The Solana-based memecoin MELANIA, named after US First Lady Melania Trump, is under growing scrutiny after a series of large token sales linked to the project’s team.
On May 3, blockchain researcher EmberCN revealed that project-linked wallets offloaded nearly 10 million MELANIA tokens in just eight days.
MELANIA-Linked Wallets Offload $23 Million in Tokens Since March
These sales amounted to nearly $4.6 million, raising strong concerns over the project’s long-term viability and team motives.
According to EmberCN, the sales followed a Dollar-Cost Averaging (DCA) strategy alongside unilateral liquidity provision. These techniques allowed the project to reduce price impact while quietly exiting large positions.
Notably, this is not the first time the project has utilized this approach. In April, the same wallets sold 3 million tokens in exchange for about 9,009 SOL—roughly $1.2 million at the time—employing a similar liquidation approach.
Meanwhile, these selling activities have been ongoing for a long time. Since mid-March, the wallets have quietly liquidated around 41.67 million MELANIA tokens for around 170,000 SOL, worth approximately $23 million.
EmberCN pointed out that most of these proceeds appear to have been converted to USDC and withdrawn. This suggests an ongoing effort by the project’s team to exit their significant positions in the token.
The repeated and large-scale token sales by wallets tied to the project have fueled suspicions among holders.
Many now question whether the meme coin was ever designed for long-term utility or merely crafted to capitalize on the name recognition of the US first lady.
MELANIA launched in January 2025 amid media buzz, spurred by its branding and the timing of President Donald Trump’s inauguration. However, that early momentum has rapidly faded amid a broader market lull that significantly impacted meme coins.
According to BeInCrypto data, the token trades at roughly $0.38, down more than 6% over the past day and 31% in the last seven days.
Shiba Inu price has been lagging behind newer meme coins such as FARTCOIN and PEPE, which have registered notable gains in the last month. However, a recent spike in the SHIB burn rate and active address count has sparked speculation over whether the second-largest meme coin can compete with these new coins.
SHIB value today is flashing bearish signals with a 2% decline to trade at $0.000013 at press time. The dips come after the broader crypto market retreated after Bitcoin (BTC) slipped below $96,000.
Shiba Inu Price in Focus as Burn Rate Spikes 22,000%
A rally is brewing for the Shiba Inu price after a drastic surge in the burn rate. Data from Shibburn shows that in the last 24 hours, more than 27 million tokens have been removed from the circulating supply, with a single address burning more than 15 million SHIB.
The surging burn rate coincides with a surge in user activity after the active address count soared to the highest level in nearly two months. Data from Santiment shows that the number of active addresses in the last seven days has reached 23,014, which is the highest since late February.
SHIB Active Addresses
As network usage grows, it triggers a surge in the burn rate as depicted in the above data, and this makes a bullish case for the Shiba Inu price prediction.
Can SHIB Compete with New Meme Coins?
In recent weeks, capital has been rotating from older meme coins to newer ones as traders chase quick profits. This capital rotation follows weak Shiba Inu price performance, considering that it has gained by only 9% in the last month. In contrast, FARTCOIN has soared by 196% during the same period, while PEPE is up by 23%.
However, given that old meme coins such as Dogecoin and SHIB are less volatile, traders might shift away from these newer coins if they show signs of a weakening trend. Moreover, analysts have also predicted an upcoming SHIB rally.
Hence, if the burn rate and active address count continue to rise, SHIB has the potential to compete against new meme coins. If these fundamentals weaken, then coins such as FARTCOIN will continue outperforming Shiba Inu.
Shiba Inu Technical Analysis
The price of Shiba Inu is breaking out of a descending parallel channel on the weekly chart, suggesting that the bearish momentum is growing weak, which may unlock an upward trend. However, SHIB still needs to overcome resistance at $0.0000173, at which point it will have created a higher high and confirm a shift trend from bearish to bullish.
However, this upswing will only be confirmed if the top meme coin can attract buy-side activity that will push the RSI above 50. Doing so will confirm the shift in market structure, and this will trigger the uptrend towards key resistance levels.
