Cointelegraph

Opinion by: Julie Bourgeois, Head of Legal and Compliance, 6 Monks

Digital asset regulations are rapidly evolving to ensure the transparency and safety of all market participants. This is no more evident than in Europe, where two different regulatory models have emerged.

On one side is the European Union’s Markets in Crypto-Assets (MiCA), which offers precise regulation for all 27 member countries. On the other side is the UK which, after Brexit, still has no common regulation such as MiCA.

With its new “Plan for Change,” the UK claims it wants to be “the best place in the world to innovate,” and it’s working on new laws to better protect people and support crypto growth. 

For fund managers, these differences can become a difficult puzzle to solve. Should they favor the legal certainty offered by the MiCA-compliant EU? Or should they bet on the UK’s upcoming changes?

What can MiCA promise? 

MiCA has clarified questions on crypto in the EU. Today, the regulation provides a comprehensive and, more importantly, harmonized framework across all member states. 

Perhaps MiCA’s most significant advantage is its passporting mechanisms, from which many companies already benefit. Once the grandfathering period has elapsed and the national competent authority has provided its green light through the MiCA license, a crypto service provider can offer crypto asset services to any country in the EU. This is desirable for companies planning to scale their activities at the EU level — no more fragmented regulation.

MiCA’s positive influence, especially at the stage of business scaling, can be seen in the region. Previously, launching in another EU country meant re-legalization and months of approvals. Now, an approved licensed CASP status in one country means you are legally operating throughout the EU. This saves tens of thousands of euros and months of work.

The UK’s agile approach

Across the Channel, there is the UK, which has a more adaptive but fragmented approach. So far, the UK does not have a MiCA-like unified law, but it has a bold vision of integrating crypto into existing systems.  

The UK’s draft crypto legislation, part of its “Plan for Change,” promises the creation of laws that will ensure greater transparency. For the first time, official laws, not just recommendations, are being created to regulate the crypto industry in the UK. 

The country’s primary goal is to protect crypto users by establishing clear laws for risk disclosure when buying crypto assets and precise terms of service. Considering that crypto could boost the UK economy by 57 billion British pounds ($77 billion), these new rules might significantly influence the UK’s crypto environment.

Recent: Digital euro, not MiCA, key to managing crypto risks: Bank of Italy chief

Although making the regulations stricter, it leaves room for innovation. The UK is discussing with the United States the creation of a joint sandbox — a regulated environment for testing new crypto products. 

Crypto fund domicile decision

Choosing where to set up might be a difficult decision considering these differences. Especially for crypto funds. It is not just a legal question but a strategic decision, as they work closely with crypto asset service providers. What should they consider when making this choice?   

Thanks to MiCA as a unifying law, EU-based CASPs can benefit from a more stable compliance environment. The regulation creates a single licensing regime for crypto asset service providers. 

MiCA offers certainty for managers and custodians today, which is especially important for institutional adoption. That predictability can become a significant competitive advantage for the EU and may drive more companies to domicile there. This especially relates to those companies that target cross-border expansion or institutional clients. 

Luxembourg can become a potential place for setting up a fund within the EU. It has a strong history as a top financial center and successfully creates and manages funds. Its clear rules and support for new ideas make it a smart option for starting and running crypto investment funds under MiCA.

On the contrary, the UK offers something more flexible and easier to develop. This draws its audience from, for example, fintech pioneers who are testing new highs. As the UK is willing to experiment with the sandbox regulation mentioned earlier, it can become the point of attraction for domicile purposes. 

Two paths with different strengths 

The UK is aiming to bring crypto into its traditional financial system. It is more open to new decentralized products to enter the market. That said, the UK’s flexibility is a significant advantage. If, in the near future, the UK can balance innovation with some investor protection, it could become a leading hub for DeFi.

Meanwhile, the EU’s MiCA regulation provides a consistent legal environment. With strong rules, the EU is positioning itself as a safe haven for crypto funds and a global example of how regulation can introduce clarity and make markets more appealing.

Ultimately, it is not a matter of one region beating the other. Rather than competitors, they may complement each other in shaping the future of digital assets.

Opinion by: Julie Bourgeois, Head of Legal and Compliance, 6 Monks.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Ubyx, a new stablecoin clearing platform that aims to jumpstart stablecoin adoption by enabling redemption at face value, has closed a $10 million seed funding round backed by several major crypto investors.

The funding round was led by Galaxy Ventures, with participation from Coinbase Ventures, Founders Fund, VanEck, Paxos and others, according to a Tuesday announcement. The startup plans to launch its platform in the fourth quarter of 2025.

The service will allow regulated banks and fintechs to redeem stablecoins directly for fiat at par value, aiming to reduce friction in stablecoin usage and encourage broader adoption.

Ubyx partners include stablecoin issuer Paxos and financial services-oriented blockchain Ripple, among other players across the financial services and crypto infrastructure sectors.

“Stablecoins become ubiquitous when there is a shared acceptance network, just like cards,” Mike Giampapa, general partner at Galaxy Ventures, said.

The firm has not responded to a request for comment by Cointelegraph.

Clearing system tackles market fragmentation

Ubyx claims the current stablecoin market faces barriers to mass adoption, with the current stablecoin on and offchain setups being a limiting factor. Different stablecoin issuers build their distribution network, which leads to increased costs and a lack of interoperability.

Institutions also cannot currently consider stablecoin holdings as cash equivalents on their balance sheets. Ubyx claims that its stablecoin clearing system addresses those issues by connecting multiple issuers with multiple receiving institutions.

Intertwining traditional finance and stablecoins

Ubyx aims to integrate stablecoins into traditional finance by “allowing redemption of stablecoins for fiat at par value into existing bank and fintech accounts.” This move aims to reduce market fragmentation and standardize redemption, purportedly to support cash-equivalent accounting treatment.

“Just like the internet changed how we communicate, stablecoins on public networks will change how we pay,” Shan Aggarwal, vice president of corporate and business development at Coinbase Ventures, said.

Stablecoins posted 19.4 times more transaction volume over the past 12 months than PayPal. Source: Daren Matsuoka

The announcement comes amid rising transaction volumes in the stablecoin sector, which processed 19.4 times more value than PayPal over the past 12 months, according to Daren Matsuoka, a data scientist at a16z Crypto.

Ubyx founder and CEO Tony McLaughlin said the service allows a market structure with multiple stablecoin issuers relying on numerous blockchains and currencies to operate on a single network.

Ubyx will initially support multiple blockchains, including Aptos, Arbitrum, Avalanche, Base, Canton, Concordium, Hedera, Polygon, Solana, Starknet, Stellar, Sui, XDC, XRPL and ZKsync.

The firm is also launching with key infrastructure partners, including BitGo, Copper, Chainalysis and Fireblocks.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Despite its massive popularity, XRP (XRP) has remained largely absent from decentralized finance (DeFi) because of the technical limitations of the XRP Ledger (XRPL).

XRPFi, a DeFi ecosystem centered on XRP, aims to narrow that gap. It leverages Flare Network’s bridging and smart contract technology to bring XRP into the realm of programmable finance.

Flare Network, a full-stack layer-1 blockchain designed for data-intensive applications, serves as a crucial bridge connecting non-smart-contract assets like XRP to the DeFi ecosystem. 

At the heart of Flare’s infrastructure is FAssets, a system that creates fully collateralized representations of these assets. One notable example is FXRP, a wrapped version of XRP that enables holders to deploy their XRP in DeFi protocols within Flare’s network.

FAssets’ supply and collateral data Source: Flare

By staking FXRP, holders receive stXRP, a liquid staking token that represents a claim on the staked FXRP. Max Luck, head of growth at Flare, told Cointelegraph: “This setup allows XRP holders to unlock native-like staking yields on an asset that otherwise doesn’t support staking, enabling passive income without sacrificing liquidity.”

