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US House Scrutinizes Crypto Tax Bills in Landmark Hearing

US House Scrutinizes Crypto Tax Bills in Landmark Hearing

Congressional lawmakers have begun examining a proposed tax overhaul for digital assets, raising questions about its implications during an initial committee hearing. The House Ways and Means Committee assessed several measures designed to ease the tax filing process for cryptocurrency users, investors, and brokers. Committee Chairman Jason Smith emphasized that the package tackles gaps in current tax laws, aiming to provide parity, clarity, and reduced paperwork. However, Ranking Democrat Richard Neal expressed caution, stating that while he supports the goal of clarity, further work is needed to reach a consensus. Neal noted that skepticism exists on both sides of the aisle.

One key proposal seeks to exempt small crypto transactions with minimal gains from detailed reporting, arguing that routine payments with stablecoins or other digital assets should not trigger burdensome paperwork. Supporters believe this would simplify everyday use. Another provision addresses how mining and staking rewards are taxed. Currently, these rewards can be taxed both upon receipt and again when sold. The bill would allow certain miners and stakers to defer income until disposal, a move that some critics argue could create loopholes.

Mike Kaercher from NYU Law’s Tax Law Center warned that the deferral option might enable tax avoidance, despite included guardrails. His testimony sparked concern among Democrats, who focused on potential abuses. Conversely, crypto industry advocates see the changes as necessary to clear up confusion. Coinbase Vice President Lawrence Zlatkin noted that current rules create headaches for taxpayers and businesses, as well as compliance challenges for the IRS, which is already burdened with new reporting requirements and staff reductions.

The bills remain at an early stage, requiring further committee action and approval from both chambers before becoming law. Meanwhile, the Senate has not advanced a similar package, though Senator Cynthia Lummis has pursued related legislation. With the current Congress set to end in 2026, the timeline is uncertain. Kevin Wysocki of Anchorage Digital stressed that tax clarity should accompany regulatory clarity to foster investment and job growth. As the debate unfolds, stakeholders from both sides await the next steps in this legislative process.

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Wintermute: Bitcoin Bottom Unconfirmed Without Institutional Demand

Wintermute: Bitcoin Bottom Unconfirmed Without Institutional Demand

Algorithmic trading firm Wintermute has cautioned that Bitcoin’s recent price drop does not signal a definitive market bottom, as institutional demand remains tepid and capital continues to exit spot Bitcoin ETFs. In a weekly market note, Wintermute highlighted that the current correction is distinct from prior downturns, driven primarily by a lack of large-scale buyer interest rather than isolated events.

Data from crypto.news shows Bitcoin trading near $61,828 on Tuesday, down 3.18% in 24 hours and over 14% for the week, reaching its lowest since September 2024. The overall crypto market cap fell 2.8% to $2.21 trillion. Over $1.78 billion in leveraged positions were liquidated, with longs bearing the brunt, per CoinGlass.

Wintermute noted that attention on Michael Saylor’s sale of 32 BTC has overshadowed the broader issue: retreating U.S. institutional investors. Spot Bitcoin ETFs endured a 13-session outflow streak from mid-May to early June, shedding about $4.37 billion. By June 8, net assets across these ETFs fell from over $100 billion to roughly $79.6 billion.

The firm points to a negative Coinbase premium and weak over-the-counter activity as evidence that institutions are reducing exposure. Meanwhile, strong U.S. economic data—172,000 jobs added in May—and rising services inflation have strengthened expectations that the Federal Reserve will maintain higher rates, dampening appetite for risk assets like crypto.

Despite bearish signals, CryptoQuant analyst Gaah notes that Bitcoin Supply in Loss MA7D has hit 50%, a level historically associated with capitulation and cycle bottoms, last seen in November 2022. Wintermute acknowledges some long-term accumulation at current prices but insists that a sustainable recovery requires renewed institutional inflows. The upcoming SpaceX IPO on June 12 may offer clues on market risk appetite, but until spot ETF inflows reverse, the bottom remains unconfirmed.

