Kraken has submitted 56 million crypto transaction tax forms to the U.S. Internal Revenue Service (IRS) for the 2025 tax year, according to ChainCatcher citing CoinDesk. The exchange said about 18.5 million of those forms involve transactions under $1. It added that 74% are below $50, while only 8.5% exceed $600. Kraken argued that the lack of a de minimis exemption for crypto payments, combined with staking rewards being taxed as ordinary income when received, is creating an outsized reporting burden for investors. The company is urging the U.S. Congress to introduce a broader, inflation-adjusted minimum tax-free threshold and to let taxpayers choose whether to tax staking rewards at receipt or at the time of sale.

Kraken said it has submitted 56 million cryptocurrency transaction tax forms to the U.S. Internal Revenue Service (IRS) for the 2025 tax year, according to CoinDesk on April 22, as cited by DeepFlow TechFlow. Of those filings, about 18.5 million were for transactions under $1, 74% were under $50, and just 8.5% exceeded $600. The exchange argued that the lack of a minimum exemption for crypto payments, combined with staking rewards being taxed as ordinary income when received, is creating a heavy reporting burden for investors. Kraken called on Congress to introduce a broader, inflation-adjusted de minimis exemption and to let taxpayers choose whether to pay tax on staking rewards at receipt or at the time of sale.

Russia has approved in first reading draft legislation that would formally recognize Bitcoin and other cryptocurrencies as property and permit their use in foreign trade, according to Russian state-owned news agency TASS.

New York Attorney General Letitia James filed suit against Coinbase and Gemini on April 21, alleging the exchanges operated illegal gambling through their "prediction market" products. According to the Attorney General's Office, an investigation concluded that the two firms' prediction markets amount to unlicensed gambling under New York law. The complaint seeks penalties, disgorgement of allegedly unlawful proceeds, and restitution for affected customers. James said that rebranding does not change the nature of the activity, arguing that "gambling by another name is still gambling" and remains subject to state law and the New York Constitution. She also criticized an "1821" age gate, saying it could allow underage access and warning that online gambling exposure can harm young people's mental and financial wellbeing. The Attorney General also alleged Coinbase and Gemini did not obtain licenses from the New York State Gaming Commission, suggesting the lack of licensing may have been intended to avoid tax obligations. Coinbase Chief Legal Officer Paul Grewal rejected the allegations and said the company would contest the claims. Coinbase and Gemini launched their betting-style prediction platforms amid heightened interest in prediction markets during the 2024 U.S. presidential election. Both products went live in mid-December 2025 and now operate across all 50 U.S. states. As the two exchanges face scrutiny in New York, competitor Polymarket has moved forward with plans to introduce a native stablecoin. The brief also notes that Polymarket and Kalshi faced bans in 2022 and 2025, respectively, though operations are described as normal now.

The UK's Financial Conduct Authority (FCA) has raided eight suspected illegal peer-to-peer (P2P) cryptocurrency trading locations in London, acting alongside tax and police authorities, Reuters reported on April 22, as cited by CoinDesk. The watchdog also issued cease-and-desist orders to the parties involved. The operation is the FCA's first multi-agency coordinated enforcement action. The regulator said evidence collected during the raids has fed into multiple criminal investigations, with scrutiny on potential money laundering and terrorist financing. Regulators warned that unregistered P2P crypto trading can be used to move and disguise illicit funds. The FCA noted that there are currently no P2P cryptocurrency traders registered with the agency in the UK. Market participants view the raids as a shift from guidance and policy messaging toward enforcement, and expect further crackdowns. Under the current regime, crypto assets in the UK remain classified as high-risk investments and are mainly overseen through anti-money laundering requirements and financial promotion rules.

April 22 — Reuters reported that the UK's Financial Conduct Authority (FCA), working with tax officials and police, raided eight locations in London suspected of facilitating illegal peer-to-peer (P2P) cryptocurrency trading and issued cease-and-desist notices to those involved. The operation is the FCA's first coordinated enforcement action carried out with multiple agencies. The FCA said evidence gathered during the onsite inspections has supported several criminal investigations into suspected money laundering and terrorist financing. The regulator warned that unregistered P2P trading can be used to move and disguise illicit funds, adding that no P2P crypto traders are currently registered with the FCA in the UK. Market participants said the move suggests UK authorities are shifting from policy guidance to tangible enforcement, with further crackdowns likely. Under the current regime, cryptoassets in the UK remain classed as high-risk investments and are mainly overseen through anti-money laundering requirements and financial promotion rules.