Institutions are showing growing interest in XRPFi: Digital money platform Uphold, which holds over 1.8 billion XRP, has signaled plans to engage with the FAssets ecosystem, while NASDAQ-listed VivoPower recently announced a $100 million XRP deployment on Flare, underscoring how major players are validating and accelerating the momentum of XRPFi.

With XRP’s market capitalization exceeding $130 billion, directing even a fraction of that liquidity into DeFi could unlock a significant new capital source for the broader ecosystem. Flare’s technology expands XRP’s utility, encouraging greater participation from both institutional investors and retail holders.

Liquid staking is coming to the XRP ecosystem through the launch of stXRP

Liquid staking is set to make its debut in the XRP ecosystem with the launch of stXRP on the Firelight protocol, powered by Flare. Much like the liquid staking token stETH (stETH) for staked ETH (ETH) offered by protocols like Lido, Firelight will allow users to stake FXRP and receive stXRP, a liquid staking token that can be utilized across Flare’s growing DeFi ecosystem. 

The process works by depositing FXRP into Firelight’s Launch Vault, which mints stXRP at a 1:1 ratio. These ERC-20 tokens are fully transferable and can be used across decentralized exchanges, lending markets, and other yield-generating DeFi protocols.

Importantly, the underlying FXRP will remain staked on Secured Service Networks (SSNs), which help secure decentralized protocols across multiple ecosystems while potentially earning rewards for users.

As holders of stXRP, users may also earn Firelight Points, which can influence future reward distributions. In the long run, this dynamic could increase the composability of stXRP within the XRPFi ecosystem, enabling its use as collateral, liquidity or a yield-bearing asset across a wide range of DeFi applications.

Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set

The supply of staked Ether reached an all-time high this week, signaling growing investor confidence and a squeeze on the liquid supply of the world’s second-largest cryptocurrency.

Over 35 million Ether (ETH) coins are now staked under the Ethereum blockchain’s proof-of-stake consensus model, according to data from Dune Analytics.

Over 28.3% of the total Ether supply is now locked into smart contracts and is unsellable for a pre-determined time in exchange for generating passive income for investors.

A growing staked supply also indicates that a large percentage of investors are preparing to hold their ETH instead of selling at current prices.

Staked ETH supply. Source: Dune

Over 500,000 ETH has been staked in the first half of June, signaling “rising confidence and a continued drop in liquid supply,” said pseudonymous CryptoQuant author Onchainschool in a Tuesday post.

Ether accumulation addresses, or holders with no history of selling, have also reached an all-time high of 22.8 million in ETH holdings, signaling that Ethereum is among the “strongest crypto assets in terms of long-term fundamentals and investor conviction,” the analyst said.

ETH total staked. Source: CryptoQuant

The recent rise in staking comes amid a more favorable US regulatory outlook. The record comes nearly three weeks after the US Securities and Exchange Commission (SEC) released new guidance on cryptocurrency staking, widely seen as a victory for crypto regulations, Cointelegraph reported on May 30.

“Protocol Staking Activities,” such as cryptocurrencies staked in a proof-of-stake blockchain, “don’t need to register with the Commission transactions under the Securities Act,” SEC’s Division of Corporation Finance said in a May 29 statement.

The SEC’s Division of Corporation Finance said some protocol staking activities don’t qualify as securities offerings. Source: SEC

However, industry participants are still waiting for the approval of the first Ether staking ETFs after the SEC delayed its decision on Bitwise’s application to add staking to its Ether ETF on May 21.

Lido accounts for 25% of the staked Ether supply

Over 25% of the 35 million staked Ether tokens have been deployed through the liquid staking protocol Lido. Binance holds 7.5% of the staked Ether supply, and Coinbase holds 7.4%, according to Dune data.

 ETH stakers by market share. Source: Dune

Coinbase exchange also became Ethereum’s largest node operator, holding over 11.4% of staked Ether supply through its validators, Cointelegraph reported on March 20.

Decentralization purists have previously criticized the growing Ether supply staked through liquid staking protocols as a potential centralization risk, which may create a single point of vulnerability for the network.

Despite the criticism, institutional adoption saw a significant uptick thanks to the development of liquid staking infrastructure, as a “significant percentage of Lido’s TVL already comes from institutions,” amid growing demand, Konstantin Lomashuk, founding contributor at Lido protocol, told Cointelegraph.

Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame

Justin Sun’s Tron is about to challenge what Wall Street considers a legitimate corporate asset, and if it fails under pressure, the fallout could ripple far beyond the company itself.

On June 16, toy maker SRM Entertainment announced it will rebrand as Tron Inc and adopt a treasury strategy centered on TRX (TRX), the native cryptocurrency of the Tron blockchain. 

The move — widely defined as a reverse merger — is backed by a $100-million private investment, potentially rising to $210 million if warrants are fully exercised. Tron founder Sun will serve as an adviser.

Tron’s strategy puts TRX to the test as a corporate reserve asset. While Bitcoin (BTC) has gained traction on public balance sheets, TRX is more thinly traded, centrally controlled and closely tied to the company itself.

TRX had an immediate 5% spike after the announcement. Source: CoinGecko

Tron’s TRX strategy is riskier than Bitcoin treasuries

In the first half of 2025, a growing number of publicly traded companies adopted cryptocurrencies in their treasuries. Strategy (formerly MicroStrategy) popularized the aggressive Bitcoin acquisition playbook that inspired global firms to follow suit in hopes of reversing the fortunes of its slumping shares.

Now, companies are anchoring treasury plans around assets like Ether (ETH), Solana (SOL) and XRP. But the shine is wearing off, as announcing a crypto treasury strategy is no longer a guaranteed path to a soaring stock price.

Trident Digital Tech’s shares fell after it announced an XRP treasury plan on June 12. Source: Nasdaq

“[Michael] Saylor has a lot of experience with structured products, being a listed company, financial legality and processes, a now long-standing process for crypto flows and a clear investor offering. A lot of these newer vehicles do not,” Justin d’Anethan, head of sales at token launch and distribution platform Liquifi, told Cointelegraph.

“While I can’t say they’ll necessarily mess up, there’s just an implied higher risk,” he added.

Sun’s plan stands apart from other crypto treasuries. If realized, Tron Inc would become the first US company to hold its own blockchain’s native token as a corporate reserve.

Jamie Elkaleh, marketing chief at Bitget Wallet, told Cointelegraph:

“The company is essentially holding its own equity-like asset as collateral. This is circular and risky.”

“If confidence in Tron Inc falters, TRX may drop, which then tanks Tron Inc’s perceived value even further,” he added, highlighting a feedback loop.

Tron and SRM Entertainment did not respond to Cointelegraph’s request to comment.

TRX is one of the largest cryptocurrencies by market capitalization. As of June 17, it ranks eighth with $26.2 billion. But unlike Bitcoin, TRX lacks comparable institutional demand and trades with much lower volume, CoinGecko data shows.

Despite Tron’s announcement, TRX recorded a 24-hour trading volume of just $1.75 billion as of June 17 — far below Bitcoin’s $34.3 billion and trailing other treasury coins like XRP and Solana. But Tron is far from a ghost chain and boasts one of the most active ecosystems in the industry.

“To be fair, Tron’s been around and plays a major role in stablecoin flows, so there’s real activity under the hood,” d’Anethan said.

TRX launched on Ethereum in August 2017 and migrated to its own blockchain in June 2018. It has weathered multiple bear markets and grown into the second-largest network for stablecoins, with the largest circulation footprint of Tether’s USDt (USDT) in the world.

