USDThis Week’s Global Policy Recap Reveals High-Stakes Rulings, Hacks, and ETF Battles
![Robot opens crypto vault over timeline [vault]](https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Robot_opens_crypto_vault_over_timeline_vault_7ac3074933.webp)
California Approves Bill to Seize Unclaimed Cryptocurrency After Three Years of Inactivity
California has passed a bill enabling the state to take control of unclaimed cryptocurrency from exchanges after three years of inactivity under existing Unclaimed Property Law. The bill categorizes cryptocurrencies as "intangible property," with ownership lapsing if no transactions occur within the specified timeframe. This decision sparked controversy, with critics labeling it as state seizure. However, Bitcoin advocacy group co-founder Dennis Porter clarified that the bill allows the state to retain lost Bitcoin instead of liquidating it to cash. The legislation is now moving to the California Senate, amidst discussions on its implications for digital assets.
Singapore Central Bank Sets June 30 Deadline for Crypto Firms to License Overseas Services
Singapore's Monetary Authority (MAS) has mandated that by June 30, 2025, local crypto firms offering digital token services abroad must either cease operations or obtain a license, with no grace period for compliance. Under the Financial Services and Markets Act, firms must adhere to this regulation, facing penalties of up to SGD 250,000 (approximately $200,000) and potential prison sentences of up to three years for noncompliance. Only those already licensed or exempted under existing financial laws can continue foreign operations legally. This initiative aims to enhance regulatory oversight and ensure compliance within the digital asset sector in Singapore.
Senate Confirms Michelle Bowman as Fed Vice Chair; Lummis Calls It a Win for Crypto
The U.S. Senate confirmed Michelle Bowman as the Federal Reserve's vice chair for supervision with a narrow 48-46 vote, succeeding Michael Barr. Senator Cynthia Lummis celebrated Bowman's confirmation as a significant win for the crypto industry, indicating a move towards evidence-based regulation and a brighter future for digital assets. Bowman, who has been a Fed governor since 2018 and was nominated by President Trump, previously criticized the complexity of U.S. financial regulations but did not address crypto in her April nomination hearing. The Crypto Council for Innovation also applauded her appointment, highlighting her openness to blockchain and digital asset innovation.
VanEck, 21Shares, and Canary Press SEC for Fairer Crypto ETF Approval Process
On June 7, 2025, VanEck, 21Shares, and Canary Capital submitted a letter to the SEC, advocating for a fairer ETF approval process. They express concerns that recent changes in the SEC's review procedures disadvantage smaller firms, risking market consolidation and stifling competition. The firms emphasize that a balanced approach is crucial for fostering innovation in the burgeoning crypto asset market. They urge SEC Chairman Paul Atkins to recalibrate the review process for equal opportunities among all applicants, warning that inaction could hinder growth and limit investor choice in the crypto ETF space, reflecting wider industry dissatisfaction.
FCA to Lift Crypto ETN Ban for Retail Investors
The UK Financial Conduct Authority (FCA) plans to lift a ban on crypto exchange-traded notes (cETNs) for retail investors, aligning with countries like the U.S. and EU. This change aims to enhance UK competitiveness and support economic growth, allowing individuals to invest in crypto through FCA-approved exchanges. Financial promotions will ensure consumers understand risks. The FCA had previously restricted crypto ETNs since January 2021 and only permitted professional investors to access them in 2024. This regulatory shift reflects a maturation of the market, with comprehensive crypto regulations anticipated by 2026, while the ban on crypto derivatives for retail remains.
Hong Kong to Launch Crypto Derivatives Trading for Professionals
Hong Kong's Securities and Futures Commission (SFC) plans to introduce crypto derivatives trading for professional investors to enhance its position in the global digital asset market. This initiative follows approvals for staking services and virtual asset ETFs, aiming to attract international fintech firms with tax concessions. With an estimated annual global trading volume of $70 trillion in virtual assets, the SFC emphasizes maintaining security and transparency in trades. The new offerings are expected to improve risk transfer and liquidity while supporting professional investors' hedging and leveraging strategies, ultimately fostering innovation and competitiveness within the industry.
