GM Brew Crew, you ever had a smooth 130yd wedge shot to the green? That’s like us - fun, easy, quick up and down, move onto the next hole. Let’s dive in.

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On the menu today:

• Milady NFT Skyrockets 🚀

• IRS Claims Billions Against FTX 🚨

• Crypto Regulation Needed in the U.S.❗️

Today’s Charts:

Milady NFT Skyrockets 🚀

Elon Musk delighted holders of Miladys NFTs by sharing a meme on Twitter featuring one of the avatar NFTs with the text "There is no meme, I love you."

• Miladys is a PFP (profile picture) NFT collection of 9,823 childlike faces. Its creator, Charlotte Fang, has been involved in controversy over conspiracy theories and slurs.

• The collection quickly became the top trending item on OpenSea's NFT marketplace. Its floor price briefly peaked at an all-time high of 7.3 ETH (roughly $13,700), but has settled back to 5.29 ETH by press time. 😱

• Miladys NFTs have also become a "wartime" meme among certain NFT traders and crypto industry insiders. The Milady Maker artwork has been shared on social media in response to rising SEC scrutiny on cryptocurrency.

IRS Claims Billions Against FTX 🚨

The U.S. Internal Revenue Service has lodged claims worth roughly $44 billion in the FTX bankruptcy case.

• Bankruptcy documents filed on April 27 and 28 reveal that the IRS has submitted 45 claims against FTX entities, which comprise West Realm Shires (FTX.US's legal entity), Ledger Holdings (parent company of LedgerX and LedgerPrime), Blockfolio, and several others.

• The IRS is claiming about $20 billion in partnership taxes and millions in unpaid income and payroll taxes in its $20.4 billion demand against Alameda Research LLC, according to bankruptcy documents. 💰

• During a January 2023 hearing, FTX's bankruptcy lawyers stated that they had identified more than $5 billion in assets. In its initial bankruptcy filings, the company had estimated its total assets to be between $1 billion and $10 billion.

Crypto Regulation Needed in the U.S. ❗️

Regulatory clarity is needed in the U.S. to prevent crypto exchanges from moving overseas.

• With the constant confusion and uncertainty of crypto regulation in the U.S., many DeFi (decentralized finance) platforms and crypto exchanges are considering moving offshore to other countries with more established regulatory environments.

• A joint hearing was held yesterday with the digital assets subcommittees of the House of Financial Services and House Agriculture that included important conversations about the future of crypto in the U.S. 🗂

• Pushing crypto companies offshore is a bad move as the global financial infrastructure could be heavily impacted by the crypto world in the future.

• In the coming months, Congress must clearly define the legal boundaries with crypto exchanges, commodities, and securities. Keep an eye out for news in the next two months as a House proposal is expected to come to the surface. 👀

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.