Tron trails Ethereum in stablecoin market cap but leads all networks in USDT circulation. Source: DefiLlama

A chunk of Tron’s stablecoin flows have been tied to illicit finance, but the network has made efforts to curb abuse.

Eric Trump denies position in new Tron company 

What surprised many market watchers about Tron’s public listing plan was the reported involvement of Eric Trump, son of US President Donald Trump, in the new TRX treasury firm.

Eric Trump has since denied any “public involvement” with Sun’s new venture. However, he does have a connection to Dominari Securities, the broker-dealer serving as exclusive placement agent for the deal. In February, Eric Trump and his brother Donald Trump Jr. joined Dominari’s advisory board.

Justin Sun and Eric Trump share a moment at Token2049 Dubai. Source: Justin Sun

“The involvement of politically connected individuals in tech enterprises is not unprecedented,” Yuriy Brisov, a partner at Digital and Analogue Partners, told Cointelegraph, adding, “Such associations can lead to scrutiny regarding the impartiality and independence of tech firms.”

Sun recently claimed to be the largest holder of Trump’s memecoin and won a dinner invitation with the president as a top tokenholder.

On June 11, Sun announced that the first batch of USD1 — a stablecoin issued by World Liberty Financial, a so-called DeFi project linked to the Trump family — had been minted on the Tron network. Sun was identified as the project’s largest investor and an adviser.

World Liberty Financial’s stablecoin is supported on the Tron network. Source: Eric Trump/Justin Sun

Tron’s reverse listing or Circle’s IPO? 

Tron’s announcement comes after Circle’s successful public debut through an initial public offering. Its USDC (USDC) stablecoin is the seventh-largest cryptocurrency by market cap, ranking one position ahead of TRX. 

Brisov calls Circle’s approach more transparent compared to the SRM deal:

“Blockchain companies usually prefer more transparent paths to public offerings to reassure potential investors, who are traditionally hesitant toward crypto firms. That’s why the route Circle chose appears more robust now.”

The Tron deal has been described as a reverse merger, a shortcut to the stock market that allows private companies to go public by taking over an existing listed entity, in this case, SRM.

In the 2000s, numerous companies from China used this method to list on US exchanges. However, several later faced allegations of financial misconduct, prompting increased regulatory scrutiny and delistings, Brisov pointed out.

This connection doesn’t imply wrongdoing in all reverse mergers. The Securities and Exchange Commission tightened its reverse listing rules in 2011 following a wave of China-based firms entering US markets.

The SEC and Tron also have unfinished business, as the agency alleges that Sun and his companies sold unregistered securities through TRX and BitTorrent (BTT). 

According to Brisov, this raises questions about compliance with securities regulations. If TRX is deemed a security, Tron Inc could face additional regulatory obligations.

In February, the market watchdog asked a US federal court to pause its case against Sun and his companies.

Magazine: Older investors are risking everything for a crypto-funded retirement

Key takeaways:

Fed rate interest cut odds this week are now less than 0.1%.

BTC price may drop as low as $92,000 if key support levels are broken.

Bitcoin’s (BTC) price failed another attempt at breaking above the resistance at $110,000 on June 17, as tensions in the Middle East escalated. Since June 5, BTC price has been unable to break above $112,000.

BTC/USD daily chart. Source: Cointelegraph/TradingView

With the Federal Open Market Committee (FOMC) meeting set to take place June 17-18, markets could see volatile price swings toward key BTC price levels over the next few days. The policy decision on the interest rate will be made on June 18 at 2.00 pm ET.

99.9% chance interest rates won’t change

There is a 99.9% chance that the current interest rates will remain between 4.25% and 4.50%, leaving just a 0.1% probability of a 0.25% rate cut, according to CME’s FedWatch tool.

Fed target rate probabilities for June 18 FOMC meeting. Source: CME Group

However, market participants believe that any bearish price action from unchanged interest rates is already priced in.

Market participants have now turned their focus on Jerome Powell, the US Fed chair’s speech after the FOMC meeting. The Federal Reserve and Powell are under pressure from US President Donald Trump to lower interest rates. 

Therefore, the market will keenly watch Powell’s language at the FOMC press conference to see if there is any shift in tone.

“If Powell comes out dovish, that’s extra fuel for the bulls,” said private wealth manager Swissblock in a June 17 post on X, adding that a de-escalation in geopolitical risk will see Bitcoin “move fast, targeting bear liquidations.”

Swissblock managers also pointed out that Bitcoin’s funding rates turned negative following the escalation of Israel-Iran hostilities, which increases the chances of a “short-squeeze” if the narrative changes. 

“With negative funding, it’s the bears who are now overexposed, ... and that opens the door for a potential squeeze.”

Bitcoin futures perpetual funding rates. Source: Swissblock

Meanwhile, Polymarket now says there’s a 42% chance that Bitcoin’s price will drop to $100,000 by June 30, with a 23% possibility of hitting new all-time highs above $115,000.

Key Bitcoin price levels to watch

Bitcoin must flip the all-time high at $112,000 into support to continue its uptrend into price discovery. 

For this to happen, BTC/USD must first regain its position above the psychological level at $108,000. The last time this level was broken was on May 21, when Bitcoin rallied to new all-time highs. 

Above that, there is a major supply zone stretching from $109,000 to $110,500, which the bulls will also have to overcome.

Bitcoin daily chart. Source: Cointelegraph/TradingView

Conversely, the bears will attempt to keep the $106,000 resistance in place, increasing the likelihood of pulling the price lower. A key area of interest lies between $104,000, where the 50-day simple moving average (SMA) currently sits, and the previous range lows at $102,800, reached on June 13. 

Below that, the next move would be a retest of the $100,000 psychological level, with the 100-day and 200-day SMAs at $95,800 and $94,600 being key levels to watch below it.

Crypto trading firm QCP pointed out that Bitcoin's price remains resilient, underpinned by continued institutional accumulation, citing persistent buying by Metaplanet and Strategy and spot Bitcoin ETFs, which have recorded their seventh consecutive week of inflows. 

In a June 16 Telegram note to investors, the firm said:

“The market seems to have rediscovered its footing, particularly after BTC held above the key psychological threshold of $100k despite the initial shock.”

The Binance BTC/USDT liquidation heatmap shows the biggest liquidity cluster near the all-time high of around $112,000.

If the $112,000 level is broken, it could spark a liquidation squeeze, forcing short sellers to close positions and driving prices toward $114,000, the next major liquidity cluster.

BTC/USDT three-month liquidation heatmap (Binance). Source: CoinGlass

On the downside, bid orders are building up around $100,000, with the next major cluster sitting between $92,000-$93,000. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The real-world asset (RWA) market has emerged as one of the key trends in the cryptocurrency industry in 2025, with companies increasingly jumping on the tokenization bandwagon.

Although some studies pointed to a massive 260% rise of RWAs this year, some key industry executives have questioned the magnitude of the reported market size, arguing that the sector is still too nascent and relatively small.

Industry executives told Cointelegraph that slow adoption may stem from outdated regulations, limited access and widespread misunderstandings of how tokenized assets are backed.

However, the question of RWA backing is not just related to technology but is instead subject to other considerations.

“Not just code” — RWA foundation is legal

The question of backing in RWAs is important since crypto tokens are often driven by hype, marketing or memes rather than real fundamentals, Adam Levi, co-founder of the tokenization platform Backed, told Cointelegraph.

“For real-world assets like tokenized equities, trust depends entirely on how the product is structured and how transparent and regulated the issuer is,” Levi said.

Adam Levi’s recommended questions before considering RWA investments

When evaluating financial RWA tokens like those issued by Backed’s xStocks, it’s important to understand that their backing is not primarily a technology question, according to Levi.

