USDThis Week’s Global Policy Sees SEC U-Turn and Brazil Bitcoin Shift
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SEC Under Atkins Dumps Gensler-Era DeFi and Custody Rules and Installs Crypto-Savvy Leadership
SEC Chair Paul Atkins, as of June 13, 2025, has officially withdrawn 14 Gensler-era proposals, including expanded DeFi reporting (Rule 3b-16) and stricter crypto custody mandates for advisors, clearing regulatory burdens and signaling a pro-crypto shift. Simultaneously, the SEC has reshuffled leadership, appointing four senior officials, Jamie Selway (Trading & Markets), Brian Daly (Investment Management), Erik Hotmire, and Kurt Hohl, with deep digital asset experience, effective mid-June to early July 2025. He is also promoting self-custody of crypto assets, deeming it a "foundational American value." In his remarks at the SEC’s Crypto Task Force Roundtable, he expressed a shift toward flexibility in self-custody, criticizing the previous administration’s restrictive measures that hindered innovation.
US Senate Advances GENIUS Act for Stablecoin Regulation Amid Bipartisan Support and Controversy
The US Senate advanced the GENIUS Act, a stablecoin bill, with a 68-30 vote, aimed at solidifying the US as a leader in digital assets. Majority Leader John Thune advocated for the bill, emphasizing its potential to mainstream cryptocurrency. However, Senator Elizabeth Warren raised concerns about its “core problems,” alleging it facilitates corruption linked to former President Trump’s crypto ventures. Despite bipartisan support for invoking cloture, the bill's future is uncertain, as revisions are sought. The Companion CLARITY Act is also progressing, hinting at a broader legislative push for cryptocurrency regulation as the House deliberates.
House Committees Advance Clarity Act to Regulate Crypto Amidst Concerns Over Trump's Interests
The House Financial Services and Agriculture Committees advanced the Digital Asset Market Clarity Act (Clarity Act), creating a regulatory framework for cryptocurrencies. The House Agriculture Committee passed it 47-6, while the Financial Services Committee voted 32-19. The bill mandates disclosure for digital asset firms and protects customer funds. It faces scrutiny over President Trump's crypto interests, with calls for amendments to limit potential conflicts of interest. Lawmakers expressed concerns about the SEC's support and the need for more resources at the CFTC, highlighting fears of inadequate enforcement amidst the growing digital asset landscape.
Connecticut Lawmakers Unanimously Prohibit Cryptocurrency Use in Government Transactions
Connecticut lawmakers unanimously passed House Bill 7082, prohibiting state and local government entities from accepting cryptocurrency payments or holding crypto assets. The legislation, aimed at protecting consumers amid the volatility of cryptocurrencies, received bipartisan support with 148 votes in favor and no opponents. Connecticut joins several states rejecting the idea of establishing a state Bitcoin reserve, along with Montana, Wyoming, and others. Representative Jason Doucette emphasized the state's commitment to financial consumer protections. Critics argue that the ban is symbolic and may hinder innovation, as it reflects a broader political stance against cryptocurrency linked to past presidential actions.
Brazil to Allocate 5% of $370B Reserves to Bitcoin in G20 First
Brazil is set to become the first G20 nation to allocate up to 5% of its $370 billion international reserves to Bitcoin, following the advancement of Bill PL 4501/2024. This historic legislation, which is moving through the Brazilian Chamber of Deputies, aims to establish a Strategic Sovereign Bitcoin Reserve (RESBit), allowing the Central Bank and Ministry of Finance to treat Bitcoin as a strategic hedge. This initiative marks a significant shift in institutional attitudes towards digital assets and could influence global sovereign wealth strategies. If enacted, it may redefine how countries manage digital currencies in their reserves.
South Korea Unveils New Bill for Stablecoin Licensing and Digital Asset Regulation
On June 10, 2025, South Korean lawmaker Min Byeong-deok introduced the Digital Asset Basic Act, establishing a new licensing regime for stablecoin issuers and enhancing the regulatory framework for crypto. This bill, supporting President Lee Jae-myung's vision for a Korean won-based stablecoin market, requires issuers to possess over $500 million Korean won ($367,890) in owner's capital. The proposal builds on the Virtual Asset Investor Protection Act from July 2024, aiming to define digital assets, create a Digital Asset Committee, and penalize unfair market practices, reflecting trends in crypto regulation seen in the U.S. and other regions.
