Texas lawmakers have approved a bill to create a state-run Bitcoin reserve, bringing the state closer to officially adopting cryptocurrency as part of its treasury management. The Texas House of Representatives passed Senate Bill 21 on its third and final reading.
The bipartisan-supported legislation now requires a final concurrence vote on House amendments before it can be sent to Governor Greg Abbott for signature. Although the bill received strong support, opposition grew ahead of the last vote, with 42 members voting against it.
The fiscal impact of the reserve remains unclear. A legislative budget board official noted that the amount of Bitcoin to be purchased and related appropriations cannot currently be estimated. The bill grants the state comptroller investment authority over the reserve and other funds.
If enacted, Texas would become the second US state after New Hampshire to hold Bitcoin reserves. The bill aims to establish and manage a strategic Bitcoin reserve to support the state’s treasury operations.
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Kazakhstan is moving to formally regulate cryptocurrency exchange services that convert digital assets into fiat. The National Bank will oversee licensing under new national rules.
Yerlan Ashykbekov, head of the bank’s payment systems department, confirmed that a new category of licensed crypto exchange providers is being introduced. These platforms will be authorised to carry out crypto-to-fiat operations.
The central bank will also define which cryptocurrencies can be bought or sold under the new framework. Licensed operators will fall under direct supervision by the National Bank, including those issuing and circulating stablecoins and other digital assets.
Exchanges based in the Astana International Financial Centre will remain under a separate regime, though the government aims to link both systems. The move aligns with President Kassym-Jomart Tokayev’s push to legalise crypto use and shift users out of the unregulated ‘grey zone.’
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A major security incident has struck Cetus, a decentralised exchange (DEX) on the Sui blockchain, with suspected losses exceeding $200 million. Onchain data revealed rapid asset drainage, prompting experts to label the event as a possible hack rather than a mere bug, as claimed by the Cetus team.
Reports indicate that at least $63 million has already been transferred to Ethereum, including a large single transaction of 20,000 ETH moved to a new wallet.
Transaction volumes on Cetus surged to $2.9 billion on 22 May, compared to $320 million the previous day, suggesting funds were rapidly siphoned from the platform.
Several tokens lost over 75% of their value, causing wider disruption; for instance, the Sui-based money market Scallop halted all borrowing activities as a precaution.
Concerns over transparency have grown as $212 million in assets were reportedly bridged to Ethereum at a rate of $1 million per minute. Analysts argue the scale and speed of transfers hint at something more serious than a simple software glitch.
Cetus paused the affected smart contract and announced an ongoing investigation, but has yet to provide a detailed response.
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Bitcoin surged to a fresh all-time high of $111,544 during early Asian trading on Thursday, marking a 4% jump from Wednesday’s peak. The rally follows a dip to $106,000 earlier in the week and reflects rising interest in alternative assets amid global financial uncertainty.
The immediate driver appears to be weak demand for the US Treasury’s $16 billion 20-year bond auction, which pushed yields above 5.1%. Falling trust in long-term government debt has driven a shift in sentiment, with US and Japanese yields rising sharply.
Bitcoin’s rise has been supported by several macroeconomic factors, including softer US inflation, a cooling of US-China trade tensions, and Moody’s downgrade of US sovereign debt. Analysts suggest risk assets could benefit over the coming months if uncertainty continues to shake traditional markets.
On-chain data confirms increasing demand. Bitcoin’s realised market cap rose by $27 billion in May, while exchange inflows dropped 82% since November.
Institutional interest is also growing, with over $4.24 billion flowing into Bitcoin ETFs in the past month and major firms like Strategy boosting their holdings to $63 billion.
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Crypto.com has secured a MiFID licence, allowing it to offer regulated crypto derivatives across the European Economic Area. The licence expands the platform’s presence following earlier approval under the EU’s Markets in Crypto-Assets (MiCA) regulation.
It was obtained through the acquisition of Cyprus-based A.N. Allnew Investments, a move similar to strategies used by other major platforms such as Kraken. The announcement follows Crypto.com’s broader efforts to offer more regulated services to European users and grow its product portfolio.
Other crypto firms are also eyeing Europe’s growing derivatives market. Kraken, Coinbase, Gemini and Synthetix have all expanded their derivatives offerings through acquisitions and regulatory approvals, signalling a competitive push in the region.
Crypto.com’s previous acquisitions include Fintek Securities, Watchdog Capital and others, further strengthening its regulatory positioning.