“It’s a legal and financial one,” Levi said, adding that the guarantee is the issuer’s binding legal obligation to maintain full backing and transparent issuance and redemption mechanisms, governed by clear regulations:

“Technology — secure smart contracts, tech platforms and custody integrations — are also essential, but trust in financial products comes from enforceable commitments under strong regulatory frameworks. The foundation is legal, not just code.”

TZero’s executive vice president, Alan Konevsky, said tokenization of RWAs, particularly those based on physical objects like real estate or collectibles, cannot be a fully automated process just yet.

“Financial instruments, arguably in particular if it’s also tokenized, can be fully automated,” he said, adding that tokenization of physical assets requires intermediation by traditional market participants.

Legal part not a 100% guarantee

RWA backing is a real issue for the industry, but it’s not unique to crypto, as similar challenges exist in traditional investments like real estate, Stobox co-founder Ross Shemeliak told Cointelegraph.

“Tokenization is just an investment method here,” Shemeliak said, agreeing that responsibility currently falls on tokenization providers, who conduct enhanced due diligence and review the offering memorandum, underlying assets and legal restrictions.

“Still, this isn’t a 100% safety guarantee: verification complexities sometimes lead providers to launch scam projects,” he noted, suggesting a solution in the form of data-rich RWA tokens, where the smart contract holds repository data and asset details directly on the blockchain.

What are data-rich RWA tokens?

According to Shemeliak, data-rich RWA tokens don’t just represent ownership but rather embed or link to structured, dynamic data about the asset, such as valuation, legal status, and other structured, dynamic data.

“This creates a new level of transparency, interoperability, and investor trust — something traditional securities and early-stage tokens often lacked,” he said.

Among industry examples of data-rich RWA token technology, Shemeliak mentioned Chainlink’s Proof of Reserve and Cross-Chain Interoperability Protocol, implemented by platforms like Backed Finance, Maple Finance and Centrifuge.

Additionally, Stobox found that the top five jurisdictions for running a tokenization deal are the British Virgin Islands, the US State of Wyoming, Liechtenstein, Singapore and the Marshall Islands.

Traction in token offerings worldwide. Source: Stobox

“Despite being among the top five in terms of regulatory quality and efficiency, Singapore and Luxembourg remain underutilized as special purpose vehicle destinations for tokenization deals: they account for less than 2% of global deals,” Stobox stated in its Tokenization Jurisdiction Report shared with Cointelegraph.

Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin

Thailand has approved new tax exemptions on income from the sale of cryptocurrencies like Bitcoin for five years, according to an official announcement by the Ministry of Finance.

Thailand will waive the capital gain tax on crypto sales made through licensed crypto asset service providers in the period from Jan. 1, 2025, to Dec. 31, 2029, deputy finance minister Julapun Amornvivat said in a statement issued on June 17.

According to the minister, the measure is designed to strengthen Thailand’s position as a global financial hub and one of the first countries in the world to adopt laws for digital assets and their taxation.

The tax measure also aims to promote cryptocurrency trading in Thailand under the supervision of the Thai Securities and Exchange Commission (SEC) in compliance with Anti-Money Laundering (AML) policies recommended by the Financial Action Task Force (FATF).

Crypto assets’ role in fundraising

In the statement, the minister highlighted the role of crypto assets in fundraising, which is an important use case for the use of technology and innovation in Thailand.

According to the ministry’s estimations, crypto assets are projected to help the Thai economy expand and increase tax revenue in the medium term “by no less than 1 billion baht,” or $30.7 million.

Thailand’s latest crypto-friendly move follows a growing trend for crypto acceptance. On May 26, the finance ministry reportedly announced plans to allow crypto spending by tourists as part of major regulatory reforms.

The SEC goes after Bybit and OKX

The news comes shortly after the Thai SEC announced a decision to block five global crypto exchanges, including Bybit, OKX, CoinEx, XT.COM and Bybit in late May.

According to the regulators, the blocks were allegedly caused by the exchanges operating without a valid local license and are expected to be enforced from June 28.

On the other hand, other crypto companies like KuCoin and Tether have been scaling their presence in Thailand, with KuCoin launching a fully regulated local subsidiary after acquiring a SEC license on June 13.

Tether, issuer of the world’s largest stablecoin, USDt, started rolling out its tokenized gold digital asset in Thailand with a listing on local crypto trading platform Maxbit in mid-May.

Magazine: China threatened by US stablecoins, G7 urged to tackle Lazarus Group: Asia Express

Gemini Trust claims it was a “selfish desire” by the Commodity Futures Trading Commission’s litigators to advance their careers that allowed “dubious” charges to be brought against the crypto exchange in 2022.

In a letter on Friday to CFTC Inspector General Christopher Skinner, Gemini alleged the agency’s Division of Enforcement lawyers relied on a dodgy whistleblower report to sue the company. 

“DOE Staff selectively and unfairly weaponized the Commodity Exchange Act [....] to bring dubious false statements charges against Gemini,” lawyers for the exchange claimed.

Gemini claimed DOE staffers “were driven by a selfish desire to advance their careers by misusing their offices to obtain a high-profile ‘win’ against Gemini Trust” and that “the claims against it originated with a lie-riddled whistleblower submission by a discredited former employee.”

A highlighted excerpt of the opening of Gemini’s letter to CFTC Inspector General Christopher Skinner. Source: Gemini

The CFTC sued Gemini in June 2022, alleging it made false or misleading statements in 2017 as the agency evaluated whether a Bitcoin futures contract the exchange wanted to launch was susceptible to manipulation.

Gemini paid a $5 million fine to settle the CFTC’s claims in January without admitting or denying the agency’s findings, with the exchange claiming in its letter on Friday that “it had no other choice” at the time.

“False whistleblower report” used for lawsuit

Gemini claimed that the DOE’s investigation and lawsuit relied on a false whistleblower report filed in 2017 by the exchange’s former operating chief, Benjamin Small, who allegedly undertook a “malicious campaign” against the exchange after it fired him.

Small was fired for allegedly trying to hide losses stemming from a “multi-million dollar rebate fraud” in mid-2017, which the exchange claimed involved Hashtech LLC, its executives Alex Ruthizer and Jonathan David, Cardano Singapore PTE Ltd. and its executive Satoshi Kobayashi.

Gemini alleged the companies “coordinated their trading in order to abuse special fee structures and improperly earn substantial rebates,” and said that Small approved them as the then-operating chief, which later led to his dismissal by Gemini co-founders Cameron and Tyler Winklevoss.

Tyler Winklevoss (left) and Cameron Winklevoss (right) onstage at TechCrunch Disrupt in New York in 2015. Source: TechCrunch

Small told CFTC Bitcoin contract could be manipulated

Gemini claimed Small’s firing led him to blow the whistle to the CFTC, claiming that Gemini did not disclose information in its statements to the agency about whether its Bitcoin futures contract was susceptible to manipulation.

The exchange said CFTC litigators then “immediately and unquestioningly” embraced Small’s claims and used them to start an investigation into Gemini in 2018.

Gemini claimed its Bitcoin futures contract “operated orderly for 19 months,” and during that time, there was “no allegation of contract manipulation.”

CFTC needs “long-term commitment” to overhaul DOE

Gemini said that CFTC acting chair Caroline Pham “is taking proactive steps to fix” the Division of Enforcement after she outlined in a May 2024 statement what she called “dubious enforcement actions.” 

“This transformation will require serious introspection and long-term commitment from the agency as a whole to ensure that this bad-faith behavior never happens again,” Gemini said.

The exchange told the CFTC it was willing to help it “in whatever capacity they would deem helpful.”