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Nigerian Actor Taofeek Opens Up About Betrayal: Two of His Five Kids Aren’t His

Nigerian Actor Taofeek Opens Up About Betrayal: Two of His Five Kids Aren't His

Veteran Nollywood actor Abdul Salam Taofeek, better known by his stage name Tioruju Mondusi, has revealed the most distressing chapter of his life during a candid appearance on the African A-List podcast. The actor recounted a painful betrayal that shook his family to its core.

When asked about a person who wronged him so deeply that he still struggles to forgive, Taofeek pointed to his late wife. He described the incident as the most hurtful experience he has ever endured, saying it left him in tears. His wife, now deceased, is the one he holds responsible for this heartache.

The actor explained that about five years ago, he returned from a filming location to find his wife missing. She was nine months pregnant at the time with their fifth child. Despite repeated attempts, he could not reach her phone for two days. When he finally got through, she refused to disclose her whereabouts. Frustrated, he went to her mother’s home to express his concerns, only to discover that she had secretly introduced herself to another man—a married father of four. Upon seeing a photo frame of them together, Taofeek called to confront her. She returned home, hurling insults, and questioned whether he was even the father of the baby she was carrying.

Days later, she gave birth and requested to hold the naming ceremony at Taofeek’s house, even though she had publicly stated the child was not his. Enraged, he had her arrested along with the other man and his friend who came to plead on his behalf. After he refused to allow the ceremony, she took him to court for divorce. It was during legal proceedings that she confessed that both their third and fifth children were fathered by the other man. She had been in a long-term relationship with him for many years. Tragically, she died last year from depression after the man abandoned her to focus on his own family, given that he was already married with four kids. Taofeek noted that the man hails from Ijebu in Ogun State.

The actor hopes that sharing his story will help others who have faced similar betrayals, and he emphasizes the importance of finding strength even in the darkest moments.

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Blessing CEO Arraigned Again by EFCC Over N69.1 Million Fraud Allegations

Blessing CEO Arraigned Again by EFCC Over N69.1 Million Fraud Allegations

The Economic and Financial Crimes Commission (EFCC) has once again brought social media personality and self-proclaimed relationship expert Blessing CEO, whose real name is Okoro Blessing Nkiruka, before a Lagos court. This latest legal action, initiated on Tuesday by the agency’s Lagos Zonal Directorate, involves accusations of fraud amounting to N69.1 million. She faces two charges: obtaining money through false pretenses and theft.

During the court session at the Special Offences Court in Ikeja, presided over by Justice R.A. Oshodi, the prosecution, led by C. C. Okezie, requested that the arraignment proceed, noting that the defendant had been properly served with the charges. However, defense attorney Nkama Nneka argued that the charge documents were only recently delivered to her client. Justice Oshodi ruled that the arraignment must continue as legally required, and the charges were subsequently read to Blessing CEO.

This is not the first time Blessing CEO has faced such allegations. She was previously arraigned by the EFCC on May 15, 2026, in connection with an alleged N36 million fraud. The new case adds to her legal troubles, drawing significant public attention due to her prominence as a social media influencer.

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SDP’s Gombe: INEC portal does not guarantee authentic party leadership

SDP’s Gombe: INEC portal does not guarantee authentic party leadership

Professor Sadiq Gombe, the national chairman of the Social Democratic Party (SDP), has clarified that the Independent National Electoral Commission (INEC) plays no part in authenticating the leadership of Nigeria’s political parties. He made this statement following INEC’s consultative meeting with party leaders nationwide.

Gombe argued that linking party leadership disputes to the electoral body’s portal is a misstep. According to him, the Supreme Court has already ruled that the selection of party leadership rests solely with the political parties themselves. “It’s not about the INEC portal. The portal does not decide who becomes a party chairman,” Gombe emphasized.

