Happy Liberation Day! Could lower-than-expected tariff announcements from President Trump later on Wednesday give markets a much-needed boost

In today's newsletter, traders brace for Liberation Day's impact, FDUSD depegs after Justin Sun raises solvency concerns, Elon Musk's X urges the U.S. Supreme Court to block IRS access to Coinbase's user data and more.

Happy "Liberation Day"! Could lower-than-expected tariff announcements from President Trump later on Wednesday give markets a much-needed boost, or are crypto holders about to be liberated from their money once again?

In today's newsletter, traders are bracing for Liberation Day's impact, FDUSD stablecoin has dep egged after Tron founder Mohsin "Justin" Sun raised solvency concerns with First Digital Trust and Elon Musk's X has urged the U.S. Supreme Court to block the IRS from accessing Coinbase's user data without a warrant.

Meanwhile, Circle's IPO filing shows it paid $210 million to acquire Coinbase's stake in its USDC venture, and CoinList is returning to the U.S. — and is hosting a token sale for DoubleZero.

Let's get started.

Crypto traders brace for Trump's 'Liberation Day' tariffs

"Unbelievable!” President Trump said on Tuesday at a rally in Pennsylvania, where he announced that "they're coming, large-scale tariffs."

Later this week, President Trump is expected to announce large-scale tariffs — including so-called reciprocal tariffs, in which the U.S. imposes tariffs equal to those imposed by another country.

The threat of tariffs has hung over markets for months and contributed to a decline in the stock market this week.

The administration is considering a broad range of options for tariffs, people familiar with the matter told Reuters, including levying duties on nearly all goods from China in response to China’s own tariffs on U.S. agricultural products.

Tariff announcements are now expected as early as Wednesday, though the White House could yet decide to delay them further.

At least one administration official said on Tuesday that the threat of tariffs was working and that they might yet be averted.

Speaking at a breakfast meeting of the U.S. Chamber of Commerce in Washington, Treasury Secretary Steven Mnuchin said that the Trump administration was pressing foreign governments to cooperate and that he believed they were beginning to respond.

"We're not planning to go into a trade war, but we're not afraid to do what's necessary to protect American jobs and American economic interests," Mnuchin said.

Elon Musk's X urges Supreme Court to block IRS access to Coinbase user data

Elon Musk's X, formerly known as Twitter, has urged the U.S. Supreme Court to block the Internal Revenue Service from accessing Coinbase user data without a warrant.

In a brief amicus curiae, or "friend of the court," brief filed on Monday, X argued that a lower court's ruling allowing the IRS to demand user data from Coinbase without a warrant "would undermine fundamental privacy interests recognized by this Court."

The Supreme Court is set to hear a case this fall that could decide whether federal agencies can demand financial data from third-party platforms without a warrant.

The case arose when the IRS issued a so-called administrative summons to Coinbase in 2019 seeking the names, addresses, taxpayer identification numbers, and trading activity for all users who engaged in a "pattern of use" of its platform to buy, sell, exchange, or transfer crypto in 2016 and 2017.

Coinbase refused to comply with the summons, arguing that it was overly broad and that the IRS should have obtained a narrower warrant in order to access the data.

A federal appeals court ruled in favor of the IRS, saying that the agency's ability to conduct audits and collect taxes outweighed any privacy concerns.

"This holding effectively grants the IRS broad authority to conduct warrantless surveillance of any class of persons it deems relevant to its tax-collection efforts," X argued in its brief.

The Supreme Court case could have major implications for the balance of power between the government and individuals in the digital age.

The government argues that it needs broad access to financial data in order to collect taxes and prevent fraud.

But privacy advocates say that the Supreme Court has consistently held that "no one can be compelled to be a witness against himself, in any criminal case" and that the IRS's actions would violate this Fifth Amendment privilege.

Se disant « préoccupé » par le sort de l'humanité, le milliardaire Elon Musk a appelé ouvertement le président Biden à mettre fin à la guerre en commençant par l'Ukraine. Dans une interview accordée au Financial Times, Musk a évoqué les implications croissantes de la guerre en termes de souffrance humaine et les défis socio-économiques auxquels elle donne lieu.

"Je suis personnellement préoccupé par le sort de l'humanité, et je pense que nous devrions faire tout ce qui est en notre pouvoir pour mettre un terme à cette guerre et éviter d'énormes souffrances inutiles", a déclaré Musk.

L'impératif de paix est d'autant plus urgent que les impacts socio-économiques de la guerre se font largement sentir. Selon Musk, la guerre