Magazine: SEC’s U-turn on crypto leaves key questions unanswered 

Joey Bertschler, a former OpenAI employee, is building a crypto-powered earned wage access system through his new startup, Volante Chain.

In an interview with Cointelegraph at German Blockchain & AI Week, Bertschler said he previously worked at OpenAI before the launch of ChatGPT, helping business customers use early-stage AI tools. He later decided to switch industries and focus on financial technology, creating a blockchain-based platform that allows same-day wage access for employees.

Volante allows employees at participating companies to be paid their daily wage on the same day, rather than waiting until the end of the month. Bertschler described the current norm as “30 days of taking your freedom away, of choosing what to do with your money,” particularly for those living paycheck to paycheck.

The platform uses blockchain to enable seamless record-keeping in a verified ledger and reduce costs, which allows for low fees, he said.

Joey Bertschler on the sidelines of the German Blockchain & AI Week. Source: Cointelegraph

Volante uses artificial intelligence to help predict employer defaults and assess risk in real time. Bertschler described the system as hybrid: partially AI-driven with human oversight and some legal review. He said AI is used for pattern detection and decision-making support, but is not fully autonomous. “There’s also semi-automation — some lawyers involved, some human oversight,” he said.

Bertschler told Cointelegraph that Volante has raised about $2 million so far from private investors. With this funding, he expects the company to be able to run for about five years without requiring further capital injections due to the company’s lean team.

He said Volante is “deploying to a couple thousand test users in Vietnam and Japan,” with plans for expansion in the future. He said this is the minimum viable product stage for the company, comparing it to a closed beta.

From OpenAI to crypto

Bertschler said his decision to leave OpenAI and subsequent fintech pivot was the consequence of good offers from other companies and internal policies that he did not appreciate. As an Austrian national, he claimed non-US employees faced limited advancement opportunities and were excluded from stock option plans.

“We’re a bit stuck. We were paid fair wages, but we didn’t get any stock options, and we couldn’t really rise in our roles,” he said.

He added that the closed nature of the firm prevented workers from showcasing their code on GitHub, which allows for long-term employee growth:

“I wrote a lot of documentation. For example, my name is not on anything. […] You don’t have a portfolio to show for it, right?“

Related: AI race between US and China resembles Cold War — Marc Andreessen

OpenAI is increasingly closed

Bertschler was critical of OpenAI’s current direction, saying the company has become more secretive and profit-driven since Microsoft’s involvement.

Bertschler claimed that OpenAI’s conduct is not appropriate for its name, saying that “you can absolutely call it closed AI.” He added:

“It’s certainly going against a lot of the founding principles.“

May reports indicate that Microsoft — OpenAI’s top financial backer — is currently in talks with the AI behemoth to renegotiate the investment deal.

OpenAI has attempted to restructure to shift its focus to profit-making, but this has been met with pushback from co-founders like Elon Musk and early investors.

In early May, OpenAI announced it was abandoning its shift to a purely for-profit model and is choosing to shift to a public benefit corporation. This structure would include legal obligations to fulfill social or public goods objectives and be controlled by a nonprofit entity.

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Malaysia has launched its Digital Asset Innovation Hub initiative, which will serve as a regulatory sandbox, enabling fintech and digital asset firms to test new technologies under the oversight of the country’s central bank.

On Tuesday, Prime Minister Anwar Ibrahim announced the initiative during the Sasana Symposium 2025 in Kuala Lumpur, according to a report by The Business Times. He described the hub as the “beginning of a new chapter” for Malaysia’s digital economy.

Ibrahim detailed that the sandbox will allow use cases such as programmable payments, ringgit-backed stablecoins, and supply chain financing to be explored in a controlled environment.

“Our ambition is clear – to align infrastructure, policy and talent, across both the public and private sectors, in pursuit of a digitally capable, future-ready Malaysia,” said Anwar.

Malaysia eyes fintech lead

The hub sits at the heart of Malaysia’s broader push to become a regional fintech hub. During the event, the governor of the Central Bank of Malaysia, Abdul Rasheed Ghaffour, said the country needs to modernize its financial infrastructure to remain relevant in a rapidly evolving ecosystem.

He cited ongoing efforts such as the modernization of the Rentas payment system, cross-border payment connectivity, and exploration of asset tokenization as essential to building long-term resilience.

The Sasana Symposium 2025 schedule. Source: Sasana Symposium 2025

In April, Anwar also met with Binance founder Changpeng Zhao. Despite Zhao’s past legal issues and a 2021 reprimand from Malaysian authorities, Binance later entered the market through a minority stake in MX Global, which operates under local regulatory oversight.

Singapore takes a different path

Malaysia’s digital asset sandbox comes as Singapore is tightening its reins. On May 30, the Monetary Authority of Singapore (MAS) announced that any firm or individual providing overseas digital token services without proper licensing must cease operations.

The country has set a June 30 deadline for local crypto service providers to stop offering digital token (DT) services to overseas markets unless licensed under the Financial Services and Markets Act 2022. The MAS said there will be no transitional arrangements — firms must obtain a license or cease operations.

Under Section 137 of the Act, any Singapore-based entity offering DT services abroad is presumed to operate from Singapore and must comply with licensing rules. Violators face fines of up to 250,000 Singaporean dollars($200,000) and up to three years in prison.

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Key points:

The Index Bitcoin Cycle Indicators (IBCI) tool from CryptoQuant shows that the bull market has plenty of room to run.

“Neutral” readings come despite all-time highs on BTC/USD, with the market at a “point of definition.”

Bitcoin’s Puell Multiple metric is circling lows — unusual behavior for the hottest phase of the bull cycle.

Bitcoin (BTC) is due a “new upward leg” as a BTC price tool with a decade-long track record stays bullish.

New data from onchain analytics platform CryptoQuant shows the Index Bitcoin Cycle Indicators (IBCI) tool calling for bull market continuation.

Bitcoin price at “point of definition”

Bitcoin is far from done when it comes to its current bull market, the latest IBCI readings appear to confirm.

IBCI, which combines various classic onchain indicators, including the Puell Multiple and Market Value to Realized Value (MVRV), remains well below the zone, which traditionally corresponds to bull market tops.

“The recent update of the Index Bitcoin Cycle Indicators (IBCI) shows a market at a point of definition,” CryptoQuant contributor Gaah wrote in one of its “Quicktake” blog posts on June 17.

Gaah described the data as signaling a “continuation” of the bull market, which began at the start of 2023.

“After the strong upward movement between the end of 2023 and the first quarter of 2024 - when the IBCI reached the distribution region (above 75%) - the indicator went through a correction following the fall in the price of BTC,” the post continued.

“Currently, IBCI has stabilized in the 50% range, indicating a neutral point in the market cycle.”

Bitcoin IBCI chart (screenshot). Source: CryptoQuant

IBCI has held the 50% mark since BTC/USD broke through old $73,800 all-time highs last October.

Unlike the frenzied profit-taking environment that marked the event and the rest of the year, however, Gaah notes that investor behavior is now much calmer — potentially leaving the door open to new highs.

“Historically, equilibrium zones like this occur between two decisive phases: the end of a realization movement and the start of a new upward leg,” he explained. 

“The absence of extreme euphoria and the gradual recovery of the Bitcoin price suggest that the market is in a transitional phase - not exhaustion.”

Bitcoin IBCI chart (screenshot). Source: CryptoQuant

Historical data shows similar patterns playing out on IBCI relative to long-term BTC price peaks.

An unusual Bitcoin all-time high

As Cointelegraph continues to report, an increasingly extensive range of market yardsticks points to Bitcoin returning to price discovery in the future.