The SDP also justified the expulsion of some members, including Shehu Musa Gaban, asserting that the process adhered to due procedure and was ratified by the party’s National Executive Committee (NEC). “The expulsion followed due process through the NEC and a disciplinary committee where they received a fair hearing,” the party noted.

The party further stated that the affected members failed to utilize internal appeal mechanisms provided in the party’s constitution. “Neither Shehu Gabam, Ogechukwu, nor the others followed due process to appeal their expulsion or suspension. Neither did they go to any court of competent jurisdiction to set aside that expulsion,” Gombe added.

Gombe expressed confidence that INEC would act lawfully after reviewing the relevant documents. “We are confident in INEC’s ability to do the needful. We don’t doubt their competence and commitment to the rule of law and respect for the independence of political parties,” he said. The SDP has submitted certified copies of the Supreme Court judgment and NEC report to support its position.

The party welcomed INEC chairman’s assurances regarding the commission’s commitment to the rule of law and respect for internal party affairs. This development comes as the former SDP chairman continues to claim leadership of the party.

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Abure Labels Nenadi Usman an Intruder in Labour Party

Abure Labels Nenadi Usman an Intruder in Labour Party

The embattled factional National Chairman of the Labour Party, Julius Abure, has described the party’s interim chairman, Senator Nenadi Usman, as an interloper. Speaking during an appearance on Channels Television’s ‘Politics Today’ program on Tuesday, Abure addressed the ongoing leadership crisis within the party and the implications for the 2027 general elections.

Abure firmly stated, “I want to clarify that I am not an interloper in the Labour Party. If there is any intruder, it is Senator Nenadi Usman.” He emphasized that no final court ruling has been made regarding the party’s leadership dispute. Recalling the 2024 convention held in Nnewi, Anambra State, Abure noted that the Federal High Court had validated the convention and directed the Independent National Electoral Commission (INEC) to recognize his leadership. He added that the Court of Appeal upheld this decision, and when Usman appealed to the Supreme Court, the apex court deemed it an internal party matter. “Since then, we have been working closely with INEC,” Abure asserted.

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Abure Vows to Continue Criticizing Peter Obi Over LP Crisis

Abure Vows to Continue Criticizing Peter Obi Over LP Crisis

The embattled Labour Party chieftain, Julius Abure, has declared that his criticism of Peter Obi and Abia State Governor Alex Otti will persist until the party’s leadership issues are resolved. Speaking on a national television program, Abure insisted that both figures are responsible for the turmoil plaguing the party, which he claims was stable before their involvement.

According to Abure, the root of the crisis lies in the formation of what he describes as an illegal caretaker committee in Umuahia, which he attributes to Obi and Otti. He argues that this committee has become a major obstacle to the party’s leadership. He maintains that any discussion of the party’s problems inevitably brings up Obi and Otti because of their central roles.

Abure further alleged that the Labour Party was peaceful prior to Obi’s entry into politics. He accused Obi of creating internal strife before moving on to the National Democratic Coalition (NDC). The former National Chairman also claimed that Obi and his allies are replicating similar issues within the NDC and urged the coalition’s leadership to stay alert.

In his own words, Abure stated: “Governor Alex Otti and Peter Obi disrupted the harmony that existed in the party. The party was running without any major conflict. It was these two individuals who went to Umuahia to establish an illegal caretaker committee that has become a burden on the party’s leadership.” He added, “Because the crisis continues, we cannot avoid talking about it. Every time the Labour Party crisis is mentioned, the names that come up are Peter Obi and Alex Otti.”

Abure concluded by emphasizing his right to offer advice to other political parties, saying that contributing to the nation’s political discourse is part of his responsibility as a participant in the democratic process.

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SDP questions INEC’s plan to appeal court rulings on election timeline

SDP questions INEC's plan to appeal court rulings on election timeline

The Social Democratic Party (SDP) has voiced opposition to the Independent National Electoral Commission’s (INEC) decision to challenge court verdicts that invalidated portions of the 2027 election schedule. During a gathering of political party leaders in Abuja, SDP National Chairman Prof. Sadiq Gombe argued that the appeals are unnecessary, as the rulings grant parties and contenders additional time for election preparations.

