Today in crypto, Trump exempts select electronics from trade tariffs, former Binance CEO Changpeng Zhao denied reports that he agreed to testify against Justin Sun, calling them baseless and politically motivated, and acting Chair of the US Securities and Exchange Commission, Mark Uyeda, proposed a temporary crypto framework in the US.
Select electronics spared from reciprocal tariffs
Select electronic products, including smartphones, processing chips, and computers are exempt from ‘reciprocal’ tariffs under President Trump’s sweeping tariff order, a relief to US tech companies and shareholders.
According to a release from the US Customs and Border Protection, other consumer electronics such as internet modems, storage devices, and components such as semiconductors are also exempt from the additional reciprocal tariffs.
Notice exempting select electronics from reciprocal trade tariffs. Source: US Customs and Border Protection
The price of Bitcoin (BTC) surged by approximately 2.5% on the same day of the announcement and broke the $85,000 level.
Bitcoin’s price reaction could signal that at least some investors are entering the market again as risk appetite rebounds on positive macro headlines.
CZ claps back against “baseless” US plea deal allegations
Changpeng “CZ” Zhao, former CEO of Binance, has denied claims that he agreed to provide evidence against Tron founder Justin Sun as part of a plea deal with the United States Department of Justice (DOJ).
In an April 11 report, The Wall Street Journal cited unnamed sources alleging that CZ had agreed to testify against Sun under the terms of his settlement with US prosecutors.
“As part of Zhao’s plea deal, he agreed to give evidence on Sun to prosecutors,” an “arrangement” that “hasn’t previously been reported,” the WSJ report stated, citing sources familiar with the matter.
“WSJ is really TRYING here. They seem to have forgotten who went to prison and who didn’t,” Zhao wrote in an April 12 X post. “People who become gov witnesses don’t go to prison. They are protected. I heard someone paid WSJ employees to smear me.”
Source: Changpeng Zhao
CZ was sentenced to four months in prison in April 2024 for Anti-Money Laundering (AML) violations. He walked free from federal prison on Sept. 27 as the wealthiest person to ever serve a US prison sentence, with a $60 billion net worth at the time.
In a separate April 11 post, CZ claimed multiple individuals had warned him about the Journal’s intentions to publish what he described as a “hit piece.”
US crypto industry needs band-aid now, “long-term solution” later — Uyeda
A fast-tracked temporary crypto regulatory framework could bolster innovation within the US crypto industry while permanent regulations are still in the works, says acting US Securities and Exchange Commission (SEC) chair Mark Uyeda.
“A time-limited, conditional exemptive relief framework for registrants and non-registrants could allow for greater innovation with blockchain technology within the United States in the near term,” Uyeda said at the SEC’s April 11 Crypto Task Force roundtable titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”
Uyeda said this might be the short-term answer as the SEC works toward a “long-term solution,” at the roundtable with SEC members and crypto industry executives, including Uniswap Labs’ Katherine Minarik, Cumberland DRW’s Chelsea Pizzola, and Coinbase’s Gregory Tusar.
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