a16z crypto partner Guy Wuollet says crypto is entering its “collared shirt” 
era, as the firm doubles down on a 10‑year infrastructure bet even while 
high‑profile partners exit amid a new $2b fundraise. Guy Wuollet, a16z crypto 
partner has published…

a16z’s Guy Wuollet says crypto is leaving hoodie phase for ‘collared shirt’ decade

US lawmakers on Friday unveiled the Digital Asset PARITY Act — a wide‑ranging 
draft bill that would reshape tax and regulatory treatment for digital assets 
while drawing immediate criticism for excluding Bitcoin (BTC). Introduced by 
Representatives Max Miller and Steven Horsford, the measure would, among other 
changes, create a narrow tax exemption for small stablecoin transactions and 
alter how staking income is treated. Key PARITY Act Provisions Under the 
PARITY proposal, regulated payment stablecoins used in transactions worth less 
than $200 would be exempt from recognizing gains or losses, provided the 
stablecoin’s price remains within 1% of its dollar peg at the time of payment. 
Related Reading: NVIDIA Faces Class Action After Court OKs $1 Billion Crypto- 
Mining Revenue Claims – Stock Dips 7% The bill also contains several other 
notable provisions, on staking for example, as it seeks to change the tax 
timing for income earned by passive participants in proof‑of‑stake (PoS) 
networks, permitting those “passive stakers” to defer the immediate tax 
consequences of staking rewards. Yet the bill’s approach to staking and mining 
has become a focal point for criticism. The Bitcoin Policy Institute (BPI) has 
been one of the most vocal opponents, arguing that PARITY’s staking deferral 
provisions create an uneven, technology‑biased tax regime that disadvantages 
proof‑of‑work (PoW) networks such as Bitcoin. BPI Objection Over Bitcoin 
Exclusion The Bitcoin Policy Institute contends the draft perpetuates the 
“phantom income” problem that both miners and stakers previously acknowledged 
needed legislative relief, but solves it only for stakers. The organization 
warned that by offering deferral to staking participants while leaving miners 
outside the relief, the bill effectively penalizes mining and undermines 
technological neutrality. Related Reading: MARA Holdings’ Bitcoin Sell-Off: 
15,000 BTC Liquidated As Prices Crash Below $69,000 BPI called the imbalance 
“a two‑tier tax regime,” and urged lawmakers to remedy it by restoring a 
broader de minimis exemption that is not limited to stablecoins and by 
extending the deferral election to all block‑reward recipients — miners as 
well as stakers — or otherwise explicitly including mining in the relief. The 
Bitcoin Policy Institute argued these fixes are minimal but necessary steps if 
Congress truly intends to maintain US leadership in Bitcoin and digital asset 
innovation. Left unchanged, the group warned, the draft could disadvantage 
proof‑of‑work systems and shift innovation offshore. At the time of writing, 
Bitcoin was trading at roughly $66,000, representing a 4% and almost 6% loss 
in the 24-hour and seven-day time frames, respectively, as the broader crypto 
market wraps up the week to the downside. Featured image from OpenArt, chart 
from TradingView.com