Kevin Warsh, nominated to lead the Federal Reserve, faced the Senate Banking Committee at 10 p.m. Beijing time on April 21, fielding questions on monetary policy, Fed independence and related issues, The Wall Street Journal reported. Pressed on political influence, Warsh said he would remain independent from President Donald Trump. He told senators Trump had never asked him to commit to specific interest-rate decisions, and added he would refuse even if such a request were made. Beyond that, Warsh largely avoided broader questions tied to Trump. On policy substance, Warsh criticized the Fed's institutional framework and called for systemic reforms to the policymaking process. He offered few details on the rate outlook, reiterating only that the Fed should reduce its balance sheet gradually and carefully. He gave no clear signal favoring rate cuts. Bloomberg reported that Warsh's prepared opening statement ran close to 2,000 words—much longer than the roughly 850–900 words used in the initial testimonies of Chair Jerome Powell and former Chair Janet Yellen—yet contained minimal discussion of policy direction. The restraint is consistent with Warsh's long-held view that Fed officials should not preannounce their interest-rate preferences. For markets, the hearing was widely viewed as low on actionable takeaways. Bloomberg columnist John Authers described it as a "form over substance" political performance, arguing that the nomination's fate will be decided by political bargaining rather than anything said in the room. A key uncertainty is how the nomination intersects with Powell's term, which ends May 15. Odaily previously argued the hearing's broader significance is whether Powell stays on as interim chair if Warsh is not confirmed. After the session, investors were still unsure whether Warsh's nomination would advance, as Sen. Thom Tillis—seen as the central opposing voice—did not engage Warsh directly. Tillis has said he would not support sending the nomination to the full Senate unless Trump drops an investigation into Powell. At the April 21 hearing, Tillis asked no questions, instead presenting slides defending cost overruns tied to the Fed's building renovation project. He said his frustration was not aimed at Warsh, calling him "exceptionally qualified and impeccable," but maintained he needs the investigation concluded before backing confirmation. That leaves the outcome dependent on moves outside the hearing. Whether Trump can remove Powell on schedule hinges on whether the Senate confirms Warsh in time; whether Warsh advances depends on whether Trump is willing to end the Powell investigation. In a separate April 21 interview, Trump said he would be disappointed if the next Fed chair—Warsh—did not cut rates quickly, while also insisting the Fed renovation cost overruns be investigated. The push for faster rate cuts and the investigation are proceeding in parallel, with no sign Trump is backing off. Authers wrote that Warsh could become "collateral damage" if the standoff persists. One possible resolution is either Tillis relents, or Warsh uses the prospect of rate cuts as leverage to persuade Trump to drop the investigation and allow an earlier transition at the Fed. Warsh's ties to Trump are notable: his father-in-law, Ronald Steven Lauder, is the sole heir to Estée Lauder, a major Republican donor, and a Trump college classmate. Odaily Seer monitoring shows Polymarket pricing still implies just a 2% chance Powell steps down after his term ends. The contract rules, however, mean the market settles "Yes" immediately if a resignation or removal is announced before the market's end date, regardless of when it takes effect—creating a potential loophole if a dismissal is announced and later contested in court. (Odaily note: this reflects the author's personal judgment and is not advice.) For the crypto sector, the hearing carried more direct signal. Warsh has previously disclosed holdings that include cryptocurrencies, Polymarket and SpaceX stock, which some have read as a friendlier posture toward the industry. Questioned about financial disclosures exceeding $100 million and possible conflicts, Warsh said he would divest relevant assets before taking office if confirmed. He also stated that digital assets are part of the U.S. financial services industry, underscoring the sector's legitimacy and importance in the United States. While brief, the comments were seen as a positive sign for crypto, coming from a nominee for one of the most influential economic posts in the world.

The UK's Financial Conduct Authority (FCA) has carried out its first crackdown on illegal peer-to-peer cryptocurrency trading, conducting raids at eight sites in London. The operation was supported by HMRC and organized crime units.

Russia's parliament has approved at first reading a bill that would bring digital currency transactions under a framework requiring the use of licensed intermediaries. The draft would also enable penalties for entities operating without authorization.