SHIB/USDT: 4-Hour Chart
If the above bullish thesis fails and SHIB fails to make a decisive close above the descending trendline, it may spark a decline to the support level of $0.108. However, as long as the active address count and SHIB burn rate remain high, the meme token has the potential to sustain gains.
As Justin Sun’s Tron network has undergone a significant upgrade, the TRX price has seen a major rally despite the recent hack. Reportedly, scammers hacked the official Twitter account of Tron and used it to steal user funds. While Sun traced the stolen funds to OKX, he contacted them to freeze the assets.
Notably, the TRX price, currently trading at $0.2482, surged by a marginal $1.6% over the last 24 hours and a notable 7.2% over the past month despite a 0.6% weekly dip. Though TRX reached a daily high of $0.2498 following the upgrade, the Twitter hack pulled the price down.
Tron Upgrade Boosts TRX Price Despite Recent Security Breach
Justin Sun’s Tron blockchain received a major upgrade, only to be hit by a security breach on the platform’s official X account shortly after. However, Tron’s TRX token stood largely unaffected by the hack, surging by nearly 2%.
Immediately after the upgrade, the token saw a significant surge of 7%, with its trading volume increasing by a whopping 43%. According to TronScan’s on-chain data, transaction volume on the TRON network surged 15% to over 5.8 million transactions by 1:00 PM UTC
Despite the hack, the TRX token is now trading around $0.24, sparking optimism within the Tron ecosystem.
Twitter Hack: What Happened to Tron?
Following the upgrade, the Tron ecosystem faced a security breach, with scammers hacking the firm’s official Twitter account to promote a scam. Using the compromised account, the scammers stole funds and moved them to accounts allegedly linked to OKX, a top crypto exchange.
Taking quick action on the matter, Justin Sun urged OKX to freeze the funds connected to the scam. Addressing X, Sun wrote on X,
We urgently call on @okx to immediately freeze and investigate the fraudulent funds deposited following the illegal takeover of the @trondao Twitter account. We trust that OKX will act swiftly and responsibly, ensuring that its platform does not become a safe haven for scam proceeds.
Further, seeking support from the investigation team, Sun exposed the scammer’s deposit address: EuzLBJdKCxYEPW7SDrn8GSaFkMEPxnW9Vk6fZr8ZrqwH. He also provided two transaction hashes:
5iA3uxng1Fu………..ZvMrZEA
5a1egGEwnxquSDK…………NNdHvhyH53ad
OKX Responds
In response to Justin Sun’s request, OKX Founder Star Xu posited that the platform will collaborate with law enforcement and may freeze funds based on preliminary evidence. However, he added that continued freezing requires legal documentation from authorities.
Despite these incidents over the past few hours, the TRX price remains stable, trading in a green zone.
Bitcoin price rally halted at $97,800 on Saturday, as markets reacted to a major update in Arizona state’s cryptocurrency reserve adoption.
Arizona State Governor Vetoes Against Bitcoin Reserve Bill After Congress Approval
Bitcoin’s upward momentum faced unexpected headwinds this week following a political setback in Arizona. Governor Katie Hobbs formally vetoed Senate Bill 1025, which sought to allow the state to invest public funds in Bitcoin.
This move came just days after the bill passed the Arizona House, signaling bipartisan momentum toward crypto adoption at the state level.
Arizona State Governor Vetoes Against Crypto Reserve Bill, May 2, 2025
Citing fiduciary risk, Hobbs emphasized that Arizona’s retirement system remains one of the nation’s strongest precisely because it avoids “untested” assets like virtual currency.
This development aligns Arizona with several other states, Oklahoma, Montana, and Wyoming, where similar crypto bills have faltered.
The bill had proposed establishing a Digital Assets Strategic Reserve using seized state funds and upto 10% of the state Treasury.
Hobbs’ veto marks a significant reversal, especially as the state legislature had edged closer to positioning Arizona as the first U.S. state to adopt Bitcoin as a reserve asset.
Looking forward, another related proposal, SB1373, still awaits a final vote and may reopen the conversation if it garners enough legislative support.
