Last week saw significant volatility in the cryptocurrency industry, from courtroom struggles to bold decisions from states. Big names like Coinbase, Tether, Mastercard, and Trump Media made headlines for various reasons. As regulators in the U.S. debate the future of cryptocurrency regulations, state governments are acting faster. Meanwhile, organizations are beginning to have quiet interventions. If you find it challenging to keep track of all important information, this article will provide you with an overview of what has happened in the past week.
Coinbase Helps Recover $225 Million in Cryptocurrency Scam
This is one of the largest cryptocurrency recoveries ever. The U.S. Secret Service seized $225 million in USDT related to 'pig butchering' scams, thanks to Coinbase's assistance in tracing the funds and identifying over 130 victims. The campaign uncovered a global network of fake investment platforms and romance scams.
Tether froze assets, then destroyed and reissued them to a wallet under government control. Coinbase's blockchain analysis and subpoenas played a crucial role in the investigation, and the company is now calling on affected users to file compensation claims.
Texas Becomes the 3rd State to Support Bitcoin with Reserve Law
The state of Texas just passed a groundbreaking new law: establishing a Bitcoin reserve fund for state finances. Governor Abbott approved SB 21 – the Texas Strategic Bitcoin Reserve Act – allowing the state to hold Bitcoin as a hedge against inflation and market volatility. Only assets with a market capitalization of $500 million or more qualify, and currently, only Bitcoin meets this requirement.
A five-member advisory board will oversee the fund, and a companion law ensures that legal safeguards have been established. The law will take effect on September 1, 2025.
Chainlink Connects Fiat to Crypto via Mastercard
The alliance between Mastercard and Chainlink could create a turning point in cryptocurrency access. They are collaborating to enable 3.5 billion cardholders to purchase cryptocurrency directly on-chain. This integration, supported by Swapper Finance and ZeroHash, facilitates instant conversions from fiat to cryptocurrency on Uniswap, with fraud protection from Mastercard.
But some fees still exist, and surprisingly USDC has not yet been supported (as of this moment), while USDT, PYUSD, and USDe are on the list.
SEC and Ripple Try to Settle But Court Has Denied
A federal judge has rejected the SEC and Ripple's efforts to reach a settlement in the ongoing XRP lawsuit. This settlement would reduce Ripple's fine from $125 million to $50 million and lift the permanent injunction, but Judge Analisa Torres did not agree.
Her decision leaves Ripple's legal future uncertain, with no next steps confirmed from the company or the SEC.
Banks Are Free to Serve Cryptocurrency Customers, According to Jerome Powell
In a rare statement, Federal Reserve Chairman Jerome Powell confirmed that banks have the right to provide banking services to the cryptocurrency industry as long as they manage risks appropriately. He clarified in an interview that “banks have the right to decide who their customers are.”
This statement brings hope to traditional institutions that have hesitated to engage in digital assets for years. Cryptocurrency services like asset management and trading can now expand, however, capital, liquidity, and compliance regulations remain unchanged.
Tether Targets Bitcoin Mining by the End of 2025
Tether does not mine Bitcoin for profit – but to protect what they own. CEO Paolo Ardoino revealed that with over 100,000 BTC on the books, worth over $10 billion, the stablecoin giant is currently building mining infrastructure as a strategic defense measure. He explained that anyone seeking pure profit would be better off just buying Bitcoin instead of investing in infrastructure.
Tether has invested over $2 million in energy and mining projects, supporting renewable energy sources and local mining operations in a bid to become the largest miner by 2025.
Schiff Targets Trump's Crypto Profits Through COIN Act
Senator Adam Schiff has introduced the COIN Act – a bold bill aimed at preventing top government officials from profiting from cryptocurrency while in office. This move comes as Donald Trump's digital asset investments attract attention, with over $57 million reported raised from token sales.
If passed, the bill will prohibit the president, vice president, and senior officials from creating or promoting coins, NFTs, or stablecoins, with penalties including profit seizure and prison sentences. Schiff views this as a necessary safeguard against ethical ambiguity.
Solana, XRP, DOGE Cryptocurrency ETFs? Analysts Say There’s Potential
Analysts from Bloomberg, James Seyffart and Eric Balchunas gave a “90% or higher” probability for the approval of major cryptocurrency ETFs. Their updated predictions suggest that Solana, XRP, Dogecoin, and Litecoin are likely to be licensed, based on “positive conversations” with the SEC. This change could mean that altcoins are being viewed as commodities, helping them avoid tight SEC regulation.
However, don’t expect immediate action – Seyffart said final approval could take months, possibly until after October.
Two Cryptocurrency Bills Need to Pass in 2025, Says Senator Lummis
Senator Cynthia Lummis didn’t wait any longer. In a strong message on CNBC this week, she called on Congress to pass two important cryptocurrency bills in 2025: the GENIUS Act and the long-awaited market structure bill. “I’m not saying they should be merged, but both need to be passed this year,” she told Joe Kernen of Squawk Box.
Her remarks came as lawmakers sought to merge House and Senate proposals into a unified legal framework for cryptocurrency, in which clarity on stablecoins is a key component.
Highlights of the Week
Here are some quick facts you shouldn’t miss!
WazirX Avoids Seizure After $234 Million Hack: The Singapore High Court has given WazirX more time to revise its recovery plan following last year’s hack. The exchange is hopeful for tokenized reimbursement forms, but user trust and court approval remain weak.
Kraken Launches ‘Krak’ to Compete in Global Payments: This is a cross-border payment app that allows instant international money transfers across over 300 assets in 110 countries. The app also offers interest rates of up to 10% on some digital assets and rewards for USDG balances.
Coinme Fined $300,000 in First Cryptocurrency ATM Raid in California: Regulators found that Coinme violated state regulations by exceeding daily transaction limits and neglecting important information at its kiosks. The company will face a $300,000 fine, including compensation for a scam victim.
Arizona Pushes Bitcoin Reserve Bill: The Arizona legislature has passed HB2324, a bill that creates a Bitcoin Reserve Fund and Digital Asset using seized assets. If signed, this will be the state's second cryptocurrency reserve law, marking increased momentum following Texas.
CZ Warns About Scam Attacks: Hackers have infiltrated websites and created fake wallet pop-ups, tricking users into revealing personal information. CZ has warned users not to connect wallets, as nearly $18,600 has been stolen from 39 victims.
Next Steps for the Cryptocurrency Industry
Major changes are expected in the near future:
The U.S. may finally clarify cryptocurrency regulations. With Senator Lummis asserting the need to pass both the GENIUS Act and the market structure bill, 2025 could be the year the U.S. defines the rules for cryptocurrency. However, time is short and many political collisions remain.
The ETF altcoin waves are rising, but the timing remains unclear. The SEC's softer stance shows progress, but the official green light may not come until after October.
Bitcoin reserves are no longer just a talking point. Texas has joined. Arizona is close behind. Expect more governments and corporations to follow suit.
Hacks and scams continue: user trust remains fragile.
Jerome Powell's statement on banks participating in cryptocurrency was crucial, but interest rate decisions remain a major concern. With inflation decreasing and interest rate cuts being discussed, the willingness to accept risk could quickly return.
Major changes are underway in the cryptocurrency industry. We will continue to update and analyze them weekly. See you soon!
Source: https://tintucbitcoin.com/tin-tuc-tuan-nay-ve-tien-dien-tu/
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