Central African Republic to Launch Tokenized Land Sales on Solana for Global Investors
The Central African Republic (CAR) is launching a platform for global investors to purchase tokenized land concessions using the CAR token on the Solana blockchain. President Faustin-Archange Touadéra announced that these land parcels are ready for agricultural or construction use, being cleared, registered, subdivided, and connected by roads. Initial sales will not include mining rights, focusing on “real, peaceful development.” Additionally, the CAR government is creating a legal framework for the tokenization of natural resources. The initiative aims to empower CAR citizens, protect national wealth, and promote digital innovation through collaboration with both domestic and international partners.
Hong Kong SFC Expands Virtual Asset Regulations to Include OTC Trading and Custodial Institutions
On June 13, 2025, the Hong Kong Securities and Futures Commission (SFC) announced an expansion of its regulatory framework for virtual assets, focusing on investor protection and compliance. This move includes regulating over-the-counter trading and custodial institutions, aiming to create a sustainable digital asset ecosystem. The framework will impact key assets such as Bitcoin and Ether, fostering institutional interest.
Hong Kong Monetary Authority Tests Chainlink CCIP for Real-Time CBDC Payments with Visa and Fidelity
The Hong Kong Monetary Authority (HKMA) is collaborating with Chainlink to test real-time CBDC payments using its Cross-Chain Interoperability Protocol (CCIP), involving partners like Visa, Fidelity, and ANZ. The pilot, part of the e-HKD+ initiative, focuses on the seamless exchange between the tokenized e-HKD and Australian stablecoin A$DC across different blockchains, executing transactions atomically to reduce counterparty risk. The project exemplifies the importance of tokenizing real-world assets, with a potential market volume in stablecoins and CBDCs reaching trillions by 2030. Chainlink CCIP operates on over 50 blockchains, securing over $21 trillion in volume.
Russia Targets Illegal Miners with Fines Up to 2 Million Rubles and Crypto Seizures
Russia is intensifying its crackdown on illegal cryptocurrency mining and payments, following the dismantling of two large mining farms in Siberia. Proposed fines range from 100,000 to 2 million rubles ($2,500 to $25,000) for illegal miners, with personal penalties set at 200,000 to 400,000 rubles for officials and citizens involved in unlawful mining. Additionally, using cryptocurrencies for payments outside designated legal frameworks may incur fines up to 1 million rubles. The law aims to combat energy shortages exacerbated by illegal mining and involves confiscation of illegally minted digital currencies, with penalties awaiting legislative approval.
Argentina's President Milei Cleared of Misconduct Over LIBRA Promotion Despite Major Market Crash
Argentine President Javier Milei was cleared of misconduct regarding his promotion of the LIBRA memecoin, with the anti-corruption office stating he spoke "as an economist." After his endorsement, LIBRA's market cap soared to approximately $4.5 billion in February. However, following Milei's deletion of the post—after he admitted ignorance about the project—LIBRA's value plummeted by 90%, erasing over $4 billion. On-chain data revealed that 86% of traders lost a total of $251 million. Controversially, LIBRA's co-creator Hayden Davis boasted about his influence over Milei due to payments made to his sister, Karina Milei.
Four Charged in $190 Million Crypto Money Laundering Scheme After Major Raids in Australia
Australian authorities have charged four individuals, including three men (ages 32, 48, 58) and one woman (35), in a $190 million crypto money laundering scheme linked to organized crime. A 70-member task force executed 14 raids across Brisbane and the Gold Coast, seizing $21 million in assets. The accused allegedly used a security business's armored transport service to launder cash into cryptocurrency, facilitating drug trafficking and other crimes. Key metrics include the laundering of $9.5 million by a major client in just 15 months and the restraint of 17 properties, bank accounts, and vehicles valued at approximately $21 million.
Crypto Founder Arrested for Laundering $530 Million for Sanctioned Russian Banks
Iurii Gugnin, a 38-year-old crypto founder, was arrested for laundering over $530 million for sanctioned Russian entities, including banks like Sberbank and VTB Bank. Operating through his firms, Evita Investments and Evita Pay, he allegedly used Tether and shell accounts to conceal the funds' origins and ties to Russia. Prosecutors accuse him of falsifying compliance documents and rewriting invoices to evade detection. Gugnin, who lived in a luxury Manhattan apartment, searched online for information on investigations and money laundering penalties before his arrest. If convicted, he faces up to 30 years in prison for bank fraud alone.
This article has been refined and enhanced by ChatGPT.
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