Bitcoin Price Hits Sell-Wall at $98,000, as Short-Traders Cluster $1.2B Leverage
BTC price posted a strong performance through the week, climbing to new 70-day highs at $97,800 early Saturday before retracing toward $96,700.
The timing of the pullback, which closely followed Governor Hobbs’ veto, appears to have introduced caution among traders and short-term holders.
Data from Coinglass’ Liquidation Map reveals a dense cluster of short positions at the $98,000 mark, where bears have placed roughly $1.2 billion in leveraged bets.
The liquidation map visually highlights where significant liquidations may occur if price moves strongly in either direction.
Bitcoin Liquidation Map, May 3, 2025 | Source: Coinglass
While bulls control a dominant $7.45 billion in long positions, only $4.42 billion sits on the short side. However, nearly 25% of the total short leverage is focused precisely at $98,000, suggesting that bears are using Arizona’s regulatory rejection as a catalyst to test upside resistance.
Despite this, bulls still hold a $3 billion advantage, suggesting a strong defense could emerge around support levels, particularly near $96,000, where previous consolidation zones have formed.
Looking Ahead: Tempered Weekend Action Ahead for Bitcoin Price Forecast
With Arizona’s veto introduces fresh regulatory skepticm, it could weaken institutional demand over the weekend as markets await further clarity.
The presence of $1.2 billion in short positions clustered at $98,200 creates a psychological and technical ceiling, dampening momentum toward a $100,000 breakout.
Bitcoin price action, May 3, 2025 | Source: Coingecko
For Bitcoin to advance towards the $100,000 bullish BTC price forecast trajectory, a decisive move above this short cluster is required, potentially triggered by renewed institutional accumulation or fresh policy tailwinds.
Until then, Bitcoin price action could be limited within the $96,000–$98,000 range, if weekend activity subsides as predicted.
Bitcoin Price Forecast Today: Rangebound Between $96,000 and $98,000 Amid Waning Momentum
Bitcoin price forecast today suggests a tempered and cautious stance, with momentum visibly slowing just below the $98,000 mark.
The daily chart shows BTC consolidating after a strong run, but the reluctance to breach upper resistance near the Bollinger Band’s top at $100,736 reflects rising overhead pressure.
On the positive side, BTC price remains above the 20-day moving average, at $90,813, but the tightening bands signal reduced volatility and a potential pause in upward extension.
Bitcoin Price Forecast Today
The BBP indicator, though still in positive territory at 5,647, has flattened, reflecting a moderation in buying pressure.
Meanwhile, the MACD lines remain in a bullish crossover, but the histogram bars are shortening—implying weakening bullish momentum.
This raises the possibility of a sideways drift over the weekend unless another significant market catalyst revives institutional interest
Bitcoin price forecast today leans cautious as long as price action remains boxed between $96,000 support and $98,200 resistance.
A decisive break above $98,200 would invalidate the consolidation thesis, while a drop below $96,000 could open downside toward $92,000. For now, the technicals call for restraint until clearer direction emerges
As the month comes to a close, the cryptocurrency market is once again shifting. Investors are scanning the charts for early signs of breakout projects, and Mutuum Finance (MUTM) is quietly positioning itself as one of the most promising plays before April ends. With strong momentum in its presale, increasing community activity, and a focus on real platform utilities, Mutuum Finance is starting to stand out.
For anyone asking what crypto to buy now, MUTM offers a rare combination of early accessibility, solid fundamentals, and major upside potential that makes it one of the best cryptocurrencies to invest in at the moment.
What is Mutuum Finance (MUTM)?
Mutuum Finance is a decentralized finance platform built to support lasting growth and stability. Unlike many speculative projects that rely purely on hype, Mutuum focuses on providing real-world use cases. Its platform enables users to earn passive income on their digital assets, access liquidity without selling holdings, and interact with a future-ready ecosystem.