Singapore Court Rejects WazirX's $230M Restructuring Plan After Exploit
The Singapore High Court has rejected WazirX's proposed restructuring plan following a significant $230 million exploit linked to the Lazarus Group last year. Despite gaining approval from over 93% of voting creditors in April, representing nearly 95% of total claims, the court's decision has forced WazirX to consider an appeal and explore alternative legal options for creditor distributions. WazirX indicated that if the restructuring had been approved, initial creditor distributions would have been made within 10 business days of the scheme’s effective date. The exchange continues to seek solutions to address its financial challenges post-exploit.
Australia Imposes Stricter Regulations on Crypto ATMs After $3M Scam Losses
Australia has introduced stricter regulations on cryptocurrency ATMs in response to over $3 million in scam losses, primarily affecting individuals over 50, who represent 72% of these losses. The financial intelligence agency AUSTRAC has capped withdrawals and deposits at AU$5,000 (around US$3,250) and mandated enhanced customer verification and transaction monitoring. Between January 2024 and January 2025, 150 scam cases were reported, accumulating $3.1 million in losses. With the number of crypto ATMs growing from 67 in August 2022 to 1,819, regulators emphasize the need for compliance to mitigate financial crime risks associated with anonymous transactions.
ZachXBT Reveals $11.5M Exploit from BitoPro, Exchange Confirms Breach After 25 Days
Onchain investigator ZachXBT identified $11.5 million in suspicious outflows from BitoPro's hot wallets, indicating an unreported exploit that occurred the previous month. BitoPro confirmed the hack was linked to a wallet system upgrade, asserting that no user funds were impacted. However, the exchange took 25 days to disclose the breach, only responding after ZachXBT's report became public. The stolen assets were laundered using Tornado Cash, converted to Bitcoin via Thorchain, and ultimately deposited into Wasabi, reflecting laundering techniques similar to those seen in the notable $1.4 billion Bybit hack, raising concerns over security practices.
France Charges 25 in Violent Kidnapping Plots Targeting Crypto Professionals
France has charged 25 suspects, including six minors, in connection with violent kidnapping plots targeting cryptocurrency professionals. This crackdown follows an attempted abduction of Pierre Noizat's family on May 13, highlighting rising risks in the crypto sector. Eighteen suspects are in pre-trial detention, with ages ranging from 16 to 23. Investigations revealed a broader network planning similar attacks, primarily comprising individuals from France, Senegal, Angola, and Russia. The incidents reflect an alarming trend since January, prompting calls for enhanced security measures within the industry, including a five-point safety plan by Binance in response to these threats.
$31 Million Bitcoin Donation to Silk Road Creator Ross Ulbricht Sparks Speculation
Ross Ulbricht, the creator of the Silk Road marketplace, received a substantial donation of 300 BTC (approximately $31.47 million) to his wallet on June 1, 2025, according to on-chain tracker Lookonchain. The donation sparked intrigue and speculation within the cryptocurrency community, with users questioning whether it was a legitimate donation or a transfer from one of Ulbricht’s old wallets. Following the donation, the funds were transferred to another unidentified wallet. Additionally, Ulbricht has raised nearly $1.3 million through auctions of personal items, including his prison ID card and artworks, to support his cause.
This article has been refined and enhanced by ChatGPT.
![Robot opens crypto vault over timeline [vault]](/_next/image?url=https%3A%2F%2Fprod-coin360-cms.s3.eu-central-1.amazonaws.com%2FRobot_opens_crypto_vault_over_timeline_vault_7ac3074933.webp&w=256&q=75)
![Robot walks Bitcoin path above rising crypto treasury landscape [Bitcoin]](/_next/image?url=https%3A%2F%2Fprod-coin360-cms.s3.eu-central-1.amazonaws.com%2FRobot_walks_Bitcoin_path_above_rising_crypto_treasury_landscape_Bitcoin_78cc0608c9.webp&w=256&q=75)
![Robot walks ETF path holding bitcoin [IBIT]](/_next/image?url=https%3A%2F%2Fprod-coin360-cms.s3.eu-central-1.amazonaws.com%2FRobot_walks_ETF_path_holding_bitcoin_IBIT_438ea9e7d3.webp&w=256&q=75)
