Trump Repeals Controversial IRS Crypto Broker Rule + SBF Transferred to Notorious New Prison
Sam Bankman-Fried Transferred to Violent Federal Prison, Trump Repeals Controversial IRS Crypto Rule, CryptoPunk NFT Sells for $6M Amid Market Decline, and US Inflation Slows with Potential Economic Risks from Trump’s Tariffs.
Because Bitcoin
April 10, 2025
Sam Bankman-Fried Transferred to Notorious Federal Prison in California
Sam Bankman-Fried, founder of the failed crypto exchange FTX, has been moved to a medium-security federal prison in Victorville, California, marking a significant downgrade from his previous accommodations. After spending time in Brooklyn’s Metropolitan Detention Center and a transit facility in Oklahoma, the convicted fraudster now faces a harsher prison environment. Victorville has a reputation for violence and gang activity. Bankman-Fried, sentenced to 25 years in prison for defrauding customers of over $8 billion, is reportedly seeking a pardon from President Trump, while his legal team continues to appeal his conviction.
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Trump Repeals Controversial IRS Crypto Broker Rule, Marking First Signed Crypto Law
President Trump signed a resolution repealing a Biden-era IRS rule that would have imposed strict reporting requirements on crypto custodial brokers and DeFi platforms. Originally finalized in December, the rule aimed to treat decentralized finance players like traditional brokers, requiring them to report user data and issue 1099 tax forms. The repeal—backed by bipartisan support—was led by Sen. Ted Cruz and Rep. Mike Carey, who called it the first crypto bill ever signed into law. The move signals a regulatory shift and was praised by industry advocates for protecting developers and promoting decentralized innovation.
CryptoPunk NFT Sells for $6M — $10M Loss Amid Falling ETH and Market Slump
A rare CryptoPunk NFT (#3100) sold for 4,000 ETH—about $6 million—on Thursday, marking a steep $10 million loss from its $16 million sale last year due to both Ethereum’s price drop and declining NFT demand. Once the third highest NFT sale ever, the asset’s value has fallen alongside broader market weakness in top collections like Bored Apes and Azuki. The collection’s owner, Yuga Labs, announced in 2023 it would no longer be involved with CryptoPunks after backlash to a spinoff project.
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US Inflation Slows in March, but Trump’s Tariffs Could Reverse Gains
Inflation slowed to 2.4% in March from 2.8% in February, signaling economic resilience. However, experts warn that the impact of President Trump’s sweeping tariffs could soon reverse this progress. Despite falling energy prices and a slight dip in core inflation, economists caution that the full effects of the new tariffs—which could raise prices for consumer goods like electronics and clothing—haven’t yet been reflected. The potential for rising costs and reduced consumer spending could lead to negative GDP growth and higher unemployment, putting further pressure on the economy.
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