The legislative proposal introduces a tiered tax system for energy used by crypto miners in New York, charged by kilowatt-hour used. New York State Senator Liz Krueger introduced a bill on Wednesday to impose excise taxes on energy used by crypto mining companies operating facilities in the state. The proposed excise tax, which is not the first legislative initiative of its kind, will be levied in tiers, with no charge for miners consuming 2.25 million kilowatt-hours (kWh) or less per year and a tax of 2 cents per kWh for miners who consume 2.26 million to 5 million kWh annually. Miners who consume between 5 million-10 million kWh per year face a tax of 3 cents per kWh; those using up to 20 million kWh will be charged 4 cents per kWh; and any miner consuming over 20 million kWh per year will be charged a tax of 5 cents per kWh. Read more
Sui enters the stablecoin race with a fully backed token and a synthetic dollar using delta-neutral hedging, as synthetic finance gains new traction. Synthetic stablecoins are returning to the spotlight this year — this time with renewed confidence in financial engineering designed to neutralize volatility through delta-hedged strategies. On Wednesday, SUI Group, a publicly traded company providing exposure to the Sui blockchain, announced plans to launch suiUSDe and USDi, described as the first native stablecoins of the Sui ecosystem. The initiative is being developed in partnership with Ethena Labs and the Sui Foundation. The two stablecoins take distinct approaches to maintaining a dollar peg. USDi will be fully backed by tokenized shares of BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), a regulated money market fund holding short-term US Treasurys and cash equivalents. Read more
Bitcoin price aims for $125,000 as the gold rally and reduced inflation risks strengthen investors’ conviction in interest rate cuts and a rally from alternative assets. Key takeaways: Over $313 million in Bitcoin bearish positions were liquidated, signaling conditions for a short squeeze. Gold’s momentum highlights investors’ search for alternatives as interest rate cut expectations gain traction. Read more