At the center of its ecosystem is the mtToken model. By depositing assets into Mutuum, users receive mtTokens that reflect both their initial deposit and the interest earned over time. The strength of this system lies in its simplicity — users can grow their holdings without the need for constant reinvestment or active yield chasing. Instead, their mtTokens naturally grow in value over time, creating an easy and automated way to build wealth in crypto.
Mutuum is also actively working on launching its own overcollateralized stablecoin. This stablecoin is minted directly through the platform, ensuring that every unit is backed by real on-chain collateral. Instead of relying on external stablecoins that may add counterparty risks, Mutuum’s built-in system preserves value inside the platform — strengthening liquidity, minimizing external reliance, and enhancing the overall resilience of its ecosystem.
The Mutuum Finance presale has already captured significant attention. To date, it has raised over $7.3 million from a growing base of more than 9,200 holders, with over 432 million tokens sold. Currently priced at $0.025, MUTM remains one of the best cryptos to buy now before wider exposure pushes prices higher.
As Phase 4 of the presale nears completion, the price is set to rise to $0.03, marking a 20% increase. This incoming price adjustment is creating urgency among early investors who recognize that securing an entry before the next phase could mean locking in strong gains even before the token hits public exchanges.
Several key factors are aligning to suggest that Mutuum Finance could be gearing up for a strong breakout. First, there’s the clear and steady whale accumulation happening behind the scenes — a classic signal that informed investors are preparing for a bigger move.
Second, Mutuum’s real-world utility makes it more attractive than projects that rely purely on speculative trading. Its stablecoin system, passive income structure, and user-first design provide actual reasons to use and hold the token beyond short-term speculation.
Finally, the Mutuum team has ambitious yet achievable goals. They plan to launch a beta version of the platform alongside the token’s official release, ensuring that users can immediately interact with core features. Additionally, the project is undergoing a CertiK audit to strengthen trust ahead of exchange listings — a necessary step that many serious investors look for before backing a new project.
The closing days of April could present one of the best entry points for those serious about catching the next wave of DeFi growth. While established projects like Ethereum and Solana remain strong, they no longer offer the same outsized upside opportunities they once did. Newcomers like Mutuum Finance, with strong utility, passive income options, and an active development roadmap, are increasingly where smart money is flowing.
For those exploring which crypto to buy today for future growth, MUTM offers one of the strongest setups in the market. As April comes to a close, it’s worth paying close attention to this rising DeFi contender — before the breakout becomes mainstream news.
For more information about Mutuum Finance (MUTM) visit the links below:
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As the month comes to a close, the cryptocurrency market is once again shifting. Investors are scanning the charts for early signs of breakout projects, and Mutuum Finance (MUTM) is quietly positioning itself as one of the most promising plays before April ends. With strong momentum in its presale, increasing community activity, and a focus …
Dogecoin (DOGE), the cryptocurrency born from a meme, is facing a turbulent 2025 as it trades at $0.1570, reflecting a steep 60% decline year-to-date. Over recent months, DOGE has been consolidating within a narrow range of $0.13 to $0.25, with key support levels at $0.30 and resistance around $0.48.
While analysts debate DOGE’s next move, savvy investors are pivoting to more promising projects like Ruvi, a rising star in the blockchain world offering groundbreaking presale rewards and unparalleled long-term potential.
Dogecoin’s Mixed Market Sentiment
Despite its rollercoaster performance, Dogecoin still holds onto its position as a top cryptocurrency by market cap, supported by vocal community members and occasional celebrity endorsements. However, its inability to breach critical resistance levels like $0.48 has left investors searching for alternative opportunities. Many are now looking toward Ruvi, which offers tangible rewards and a vision that extends beyond mere hype.
Ruvi’s Approach to Blockchain Innovation
Ruvi’s platform is setting a new standard in the crypto landscape by combining state-of-the-art technology with real-world applications. Its ecosystem integrates AI features, innovative DeFi tools, and green energy initiatives to solve pressing global challenges. But what truly captures the attention of early investors is Ruvi’s generously structured presale, which allows participants to benefit even before the official token launch.