Gombe stated, “INEC lacks justification to appeal because of the election timeline considerations.” He emphasized that the judgments enhance campaigning opportunities and enable candidates who lost primary elections to still participate politically. While acknowledging INEC’s legal right to appeal, Gombe stressed that doing so is unwarranted and could disrupt the electoral process.

Regarding internal party disputes, Gombe reaffirmed the SDP’s commitment to reconciliation with the rival faction led by former Chairman Shehu Musa Gabam. He noted that the party’s constitution provides mechanisms for both discipline and reconciliation. Gombe also declared that leadership conflicts are internal matters for political parties, not for INEC to adjudicate. “INEC does not appoint party chairmen; that is the party’s prerogative,” he asserted.

INEC had earlier announced its intention to appeal two Federal High Court judgments that challenged elements of its 2027 election timetable. The electoral body claimed it seeks clarity on critical legal issues, warning that timetable alterations could disrupt the smooth organization of elections.

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Atiku Dismisses Babachir Lawal’s Allegations as Unsubstantiated

Atiku Dismisses Babachir Lawal’s Allegations as Unsubstantiated

Former Vice President Atiku Abubakar has pushed back against claims made by Babachir Lawal, a former Secretary to the Government of the Federation, regarding the conduct of the African Democratic Congress (ADC) presidential primary. Through his media aide, Phrank Shaibu, Atiku issued a statement on Tuesday categorically denying any wrongdoing.

Atiku accused Lawal of making sweeping accusations without offering any concrete proof. He asserted that Lawal spoke for nearly an hour without presenting a single document, petition, result sheet, witness statement, or recording to back his assertions. The former VP described the allegations as a toxic mix of bitterness, unfounded conjecture, and political revisionism disguised as concern for the public good.

The statement further suggested that Lawal’s disappointment stemmed from the defeat of his preferred candidate in the primary. Atiku posited that Lawal is simply a frustrated political figure unable to accept the outcome of a democratic process. He pointed out that Lawal openly backed another aspirant before the primary and is now attempting to frame his personal loss as a moral crusade.

Atiku also refuted the idea that he could single-handedly manipulate the votes of thousands of party delegates nationwide, calling such a notion unrealistic. He questioned how one person could control such a vast and dispersed electorate.

In addition, Atiku highlighted Lawal’s televised admission that he could easily obtain money from President Bola Ahmed Tinubu whenever he needed it. According to Atiku, Lawal boasted that a simple phone call to Tinubu would result in funds reaching him before he arrived home. Atiku urged Nigerians to reflect on the implications of such a statement and draw their own conclusions about Lawal’s character and motives.

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NNPP Accuses Kwankwaso of Ongoing Interference Despite Departure

NNPP Accuses Kwankwaso of Ongoing Interference Despite Departure

The New Nigeria Peoples Party (NNPP) has leveled fresh accusations against its former presidential candidate, Rabiu Musa Kwankwaso, claiming he continues to interfere in the party’s internal matters even after leaving. This allegation was made public on Tuesday by the party’s National Publicity Secretary, Ogini Olaposi, through an official statement.

According to Olaposi, Kwankwaso still exerts influence within the NNPP by utilizing loyalists he allegedly left behind after his exit. These individuals are reportedly pursuing legal battles initiated by Kwankwaso, further entangling the party in unnecessary disputes.

The party further claimed that Kwankwaso’s political clout in Kano State has waned considerably, with many of his former key supporters defecting to the All Progressives Congress (APC). Olaposi advised the opposition National Democratic Congress (NDC) to recognize that Kwankwaso’s once-formidable political structure in Kano is now largely dismantled. He stressed that the former presidential candidate’s commanding officers have moved to the APC, diminishing his influence.