Do you want to know what happened in the cryptocurrency world today? Here are the latest updates on trends and daily events affecting the price of Bitcoin, blockchain, decentralized finance, non-fungible tokens, Web 3, and cryptocurrency regulation.
In the cryptocurrency market, spot Ether exchange-traded funds (ETFs) recorded inflows for the fifteenth consecutive day, while U.S. lawmakers remain divided on digital asset legislation, with increasing questions surrounding President Donald Trump's ties to the sector. Meanwhile, the Singapore central bank has effectively barred most cryptocurrency companies from providing services exclusively to foreign investors.
Spot Ether inflows on exchange-traded funds (ETFs) over 15 days recorded inflows of $837.5 million
U.S. spot Ether exchange-traded funds (ETFs) have recorded inflows for the third consecutive week. If this trend continues into next week, current inflows alone could exceed $1 billion in total inflows.
On June 6, exchange-traded funds for spot Ether (ETH) registered inflows of $25.3 million for the trading day, bringing the inflow streak to 15 consecutive days, according to Farside data.
Cash inflows since May 16 reached $837.5 million, accounting for nearly 25% of the total net cash inflows of $3.32 billion since the launch of Ethereum ETFs in the spot market in July 2024.
If this pattern continues next week, an additional $162.5 million in inflows will raise the total inbound cash inflows to $1 billion.
Hearing on the structure of the cryptocurrency market turns into partisan allegations
Republican lawmakers on the House Financial Services Committee (HFSC) dismissed concerns that U.S. President Donald Trump could personally benefit from his exposure to the cryptocurrency sector, rejecting these claims as a 'political theater' amidst ongoing discussions about digital asset legislation.
In a hearing organized by the Democrats on June 6, Maxine Waters, a senior member of the House Financial Services Committee (HFSC), advocated for lawmakers to focus on 'the information that was unexplored during the June 4 hearing, which addressed concerns related to the Digital Asset Market Clarity Act (CLARITY). Calls to include provisions preventing Trump from using the legislation for personal gain overshadowed the ongoing discussion of the cryptocurrency market structure bill, expected to be voted on June 10.
Representative Brian Steel, chairman of the Digital Assets Committee, dismissed the criticisms, describing them as 'Trump Derangement Syndrome,' a term often used to describe negative reactions to the president's policies. Cointelegraph reached out to a spokesperson for Steel for comment, but did not receive a response by the time of publication.
Representative Stephen Lynch said after Steel's remarks: 'My Republican colleagues refuse to even acknowledge President Trump's corruption in the cryptocurrency space, undermining their efforts to pass this law.' He added, 'I assume this is due to fear and President Trump's backlash.'
It is unclear whether the Democrats' efforts will receive enough support among their party members or Republicans to slow or halt the passage of the 'Clarity' bill. Before Trump's dinner rewarding holders of his digital currencies on May 22, Waters introduced a separate bill to prevent the president, vice president, members of Congress, and their families from trading in digital assets.
Singapore confirms a near-total ban on digital token services exclusively for foreign clients
The Monetary Authority of Singapore highlighted its own system for digital token service providers (DTSPs), following widespread panic in the sector over a potential ban on cryptocurrency companies serving customers abroad.
In an announcement made on June 6, the Monetary Authority of Singapore (MAS) confirmed that starting June 30, cryptocurrency companies 'providing exclusive services to customers outside Singapore regarding digital payment tokens and capital market product tokens will need to obtain a license.'
However, the authority warned that these licenses will only be granted under 'very limited circumstances.'
The authority stated: 'The Monetary Authority of Singapore has raised the licensing threshold and will generally not issue it,' indicating that the difficulty of overseeing overseas companies and money laundering risks are major concerns.
The authority added that the Monetary Authority of Singapore is unable to effectively supervise these individuals. As a result, companies unable to obtain the licenses will need to 'cease their regulated activities.'
The cryptocurrency market took notice when the Monetary Authority of Singapore (MAS) set a deadline of June 30 for local cryptocurrency service providers to stop offering digital token services for overseas markets earlier this month.
The new rules have already caused a shift. The WazirX cryptocurrency trading platform, which serves India and is based in Singapore, announced that it will move its operations to Panama shortly after the Monetary Authority of Singapore announced the deadline.
Cointelegraph
