Bitcoin jumped on Tuesday to levels not seen since last summer, extending its Monday rally as investors weighed the latest inflation data.

The Biden administration reportedly wants to apply the wash sale rule to crypto, which would end a strategy in which a trader sells and then immediately buys digital assets for tax purposes.

The U.S. President is expected to unveil his budget proposal on Thursday.

Silvergate Capital, one of the crypto market’s top banks, is shutting down.
The bank will repay all deposits and “is also considering how best to resolve claims and preserve the residual value of its assets,” it said in a news release Wednesday.

While the bulletin was intended to provide clarity regarding the accounting treatment for digital assets, it has been criticized by both lawmakers and regulators.

Crypto podcaster David Hoffman spread (and then retracted) a rumor that the SEC had delivered a Wells Notice to the decentralized staking service. A spokesperson for Lido declined to comment.