Today in crypto, the White House Press Office confirmed to Cointelegraph that President Donald Trump will sign an executive order allowing crypto exposure in US 401(k) retirement plans, IREN shares got a boost after it mined more Bitcoin than MARA in July, and Tornado Cash co-founder Roman Storm was found guilty of conspiring to run an unlicensed money business.
Trump to allow crypto in 401(k) plans for US workers: White House
US President Donald Trump will sign an executive order opening the door for cryptocurrencies to be included in 401(k) retirement plans, potentially reshaping how Americans invest their savings.
The White House Press Office confirmed to Cointelegraph on Thursday that the order directs the US Labor Department to reevaluate restrictions around alternative assets in defined-contribution plans, including digital assets, private equity and real estate.
A senior White House official said the order instructs the labor secretary to clarify the department’s stance on alternative assets and provide guidance on fiduciary processes for offering these types of investments in retirement portfolios.
Once implemented, the order will grant Americans access to digital assets through their 401(k) plans, part of a $12.5 trillion retirement market and a sought-after opportunity for crypto firms aiming to reach more retail investors.
The move would be a significant step forward for the crypto industry, which has long sought broader retail exposure and financial system legitimacy.
Despite institutional investors increasing crypto allocations, everyday savers have been restricted due to fiduciary risk, regulatory uncertainty and volatility concerns.
The White House official said that Trump’s directive would call for inter-agency coordination with the Treasury and the Securities and Exchange Commission (SEC) to explore rule changes that may support the adoption of alternative investments like crypto in retirement products.
IREN up 11% on Wednesday after mining more than MARA in July
Shares in IREN Ltd closed trading on Wednesday up 11.4% after the Bitcoin miner outperformed MARA Holdings in Bitcoin (BTC) production in July, mining 728 BTC to MARA’s 703 BTC.
IREN, formerly Iris Energy, beat out the sector’s top miner despite having a smaller deployed hashrate of 50 exahashes per second (EH/s) compared to MARA’s 58.9 EH/s. IREN’s average hashrate in July was 45.4 EH/s, signalling that most of its machines stayed online and productive throughout the month.
MARA underperformed in July compared to June, but posted solid second-quarter earnings that saw its revenue jump 64% year-on-year to $238 million even with an increase in mining difficulty that’s putting pressure on miners’ profitability.
IREN’s share price rise pushed its market cap to $4.11 billion, the second-highest among public Bitcoin miners behind MARA.
Tornado Cash co-founder found guilty on 1 of 3 charges after jury deadlock
A Manhattan jury found Tornado Cash co-founder and developer Roman Storm guilty of charges related to conspiracy to run an unlicensed money business.
In a Wednesday decision in the US District Court for the Southern District of New York (SDNY), Storm was found guilty of one felony charge related to his role at Tornado Cash, according to court reports from Inner City Press.
The jury convicted Roman on conspiracy to run an unlicensed money transmittal business, which carries a maximum sentence of up to five years in prison. No unanimity was reached on charges of conspiracy to commit money laundering nor on conspiracy to violate North Korea sanctions.
After four days of deliberations, jurors in the trial informed the court on early Wednesday that they were deadlocked on certain charges, prompting the judge to issue a special instruction urging them to reach a unanimous verdict.
The prosecutor’s case focused on presenting witnesses, mainly from the Federal Bureau of Investigation, the Internal Revenue Service and hackers, who testified that Storm had the ability to modify Tornado Cash’s code to prevent illicit use by criminals but chose not to. Storm’s legal team put forth its own experts, including Ethereum core developer Preston Van Loon and NAXO co-founder Matthew Edman.
