Daily Brief: October 2, 2025
Ripple Changes, US Crypto Tax Moves, Security Scare
TL;DR: David Schwartz is stepping back from his role as Ripple's CTO to focus on personal projects while staying engaged with the XRP community. His transition comes as Ripple aims to grow with strategic goals like integrating stablecoins. In the US, Senator Cynthia Lummis is pushing for crypto tax reforms to simplify compliance and encourage usage, with the Senate addressing tax rules for digital assets. Meanwhile, BNB Chain's official X account was hacked, highlighting ongoing security threats in the crypto world.
🔄 Ripple's David Schwartz Shifts to Advisory Role
David Schwartz, Ripple's longtime CTO and a key figure in the development of the XRP Ledger, is stepping back from his daily role. By the end of the year, he will transition to a CTO emeritus position. In this new role, he will focus on personal projects while staying active in the XRP community. Schwartz plans to continue contributing to the XRP Ledger by running his own node and exploring new use cases.
Dennis Jarosch, Ripple's senior vice president of engineering, will take over the technical operations. This leadership change aligns with Ripple's strategic goals, such as integrating its stablecoin RLUSD into tokenized treasury markets. Schwartz highlighted the importance of stablecoins and tokenized assets for the XRP Ledger's future growth.
Schwartz's move to a board role is seen as a natural progression, reflecting Ripple's maturity and confidence in its strategic direction. The market reacted calmly, viewing this as a positive step rather than a loss of leadership. This transition highlights Ripple's commitment to innovation and strategic growth while maintaining its technological heritage.
Why it matters: This leadership transition highlights Ripple's maturation and strategic growth, ensuring continuity and innovation in the evolving blockchain landscape.
🇺🇸 US Crypto Tax Reform Gains Momentum
Senator Cynthia Lummis is leading a bipartisan effort in the US Senate to reform crypto taxation. Her proposal suggests tax-free treatment for transactions under $300 and eliminates tax events for lending digital assets. This initiative aims to simplify compliance and encourage everyday use of cryptocurrencies.
The US Treasury and IRS have issued guidance to ease the Corporate Alternative Minimum Tax (CAMT) rules. This adjustment allows companies to exclude unrealized Bitcoin gains from taxable income, benefiting firms like Michael Saylor's Strategy, which holds substantial Bitcoin assets.
The Senate Finance Committee is planning a hearing on digital asset taxation. This follows the IRS's interim guidance aimed at reducing compliance burdens under CAMT. The hearing will feature key industry figures and highlights the increasing regulatory focus on crypto tax frameworks.
Why it matters: Clearer tax regulations can drive crypto adoption and innovation, positioning the US as a leader in digital asset development while reducing uncertainty for investors and businesses.
🚨 BNB Chain's X Account Hacked: Crypto Security Alert
BNB Chain's official X account, boasting nearly four million followers, was hacked, as confirmed by Binance co-founder Changpeng Zhao. The hackers used the account to post phishing links disguised as legitimate prompts, aiming to trick users into revealing sensitive information. Zhao advised users to avoid clicking any links from the compromised account.
The fraudulent posts included a fake $BSC rewards program and a misleading message with a wallet address, both pinned to increase visibility and entice users into phishing scams. This breach underscores the persistent threat of phishing attacks in the crypto industry, where attackers exploit trusted platforms to steal digital assets.
The Inferno Drainer group, known for its phishing-as-a-service platforms, is suspected to be behind the attack. They employed letter substitution tactics to mimic legitimate sites, enhancing their deception. BNB Chain's security team is investigating the incident and collaborating with X to restore the account and remove the phishing sites.
Why it matters: This incident highlights the vulnerability of high-profile crypto social media accounts, risking user trust and financial losses. It underscores the need for robust security measures and user vigilance to protect against sophisticated phishing attacks.