Among them is a list of 30 “bull market peak” metrics, none of which have flashed red despite BTC/USD reaching $112,000.

BTC price targets for the remainder of the bull market meanwhile include $200,000 and higher.

In separate Puell Multiple analysis in recent days, Gaah flagged an unusual disparity between price and miner revenues.

“Historically, when Puell Multiple is below 1.0 we associate periods of accumulation or undervaluation, where the price of Bitcoin does not yet reflect the full potential for long-term growth,” he wrote, with the Multiple at 1.27.

“Seeing this indicator at such low levels during a new all-time high is rare - and may indicate that the market has not yet reached its full euphoric phase. There is room for expansion, both in mining revenues and in positive market sentiment.”

Bitcoin Puell Multiple chart (screenshot). Source: CryptoQuant

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Key takeaways

A misunderstanding of fee units led to an accidental overpayment worth more than $60,000 during a replace-by-fee transaction.

The user confused sat/vB (fee per byte) with total satoshis, leading to an extreme overpayment.

RBF replaces a transaction with a higher-fee version, while CPFP adds a new transaction to boost the original; each has different use cases and risks.

Use trusted wallets, double-check fee units, and let the wallet suggest optimal fees. Avoid panic, stay updated and always verify transactions before hitting “send.”

Around 00:30 UTC on April 8, 2025, a Bitcoin user attempted to expedite a pending transaction using replace‑by‑fee (RBF). But instead of a modest bump, their wallet mistakenly spent 0.75 Bitcoin (BTC), roughly $60,000–$70,000, purely on fees.

How does something like this happen? And more importantly, how can you ensure it doesn’t happen to you?

Let’s break it down.

Why did a Bitcoin user end up paying $60,000 in fees?

The user wanted to send 0.48 BTC (around $37,770 at that time) using Bitcoin’s RBF feature. This feature lets you resend a transaction with a higher fee if the original one is stuck in the mempool (the waiting area for unconfirmed transactions). In this case, things went wrong, very wrong.

The Timeline:

First transaction: Sent with a standard fee, not high enough to confirm quickly.

First RBF attempt: Doubled the fee and changed the recipient (output) address.

Second RBF attempt: Added a large unspent transaction output (UTXO), about 0.75 BTC, but forgot to redirect the change back to their own address.

The result? That 0.75 BTC was treated as a fee and sent to miners.

Anmol Jain, vice president of investigations at crypto forensics firm AMLBot, told Cointelegraph that the user likely started with a “default or conservative” transaction fee, which is nothing unusual. Then came the mistake: confusing how the fee was being measured.

Many Bitcoin wallets allow you to set fees in one of two ways:

Total fee in satoshis (the smallest Bitcoin unit, like cents to a dollar)

Fee per virtual byte (sat/vB), which measures how “heavy” the transaction is in data terms

Here’s where things went wrong, according to Jain:

“System reads it as 30 sats total fee, which is way too low, so user types 305000 thinking it means 30.5 sat/vB, and the wallet actually applies 305,000 sats/vB, which is insane.”

In simple terms, the user may have seen a warning that their fee, just 30 sats total, was too low for the transaction to be processed quickly. So, trying to fix it, they might have typed in 305,000, thinking it meant “30.5 sats per byte.”

But instead of adjusting the fee moderately, the wallet took that as 305,000 sats per byte, a monstrous fee that blew past any norm and resulted in a loss of more than $60,000.

Why it matters

This highlights how minor confusion between fee units can lead to major losses, especially when manually entering numbers quickly or using advanced wallet settings without fully understanding them.

So if you ever adjust Bitcoin fees, double-check the unit you’re setting. Whether it’s “total sats” or “sats per byte” makes a world of difference, as this costly mistake proves.

Did you know? In September 2023, a user paid a $500,000 fee for a single BTC transaction. It turned out to be an error by Paxos, a crypto infrastructure company.

Replace-by-fee (RBF): What Is It?

Bitcoin transactions aren’t final until they’re added to a block. If a transaction is stuck, you can use RBF to resend it with a higher fee to encourage miners to pick it up faster.

It was originally proposed by Bitcoin’s creator, Satoshi Nakamoto, and later formalized as “opt-in RBF” by developer Peter Todd, according to the BitGo Developer Portal.

How it works:

You enable RBF when sending the original transaction.

If the transaction remains unconfirmed, you can create a replacement with a higher fee.

Miners will likely choose the higher-fee version because they’re financially incentivized to do so.

But here’s the catch: if you mess up the inputs or outputs, especially the change address, it can cost you dearly.

Notably, RBF differs from child-pays-for-parent (CPFP) in that RBF replaces the original unconfirmed transaction with a higher-fee version, and only the sender can initiate it. In contrast, CPFP adds a high-fee child transaction to boost the parent’s confirmation, and can be initiated by either the sender or the receiver.

Why did the Bitcoin transaction fee spike so high?

There are a few theories behind what caused the absurd fee in this case:

Confusion over fee units: The fee spiked likely due to a misunderstanding of fee units. Instead of setting a reasonable rate per byte, the user may have accidentally entered a large absolute value, causing the wallet to apply an excessively high fee.

Forgotten change address: A crucial step in any Bitcoin transaction is specifying where to send leftover BTC (change). The user added a large UTXO for the new RBF transaction but forgot to reassign the change back to their wallet. That leftover 0.75 BTC? It got lumped into the miner’s fee.

Automation gone wrong: If the wallet uses automated scripts or has bugs in how it processes RBF, a user’s input can be misread or, worse, executed without proper warnings.

Why RBF is controversial

The RBF feature has sparked years of debate within the crypto community. While it’s useful for fixing stuck transactions, critics like Mike Hearn (former Bitcoin developer) argued on Medium that it:

Enables double-spending attacks, especially for in-person merchant transactions.

Encourages miner-fraudster collusion.

Adds complexity, making user errors more likely.

Undermines finality, as unconfirmed transactions can be replaced.

To address this issue, Bitcoin Cash (BCH), for example, removed RBF support and says that unconfirmed transactions are final. However, due to how mempools work, similar RBF-like replacements can still happen, even on BCH.

Did you know? In November 2023, a 139 BTC transaction (worth millions) included a $3.1 million fee.

How to protect yourself from high Bitcoin transaction fees

You don’t need to fear RBF, but you do need to respect it. Here are some tips to avoid becoming the next viral fee fail:

Choose a secure Bitcoin wallet with transparent fee options: Choose reputable Bitcoin wallets that clearly display and explain fee types.

Understand Bitcoin fee units before sending: Learn the difference between sat/vB (satoshis per virtual byte) and total satoshis to avoid accidental overpayments.

Always double-check your transaction before confirming: Verify the recipient address, fee amount and the change address to ensure no funds are mistakenly used as miner fees.

Let the wallet suggest the fee, especially if you’re new: Most wallets offer dynamic fee recommendations based on network congestion, so use them instead of manually entering values.

Test with a small Bitcoin transaction first: Send a low-value test transaction to confirm everything is set correctly before sending a significant amount.

Monitor Bitcoin network fees in real time: Use websites like mempool.space to check current fee rates and choose the best time to send your transaction.

Avoid panicking over slow confirmations: Bitcoin transactions can take time. Wait before resending or replacing transactions unless you’re sure it’s necessary.

Stay informed about wallet updates and bugs: Follow your wallet provider for updates, as software bugs or interface changes can impact how fees are calculated or displayed.

If you skip the above precautions, you could pay hundreds or even thousands of dollars in unnecessary fees, with no way to recover the loss. When it comes to Bitcoin, one small mistake can become a costly lesson.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

US spot Bitcoin exchange‑traded funds (ETFs) recorded $412.2 million in net inflows on June 16, extending their streak to six days and pushing total cumulative inflows to $46.04 billion.

