Cryptocurrencies

Senate passes Trump bill without crypto tax breaks

The US Senate approved President Trump’s large reconciliation bill, but key crypto tax exemptions were excluded. Pro-crypto senators, led by Cynthia Lummis, tried to add amendments offering tax relief for miners, stakers, and retail users, but ran out of time.

The proposed changes would have taxed staking and mining rewards only upon sale. They also included allowing mark-to-market accounting for unrealised gains and introducing a de minimis exemption for small transactions.

Industry leaders called the omission a missed opportunity. Senator Lummis remains optimistic, saying discussions with Senate Finance Committee members will continue to address crypto tax issues in future legislation.

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Cloudflare’s new tool lets publishers charge AI crawlers

Cloudflare, which powers 20% of the web, has launched a new marketplace called Pay per Crawl, aiming to redefine how website owners interact with AI companies.

The platform allows publishers to set a price for AI crawlers to access their content instead of allowing unrestricted scraping or blocking. Website owners can decide to charge a micropayment for each crawl, permit free access, or block crawlers altogether, gaining more control over their material.

Over the past year, Cloudflare introduced tools for publishers to monitor and block AI crawlers, laying the groundwork for the marketplace. Major publishers like Conde Nast, TIME and The Associated Press have joined Cloudflare in blocking AI crawlers by default, supporting a permission-based approach.

The company also now blocks AI bots by default on all new sites, requiring site owners to grant access.

Cloudflare’s data reveals that AI crawlers scrape websites far more aggressively than traditional search engines, often without sending equivalent referral traffic. For example, OpenAI’s crawler scraped sites 1,700 times for every referral, compared to Google’s 14 times.

As AI agents evolve to gather and deliver information directly, it raises challenges for publishers who rely on site visits for revenue.

Pay per Crawl could offer a new business model for publishers in an AI-driven world. Cloudflare envisions a future where AI agents operate with a budget to access quality content programmatically, helping users synthesise information from trusted sources.

For now, both publishers and AI companies need Cloudflare accounts to set crawl rates, with Cloudflare managing payments. The company is also exploring stablecoins as a possible payment method in the future.

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Coinbase privacy appeal rejected by US Supreme Court

The US Supreme Court has declined to hear an appeal from a Coinbase user, effectively allowing the Internal Revenue Service (IRS) to access user data without new restrictions.

The decision ends James Harper’s legal battle over the IRS’s broad request for user data, which he claimed violated constitutional privacy rights.

Harper’s challenge stemmed from a 2016 IRS summons demanding data from over 14,000 Coinbase users suspected of underreporting crypto income. Lower courts rejected his claims, citing the third-party doctrine that removes privacy rights for data shared with external platforms.

By refusing to take up the case, the Supreme Court leaves intact the precedent set by lower courts. The ruling confirms that centralised exchange users like those on Coinbase lack Fourth Amendment protection over government access to their financial data.

Experts warn the ruling could have broader implications beyond crypto. The outcome may reinforce the government’s ability to obtain user data from financial and technology platforms, potentially expanding surveillance powers across the digital economy.

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Nobitex restores wallet access after major hack

Iran’s biggest crypto exchange, Nobitex, has begun restoring wallet access after a cyberattack that stole over $90 million this month. Wallet reactivation is being carried out in phases, starting with verified users and spot wallets, while other wallets will reopen once identity checks are completed.

Users were urged to update their details promptly, as deposits sent to old wallet addresses now risk permanent loss due to a complete system migration.

Nobitex warned that withdrawal, deposit, and trading services for verified users would resume as soon as security checks allow. Timelines may change depending on technical conditions.

Following the breach, Iran’s central bank mandated domestic exchanges to restrict operating hours from 10 am to 8 pm to improve security.

The pro-Israel hacking group Predatory Sparrow claimed responsibility, highlighting rising regional cyber tensions. Nobitex remains central to Iran’s growing crypto market, but the attack has shaken user trust and raised concerns over the country’s financial cybersecurity.

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Youth unrest set to drive Bitcoin’s rise

Market analyst Jordi Visser predicts that rising dissatisfaction among young people aged 25 and under with the current financial system will drive Bitcoin adoption. He believes this trend will push its price higher over time.

On Anthony Pompliano’s podcast, Visser highlighted growing frustration due to economic uncertainty and AI-driven job losses. These factors are leading to calls for increased social spending and a move away from capitalism.

Visser said younger generations no longer believe the system will improve and expect governments to print more money amid social unrest. He argued that this trend will help Bitcoin steadily replace traditional fiat assets.

The analyst also warned that advanced AI and robotics could disrupt capitalism by concentrating wealth and reducing the need for human labour, forcing societal change. Emerging technologies like humanoid robots and self-driving cars, expected within five years, may speed up this transformation.

Visser noted that autonomous vehicles arriving in cities like Manhattan could face protests similar to those against ride-sharing, signalling broader technological disruption.

