Florida has become the latest state to drop plans for a Strategic Bitcoin Reserve, shelving two key bills that would have allowed public funds to be invested in Bitcoin. According to the Florida Senate, both of Florida’s Bitcoin reserve bills,…

Florida drops Bitcoin reserve plans as HB 487 and SB 550 withdrawn

Veteran US Internal Revenue Service (IRS) official Trish Turner has been 
appointed to lead the agency&#8217;s digital assets division following the departure 
of two key crypto-focused executives.
Turner, who has spent over 20 years at the IRS and most recently served as a 
senior adviser within the Digital Assets Office, will now head the unit, 
according to a report from Bloomberg Tax citing a person familiar with the 
situation.
Her promotion marks a significant leadership transition at a time when US 
crypto tax enforcement is facing both internal and external pressures.
On May 5, Sulolit &#8220;Raj&#8221; Mukherjee and Seth Wilks, two private-sector experts 
brought in to lead the IRS&#8217;s crypto unit, exited after roughly a year in their 
roles.
Mukherjee served as compliance and implementation executive director, while 
Wilks oversaw strategy and development. Wilks announced his departure on 
LinkedIn, while Mukherjee confirmed his decision in a statement to Bloomberg 
Tax.
&#8220;The reality is that federal employees have faced a very difficult environment 
over the past few months,&#8221; Wilks wrote. &#8220;If stepping aside helps preserve 
someone else&#8217;s job, then I am at peace with the decision.&#8221;
_Seth Wilks announcing his departure on LinkedIn. Source:__Seth Wilks_
 _**Related:**__**Coinbase files brief with US Supreme Court in support of 
taxpayers &#8216; privacy**_
## IRS ramps up crypto scrutiny
The IRS has ramped up its focus on cryptocurrency in recent years, increasing 
audits and criminal probes targeting digital asset transactions.
It also attempted to introduce broad crypto broker reporting requirements, 
which drew sharp criticism from industry stakeholders and was eventually 
overturned by US President Donald Trump.
Set to take effect in 2027, the so-called IRS DeFi broker rule would have 
expanded the tax authority&#8217;s existing reporting requirements to include DeFi 
platforms, requiring them to disclose gross proceeds from crypto sales, 
including information regarding taxpayers involved in the transactions.
_**Related:**__**NFT trader faces prison for $13M tax fraud on CryptoPunk 
profits**_
Turner&#8217;s leadership also comes during a shift in Washington&#8217;s approach to 
crypto regulation.
With the return of the Trump administration in January, federal agencies have 
scaled back regulations perceived as burdensome to digital asset innovation.
For instance, the Securities and Exchange Commission has dropped or paused 
over a dozen enforcement cases against crypto companies. Additionally, the 
Department of Justice has announced the dissolution of its cryptocurrency 
enforcement unit, signaling a softer approach to the sector.
Internally, the IRS is also navigating instability. Over 23,000 employees have 
reportedly expressed interest in resigning after Trump reintroduced a deferred 
resignation policy, raising concerns about long-term staffing and morale 
within the agency.
_**Magazine: **__**Bitcoin to $1M &#8216;by 2029,&#8217; CIA tips its hat to Bitcoin: 
Hodler&#8217;s Digest, April 27 &#8211; May 3**_

IRS appoints Trish Turner to head crypto division amid resignations

Without verifiable safeguards, open-source AI could also be vulnerable to 
manipulation, but blockchain can provide the trust layer it needs.

Open-source AI isn’t the end-all game—Bringing AI onchain is | Opinion

With the XRP price struggling to break out of consolidation, there is still a 
lot left for the altcoin to do before a definite uptrend can be registered. So 
far, it seems that the XRP price has already made its way through multiple 
support levels. However, a wave count is yet to begin that could send the 
altcoin soaring, according to an XRP analyst. This could mean that the 
cryptocurrency has more upside to come, especially as the market is expected 
to usher in an altcoin season. 5 Wave Counts Coming For XRP Price Crypto 
analyst Dark Defender took to X (formerly Twitter) to expound upon where the 
XRP price could be headed next. This comes after a retest of the $2.22 level 
and the eventual rejection from this level. The result of this is a bearish 
retest of the support at $2.13, a level that could be the defining moment for 
the bears. Nevertheless, bullish expectations are still rampant and Dark 
Defender has revealed how this could play out for the XRP price. Related 
Reading: Analyst Says $2 XRP Price Is Low As It Still Isn’t “Activated” As the 
altcoin is expected to move through five waves, the first of these waves is 
naturally expected to be bullish. The crypto analyst says the XRP price 
correction is now nearing its end and this could mean the start of this first 
wave. This wave, if it plays out correctly, could push the price to $2.8 in 
the first instance. On the next wave, the price is expected to correct 
sharply, triggering an almost 20% crash and pushing toward $2.3. However, with 
the third wave being more bullish than the first, another bounce would set XRP 
on a path above $4. In this instance, the XRP price would’ve reached a brand- 
new all-time high, with the expectation of beating its 2017 high of $3.8. Next 
is the fourth bearish wave and this would push the price back below $4 again, 
but not for long. Once the fifth and final wave is underway, it is expected to 
push the price even higher. For this wave, the crypto analyst sees the XRP 
price rising as high as $6.3 for the final leg-up. Related Reading: Dogecoin 
Price Hit An Early Bottom? Why $0.35 Is Still Possible Interestingly, all of 
this is expected to happen in the short-term, which means sometime in 2025. 
The shared chart shows a completion of the five waves by December 2025, giving 
only seven months for all of this to play out and reach above $6. However, 
there is still the possibility of invalidation, especially as support for the 
first wave is expected at $1.88. A break below this level could trigger 
further downside and lead to the complete breakdown of the XRP price. Featured 
image from Dall.E, chart from TradingView.com