How Ruvi’s Presale Rewards Set a New Benchmark
Ruvi’s presale offers are uniquely tailored to reward backers based on their level of commitment. Here’s how some potential investment scenarios could play out:
Maximize Value with a Modest Investment If an investor puts in $1,200 during the presale at a rate of $0.01 per token, they would receive 120,000 tokens. Thanks to a generous 60% bonus, they’d gain an additional 72,000 tokens, totaling 192,000 tokens. If Ruvi’s token reaches $2.75 post-launch, the investment could grow to an impressive $528,000.
Achieve Significant Returns with Larger Contributions Investors with deeper pockets can benefit even more. For example, an investment of $10,000 at a presale rate of $0.01 per token nets 1,000,000 tokens, along with a 100% bonus, adding another 1,000,000 tokens for a total of 2,000,000 tokens. If the token hits $4.00, this would amount to a $8 million payoff.
Exclusive Benefits for Presale Investors Beyond financial rewards, presale participants unlock unique privileges such as priority access to platform features, advanced DeFi integrations, and governance rights, positioning them at the forefront of Ruvi’s ecosystem.
Why Ruvi Stands Out in a Crowded Market
Unlike Dogecoin, which relies on sentiment and unpredictable market shifts, Ruvi offers a more calculated and sustainable approach. With its deflationary tokenomics that include strategic buybacks and burns, Ruvi ensures scarcity and continual value growth. Furthermore, its focus on practical applications like AI-enhanced tools and environmental solutions gives the project real-world utility that appeals to both seasoned investors and newcomers.
Seize This Opportunity Before It’s Gone
While Dogecoin continues to face resistance and unpredictable price swings, Ruvi’s presale is presenting a rare window of opportunity for investors. With token bonuses, early access to exclusive features, and the potential for exponential returns, Ruvi is not just another crypto project; it’s a revolution in blockchain innovation.
The post Dogecoin (DOGE) Struggles at $0.157, But Ruvi AI (RUVI) Is Expected to Turn $1,000 into $500,000 Thanks to Early Bonus appeared first on Coinpedia Fintech News
Dogecoin (DOGE), the cryptocurrency born from a meme, is facing a turbulent 2025 as it trades at $0.1570, reflecting a steep 60% decline year-to-date. Over recent months, DOGE has been consolidating within a narrow range of $0.13 to $0.25, with key support levels at $0.30 and resistance around $0.48. While analysts debate DOGE’s next move, …
Ethereum co-founder Vitalik Buterin has urged the blockchain community to rethink the network’s design approach, pushing for a more minimalist and efficient structure.
In a blog post published on May 3, Buterin argued that Ethereum should adopt a simpler protocol model, similar to Bitcoin’s, to improve efficiency, scalability, and security.
Buterin Touts Bitcoin’s Simplicity
Buterin described Ethereum’s current system as overly complex, warning that its technical depth increases costs, isolates research efforts, and raises the likelihood of serious bugs.
The Ethereum co-founder also emphasized that the current design centralizes too much control among a small group of technically advanced contributors. He argued that this approach undermines the network’s decentralization ethos.
“Even a smart high school student is capable of fully wrapping their head around and understanding the Bitcoin protocol. A programmer is capable of writing a client as a hobby project,” Buterin wrote.
According to Buterin, simplifying the protocol will make Ethereum more resilient, reduce infrastructure costs, and lower the entry barrier for developers.
He also concluded that simplicity should be treated as a core value, much like decentralization. He believes Ethereum must prioritize design choices that promote clarity, robustness, and long-term sustainability.
How Can Ethereum Reduce its Complexity?
To achieve this vision, Buterin highlighted three key areas where Ethereum can reduce complexity.
First, he recommended changes to the consensus layer, particularly by streamlining the finality system and reducing the number of validators. These steps, he said, would lower operational costs and speed up network consensus.
He pointed out that the consensus layer is loosely coupled with Ethereum’s execution system. This separation gives developers more flexibility to implement improvements without breaking core functionality.
“The nice thing about the consensus layer is that it is relatively disconnected from EVM execution, which means that there is a relatively wide latitude to continue to make these types of improvements,” Buterin said.
