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A traffic light is red outside the U.S. Internal Revenue Service building in Washington, D.C., on Feb. 20, 2025.Kent Nishimura | ReutersThe IRS has lost nearly one-third of tax auditors amid sweeping cuts from Elon Musk’s Department of Government Efficiency, a watchdog report found.As of March 2025, the agency’s workforce had fallen by more than 11,000 employees, or 11%, due to probationary terminations and the deferred resignation program, according to a May 2 report from the Treasury Inspector General for Tax Administration.The percentage of separated employees was significantly higher for certain departments — including so-called “revenue agents,” who conduct audits…

The supply of Bitcoin available for purchase is tighter than it looks. Institutional investors and major businesses are loading up on the crypto. Some crypto industry executives are forecasting stunning price gains. 10 stocks we like better than Bitcoin › Bitcoin (CRYPTO: BTC) doesn’t need to reinvent itself to get to $1 million, it just needs to continue getting scarcer than it is today, when its price is near $95,000 per coin. If investors and institutions keep showing up with new capital while new supply continues to be harder to come by, its price is more likely to go up…

Washington CNN  —  President Donald Trump’s sweeping economic agenda is putting the Federal Reserve in a difficult situation it hasn’t confronted in decades. The topic is front and center for central bank officials as they convene for their two-day policy meeting this week. Trump has plunged the United States into an erratic trade war that threatens higher inflation and rising unemployment. The Fed may now have to choose between saving jobs or fighting inflation. If it lowers rates to guard against an economic downturn from Trump’s tariffs, that could potentially push up inflation. Yet if it raises rates to discourage…

(Bloomberg) — Bitcoin rose alongside Asian stocks and a strengthening dollar after news that the US and China plan to hold trade talks. Most Read from Bloomberg The largest digital asset rose about 3.2% to top $97,500 on Wednesday morning in Singapore before paring gains, while second-ranked Ether climbed as much as 4.2%. The rally followed news that US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with the Chinese government this week in Switzerland, raising hopes that the world’s two largest economies can reach an agreement that may ease trade tensions. Meanwhile, India said in a…

ROMAIN COSTASECA/Hans Lucas/AFP via Getty Images New Hampshire passed legislation establishing the country’s first crypto reserve. The new law allows the state treasurer to purchase digital assets with a market cap of over $500 billion. Trump’s executive order on a national crypto reserve didn’t authorize new purchases of digital assets. Legislators in New Hampshire voted to pass a bill that establishes the first state crypto reserve. “New Hampshire is once again First in the Nation!” state governor Kelly Ayotte wrote on X. “Just signed a new law allowing our state to invest in cryptocurrency and precious metals.” The tweet is…

House Democrats registered a protest against President Donald Trump’s “corruption” at a hearing on digital assets on May 6. The members were supposed to hold discussions in order to build bipartisan support for legislations on stablecoin and crypto market structure at the ‘American Innovation and the Future of Digital Assets’ hearing. However, the Democrats chose to voice their criticism of the president’ crypto ventures during the hearing. Rep. Maxine Waters (D-CA-43) said that Trump’s first 100 days were filled with failures, chaos, and incompetence. Trump is using his crypto ventures to create an avenue to enrich himself and his inner circle. “I am…

Frank Bisignano testifies before the Senate Finance Committee on his nomination to be Commissioner of the Social Security Administration, on Capitol Hill in Washington, DC, March 25, 2025. Saul Loeb | AFP | Getty ImagesThe Senate has voted to confirm Frank Bisignano as the new commissioner of the Social Security Administration, ushering in new leadership at a federal agency that has already undergone many changes this year under the Trump administration’s Department of Government Efficiency.Bisignano, the chairman and CEO of payments and financial technology company Fiserv Inc., was nominated to serve as Social Security commissioner in December by then President-elect Donald…

The UK has ruled out the possibility of having a Strategic Bitcoin or crypto reserve, unlike the U.S. On May 6, speaking at the Financial Times Digital Asset Summit in London, Economic Secretary to the Treasury, Emma Reynolds, MP, said, “We don’t think that’s appropriate for our market.” Reynolds said the U.S. has changed course under President Trump but added: “That’s not the plan for us.” Although the U.K. isn’t as quick to follow Washington’s lead on Bitcoin accumulation, it is throwing in with the U.S. when it comes to regulatory cooperation, Reynolds explained. She also noted that talks between…

It is often said that crypto is part technology and part religion. As such, it is hardly surprising that the unfolding regulatory overhaul has been accompanied both by vigorous soul searching related to the state of crypto’s (often anti-establishment) core values and palpable excitement over potential new use cases. With the blessing of CoinDesk, I asked the panelists of our upcoming people’s regulatory roundtable at Consensus 2025—each of them crypto veterans and advocates for sensible regulation—about safeguarding crypto values in regulatory reform and about the innovation that new regulation is making possible. You can catch Kayvan Sadeghi, Connor Spelliscy, Lewis…

By Hannah Lang (Reuters) -Tensions on Capitol Hill over President Donald Trump’s various cryptocurrency ventures escalated on Tuesday and threatened to derail the digital asset sector’s hope of legislation by the end of this year as a top Democratic lawmaker stalled efforts to debate a bill. Although Congress had appeared likely earlier this year to pass legislation governing digital assets for the first time, Democrats have grown increasingly frustrated as Republican Trump and his family members have promoted their personal crypto projects. Representative Maxine Waters’ objection to a joint hearing scheduled for Tuesday effectively cancelled proceedings between the House Financial…