CFTC Scraps No-Deny Rule, Israel Tax Disclosures Miss $1B Target, Pi Activates Protocol 24

Crypto News

The US Commodity Futures Trading Commission has rescinded its long-standing no-deny policy, removing a rule that required settling defendants to refrain from publicly denying the agency's allegations. Chairman Mike Selig said the 1998-era language created the impression the regulator was shielding itself from criticism. The change aligns the CFTC with the Securities and Exchange Commission, which scrapped a similar rule in May. Crypto firms had long argued the provision restricted free speech during enforcement battles. The agency retains the ability to require admissions of fact or liability in select cases, but the broader pivot signals a softer enforcement posture across digital asset markets and DeFi operators.

Israel's Tax Authority is reporting disappointing returns from its voluntary crypto disclosure program, which was projected to recover up to $1 billion in unreported gains. Only $50 million in capital earnings has been declared so far, with just 58 filers submitting corrections ahead of the August 31 deadline. The August 2025 policy offers immunity from criminal prosecution for holders whose assets did not exceed roughly $522,000 as of December 2024. Tax practitioners cite the absence of anonymity and weak risk assessments as deterrents. Bank of Israel data estimates domestic crypto holdings at roughly $1 billion, leaving a substantial gap between disclosed and actual exposure on Israeli blockchain wallets.

Pi Network activated its Protocol 24 upgrade on June 3, the most technically complex migration in the project's history. The release improves node synchronization, internal data handling, and overall stability, while transitioning mainnet nodes from Ubuntu 20 to 24 and PostgreSQL 12 to 16. Two further upgrades, v25.1 and v26.0, are scheduled for June 8 and June 22, targeting scalability and smart contract maturation. Despite the engineering acceleration, PI trades near $0.127 with a $1.36 billion market cap, down roughly 95% from its all-time high. The token sits below every major moving average, reinforcing a persistent bear market trend that protocol progress has yet to reverse.

Uber announced a 23% reduction in its People and Places division, eliminating senior roles across human resources, recruitment, and workplace operations. The cuts affect fewer than 1% of the company's 34,000 global employees and were framed by newly promoted president Jill Hazelbaker as a restructuring to remove overlapping responsibilities. A company spokesperson explicitly distanced the decision from artificial intelligence, breaking from the dominant industry narrative that has tied 2026 layoffs to automation. Chief Executive Dara Khosrowshahi described the move as essential to organizational effectiveness. Uber remains active in hiring more than 800 roles, including positions tied to robotaxi commercialization and internal AI tooling deployment.

The CFTC's policy reversal coincides with its decision to vacate a $5 million settlement previously reached with crypto exchange Gemini. Selig characterized the original case as politically targeted, framing the move as part of a broader rollback of enforcement actions launched during the prior administration. A former agency chair described the vacatur as extraordinarily unusual, underscoring the institutional break from precedent. The decision reinforces a regulatory recalibration that has unfolded across both the CFTC and SEC under the current White House, with several legacy crypto cases either dismissed, paused, or formally withdrawn. The shift materially lowers operational risk for US-domiciled digital asset firms and DEX operators.

US lawmakers have advanced the PARITY Act, a measure introduced in May that would direct the Internal Revenue Service to study a de minimis exemption for small crypto transactions. The proposal would relieve taxpayers from reporting minor transfers, addressing a friction point that has discouraged everyday Bitcoin and altcoin usage for payments. The bill mirrors international discussions around proportionate tax treatment for digital assets and reflects broader Congressional momentum toward clarifying the federal crypto framework. If enacted, the exemption would simplify compliance for retail holders and potentially accelerate stablecoin and token-based settlement adoption across consumer-facing applications and merchant networks.

The dominant narrative running through this cycle is regulatory recalibration paired with uneven retail conviction. US agencies are systematically dismantling Biden-era enforcement scaffolding, from the no-deny rule to vacated settlements and pending de minimis relief, easing operational pressure on digital asset firms. Yet sovereign tax authorities outside the US continue to grapple with disclosure gaps, and token-level performance remains decoupled from technical progress, as Pi Network demonstrates. Even outside crypto, Uber's framing of layoffs signals corporate fatigue with the AI-displacement narrative. Together these threads describe a market where institutional and legal tailwinds are strengthening, while retail price action and grassroots compliance lag behind structural shifts.