Cryptocurrencies

Bitcoin becomes cornerstone of Musk’s America Party

Elon Musk has announced that Bitcoin will serve as the primary financial asset of his new America Party, marking a move away from traditional currencies. His statement reflects rising distrust in fiat money, which he called ‘hopeless’ due to inflation and debt concerns.

The formation of the America Party follows a political rift between Musk and Donald Trump, triggered by disagreements over economic legislation. The break from the president has given rise to a new political force that sees decentralised finance as a pathway to reform.

Bitcoin’s adoption signals a broader push for transparency and innovation in governance. Musk has long supported digital assets and aims to build a platform encouraging financial sovereignty.

His stance may influence political agendas and regulatory discussions in the months ahead. In addition to Bitcoin, Musk remains a vocal supporter of Dogecoin, pointing to a vision of a multi-asset digital economy.

The America Party’s crypto-centric approach could accelerate mainstream adoption while placing pressure on policymakers to provide more explicit rules for digital finance.

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Secret Service step up crypto enforcement with major recoveries

Authorities in the United States have confiscated close to $400 million in digital currencies tied to criminal investigations over the last ten years. The bulk of these assets is secured in a government-controlled cold wallet.

A significant portion, worth $225 million, was recovered in June through a joint operation involving the FBI and legal offices. The effort reflects growing proficiency in tracking crypto-linked criminal activity across blockchain networks.

Secret Service has delivered cryptocurrency crime training in more than 60 countries to support global cooperation. These educational efforts are part of a broader strategy to strengthen international capabilities against financial fraud and cybercrime.

The agency also collaborates with private companies to improve its crypto crime efforts. Coinbase has assisted in tracing transactions, while Tether recently granted freezing access to the Secret Service and FBI.

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Trump’s Big Beautiful Bill could spark a blockchain reset

A new analysis by crypto commentator Stellar Rippler suggests that Donald Trump’s latest economic legislation may be part of a calculated effort to dismantle the current financial order.

Far from merely restoring the economy, the bill is viewed as a trigger for a major reset, where blockchain technology plays a leading role.

The bill introduces sweeping permanent tax cuts and significant Medicaid and food stamp program reductions. It also increases border spending and lifts the debt ceiling significantly.

Critics, including Elon Musk and Senator Rand Paul, warn that the legislation benefits the wealthiest and adds trillions in debt. Stellar Rippler, however, believes the move is deliberate, designed to weaken the central banking model and make way for digital alternatives.

XRP, RLUSD, and Stellar’s XLM are seen as the tools to facilitate this transition. With Ripple’s dual-ledger model and Stellar’s established international network, these assets are positioned to provide faster, cheaper, and decentralised alternatives to existing systems.

The analyst argues that blockchain projects already integrated into key markets can stabilise cross-border payments and reduce reliance on failing banks.

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Lummis unveils crypto tax reform bill

US Senator Cynthia Lummis has proposed a new crypto tax bill to modernise how digital assets are treated under US tax law. The legislation follows her earlier attempt to include it in the recently passed One Big Beautiful Bill Act, which did not succeed.

Now a standalone bill proposes a $300 crypto transaction exemption, ends double taxation for miners and stakers, and ensures crypto is treated like other financial assets. It also aims to expand securities lending rules to include digital assets, ensuring lending does not trigger tax liability.

Lummis, who chairs the Senate digital assets subcommittee, said the bill is designed to align US tax law with real-world digital use. She emphasised the need to remove outdated policies that hinder innovation and invited public feedback on the proposal.

The initiative joins a series of pending digital asset bills in the US Congress, including the CLARITY and GENIUS Acts. Lummis has also backed the Bitcoin Act, which would establish a national BTC reserve following Donald Trump’s return to office.

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Bitcoin-backed life insurance now available in Russia

Two major Russian insurers, Renaissance Life and BCS Life Insurance, have introduced investment life insurance policies (ILIPs) tied to Bitcoin. These products give wealthy investors exposure to Bitcoin via BlackRock’s IBIT, without needing to hold the asset directly.

Renaissance Life’s ‘Cryptocapital’ policy has a two-year term, a minimum investment of 1.5 million rubles (about $19,000), and offers full capital protection. If Bitcoin prices surge, investors could earn up to 2.4 million rubles in pre-tax gains.

BCS Life offers a similar policy with a three-year duration and a higher entry threshold of 3 million rubles, adding flexibility through portfolio rebalancing.

Both policies use Bitcoin futures contracts traded on the Moscow Exchange, marking a shift towards regulated, crypto-linked financial products. The offerings target affluent clients seeking Bitcoin exposure with capital protection.

The launch reflects a broader trend of integrating Bitcoin into mainstream financial instruments, especially following Bitcoin’s rise past $100,000 and greater regulatory clarity. Other firms like Meanwhile Insurance have also introduced crypto-based insurance solutions in response to global demand.

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Ripple partners with AMINA Bank to expand in Europe

Ripple has partnered with Swiss-based AMINA Bank, regulated by FINMA, to offer custody and trading of its RLUSD stablecoin, establishing a compliant presence in Europe.