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Kazakhstan to create crypto reserve backed by mining and seized funds

Kazakhstan will create a state crypto reserve funded by confiscated criminal assets and government-backed mining operations. National Bank Chairman Timur Suleimenov said the reserve will follow global sovereign fund standards, prioritising transparency and sustainability.

The country’s rise as a crypto mining hub began in 2021, but stricter regulations and power shortages reduced its global mining share to 4% by 2023.

Authorities now use the ’70/30 model’, where foreign investment modernises power plants, with 30% of energy output reserved for regulated mining to generate crypto for the reserve.

Legal crypto activity is limited to the Astana International Financial Centre, hosting major exchanges like Binance and Bybit. Non-compliant platforms remain blocked, while reforms aim to license unbacked crypto assets and define their legal status.

Kazakhstan is also pushing forward with broader crypto innovation, including a Solana-backed Web3 zone and the proposed CryptoCity. Despite enforcement progress, most crypto activity still occurs outside regulation. The digital tenge is expected to launch later this year.

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Europol backs Spain in dismantling crypto crime ring

Spanish law enforcement, supported by Europol and agencies from Estonia, France, and the United States, arrested five individuals on 25 June 2025 linked to a global cryptocurrency investment scam. The operation uncovered a vast fraud network responsible for laundering around €460 million taken from over 5,000 victims worldwide.

The suspects were detained following coordinated raids in Madrid and the Canary Islands. Authorities conducted five property searches in total.

Europol has been assisting with the case since 2023, providing technical expertise, financial crime analysis, and on-site support during the final phase of the investigation.

The group allegedly operated through a vast web of international sales agents facilitating fund collection via cash, wire transfers, and cryptocurrencies.

The criminal operation reportedly maintained a corporate and banking structure based in Hong Kong, using shell companies and various digital accounts under false identities to move illicit funds.

Online fraud remains a critical threat to EU security, and Europol warns that it is rapidly growing in scale and complexity. According to Europol’s latest threat report, the rise of AI-powered deception tools is expected to fuel the spread of cyber-enabled fraud further.

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South Korea pauses central bank digital currency project

South Korea’s central bank has paused its second testing phase for a central bank digital currency (CBDC), initially scheduled for the fourth quarter of 2025. Banks in the pilot were told of the temporary halt due to high costs and a lack of a clear commercial plan.

Attention is now shifting towards the regulation and promotion of won-backed stablecoins. The government is fast-tracking legislation under the Digital Asset Basic Act, which would establish licensing, reserve management, and user protection standards for stablecoin issuers.

President Lee Jae-Myung has prioritised developing these digital tokens, aiming to bolster South Korea’s monetary sovereignty.

Domestic lawmakers argue that Korean crypto markets are overly dependent on US dollar-pegged stablecoins such as USDT and USDC, which could undermine local financial policy.

Eight central Korean banks, including KB Kookmin, Shinhan, and Woori, have launched a joint effort to issue a won-pegged stablecoin, showing strong commercial interest.

Officials caution that South Korea risks falling behind global competitors in stablecoin innovation without swift regulatory action. The market’s potential is seen as vast, possibly surpassing important sectors like AI and semiconductors.

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EU investors can now buy tokenised MSTR stock on Gemini

Crypto exchange Gemini has introduced a tokenised version of Michael Saylor’s Strategy (MSTR) stock for investors in the European Union. The launch allows EU users to invest in the Bitcoin-focused firm on-chain, bypassing many traditional market restrictions.

Gemini described tokenised stocks as a way to modernise financial rails and offer greater access with fewer limitations.

The platform partnered with US provider Dinari to offer tokenised stocks with greater liquidity, transparency, and full economic rights. Gemini offers only MSTR but announced plans to roll out additional tokenised stocks and exchange-traded funds (ETFs) shortly.

Unlike traditional markets, on-chain stock trading offers frictionless, 24/7 access without moving assets between platforms.

Interest in tokenised US equities is rising across Europe, with other crypto platforms such as Robinhood, Kraken, and Coinbase also aiming to enter this market. Industry experts suggest the tokenised equities market could become a significant trillion-dollar sector in the coming years.

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Bitcoin takes centre stage as America’s new dream

Changpeng Zhao, former CEO of Binance, has declared that owning Bitcoin could soon replace home ownership as the American dream. Zhao praised the FHFA’s directive for Fannie Mae and Freddie Mac to consider cryptocurrencies in mortgage risk assessments.

The FHFA’s order asks these agencies first to explore using cryptocurrencies as mortgage reserve assets without converting them to US dollars. Prospective homeowners could use crypto holdings on regulated US exchanges as part of their mortgage applications if adopted.

FHFA Director Bill Pulte described the move as historic for cryptocurrency and mortgage industries. He credited President Donald Trump for helping position the US as a global crypto hub.

Meanwhile, during a recent White House press briefing, Trump praised Bitcoin, highlighting its benefits for the US dollar.

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