Senator Lummis Proposes Bill to Exempt Crypto Transactions Under $300 and Annual Gains Up to $5,000 from Taxes

Telegram’s Blockchain Developer The Open Platform Hits $1 Billion Valuation with $28.5 Million Series A, Plans Global Crypto Wallet Expansion

The Open Platform (TOP), the main app developer for Telegram’s chosen blockchain (TON), has raised $28.5 million in a Series A round at a $1 billion valuation, officially making it a crypto unicorn. The round was led by Ribbit Capital, with Pantera Capital also participating. TOP has now raised over $70 million in total funding. The company is a key driver of Telegram’s crypto integration, including developing the Wallet in Telegram app that is already live in several regions outside the U.S. and Europe. With this funding, TOP plans to expand the wallet into Western markets and incubate other TON-based projects, including blockchain games and AI applications.

China’s Nano Labs Buys $50 Million in BNB, Plans to Hold Up to 10 Percent of Binance Coin’s Circulating Supply

Nano Labs Ltd, a major Web3 infrastructure and product solution provider in China, has purchased 74,315 Binance Coin (BNB) tokens via an OTC deal for about $50 million at an average price of $672.45 per token. This brings the company’s total mainstream digital asset reserves, including Bitcoin and BNB, to approximately $160 million. The purchase marks the first step in Nano Labs’ broader BNB strategic plan, with intentions to eventually acquire up to $1 billion worth of BNB and hold 5% to 10% of its total circulating supply.

Senator Lummis Unveils Bill to Exempt Small Crypto Transactions and Clarify Tax Rules for Mining, Lending, and DeFi

US Senator Cynthia Lummis has introduced a draft bill aiming to modernize crypto and Bitcoin taxation after digital asset amendments were left out of the recent budget package. The bill proposes a de minimis tax exemption for digital asset transactions and capital gains of $300 or less, capped at $5,000 annually. It also seeks to exempt crypto lending and charitable contributions, and defer taxes on mining and staking rewards until assets are sold. The move addresses widespread frustration over unclear tax rules and aims to prevent stifling innovation in the US crypto industry. Lawmakers continue to negotiate final crypto-related provisions before the spending bill reaches President Trump.

SEC and SIFMA Discuss Digital Asset Rules, Call for Clearer Framework and Caution on Tokenized Securities

The SEC’s Crypto Task Force met with the Securities Industry and Financial Markets Association (SIFMA) to discuss crypto regulation, focusing on digital asset issuance, digital commodities, and tokenized securities. SIFMA stressed the need for a consistent, updated regulatory approach that aligns with technological advances and maintains strict separation of functions like trading and custody. The group urged limited direct retail access to digital securities trading and called for a transparent, holistic framework that clearly defines digital assets. SIFMA also asked the SEC to deny no-action or exemptive relief requests from digital asset firms offering tokenized equities, advocating instead for a public process with meaningful feedback.