To do this, Buterin recommends introducing RISC-V, a simpler and more efficient computing architecture, as an alternative execution option. He also envisions a future where developers can write contracts using RISC-V alongside the EVM.
Vitalik Buterin’s Proposal on Simplifying Ethereum’s L1. Source: Buterin
Additionally, he suggested replacing precompiles with a canonical on-chain implementation. He also proposed building a RISC-V-based EVM interpreter to support future upgrades with better maintainability.
Lastly, he called for standardization across protocol components. Instead of using different tools for similar functions, Ethereum could adopt one erasure code, serialization format, and Merkle tree. This unified approach would help reduce redundancy and enhance the network’s clarity.
“There is typically very little or no benefit to using different protocols to do the same thing in different places, but such patterns appear anyway, largely because different parts of protocol roadmapping don’t talk to each other,” Buterin pointed out.
Market Sentiment Turns Positive as Bitcoin Climbs and Fear & Greed Index Rises
Crypto market sentiment is showing clear signs of optimism as the Fear & Greed Index moves higher — a signal that investor confidence is growing. This index, widely used to gauge emotional sentiment in the crypto space, helps traders assess the overall mood of the market. An upward shift often correlates with stronger buying interest and a more bullish outlook.
At the same time, Bitcoin has broken past the $94,000 resistance level and is heading toward its all-time high. Historically, moments like this mark the beginning of altcoin season, as liquidity begins shifting from BTC into the broader altcoin market. During these cycles, memecoins have repeatedly delivered some of the biggest gains, often outperforming more established tokens.
As momentum builds, the stage may be set for another wave of explosive growth across the crypto space, especially among meme-driven and community-fueled projects.
A fresh contender for the next 1000x token of 2025 is quickly emerging as the altcoin market gains steam ahead of its next major surge.
SOLAXY aims to enhance Solana’s blockchain performance
Solaxy is entering the spotlight with a plan to solve some of Solana’s most critical issues, including congestion, low transaction speed, and scalability problems. Its roadmap is centered around delivering higher efficiency and long-term reliability for developers and users alike. While the technical foundation of Solaxy is attracting infrastructure-focused investors, another rising project is gaining traction thanks to its blend of story, community, and real utility, and that’s Pepeto.
PEPETO builds momentum as a utility-driven memecoin with early investor appeal
At a current presale price of just $0.000000126, Pepeto gives investors a chance to get in at the ground level. With the upcoming launch of PepetoSwap, a zero-fee trading platform, and the Pepeto Exchange, the project is positioning itself to deliver more than just meme value, it’s aiming to create a sustainable crypto ecosystem.
Part of what makes Pepeto stand out is its narrative. With a 420 trillion token supply identical to Pepe’s, rumors continue to circulate that someone connected to the original project may be involved. In Pepeto’s backstory, Pepe managed to grab four of the key documents needed to launch a memecoin, but left behind two critical elements: Technology and Optimization. Pepeto, symbolizing Power, Energy, Precision, and Efficiency, kept the full formula.
Pepe may have believed he took everything that mattered, but the most essential ingredients were left behind.
PEPETO presale closes soon with listings on the way
Investors can still purchase $PEPETO tokens at the presale price of $0.000000126 through the official website, pepeto.io. Supported payment methods include USDT, ETH, BNB, and card via MetaMask or Trust Wallet. As updates roll out on PepetoSwap and exchange listings, early backers will benefit from staking opportunities and platform advantages. Pepeto is quickly establishing itself as one of the most promising memecoin launches heading into 2025.
For more information about PEPETO, users can visit:
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Market Sentiment Turns Positive as Bitcoin Climbs and Fear & Greed Index Rises Crypto market sentiment is showing clear signs of optimism as the Fear & Greed Index moves higher — a signal that investor confidence is growing. This index, widely used to gauge emotional sentiment in the crypto space, helps traders assess the overall mood of …
Despite the broader market uptick this week, Hedera’s native token HBAR has bucked the trend, registering a 5% decline over the past seven days.
With bearish momentum building, the HBAR token now risks a return to its year-to-date low.
