This week has been exceptionally busy in the cryptocurrency space—and we’re only halfway through. Here’s a breakdown of the latest happenings:
- Bankers advocate for crypto stamp duty
- Kraken explores $1B debt raise ahead of potential IPO
- Kentucky governor signs Bitcoin Rights Bill into law
- SEC drops investigation into Immutable
- SEC schedules four additional crypto roundtable discussions
Bankers Propose Stamp Duty Tax on Cryptocurrencies
Lisa Gordon, Chairman of investment bank Cavendish, argues that UK stamp duty should apply to crypto transactions. She believes this would incentivize equity investments and strengthen the UK economy.
"Over half of people aged 45+ own only crypto—no stocks. This should alarm us all."
—Lisa Gordon, The Times Interview
Gordon suggests extending stock stamp duty cuts to cryptocurrencies, framing crypto as a "non-productive asset" compared to equities.
Kraken Eyes $1B Debt Raise Ahead of Possible IPO
Crypto exchange Kraken is reportedly considering a $1 billion debt raise in preparation for an IPO. According to Bloomberg, the platform has engaged Goldman Sachs and JPMorgan for assistance.
👉 Read more about Kraken’s IPO strategy
While Kraken previously stated an IPO isn’t guaranteed, this move signals serious intent. Other exchanges like Blockchain.com and Gemini are also exploring public listings.
Kentucky Governor Signs Bitcoin Rights Bill
Kentucky solidified its leadership in digital asset protections by signing House Bill 701, the Bitcoin Rights Bill, into law. Governor Andy Beshear endorsed the legislation on March 24, ensuring residents’ rights to:
- Hold Bitcoin and other cryptocurrencies
- Mine crypto without discriminatory regulation
The bill passed unanimously in both the Kentucky House (91–0) and Senate (37–0).
SEC Drops Investigation into Immutable
The U.S. Securities and Exchange Commission (SEC) closed its investigation into Immutable, a Web3 gaming platform, marking a major victory for the company.
Background:
- Immutable received a Wells Notice in November 2024 regarding its 2021 IMX token launch.
- The SEC’s shift suggests a broader regulatory recalibration for crypto.
Impact: Immutable’s IMX token surged 16% post-announcement.
SEC Announces Four More Crypto Roundtables
Following its first successful roundtable in early March, the SEC’s Crypto Task Force will host four additional discussions in 2025:
| Date | Topic |
|---|---|
| April 11 | Balancing Regulation for Crypto Trading |
| April 25 | Investor Protections in DeFi |
| May 12 | Stablecoins and Systemic Risk |
| June 6 | Custody Solutions for Institutions |
👉 Explore regulatory trends in crypto
Commissioner Hester Peirce emphasized:
"These roundtables allow us to engage with experts on pressing regulatory challenges."
FAQ Section
Q: Why propose a stamp duty on crypto?
A: To align crypto with traditional investment taxes and encourage stock market participation.
Q: What’s the significance of Kentucky’s Bitcoin Rights Bill?
A: It prevents overregulation of crypto activities, setting a precedent for other states.
Q: How does Kraken’s debt raise affect its IPO plans?
A: It indicates preparation for liquidity needs pre-IPO, though no date is confirmed.
Q: Why did the SEC drop its Immutable probe?
A: Likely due to insufficient evidence or revised internal priorities on crypto enforcement.
Stay tuned for more updates as the crypto landscape evolves!