The US government has finalized its crypto broker tax reporting rule, which requires trading front ends to track and report on user activity starting 2027. The rule applies to the sale of every digital asset, including NFTs and stablecoins.
A lawsuit is expected to be filed claiming that the rule exceeds Treasury’s authority and violates the Administrative Procedure Act. Congressional review is also likely, with potential disapproval similar to last year’s vote on SAB 121.
The SEC v Ripple case remains a focal point, with an appeal request from the agency pending. If successful, XRP could fall under the SEC’s purview, potentially delisting and impacting demand.
However, markets expect the incoming SEC Chair Paul Atkins to withdraw the appeal, supporting Trump’s pro-crypto agenda. This could support XRP, which remains above $2 despite recent price dips.
The SEC’s appeal strategy will determine XRP’s near-term trends. A withdrawal could fuel demand, driving XRP toward its January 2018 all-time high of $3.55. Conversely, a filing could slide XRP below $1.50.
Bitcoin (BTC) also faces regulatory pressure and risk sentiment, with the DeFi broker tax reporting rule weighing on supply-demand balance. US BTC-spot ETF trends add volatility, with net inflows for Fidelity Wise Origin Bitcoin Fund and ARKB.
Corporate adoption of BTC boosts long-term prospects, with Bitwise filing for a new Bitcoin Standard Corporations ETF. The BITWISE ETF could invest in companies holding 1,000 BTC or more, including MicroStrategy and Tesla.
Near-term BTC price trends depend on US BTC-spot ETF activity, US government crypto maneuvers, and strategic bitcoin reserve updates. Spot ETF outflows could weigh on demand, potentially dragging BTC toward the $90,742 support level.
Source: https://www.fxempire.com/forecasts/article/xrp-news-today-bidens-tax-rule-fuels-crypto-volatility-impacts-xrp-and-btc-1486618