In today’s crypto news, President Trump announced plans to significantly reduce or eliminate federal income taxes for individuals earning below $200,000, with the intention of using trade tariffs to offset income tax revenue. Trump described this as a potential economic boon for America. Additionally, Bitcoin-focused treasury firms, including those mentioned by Blockstream's Adam Back, are predicting that Bitcoin could achieve a market cap of $200 trillion due to increasing institutional recognition of its monetary properties. Back emphasized that the strategy of companies holding Bitcoin as treasury assets is a sustainable arbitrage in the current financial landscape, driven by Bitcoin’s price growth compared to fiat inflation. Furthermore, SEC Commissioner Hester Peirce likened the current regulatory environment for crypto in the U.S. to playing a game of 'the floor is lava' in the dark, indicating confusion and uncertainty in crypto asset custody regulations and advocating for clearer guidelines to engage with digital assets effectively.

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