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Hong Kong’s legislature has approved a bill introducing a licensing framework for fiat-referenced stablecoin issuers. The move provides legal clarity and aims to enhance the city’s position as a global digital asset hub.
Any issuer of stablecoins in Hong Kong or of HKD-backed stablecoins abroad must obtain a licence from the Hong Kong Monetary Authority. The law outlines standards for reserve asset management, redemption, and risk controls to protect investors and the wider public.
Officials say the legislation follows the principle of ‘same activity, same risks, same regulation’ and adopts a risk-based approach. Financial Secretary Christopher Hui stated that the measure sets a solid foundation for Hong Kong’s growing virtual asset market.
The HKMA’s sandbox programme for stablecoin issuers has already attracted three participants. The new ordinance is expected to take effect later this year.
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Pakistan has formed a new body to regulate its growing digital asset market and embrace blockchain-based financial innovation. The Pakistan Digital Assets Authority (PDAA), backed by the Ministry of Finance, will license and oversee exchanges, custodians, wallets, stablecoins, and decentralised finance platforms.
Federal finance minister Muhammad Aurangzeb said the goal is not only to catch up but to lead the sector globally. PDAA will also tokenise national assets and government debt, and monetise excess electricity through regulated Bitcoin mining.
The authority aims to create a safe and investment-friendly ecosystem for blockchain startups and Web3 development.
The move follows advice from the Pakistan Crypto Council, which includes former Binance CEO Changpeng Zhao. Council CEO Bilal Bin Saqib described the strategy as a complete rewrite of Pakistan’s financial future, with a focus on financial inclusion, digital exports, and innovation.
Pakistan‘s stance on crypto has shifted rapidly. Although the government had ruled out legalising digital assets in 2023, the country ranked ninth in Chainalysis’ 2024 crypto adoption index.
With over 27 million users expected by 2025 and projected revenue of $1.6 billion, Pakistan’s digital asset sector is now seen as a key growth driver.
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Russia’s Ministry of Justice is working on legislation that would classify crypto assets as property, enabling their confiscation during criminal investigations. The draft bill aims to tighten control over digital currencies increasingly used for illegal activities.
Deputy Justice Minister Vadim Fedorov stated that the new law would allow authorities to seize not only physical wallets but also credentials like seed phrases. Experts will assist in managing the secure handling of digital assets.
Courts may also be given the power to block transactions linked to certain wallets.
The move comes in response to a rise in crypto-related crime, particularly through darknet markets. One such platform, Kraken, has recorded a 68% surge in crypto transactions since the shutdown of Hydra in 2022.
Fedorov highlighted the challenges posed by digital currencies, citing their anonymity and lack of central control as major attractions for criminals.
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The largest cryptocurrency exchange in the US, Coinbase, revealed that a recent cyber-attack could cost between $180 million and $400 million. The attack compromised data from a small group of customers, including names, addresses, and emails, but login credentials and passwords remained secure.
Coinbase has promised to reimburse customers who were tricked into sending funds to the hackers.
Hackers bribed overseas contractors and employees in support roles to access internal systems. Coinbase immediately terminated those involved and refused to pay the $20 million ransom demand.
Instead, the company has offered a $20 million reward for information leading to the attackers’ capture and is cooperating with law enforcement agencies.
The breach was disclosed just before Coinbase’s planned entry into the S&P 500 index, marking a significant milestone for the crypto sector. Security remains a critical concern in the industry.
Earlier in 2025, the Bybit exchange suffered a $1.5 billion hack, adding to over $2.2 billion lost to crypto platform breaches this year alone.
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The US SEC has charged Unicoin and three executives for allegedly raising over $100 million through misleading investor claims. The SEC claims Unicoin falsely promised investors its crypto assets were backed by a multibillion-dollar global property portfolio.
Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former investment head Alex Dominguez are accused of exaggerating the company’s sales and falsely stating its tokens and certificates were SEC-registered.
The SEC said the real estate backing was worth far less than claimed and that most of the company’s sales were ‘illusory.’
The SEC said Unicoin falsely claimed decades of reserves while operating with less than a year of funding. Unicoin allegedly reported over $3 billion in certificate sales, though only $110 million was raised.
General counsel Richard Devlin was also charged but settled for a $37,500 penalty without admitting guilt. Unicoin and the named executives have yet to issue public statements, though Konanykhin previously said the company would fight the case in court.
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