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Upcoming Key U.S. Economic Events for Early July

According to BlockBeats, several significant macroeconomic events are scheduled in the United States for the upcoming week.On Monday at 21:45 UTC+8, the Chicago PMI for June will be released.Tuesday will feature multiple reports, starting with the final June S&P Global Manufacturing PMI at 21:45 UTC+8, followed by the June ISM Manufacturing PMI, May JOLTs job openings, and May construction spending rate at 22:00 UTC+8.Wednesday's reports include the June Challenger job cuts at 19:30 UTC+8 and the June ADP employment figures at 20:15 UTC+8.Thursday will see a series of releases, including initial jobless claims for the week ending June 21, the June unemployment rate, seasonally adjusted non-farm payrolls for June, and the May trade balance at 20:30 UTC+8. Later, the final June S&P Global Services PMI will be announced at 21:45 UTC+8, followed by the June ISM Non-Manufacturing PMI and May factory orders rate at 22:00 UTC+8.
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Crypto Ponzi Scheme Leader Sentenced to Nearly Eight Years in Prison

According to Cointelegraph, Dwayne Golden, 57, has been sentenced to 97 months in prison for his involvement in a significant crypto Ponzi scheme. A federal judge in Brooklyn delivered the sentence on Friday, following Golden's conviction for wire fraud and money laundering. The Department of Justice (DOJ) revealed that Golden orchestrated scams through three digital asset firms—EmpowerCoin, ECoinPlus, and Jet-Coin—defrauding investors of over $40 million.Federal prosecutors detailed how Golden and his associates promised investors guaranteed returns from crypto trading that never occurred. Instead, the funds were used to repay earlier investors or were misappropriated by the conspirators, a classic Ponzi scheme tactic. The companies collapsed soon after collecting investor deposits, leaving victims with substantial financial losses. The fraudulent activities took place between April and August 2017, with Golden and his partners falsely promoting their firms as international crypto traders.Following the collapse of their companies, Golden and his co-defendants attempted to obstruct investigations by the Federal Trade Commission and a federal grand jury. Their efforts included destroying evidence and providing false information. United States Attorney Joseph Nocella described the scheme as an exploitation of investor enthusiasm for new technology, noting that the companies offered no legitimate services and conducted no actual cryptocurrency trading.In addition to his prison sentence, Golden was ordered to forfeit approximately $2.46 million. Co-defendant William White received a 30-month sentence, while Gregory Aggesen and Marquis Egerton, also known as Mardy Eger, are awaiting sentencing. FBI Assistant Director Christopher Raia condemned the conspiracy as an elaborate scheme rooted in deceit and false promises, emphasizing Golden's disregard for integrity. Raia praised the sentence as a deterrent to potential scammers.The DOJ has urged investors who suffered losses from the scheme to submit restitution claims through the FBI's dedicated portal. In a related incident earlier this month, five men pleaded guilty to orchestrating a $36.9 million crypto scam that defrauded Americans and funneled funds to a crypto scam center in Cambodia. The defendants targeted victims via social media, messaging apps, and dating platforms, enticing them with false promises of profitable crypto investments. So far in 2025, over $2.1 billion has been stolen in crypto-related incidents, with most losses attributed to wallet compromises and key mismanagement, according to CertiK co-founder Ronghui Gu.
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Avalon Labs Advocates for Clearer U.S. Crypto Legislation

According to Foresight News, Bitcoin financial services platform Avalon Labs has revealed its latest efforts in Washington, D.C., to advocate for clearer cryptocurrency policies. The company aims to influence government legislation from the perspectives of blockchain innovation, job creation, and inclusive finance, particularly concerning crypto enterprises and Bitcoin lending operations. Avalon Labs believes that a clear and stable regulatory environment will enable crypto businesses to operate more safely and compliantly in the United States.Additionally, Avalon Labs is urging government support for the Blockchain Regulatory Certainty Act. This legislation seeks to provide legal clarity for non-custodial crypto services, thereby fostering healthy industry development.
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Senate Aims to Pass Digital Asset Legislation by September Deadline

According to Cointelegraph, U.S. Senator Tim Scott, who chairs the Senate Banking Committee, announced plans to pass legislation concerning digital asset market structure by the end of September. During a discussion with Wyoming Senator Cynthia Lummis and White House crypto adviser Bo Hines, Scott emphasized the necessity of legislative action for the market to function effectively. He set a target date of September 30 for passing a market structure bill. Lummis expressed her support, stating, "You’re the chairman, and we will do as you wish," indicating readiness to meet Scott's timeline.Lummis, speaking at the Bitcoin Policy Summit, voiced her disappointment over the potential delay in passing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act) and other digital asset market structure legislation before 2026. The GENIUS Act, having passed the Senate, awaits consideration in the House of Representatives, but neither chamber has scheduled a floor vote on market structure legislation as of June. The White House had initially aimed to sign the crypto bill into law by August, but timelines from Lummis and Scott may conflict with U.S. President Donald Trump's plans. On June 18, Trump urged the House to expedite the GENIUS Act to his desk. However, the timing for a House vote remains uncertain.Lummis mentioned at the Thursday event her intention to assist in drafting market structure legislation, aiming for a release before the August recess and a markup session in September. She suggested that lawmakers might consider the House's proposed Digital Asset Market Clarity Act (CLARITY Act) while drafting the Senate version. Although the CLARITY Act moved out of committee in June, Lummis and Scott's comments imply that Senate efforts might take precedence over the House's initiatives. The proposed legislation seeks to provide clearer guidelines for digital asset companies operating in the United States, potentially clarifying which digital assets are classified as securities and fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
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Tokenized Real-World Assets Surge in Institutional Finance

According to Cointelegraph, tokenized real-world assets (RWAs) have transitioned from a niche concept to a significant component of institutional finance, with private credit emerging as a leading sector. This development is highlighted in RedStone’s H1 2025 RWA Market Overview, co-authored by DeFi protocol Gauntlet and data platform RWA.xyz. The report notes that the tokenized RWA market, excluding stablecoins, has expanded by 380% since 2022, reaching a total value of $24 billion.Private credit, also known as direct lending, now constitutes over half of the RWA market, amounting to $14 billion. This sector offers investors yields between 8% and 12%, with products like Apollo’s ACRED fund being prominent examples. FS Investments, an alternative asset manager, points out that investors have traditionally favored private credit for its yield premium over public credit markets. RedStone emphasizes that tokenization is enhancing settlement speed and liquidity, reducing entry barriers, and enabling fractional participation, which were previously lacking in private credit markets.Ethereum continues to be the dominant platform for tokenized RWAs, despite competition from faster and more scalable blockchains. By mid-2025, Ethereum hosted approximately $7.5 billion in tokenized value across 335 products, representing 59% of the total market. The report mentions that Ethereum’s decentralized governance has historically limited its institutional reach, but the launch of Etherealize in January 2025 marked a strategic shift to attract more institutional participation onchain. Ethereum is often referred to as the "institutional standard" for RWA activities.The report also identifies Solana as a "high-performance challenger" in the tokenized Treasury market, hosting around $351 million in tokenized assets as of June. Aptos has seen increased RWA deployment, with $349 million in tokenized assets, and was the first non-Ethereum Virtual Machine network for BlackRock’s BUIDL fund. Additionally, Avalanche hosts $188 million in tokenized assets, including KKR’s tokenized fund, while XRP Ledger has emerged as a "regulated newcomer" with $157 million in tokenized RWAs.
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