RLUSD has already secured approval from major regulators, including the New York Department of Financial Services and the Dubai Financial Services Authority.

Ripple is integrating the asset into its recently acquired prime brokerage platform, Hidden Road. It is also using RLUSD across the Ripple Payments platform for enterprise cross-border transactions.

AMINA cited Ripple’s transparent structure and regulatory commitment as key factors in the partnership. The bank, formerly SEBA Bank, has been a leader in regulated digital asset services since 2019. Its collaboration with Taurus, a Deutsche Bank-backed firm, further strengthens its position in digital finance.

Ripple is positioning RLUSD as a compliant alternative within Europe’s evolving regulatory landscape under MiCA. The Swiss partnership supports RLUSD’s long-term growth by offering legal clarity, regulated access, and a path toward broader liquidity across the continent.

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India’s top darknet dealer laundered crypto with Monero for two years

India’s Narcotics Control Bureau (NCB) has arrested a 35-year-old engineer from Kerala accused of running the country’s largest darknet drug network alone. The suspect, ‘Ketamelon,’ reportedly ran a Level 4 darknet drug operation for two years without his family knowing.

Authorities seized more than 1,100 LSD blots, over 130 grams of ketamine, and cryptocurrency assets valued at over $82,000 during the four-month investigation. The drugs were reportedly sourced from international suppliers, including a UK-based vendor believed to be the world’s largest LSD supplier.

Shipments reached cities such as Bengaluru, Chennai, Delhi, and Himachal Pradesh.

The suspect laundered proceeds using Monero, a privacy-focused cryptocurrency designed to hide transaction details, making it popular among darknet criminals.

While privacy coins like Monero offer enhanced anonymity, experts warn they are not entirely untraceable, as blockchain ledgers permanently record all transactions.

The operation comes amid wider global efforts targeting cybercrime and crypto-facilitated illegal markets.

Recently, the US Treasury sanctioned a Russian hosting provider linked to ransomware and darknet drug sales, highlighting increasing international pressure on digital criminal networks.

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Crypto spending in Europe is rising with stablecoins leading

Crypto is gaining traction as a go-to payment method across Europe, with stablecoins playing a leading role. According to a June report from Oobit, more than 75% of crypto purchases made by European users over the past month were settled using stablecoins.

Retail and travel dominate the spending landscape. In countries like Germany, Spain, and Poland, crypto is most commonly used for food, drink, and other retail items. Meanwhile, travel expenses top the list in France, Italy, Greece, and Ireland.

Notably, over half of all crypto transactions were related to everyday shopping, with Poland alone making up a third of those purchases.

Poland, Lithuania, and Estonia are at the forefront of stablecoin adoption. Poland led the region, with over 30% of Oobit’s retail crypto transactions occurring there—most settled in USDC.

Lithuania also showed strong growth, particularly in euro-backed EURR transactions, which have doubled recently. Supportive regulation across these nations, including MiCA-compliant laws, is encouraging the trend.

The findings reflect a wider transition in how crypto is used. Instead of serving purely as an investment, digital currencies are increasingly woven into daily financial activities, showing their value in practical, real-world scenarios.

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Brazil sets flat 17.5 percent tax on all crypto gains

Brazil has implemented a significant shift in its approach to digital assets with a new crypto tax law taking effect on 12 June 2025. Under Provisional Measure 1303, a flat 17.5% tax now applies to all cryptocurrency gains, replacing the former progressive regime.

The previous exemption for monthly gains under 35,000 reais has been abolished, placing new pressure on small and casual traders.

The law’s reach is extensive, applying not only to traditional crypto trades but also to decentralised finance (DeFi), NFT transactions, staking rewards, and offshore wallets. Gains are now reported quarterly, with losses deductible over the past five quarters — a period that shortens in 2026.

Smaller investors are the most brutal hit, now fully taxed on previously exempt profits. Meanwhile, high-net-worth individuals could benefit, as gains that once faced a 22.5% rate are now capped at 17.5%.

The reform forms part of Brazil’s 2025 tax overhaul to expand the fiscal base amid record tax levels. Crypto may further integrate into Brazil’s economy, with payroll in digital assets under review and stricter monitoring ahead.

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Sparkassen to offer crypto trading in Germany by 2026

Germany’s largest banking group, Sparkassen, plans to offer cryptocurrency trading services to retail customers by the summer of 2026. The decision reverses Sparkassen’s 2023 stance, when it called digital assets ‘highly speculative’ and avoided crypto products.

Sparkassen’s crypto offering will be powered by its subsidiary Dekabank, which already holds a licence from Germany’s financial regulator BaFin. The new platform will let customers trade major tokens like Bitcoin and Ethereum, expanding beyond institutional services.

The move follows the introduction of the EU’s MiCA framework, which has provided banks across Europe with legal clarity to pursue crypto services. Demand for regulated digital asset access has already been seen through products like Börse Stuttgart’s Bison app and similar banking initiatives.

Although interest continues to grow, German regulators remain cautious. The country’s financial watchdog received over 8,700 suspicious activity reports related to crypto in 2024—its highest figure to date.

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