US President Donald Trump sent a prerecorded message to Coinbase’s State of Crypto Summit, reaffirming his commitment to advancing crypto regulation in the US.
The administration is working with Congress to pass the GENIUS Act supporting dollar-backed stablecoins and clear market frameworks.
Congress is preparing to vote on the GENIUS Act in the Senate, while the House is moving forward with the CLARITY Act. The latter seeks to clarify the regulatory roles of the SEC and the Commodity Futures Trading Commission concerning digital assets.
Both bills form part of a broader effort to create a clear legal environment for the crypto industry.
Some Democrats oppose Trump’s crypto ties, especially the family-backed stablecoin from World Liberty Financial. Despite tensions, Trump continues promoting his crypto agenda through conferences and videos.
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Crypto events have grown rapidly worldwide in recent years. Unfortunately, this expansion has led to an increase in scams targeting attendees, according to Kraken’s chief security officer, Nick Percoco.
Recent conferences have seen lax personal security, with exposed devices and careless sharing of sensitive information. These lapses make it easier for criminals to launch phishing campaigns and impersonation attacks.
Phishing remains the top threat at these events, exploiting typical conference activities such as QR code scanning and networking. Attackers distribute malicious links disguised as legitimate follow-ups, allowing them to gain access to wallets and sensitive data with minimal technical skill.
Use of public Wi-Fi, unverified QR codes, and openly discussing high-value trades in public areas further increase risks. Attendees are urged to use burner wallets and verify every QR code carefully.
The dangers have become very real, highlighted by violent crimes in France, where prominent crypto professionals were targeted in kidnappings and ransom demands. These incidents show that risks are no longer confined to the digital world.
Basic security mistakes such as leaving devices unlocked or oversharing personal information can have severe consequences. Experts call for a stronger security culture at events and beyond, including multi-factor authentication, cautious password management, and heightened situational awareness.
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Ukraine’s parliament has introduced a bill proposing to allow the National Bank of Ukraine (NBU) to include Bitcoin as part of the country’s state reserves, alongside gold and foreign currencies. The bill 13356 gives the NBU full discretion to buy and manage cryptocurrencies without any obligation.
Supporters argue that incorporating digital assets into national reserves could enhance Ukraine’s macroeconomic stability and boost the digital economy.
Lawmaker Yaroslav Zhelezniak said the flexible framework lets the NBU decide when, how, and how much cryptocurrency to acquire independently.
Several countries, including the US, El Salvador, Switzerland, and Brazil, are exploring or already hold cryptocurrencies in their reserves. Ukraine’s move aligns with this global trend and signals an openness to financial innovation, potentially improving its attractiveness to investors and fintech firms.
While cautious, the bill represents a step towards modernising Ukraine’s economic policy and integrating emerging financial technologies.
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Binance has announced it will now allow Syrian residents to access its cryptocurrency services, following the recent suspension of US sanctions on Syria. The platform had previously barred Syrian users due to longstanding international restrictions.
With Syria no longer classified as a prohibited country, local users can now register and engage in spot and futures trading, staking, cross-border payments via Binance Pay, and educational tools in Arabic.
The exchange stated that it aims to contribute to Syria’s economic recovery and digital growth, in line with international compliance.
The shift follows the rise of Syria’s new leadership under President Ahmed al-Sharaa, who came to power in December 2024 after overthrowing Bashar al-Assad. In response, US President Donald Trump declared an end to sanctions in May 2025, offering Syria ‘a chance at greatness’.
Due to persistent inflation and currency instability, Syrians have increasingly turned to crypto. Despite sanctions, Syria has ranked among the top 10 countries for crypto-related search activity since 2021, highlighting the region’s demand for financial alternatives.
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The US Senate has taken a significant step towards regulating stablecoins, voting 68–30 to advance the GENIUS Act. The legislation requires stablecoins to be fully backed and mandates yearly audits for issuers valued at over $50 billion.
A final vote is expected on Monday unless the debate is concluded sooner.
Although the bill received bipartisan support, it has also triggered notable opposition. Leading Democrats, including Elizabeth Warren and Chuck Schumer, voted against it, citing unresolved amendments and ethical concerns.
Senator Warren accused lawmakers of facilitating corruption linked to Donald Trump’s expanding involvement in the crypto sector.
Trump’s growing ties to digital assets have added fresh controversy. His firm, World Liberty Financial, recently launched a US Treasury-backed stablecoin named USD1.
The Trump family has also introduced meme coins such as $TRUMP and $MELANIA, reportedly generating profits from transaction fees despite significant price volatility.
While the Senate progresses towards a final vote, the outcome in the House remains uncertain. Issues between the two chambers, especially regarding foreign issuers and state regulation, need resolution before a unified framework can be implemented.
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According to CEO Brian Moynihan, Bank of America is developing a dollar-pegged stablecoin. The bank collaborates with industry players but will only move forward once federal regulations are finalised.
