared by a pseudonymous Bitcoiner on X. The Bitcoin Knots client has gained nearly all of the lost market share, now accounting for 11.48%, as reported by coin.dance data. Bitcoin commentator Matthew R. Kratter warned that the decision to increase the data limit could pose long-term challenges for Bitcoin Core, potentially reducing its dominance to the 20-30% range within the next one to three years.

The Blockchain Group gains approval for €11B Bitcoin strategy, aiming for treasury alignment. source: https://coincu.com/342581-blockchain-group-e11b-bitcoin-strategy

1: The US Federal Court of Appeals will temporarily maintain Trump's tariff policy; 2: The US CLARITY Act passed the House Agriculture Committee by 47 votes to 6; 3: The White House: The report that Treasury Secretary Bessant is considered a candidate for the next Federal Reserve Chairman is not true; 4: People familiar with the matter: The US SEC requires Solana ETF issuers to submit a revised S-1 form within the next week; 5: A new wallet withdrew 200 BTC from Binance, worth $22 million; 6: Pump.fun once again transferred about $24.39 million in SOL fee income to Kraken; 7: Connecticut passed a new bill prohibiting state governments from holding or investing in virtual currencies such as Bitcoin; 8: GameStop purchased 4,710 bitcoins between May 3 and June 10; 9: COINSHARES SOLANA ETF is registered in Delaware; 10: Traders Eugene: Stop loss should not be strictly enforced before, the power of Ethereum is emerging; 11: Founder of 1confirmation: Ethereum wins the market with its commitment and reliability; 12: 20x long BTC whale has made a floating profit of $5.39 million, and its position has expanded to $405 million; 13: Arkham: A newly created address received 4 million USD1 from WLFI and became the 10th largest holder; 14: SlowMist Cosine: The assets transferred out of the Alby wallet have been recovered, and users can take the initiative to appeal to retrieve their assets; 15: The mayor of Los Angeles announced a curfew in downtown Los Angeles; 16: The vice president of OCEAN mining pool announced that he would liquidate Bitcoin and exit the industry due to the change of OP_RETURN; 17: Crypto journalist: The US Congress intends to give the CFTC new jurisdiction over the spot crypto market; 18: A whale/institution has recently made a profit of $30.45 million through only two ETH bands; 19: American Bitcoin, supported by the Trump family, has accumulated $215 so far. Bitcoin; 20: Goldman Sachs: Tariffs may push up US inflation; 21: Web3 security company Hypernative completes $40 million Series B financing, led by Ten Eleven Ventures; 22: Binance: Users with Alpha points above 239 can apply for 400 RESOLV airdrops; 23: A whale/institution previously purchased 114,300 AAVE and has made a floating profit of more than $40 million due to today's price surge.

Bitcoin Core dev Gloria Zhao says the data limit for OP_RETURN will be raised in October, infuriating several Bitcoin users who prefer images, text and audio to stay off the blockchain. source: https://cointelegraph.com/news/bitcoin-op-return-data-limit-raise-next-update?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

OUSG is now live on XRP Ledger, offering instant US Treasury exposure using Ripple's RLUSD stablecoin. source: https://www.thestreet.com/crypto/markets/ondo-launches-tokenized-us-treasuries-on-xrpl-via-ripples-rlusd

According to Odaily, Los Angeles Mayor Bass announced a curfew for the city's downtown area on Tuesday. This decision follows intense protests against the Immigration and Customs Enforcement (ICE) agency, which led to clashes between demonstrators and law enforcement. The unrest also resulted in widespread vandalism and some instances of looting, particularly during late-night and early morning hours. The curfew is set to begin at 8 p.m. local time on Tuesday and will last until 6 a.m. on Wednesday, covering a one-square-mile area of downtown Los Angeles.

From a tech giant to a rising political star, Musk's every move has attracted global attention. Is his idea of ​​an "American Party" a sudden whim or a well-thought-out strategy?

Hong Kong, "Hong Kong Stablecoin Ordinance" landed: What opportunities are gold mines? Golden Finance, giants rush to license, the ecosystem is full of gold!

From regulatory fog to institutional entry, how can interest-bearing stablecoins replicate the path of money market fund explosion?

Interest-bearing stablecoins, after studying 100 interest-bearing stablecoins, we found 5 potential coins Golden Finance, stablecoins are becoming a market consensus.

Introducing Plasma — a new blockchain built specifically for stablecoins with USDT at its core.

Recommended readings tonight: 1. The reality and bubbles under the 100-fold PE carnival: Who is betting on the future of Circle? 2. Who is Bowman, the vice chairman of the Federal Reserve Board of Governors? What cryptographic remarks have been made? 3. What factors have led to the gratifying rise of BTC and ETH? ;

Singapore continues to strengthen its regulation of the cryptocurrency industry through the Payment Services Act and the Financial Services and Markets Act.

The “Year of Stablecoins” is not only a boom for an asset class, but also heralds a new chapter in the deep integration of the crypto world and traditional finance.

Risks still exist. First, Circle faces great competitive pressure. Currently, USDT still accounts for nearly 70% of the market share, and new players such as PayPal's PYUSD have entered the market with a huge user base. Tighter supervision may also prompt large banks to directly issue stablecoins.

Tether will release its Bitcoin Mining Operating System (MOS) as open-source software by late 2025, allowing smaller miners to join without relying on expensive third-party tools. This aims to make Bitcoin mining more accessible and competitive, giving new players better control and efficiency.