The government and the National Bitcoin Office of El Salvador claimed an increase in Bitcoin held in official wallets. President Nayib Bukele also stated via social media that the daily purchase program continued in March. However, IMF data reveals that the increase in holdings was due to internal transfers between government wallets, not fresh Bitcoin purchases from the market. 

Additionally, the report highlights that the small Bitcoin movements in the government’s Chivo e-wallet were not from public funds but resulted from internal adjustments. 

IMF and Bitcoin Policy 

El Salvador recognized Bitcoin as legal tender in 2021. However, as of January 2025, the legal status of Bitcoin was revoked. Moreover, under pressure from international creditors, the government ceased Bitcoin acquisitions and pledged not to use public funds for such purchases. The IMF’s latest report confirms El Salvador’s adherence to these commitments. 

On the other hand, despite official and social media claims that Bitcoin buying was ongoing, significant discrepancies emerged between the reported actions and actual data. These inconsistencies raised concerns about transparency and credibility. It became evident that the apparent increase in Bitcoin holdings was merely the result of internal transfers, leaving investors and the public misinformed. 

Nevertheless, El Salvador’s Bitcoin strategy and fiscal outlook continue to draw close attention from the global economy and crypto markets. Ultimately, the IMF report highlights the government’s commitment to financial discipline and international obligations.

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What Does the GENIUS Act Bring? 

Especially digital coins pegged to the U.S. dollar, like USDC and USDT, will be subjected to stricter oversight. The bill aims to protect users and create transparency in the financial system. 

The bill received strong support in its first Senate passage with 66 “yes” votes. This backing shows a rare bipartisan consensus between Democrats and Republicans on crypto issues. However, some senators still have serious concerns. 

One of the leading critics, Democratic Senator Elizabeth Warren, argued that the bill grants wide latitude to tech billionaires, saying: 

“If Congress does not amend this law, billionaires like Elon Musk and Jeff Bezos could create stablecoins that track your purchases, use your data, and push competitors out of the market. Also, if stablecoins fail, they will seek bailouts from the government.” 

Warren’s statement highlights not only economic but also justice concerns. 

Hagerty: “America’s Digital Leadership at Risk” 

On the other hand, Republican Senator Bill Hagerty, a bill sponsor, emphasized that the GENIUS Act is critical for America’s global leadership. In his Senate speech, he said: 

“The long absence of a legal framework has pushed digital asset innovation beyond our borders to foreign countries. If we want to modernize our payment system and restore our nation’s competitiveness, we must act now.” 

Hagerty also stressed the bill’s strategic goals: 

“This law will strengthen the global dominance of the U.S. dollar, protect users, increase demand for U.S. Treasuries, and ensure innovation in digital assets remains under American control, not foreign rivals.” 

These statements show that the bill is designed not only as a technical regulation but also as an economic power tool. If enacted, stablecoin issuers will be required to report regularly. They must fully back their reserves and submit to federal oversight. The bill will also limit large tech firms’ unlimited entry into this market. 

The GENIUS Act could be a major milestone not only for the U.S. but also for the global crypto ecosystem. Experts believe the law will strengthen the U.S.’s leadership claim in crypto and boost investor confidence. 

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The United Kingdom to Collect Data 

With the new regulation, HMRC imposes a clear obligation on crypto companies. Companies must collect individual users’ full names, dates of birth, home addresses, and tax identification numbers. For corporate users, business names, addresses, and company registration numbers are required. 

Companies must record all transactions, including wallet-to-wallet transfers. They must log the type of crypto asset, the amount, the type of transaction, and the date for each transaction. These data must be reported directly to HMRC every year. The first report, covering transactions from 2026, must be submitted by May 31, 2027. Companies failing to comply may face fines of up to £300 per user. 

Transparency and Tax Compliance 

Officials aim to protect consumer rights and strengthen financial order with the regulation. The government also seeks to prevent tax evasion and align with the MiCA regulations in Europe. HMRC recommends that firms begin preparations immediately. 

Mark Aruliah, EMEA Regional Director at Elliptic, called this move an inevitable development. According to him, the crypto industry must adapt to such legal frameworks. Aruliah stated, “Clear rules will expand reporting services. This will also increase trust in the market.” 

He noted that smaller enterprises might be more affected by this obligation. However, he emphasized that every step toward transparency is both inevitable and overdue. “These obligations align with the general reporting systems in the financial world,” he said. With this move, the government aims to bring transparency not only to cross-border transactions but also to all transactions within the UK. This approach goes beyond global alignment and directly impacts the domestic market. 

Crypto Sector Faces Extensive Oversight 

The new regulation brings the crypto sector closer to the traditional financial system. Each company will now maintain detailed transaction records. The government aims to both protect users and boost tax revenues. Therefore, crypto companies should establish the necessary technical and legal infrastructure without waiting for 2026. This new system marks an important step for tax compliance in the United Kingdom. The enforcement follows the Coinbase data breach. 

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Pyth Network and Bittensor Begin Trading on Coinbase

Coinbase continues to prioritize market security and user experience by listing new projects. According to the recent announcement, Pyth Network (PYTH) and Bittensor (TAO) will now be available for trading on both Coinbase and CoinbaseExch platforms. However, an important note to remember is that these tokens will only be available in supported regions. Investors must transfer these tokens exclusively via the correct networks; otherwise, funds may be at risk of being lost.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Pyth Network (PYTH) is a rapidly growing SPL token operating on the Solana network, known for faster transaction confirmation times and decentralized finance (DeFi) solutions. On the other hand, Bittensor (TAO) stands out with its decentralized structure based on deep learning networks, catching the attention of investors looking for innovative projects.

Tokenbot (CLANKER) Added to Coinbase Roadmap

In addition to listing Pyth Network and Bittensor, Coinbase has also added the Tokenbot (CLANKER) project to its roadmap. This demonstrates the platform’s ongoing commitment to contributing to the crypto ecosystem and interest in cutting-edge projects. Users can now explore more opportunities and trade new options within the exchange.

As always, Coinbase prioritizes the security of its users and continues to provide new projects, ensuring greater transparency in the cryptocurrency space.

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