Moynihan told investors that readiness is key, even though current demand for such an asset remains unclear.
The timing aligns with progress on the GENIUS Act, which aims to standardise stablecoin rules. The Senate voted to end debate on the bill, setting the stage for a final vote.
Proposed amendments would ensure stablecoins are backed one-to-one by secure assets and clarify the role of non-bank issuers.
Meanwhile, France’s Societe Generale-FORGE has launched a US dollar stablecoin called USD CoinVertible. The Ethereum and Solana-based token follows its earlier euro-backed version and meets the EU crypto rules.
The bank has partnered with BNY Mellon as the reserve custodian and will begin round-the-clock trading in early July.
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French police have arrested several suspects in connection with a series of violent kidnappings aimed at cryptocurrency executives and their families. The latest arrests, made on Tuesday, are part of a broader crackdown on what authorities describe as a highly organised extortion ring.
The group is believed to be behind the 1 May abduction of a crypto entrepreneur’s father, who was kidnapped in broad daylight in Paris by men disguised as delivery workers. The kidnappers reportedly cut off a finger to demand cryptocurrency before police rescued the victim days later.
Investigators suspect Badiss Mohamed Amide Bajjou, a 24-year-old dual French-Moroccan national, of orchestrating the attacks. Moroccan police arrested him in Tangier last week, seizing weapons, electronics, and illicit funds.
He is also linked to the January kidnapping of Ledger co-founder David Balland, with French authorities now seeking his extradition.
By the end of May, prosecutors had charged 25 people, mostly under 24, who were recruited online and promised financial rewards. Many were used as operatives in kidnapping attempts, including a failed effort to abduct the family of Paymium CEO Pierre Noizat.
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The Bank of Japan (BOJ) is set to hold a key monetary policy meeting on 16–17 June 2025. Market watchers expect the meeting could spark a rally in risk assets such as stocks and cryptocurrencies.
The BOJ’s approach to bond purchases will be closely scrutinised for signs of a shift in monetary strategy.
Industry experts, including Arthur Hayes, co-founder of BitMEX, have highlighted the possibility of renewed quantitative easing (QE). If the BOJ eases bond cuts and injects money, investments like Bitcoin could surge.
Japan’s bond market is under strain, with the 30-year government bond yield recently reaching 3.185%. Meanwhile, Bitcoin hit a record $112,000 shortly after.
Analysts suggest that growing concerns over government debt could push Bitcoin even higher, with some predicting it may reach $200,000 if fears intensify.
All eyes remain on the BOJ’s upcoming decision, as it may set the tone for global markets and cryptocurrencies. A move towards more monetary easing could boost risk assets and reshape investor sentiment.
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Russian authorities are preparing harsh new penalties for illegal cryptocurrency mining, including fines and coin confiscation. The Ministry of Digital Development has drafted legislation to let courts seize digital assets and punish those breaking mining rules.
Fines under the proposal range from 100,000 to 2 million rubles ($1,272–$25,456), with harsher penalties for solo entrepreneurs, officials, and corporations. Repeat or industrial offenders could see their mined crypto taken by the state.
The proposal would also allow punishment for unauthorised participation in mining pools and failure to report operations to the financial intelligence unit, Rosfinmonitoring.
Authorities are also targeting crypto payments made outside the Central Bank’s sandbox. Individuals and firms using digital assets for settlements could face fines of up to 1 million rubles ($12,728).
Officials suggest confiscating illegally used crypto will be a strong deterrent, reinforcing the Central Bank’s strict stance on digital currency use.
Despite the crackdown, no new regional mining bans have been enacted. A government commission recently rejected proposals to expand mining restrictions in regions such as Khakassia, Buryatia, and Zabaikalsky Krai following the imposition of a year-round ban in part of Irkutsk.
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Germany’s Financial Intelligence Unit (FIU) has recorded a record number of cryptocurrency-related suspicious activity reports (SARs) in 2024 despite an overall decline in total filings. The FIU reported 8,711 crypto-linked SARs, an 8.2% rise from the previous year.
Most flagged transactions involved Bitcoin, followed by Ethereum, Tether, and Litecoin. These were often tied to trading platforms, mixing services, or online gambling—tools frequently used to hide the origin of illicit funds. The agency said digital assets continue to play a growing role in money laundering operations.
Germany’s trend reflects broader international concerns. In the UK, the National Crime Agency said cryptocurrency exchanges were linked to 6.6% of all SARs during the 2023–24 period, as overall filings rose to around 872,000.
Authorities also observed a rise in counter-terrorism financing reports and account freezes. In the US, FinCEN received over 8,600 crypto-related SARs in fiscal year 2023.
Meanwhile, blockchain analytics firm Chainalysis reported laundered crypto volumes dropped from $31.5 billion in 2022 to $22.2 billion in 2023, though total criminal crypto usage remained stable at about $50 billion annually.
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