Flash News

TREE NEWS reports: The U.S. Government Accountability Office estimated in a report that tax fraud cost the federal government between $116 billion and $304 billion annually from 2018 to 2024. That range equals roughly 2% to 6% of the government’s estimated tax due for those years.

TREE NEWS update: US Trade Representative Jamieson Greer will travel to Wisconsin next week to attend a Group of 20 (G20) meeting, the office said. The trip places the top US trade official at the G20 table as trade policy remains in focus for global markets.

TREE NEWS update: Tether said its exposure to EQIBank amounts to less than 0.034% of group assets, after a federal court order listed $79.1 million seized. The stablecoin issuer put the figure in percentage terms rather than dollars, and the disclosure followed the court filing naming the seized sum. Tether did not specify which assets or entities the exposure runs through.

TREE NEWS update: A Washington, D.C. court has rejected Anthropic’s challenge against officials in President Trump’s administration, dealing the company a setback in its case over a US “supply-chain risk” designation. The ruling, reported on September 25, leaves the label in place as the AI developer’s legal effort against the government officials was dismissed.

TREE NEWS update: A Washington, D.C. court has rejected Anthropic’s challenge to Trump administration officials in a case tied to a “supply chain risk” designation. The ruling marks a courtroom setback for the AI company. No further details on the decision or its implications were immediately available.

TREE NEWS update: Circle Foundation announced grants to the United Nations Development Programme and the World Food Programme to explore digital payments and regulated payment stablecoins in humanitarian aid. The UNDP grant will establish and run a Digital Asset Innovation Hub to scale digital payment pilots previously run in Syria, Haiti, Guatemala and The Gambia into regular programmes. Circle said the mechanism supplements, rather than replaces, traditional banking channels.

TREE NEWS update: Tether said its exposure to EQIBank, the Dominica-licensed bank whose assets were seized by US authorities, is less than 0.034% of its total group assets. Based on Tether’s $187.75 billion in group assets reported in June, that caps its EQIBank exposure at about $64 million. EQIBank said roughly $89 million, about 80% of its monetary assets, was seized by US prosecutors and it may face liquidation. Tether did not disclose a specific figure and said it was unaware of the alleged conduct of US payment processor Capstone.

TREE NEWS update: The Federal Reserve proposed capital charges and bank approval rules for stablecoin issuers, requiring covered issuers to generally redeem tokens within two business days. Bank applications would follow the GENIUS Act’s 120-day decision clock. The proposal sets out the regulatory framework for banks seeking to issue stablecoins.

TREE NEWS reports: The IRS can now see cryptocurrency gains reported by exchanges, but lacks cost-basis information, creating a significant headache for some cryptocurrency investors. The mismatch between reported gains and missing cost-basis data is complicating tax compliance for those affected.

TREE NEWS update: The European Union’s energy chief has signaled a delay to the implementation of the bloc’s methane import rules. The rules would require importers of oil and gas to meet methane emissions standards. No new timeline was given in the material.

TREE NEWS update: Defense Secretary Pete Hegseth holds bitcoin in a Coinbase wallet, which value the holding at between $16,000 and $65,000. The same filing lists more than $1 million in cash.

TREE NEWS update: The Federal Reserve proposed reserve and capital requirements for stablecoin issuers it supervises, along with an application process for banks seeking to issue stablecoins, under the GENIUS Act. Governor Michael Barr questioned an anti-money laundering standard in the proposal. The plan also presumes certain yield-bearing stablecoin arrangements are prohibited.

TREE NEWS update: New York State has sued Polymarket, seeking to bar Polymarket US from operating in the state until it obtains a gaming license and to recover triple its gains. Polymarket moved the case to federal court and filed its own lawsuit in response.

TREE NEWS update: Hong Kong Exchanges and Clearing said its wholly owned derivatives clearing houses, HKFE Clearing Corporation and SEHK Options Clearing House, will accept Chinese government bonds and policy financial bonds held via Bond Connect Northbound, plus offshore-issued Ministry of Finance bonds, as eligible non-cash collateral for margin requirements from November 2026, subject to regulatory approval.

TREE NEWS reports: The Federal Reserve is drafting a plan to raise the asset threshold that triggers stricter supervision of large banks, a move that would spare some lenders from costly additional regulatory costs and could spur industry consolidation. The Fed is expected to propose recalibrating the thresholds for balance-sheet stress tests, liquidity, capital and other tougher rules to reflect inflation and economic growth. Three people familiar said the proposals are expected later this year.

TREE NEWS update: Two US federal appeals courts have issued conflicting rulings on whether states may regulate Kalshi’s sports event contracts, and New Jersey has asked the US Supreme Court to review the matter. The dispute centers on whether the contracts are federally regulated financial swaps or subject to state gambling laws. Sports account for roughly 70% of Kalshi’s daily trading volume; if states win regulatory authority, Kalshi could face state taxes of 10% to 51% of gambling revenue plus other restrictions.

TREE NEWS reports: Japan’s Financial Services Agency is stepping up scrutiny of financing for artificial intelligence data centers. The tighter oversight targets lending and investment tied to AI data center projects, as the regulator examines the risks building up in the fast-growing sector. No specific institutions, deals or figures were disclosed.

TREE NEWS update: Samourai Wallet co-founder Keonne Rodriguez says he and 70 other inmates face another move after their treatment program was deactivated, following a previous transfer that took 30 days. He described the situation as a 30-day ordeal. No further details on the destination or timing were given.