IRS

Adam Iza, who called himself “The Godfather,” received a 78-month federal prison sentence tied to a fraud scheme involving Meta advertising accounts, tax evasion and intimidation. The sentence will run concurrently with a 15-year term connected to an attempted Bitcoin robbery.

The Clarity Act fell short in the Senate, delaying a statutory market structure framework for digital assets in the U.S. Industry leaders say the setback raises durability concerns, even as regulated crypto infrastructure continues to develop.

The Clarity Act has missed a key Senate window, raising doubts over whether a comprehensive U.S. crypto market structure law can pass this year. Even so, regulators and banking agencies are already advancing policies that could shape digital asset oversight without a new statute.

CME Group Chairman and CEO Terry Duffy says U.S. approval of perpetual futures could leave traders exposed to unresolved tax questions if the products are ultimately deemed swaps rather than futures. Legal specialists say the dispute is complex, with courts, regulators and the IRS potentially taking separate paths on classification and reporting.