Bitcoin Omitted From PARITY Act’s Tax Relief, BPI Urges Inclusion Of Miners

XRP is under selling pressure. Weeks of consolidation below $1.50 have given 
way to a test of critical support. And quietly, an indicator that most traders 
are not watching has just flipped in a direction they should care about. 
Related Reading: Unknown Wallet Buys $107 Million In Ethereum – Purchase 
Pattern Points To Bitmine An Arab Chain report tracking risk-adjusted 
performance data on Binance has identified a shift that the price chart is not 
yet reflecting: XRP&#8217;s Sharpe Ratio has moved into positive territory at 
0.0267, while the 30-day average return has climbed to 0.00063 — a modest but 
meaningful reading that marks the first sustained improvement in risk-adjusted 
returns following months of negative and near-zero readings. These are not 
large numbers. That is precisely the point. The Sharpe Ratio does not need to 
be high to be significant — it needs to be moving in the right direction after 
an extended period of moving in the wrong direction. For XRP, that directional 
shift is new, it is recent, and it is happening while the price is still under 
pressure. That divergence — between what the risk-adjusted data is signaling 
and what the spot market is doing — is where the most important market 
information tends to live. The price reflects the present. The indicator is 
measuring something further out. The Indicator Spent Four Months in the Red. 
March Changed That Arab Chain&#8217;s historical read of the data places the current 
positive reading in its proper context. From October through late December, 
the Sharpe Ratio remained in negative or near-zero territory — a sustained 
period in which XRP holders were bearing risk that their returns were not 
compensating them for. That is not a temporary fluctuation. That is a regime, 
and it lasted the better part of a quarter. The February capitulation marked 
the low point of that regime. When XRP&#8217;s price collapsed sharply in early 
February, the indicator registered its most negative reading of the entire 
period — the moment when risk was highest, and returns were most punishing 
simultaneously. What followed was not an immediate recovery but a gradual one: 
the Sharpe Ratio began climbing as price stabilized, and March delivered the 
decisive shift, with the 30-day average return rising enough to push the 
indicator into positive territory for the first time since the cycle began 
deteriorating. Arab Chain frames the forward scenario with appropriate 
precision. If the Sharpe Ratio continues climbing — if returns improve while 
volatility stays contained — the data supports a progressively more stable 
bullish setup. If it reverses into negative territory, the stress regime 
returns. The indicator has crossed. The price has not followed yet. One of 
them will move toward the other. Related Reading: $2.3 Billion Ethereum Has 
Left OKX And Binance This Quarter: The Sell-Side Supply Is Thinning The XRP 
Support That Was Holding Is Now Being Tested XRP is trading at $1.3365, down 
1.79% on the day. The session opened at $1.3608, reached $1.3726, and has sold 
off to a session low of $1.3340 — a candle that opened, rejected immediately, 
and has spent the remainder of the day pressing toward levels not seen since 
the February capitulation floor. Today&#8217;s price action is not ambiguous. It is 
a breakdown attempt. The daily chart context makes today&#8217;s move consequential 
rather than routine. XRP has been in a confirmed downtrend since November 
2025, producing a sequence of lower highs without exception — the January 
rally to $2.40, the post-capitulation bounce to $1.65, the March recovery 
attempt to $1.55, each one sold into at a lower level than the one before. The 
structure has not produced a single higher high in five months. Related 
Reading: Ethereum Staking Ratio Hits Record 31.4% As Exchange Supply Crashes 
To 2016 Lows All three moving averages are declining in sequence, and the 
price trades beneath all of them. The 50-day MA has crossed below the 100-day 
MA, confirming the death cross on the intermediate timeframe. The 200-day MA 
descends from approximately $2.20, so far above the current price that it 
offers no near-term reference point. The February capitulation wick to $1.15 
is the last meaningful support on this chart. Today&#8217;s close at $1.3365 is 
pressing toward the lower boundary of the post-capitulation range. A daily 
close below $1.33 puts $1.15 back in play — not as a prediction, but as the 
next structural level the chart exposes if the current floor gives way. 
Featured image from ChatGPT, chart from TradingView.com

An XRP Key Indicator Just Flipped Bullish — and Most Traders Are Not Watching It

Bitcoin price slumped on Friday as uncertainty over the US economy and war in 
Iran negatively impacted stock and crypto markets.

Bitcoin traders see 53% odds of sub-$66K BTC by April 24

Kalshi gained regulatory approval to offer margin trading after its affiliate 
Kinetic Markets LLC was registered as a futures commission merchant with the 
National Futures Association on March 24, 2026. Kalshi Margin Trading Approved 
The NFA filing lists Kinetic Markets as both an FCM and swap firm. Bloomberg 
was the first to report on the […]

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