Crypto Analyst Calls Wave 5 To Send XRP Price Above $6

Uniswap is now live on Soneium, Sony&#8217;s entertainment-focused Layer 2 platform, 
allowing users to swap, provide liquidity, and bridge across networks. This 
integration supports seamless value exchange for various digital assets, 
including collectibles and tokenized intellectual property. Launched in 
January 2025, Soneium aims to protect intellectual property and onboard new 
users to onchain experiences, with […]

Uniswap Goes Live on Soneium, Enabling Onchain Entertainment Transactions and NFTs

Crypto exchange OKX&#8217;s CEO for its Middle East and North Africa (MENA) arm has 
urged the crypto industry to focus on delivering real-world utility as 
interest in real-world asset (RWA) tokenization accelerates.
In a Cointelegraph interview at the Token20249 event in Dubai, OKX MENA CEO 
Rifad Mahasneh warned that while tokenization is promising, projects must 
&#8220;clearly demonstrate&#8221; the benefits of tokenizing specific assets.
&#8220;In some cases, we&#8217;re tokenizing things that don&#8217;t need tokenization, but in 
some cases, we&#8217;re tokenizing things that actually give you real, everyday 
value, right? And if you can see that everyday value, then that is a promising 
project,&#8221; Mahasneh told Cointelegraph.
The executive said that, similar to other industries, hype can drive project 
growth in the Web3 space. However, the executive told Cointelegraph that 
providing everyday value should be the priority.
_OKX MENA CEO Rifad Mahasneh at the Token2049 media lounge. Source: 
Cointelegraph_
## RWA tokenization gains traction in the UAE
Mahasneh&#8217;s comments come amid an increase in real-world asset tokenization 
projects in the Middle East, including the United Arab Emirates.
On May 1, MultiBank Group signed a $3 billion RWA agreement with the UAE-based 
real-estate firm MAG and blockchain infrastructure provider Mavryk &#8212; the 
largest RWA initiative across the globe to date.
In addition to billions in RWA deals, the UAE government has itself started 
working on RWA tokenization. On March 19, the Dubai Land Department &#8212; the 
government agency responsible for promoting, organizing and registering real 
estate in Dubai &#8212; announced a pilot phase of its real-estate tokenization 
project. The agency is working with Dubai&#8217;s Virtual Assets Regulatory 
Authority (VARA), the emirate&#8217;s crypto regulator.
On Jan. 9, RWA project Mantra also signed a $1 billion deal with Damac Group 
to tokenize the assets of the UAE-based conglomerate. However, months later, 
Mantra saw one of the biggest token collapses in crypto history, wiping out 
billions in market capitalization on April 13.
Mahasneh told Cointelegraph that the region&#8217;s clear regulations drive these 
moves from bigger institutions to get into tokenization and crypto. The OKX 
MENA CEO said that clear regulations allow players to understand how key 
players in the space, like exchanges, are governed by reading the rulebooks 
set by regulators.
_**Related:**__**Real estate not the best asset for RWA tokenization &#8212; 
Michael Sonnenshein**_
## UAE stablecoin framework gives institutions confidence
The executive also praised the region&#8217;s progress in its stablecoin 
regulations. In June 2024, the Central Bank of the UAE approved a regulatory 
framework for stablecoin licensing. This clarifies the issuance, supervision 
and licensing of dirham-backed payment tokens.
According to Mahasneh, this demonstrates the UAE&#8217;s speed in regulating crypto- 
related technologies. The executive also highlighted that the involvement of 
the central bank gives institutions extra confidence in getting into the 
business.
&#8220;Other markets are still debating whether they should have crypto regulations. 
Here, we moved into developing stablecoin regulations. For an investor, you 
want to know that your stablecoin is regulated. That&#8217;s a big plus,&#8221; Mahasneh 
said.
Since then, major players like Tether have joined the race in issuing a 
dirham-pegged stablecoin. On April 29, institutions like Abu Dhabi&#8217;s sovereign 
wealth fund, the Abu Dhabi Developmental Holding Company (ADQ), First Abu 
Dhabi Bank and the International Holding Company partnered to launch a dirham- 
pegged stablecoin, pending regulatory approval.
_**Magazine:**__**Crypto wanted to overthrow banks, now it &#8216;s becoming them in 
stablecoin fight**_