HBAR Slides Below Key Indicators
HBAR’s decline comes as many top cryptocurrencies post modest gains this week, reflecting its divergence from general market sentiment.
Readings from the HBAR/USD one-day chart suggest that this bearish trend could persist in the short term. For example, as of this writing, HBAR trades below the dots that make up its Parabolic SAR (Stop and Reverse) indicator.
This indicator measures an asset’s price trends and identifies potential entry and exit points. When an asset’s price trades below the SAR, it indicates a downtrend. It suggests the market is in a bearish phase, with the potential for further price dips.
Supporting this bearish outlook, HBAR’s Chaikin Money Flow (CMF) remains in the negative territory, signaling a decline in buying volume and a growing presence of sellers in the market. It currently stands at -0.07.
This key momentum indicator measures money flows into and out of an asset. A negative CMF reading, like HBAR’s, signals that selling pressure dominates the market. This means that more investors are offloading the token than accumulating it, a pattern associated with a weakening price trend.
HBAR Tests 20-Day EMA: Will It Hold or Break Toward $0.12?
The daily chart shows HBAR’s decline has pushed it near the 20-day exponential moving average (EMA). This key moving average measures an asset’s average price over the past 20 trading days, giving weight to recent changes.
When the price falls near the 20-day EMA, it signals a potential support level being tested. However, if the price breaks decisively below the EMA, it may confirm sustained bearish momentum and further downside risk.
Therefore, HBAR’s break below the 20-day EMA could lower its price to its year-to-date low of $0.12.
Crypto tax is perhaps the most feared tool in the government’s arsenal to regulate the explosive growth of digital assets. An uncertainty here is never a welcome sign. The crypto community in the US is now looking at a new type of tax uncertainty as two senior IRS crypto officials leave at a crucial juncture.
Seth Wilks and Raj Mukherjee, who helped develop the digital asset policy, have left their posts just as the 1099-DA form nears its first enforcement deadline. They joined the IRS just last year and stepped away from their roles on May 2 under a federal DOGE’s voluntary resignation program.
Their exit comes as traders, platforms, and tax professionals prepare for the mandatory use of the 1099-DA form in 2025, a form created to help brokers report crypto activity more accurately and consistently.
Crypto Tax Leaders’ Resignations Leave a Critical Gap
Wilks and Mukherjee were leaders of the IRS Digital Asset Initiative, and they were responsible for guiding how crypto activity should be tracked and reported. They were brought in to help lead the agency’s efforts to build service, reporting, compliance, and enforcement programs on cryptocurrency and other digital assets.
The duo’s work has shaped key aspects of the 1099-DA form and also helped align tax implementation with blockchain practices.
Now with both out of the office, the crypto tax regime faces a leadership vacuum. Without clear replacements, users and exchanges may not know what to expect from the IRS in the next few months. Any delay in guidance can increase the compliance risk or lead to confusion during the next tax cycle.
Digital Asset Rules May Shift Without Industry-Informed Leadership
Both leaders brought crypto industry experience into the IRS. Wilks previously worked with TaxBit, and Mukherjee held senior tax roles at ConsenSys and Binance. This helped build a bridge between regulators and platforms, and that balance can be lost if successors lack the same understanding.
The pair also worked on DeFi reporting rules, some of which were reversed by Congress earlier this year. Clarity on those rules may also be delayed with their departure.
IRS Staff Exits Add Pressure Before 2025 Filing Begins
Earlier this year, the Department of Government Efficiency (D.O.G.E.) introduced a voluntary resignation program that offered federal employees the option to leave the workforce early. More than 20,000 IRS staff members signed up, including those in digital asset oversight.
This tsunami of exits created major staffing gaps across departments. And since then, the IRS has not named any successors for its crypto tax division yet. Until the appointments, the crypto community is likely left without any clear direction.
Amid the policy uncertainty, the crypto community has been urging the government for clarity for a long time now. The prominent crypto lawyer John Deaton recently outlined a five-point plan for crypto regulation in the United States, calling for urgent action to establish clear rules.