The six-day run of inflows began on June 9 and has now absorbed over $1.8 billion in capital, according to data from SoSoValue. The run has continued despite escalating geopolitical tensions, including renewed conflict between Iran and Israel.

Daily contributions included $386.27 million on June 9, followed by a $431.12 million surge on June 10. Despite a slight dip mid-week, inflows rebounded sharply with $322.60 million on June 13 and the most recent $412.20 million on June 16.

Total net assets across all US Bitcoin (BTC) ETFs have reached $132.50 billion, now representing 6.13% of Bitcoin’s total market cap. Trading volume remained strong as well, with $3.12 billion in value exchanged on June 16 alone.

Spot Bitcoin ETF Inflows. Source: SoSoValue

BlackRock’s IBIT leads the charge

BlackRock’s iShares Bitcoin Trust (IBIT) led the charge, which recorded a $266.60 million net inflow on June 16 and has now accumulated $50.03 billion in total.

Fidelity’s FBTC followed with $82.96 million, while Grayscale’s GBTC lagged behind with just $12.84 million and still shows a net outflow of $23.23 billion since inception.

“Despite rising tensions between Israel and Iran, institutions are looking past short-term volatility and focusing on long-term positioning,” Vincent Liu, chief investment officer of the Taiwan-based company Kronos Research, told Cointelegraph, adding:

“Steady Bitcoin ETF inflows reflect growing trust in BTC’s resilience, accessibility, and role as a hedge in a shifting macro environment.”

Bitcoin dips, but market structure holds

The unexpected Israeli strike on Iran on June 13 triggered a market sell-off, pulling Bitcoin down over 7% and ending the week in negative territory.

Under the hood, metrics showed signs of capitulation, Bitfinex analysts said in a June 16 report. They noted that Net Taker Volume hit a multi-week low at –$197 million, indicating aggressive selling.

“This selling, however, combined with a spike in liquidations, resembles past capitulation-style setups that often mark local bottoms,” the analysts said.

They added that if Bitcoin manages to hold the $102,000–$103,000 zone, it may suggest that selling pressure is being absorbed and that the market could be primed for recovery.

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Key takeaways:

Analysts predict XRP could rally 530% toward $14.

The XRP/USD pair needs to reclaim the 200-day SMA to continue the uptrend.

XRP’s price has been trading between $2.05 and $2.40 over the last month while consolidating in a bull pennant in the weekly time frame. 

Several analysts say the current technical setup mirrors the 2017 price action that preceded a massive breakout to all-time highs.

XRP price eyes a 530% rally into double-digits

XRP (XRP) price has been consolidating below $3.00 since Feb. 1. Still, analysts argue that the crypto could see a massive recovery from the current level if it follows a similar breakout as 2017.

Popular crypto analyst Mikybull Crypto said that XRP’s price action in the three-week time frame seems to follow a 2017 playbook where a breakout from a bull pennant led to an over 1300% upward move to all-time highs around $3.40.

“I have seen this movie before,” the analyst said in a June 17 post on X, adding:

“2017 rally vibes coming up.”

XRP/USD three-week chart. Source: Mikybull Crypto

The altcoin’s price action follows a similar setup on the weekly time frame, as shown below.

A bull pennant is a bullish continuation setup that forms when the price makes a sharp move higher (the flag pole), then pauses and consolidates in a small symmetrical triangle (the pennant).

XRP/USD weekly chart. Source: Cointelegraph/TradingView

Bull pennants typically resolve after the price breaks above the triangle’s resistance line and rise by as much as the previous uptrend’s height. This puts the upper target for XRP price at $14, or a 530% increase from the current price.

These analyses align with previous predictions of XRP reaching $27 based on chart fractals, Elliott wave analysis and Fibonacci extensions. Others believe XRP price could rally by 1,100% to $25 if a spot XRP ETF is approved in the United States. 

XRP price needs to reclaim 200-day SMA

XRP’s potential to move higher is part of a recovery that began on April 10 that saw the relative strength index (RSI) rise to 52 at the time of writing from oversold conditions at 29.

XRP bulls are focused on breaking the resistance at $2.27 — the 50-day simple moving average (SMA).

The bullish case for the altcoin hinges on turning the resistance between $2.37 (the 200-day SMA) and $2.65 into new support. 

A close above this level will signal another escape break above the 50-day SMA, paving the way for a return to $3.00 or the seven-year high above $3.31.

XRP/USD daily chart. Source: Cointelegraph/TradingView

As Cointelegraph reported, breaking resistance at $2.65 could launch a sustained recovery, which could see the XRP rise above $3.00.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

ARK Invest, the cryptocurrency-friendly asset manager founded by prominent Bitcoin bull Cathie Wood, is taking the first profits from its exposure to stablecoin issuer Circle just 11 days after its public launch.

On Monday, ARK offloaded 342,658 Circle (CRCL) shares worth $51.7 million from its three funds, according to a trade notification seen by Cointelegraph.

The sale marks the first divestment of ARK’s CRCL shares since Circle debuted public trading on the New York Stock Exchange (NYSE) on June 5.

ARK acquired 4.49 million Circle shares on the first day of trading for its three funds. Source: ARK Invest

ARK acquired about 4.49 million shares of Circle common stock on the first day of trading, valued at $373.4 million at the closing price.

Circle among the top ARK’s holdings

Following the sale, Circle remains one of the ARK’s top holdings across all three funds, including the ARK Innovation ETF (ARKK), ARK Next Generation internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).

ARKK, the largest ARK fund with assets under management (AuM) of $5.6 billion, holds the largest CRCL position at $387.7 million, accounting for roughly 6.6% of its total assets.

Circle (CRCL) is the fifth-largest asset in the ARKK fund with a weight of 6.55%. Source: ARK Invest

ARKW holds $124 million CRLC shares, or 6.7% of its total assets, following Coinbase with a weight of 6.8%. ARKF, the smallest fund among the three in AUM, holds $72 million CRCL shares, or 6.7% of its assets.

ARK among early interested investors

ARK was among the early investors that indicated their interest in buying up to $150 million in Circle shares before its launch on the NYSE. The company increased its purchase volume following multiple initial public offering (IPO) upsizings in response to massive demand from investors.

On June 9, ARK’s research associates said that the success of Circle’s initial public offering highlighted that stablecoins have seen a shift in public perception of the crypto industry.

“Applying Hernando de Soto’s framework, stablecoins are continuing the property rights revolution that Bitcoin launched,” the analysts wrote, adding:  

“Bitcoin made financial property rights possible with smartphones. Stablecoins are advancing the cause with a less volatile asset and more utility across blockchains and financial platforms.”

ARK Invest founder and CEO Wood is known as a major Bitcoin (BTC) bull. In February 2025, she predicted that Bitcoin may reach $1.5 million by 2030 amid rising institutional adoption and growing demand for BTC as an asset class.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Genius Group, a Singapore-based artificial intelligence education company, expanded its corporate Bitcoin treasury by more than 50% amid increasing institutional adoption of the world’s first cryptocurrency.

Despite a previous ban on the Nasdaq-listed firm’s corporate accumulation, Genius Group increased its Bitcoin (BTC) treasury by 52%, acquiring an additional 34 BTC during the past month.

This brings the firm’s corporate holdings to 100 BTC, purchased for a total of over $10 million at an average price of $100,600 per Bitcoin, according to a Monday announcement.

The acquisitions are part of the AI firm’s strategy to acquire 1,000 BTC for its corporate treasury.

Source: Roger James Hamilton

Geniuys Group resumed its Bitcoin accumulation on May 22, when it announced a $2.7 million BTC investment, after receiving a favorable ruling by the US Court of Appeals against its previous Bitcoin investment ban.

On March 13, a New York District court issued a preliminary injunction (PI) and temporary restraining order (TRO) about a dispute surrounding Genius Group’s merger with Fatbrain AI, which also barred the firm from buying more Bitcoin.

Genius Group among the ‘first’ Bitcoin Treasury firms ‘legally prevented’ from buying BTC: CEO

 “We launched our Bitcoin Treasury in November 2025, and believe we were one of the first Bitcoin Treasury companies on the New York Stock Exchange (NYSE) American,” wrote Roger Hamilton, CEO of Genius Group, adding:

“We also believe that subsequent to our announcement, we were one of the only companies legally prevented from buying Bitcoin by a US court.”

Hamilton added that he is “pleased to have regained the right to manage our company’s capital in the way our Board and shareholders see fit,” reiterating the firm’s goal of amassing 1,000 BTC.

Increasingly, more companies are adopting Bitcoin as a reserve asset for their corporate strategies. On June 13, video game giant GameStop upsized its private convertible note offering to $2.25 billion, signaling a deeper commitment to its Bitcoin treasury.

Source: Bitbo

The financing round comes two weeks after GameStop announced the purchase of 4,710 Bitcoin valued at about $513 million on May 28, making the firm the 11th largest corporate BTC holder, Bitbo data shows.

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Former Celsius CEO Alex Mashinsky has agreed not to claim any assets from the Celsius bankruptcy proceeds.

In a motion filed on Monday, the United States Bankruptcy Court for the Southern District of New York stated that an agreement has been reached between Celsius debtors and Alex Mashinsky, AM Ventures Holdings Inc., Koala1 LLC and Koala3 LLC that prohibits the distribution of proceeds from Celsius’ bankruptcy to the latter parties.

Source: Stretto

The agreement stipulates that Celsius debtors can distribute funds tied up due to claims made by Mashinsky and the three related entities.

Further, the court retained jurisdiction over all matters relating to this case; however, the court will not supersede the ongoing criminal case.

“The Court shall have exclusive jurisdiction to resolve any and all disputes related to this Stipulation and Order,” the motion read. 

Alex Mashinsky’s prison sentence

In May, Mashinsky was sentenced to 12 years in prison after a US judge found the former Celsius CEO guilty of committing fraud.

Mashinsky’s legal team highlighted his military service and pleading guilty in December as grounds for a more lenient sentence.

Prior to his sentencing, the US Department of Justice had sought a 20-year prison sentence for Mashinsky, though his lawyers cried foul, saying that it would be a “death-in-prison sentence.”

Celsius creditors get their money back

Celsius creditors have collectively claimed more than $1 billion in assets so far this year. 

In August 2024, Celsius paid out more than $2.5 billion to over 251,000 creditors. However, as many as 121,000 creditors did not stake their claims due to the amounts being less than $1,000, with the vast majority losing less than $100.

In November 2024, Celsius stated that it would pay out $127 million from its “Litigation Recovery Account” to creditors, which included retail borrowers, retail depositors and users of its Earn program.

In July 2023, Celsius reached two settlements to exit Chapter 11 bankruptcy proceedings, which were initiated in July 2022.

Chapter 11 bankruptcy is a legal process in the US that allows businesses to restructure without having to face immediate repercussions from creditors.

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Social media platform X has suspended the accounts of crypto memecoin platform Pump.fun and its founder in an apparent blitz that saw dozens of crypto-related accounts temporarily banned on the site. 

On Monday, the X accounts for Pump.fun and its co-founder, Alon Cohen, showed they were suspended, but X did not explain why, showing only the platform’s standard disclaimer that “X suspends accounts which violate the X Rules.”

At least 19 other accounts connected to the crypto trading platforms GMGN, BullX, Bloom Trading and the artificial intelligence agent tool Eliza OS were also taken offline, a list compiled by X user “Otto” shows.

For years, X has been the preferred social media platform for crypto users, and account suspensions significantly impact the ability of affected crypto platforms to communicate with their users.

The X account for Pump.fun was among nearly two dozen crypto-related accounts suspended as of Monday. Source: X

X did not immediately respond to a request for comment. Pump.fun was contacted for comment.

GMGN “actively appealing” X suspension

GMGN said on Telegram that it is aware of its X account suspension and was “actively appealing the decision and working to restore the account as soon as possible.”

It added that it “remains in close communication with X to expedite a resolution.”

Suspensions due to API use, users speculate

Meanwhile, multiple X users speculated that the accounts were suspended for using a third-party application programming interface (API), which X banned the use of in January 2023.

Some claimed the platforms used outside API’s to skirt the steep costs for X’s in-house API tool, which starts at $60,000 a year for its subscription level aimed at startups.

Despite the speculation, the reason for the suspensions is still unknown.

Pump.fun sued for allegedly helping pump-and-dumpers

The X user “Braden,” whose profile says they conduct marketing for Pump.fun, said in an X post that the platform’s suspension was “probably the mass reporting bs [bullshit].”

Pump.fun has divided opinions as its platform has eased the process of creating memecoins, highly speculative cryptocurrencies that have no intrinsic value.

Pump.fun was accused of helping create pump-and-dump schemes in a January class-action lawsuit, which claimed every token it helped create is an unregistered security from which it made nearly $500 million in fees.

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Ethereum layer-2 scaling solution Optimism is set to update its governance system for the second time this year — this time, with the intent of becoming more decentralized.

In a blog post on Friday, the Optimism team said the changes taking effect Aug. 1 as part of the “Season 8” revamp will introduce stakeholder voting, a public definition of citizenship and an auto-pass process for proposals. 

“The goal has always been to create a governance model designed for a new internet; now we understand that means lowering platform risk by creating accountability where corporate governance models have failed to do so,” the team said. 

The previous season, which lasted from Jan. 16 to June 11, was focused on interoperability.

OP governance aims to reduce platform risk

The Optimism team said it has created four stakeholder groups: tokenholders, end-users, apps and chains, to ensure all can vote on governance proposals. 

Source: Optimism

“Season 8 takes steps to ensure governance is accountable to all major stakeholders of the Collective, not just financial ones, a key weakness of traditional corporate and crypto governance models,” the team said. 

“The goal is to reduce the platform risk that any one stakeholder dominates decision making at the expense of others.” 

Citizenship still in experimentation stage 

Two houses govern Optimism: the Token House and the Citizens’ House. The Citizens House, introduced in April 2022, allows one vote per citizen. 

The Token House can vote on issues such as protocol upgrades, sequencer selection and governance fund allocation through token-weighted votes. 

Tokenholders will continue to be represented as a key stakeholder group via a token-weighted voting model in the Token House.

Optimism now also has a public definition of citizenship verifiable onchain and has subdivided it into three categories: end-users, apps and chains. 

Two houses govern Optimism, the Token House and the Citizens’ House. Source: Optimism

However, the team also said citizenship “remains an experiment” at this point, and current citizenship doesn’t guarantee it in future updates. 

Proposals auto-pass unless a stakeholder vetoes

A new approval process will also take effect in August, where most will follow “an optimistic approval process,” which allows it to auto-pass unless a stakeholder vetoes.

The goal is to ensure busy contributors can still keep the system in check without full-time politics, according to the Optimism team. 

“Participating in governance should not require spending hours reading forum posts and navigating complex bureaucracy. Being a governance participant should not be a full time, or part time, job,” they said. 

Resource budgets will be proposed by the budget board and passed unless vetoed as well. Protocol upgrades are going to be voted on by an independent developer advisory board, which will act on behalf of both the Token House and the Citizens’ House.

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