USDThis Week’s Global Policy Shakeup: Crypto Laws, Stablecoins, and Crackdowns
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House GOP Launches 'Crypto Week' to Advance Landmark Legislation on Digital Assets
U.S. House Republicans are launching "Crypto Week" on July 14, 2025, to expedite three key bills: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act, which aims to reshape digital asset regulation. The bipartisan GENIUS Act focuses on dollar-backed stablecoins and allows state-level regulation, contrasting with the House’s STABLE Act. President Trump urges swift passage before Congress's August recess. However, potential modifications by the House could delay approval. This legislative push seeks to ensure the U.S. leads in financial innovation while safeguarding consumer privacy and preventing government-backed CBDCs.
Supreme Court Declines to Review IRS Demand for Coinbase User Data, Upholding Lower Court Ruling
The U.S. Supreme Court has declined to review a case regarding the IRS's request for user data from Coinbase, thereby upholding a lower court's ruling. This case involves the IRS demanding records from thousands of Coinbase customers, including transaction data and account security settings, raising concerns about privacy rights under the Fourth Amendment. Amicus briefs from Coinbase and Elon Musk's X emphasized the need for clarity on digital privacy. Coinbase Chief Legal Officer Paul Grewal argued in April that the IRS's actions extend beyond cryptocurrency, potentially impacting privacy across various sectors, including banking and technology platforms.
Kazakhstan to Create National Cryptocurrency Reserve Using Seized Assets and State-Mined Coins
Kazakhstan is establishing a national cryptocurrency reserve, combining seized digital assets and state-mined coins, as announced by central bank governor Timur Suleimenov. This initiative leverages Kazakhstan's 13% share of the global Bitcoin hash rate and follows strict miner licensing regulations. The reserve, managed by a National Bank affiliate, will adhere to sovereign-wealth best practices, focusing on secure storage and transparency. The government is finalizing the regulatory framework without disclosing a launch date or target size. This move aligns Kazakhstan with global trends, as various public treasuries and companies increasingly seek to accumulate cryptocurrency assets.
South Korea's Central Bank Shifts Focus from CBDC to Won-Backed Stablecoins Amid Growing Support
South Korea's central bank, the Bank of Korea (BOK), has paused its central bank digital currency (CBDC) project, shifting focus to private, won-backed stablecoins following President Lee Jae Myung's endorsement. The pilot program for the Hangang CBDC included 100,000 citizens and incurred average costs of $3.7 million per participating bank, with no clear launch path. Legislative proposals to legalize won-backed stablecoins have emerged, supported by major companies like Naver and Kakao. BOK officials highlight potential demand for these assets, which aim to prevent capital flight to foreign stablecoins amidst a burgeoning local crypto trading scene.
Arizona Governor Vetoes Digital Asset Reserve Bill for Third Time, Citing Law Enforcement Concerns
Arizona Governor Katie Hobbs has vetoed House Bill 2324, aimed at creating a state-run digital assets reserve fund, marking her third veto on such legislation this session. She expressed concerns that the bill could undermine local law enforcement's cooperation in asset forfeitures by reallocating seized assets. Despite legislative support, Hobbs continues to adopt a cautious stance on cryptocurrencies, aligning with broader Democratic trends favoring stricter regulations. Notably, she previously signed measures for crypto ATM oversight and allowed a digital assets reserve fund with different conditions, reflecting a national debate on crypto regulation split along partisan lines.
IMF Rejects Pakistan's Subsidized Electricity Proposal for Crypto Mining Amid Market Concerns
The IMF has rejected Pakistan's proposal to subsidize electricity rates for cryptocurrency mining, as announced by Dr. Fakhray Alam Irfan. The plan, which aimed to utilize the country's surplus electricity and lower costs to boost mining operations, suggested rates of Rs 22–23/kWh. Despite a focus on energy surplus, the IMF is concerned about potential market distortions and the impact on tariffs. Pakistan plans to invest 2,000 megawatts to support mining and AI centers. Additionally, plans for a government-led Bitcoin reserve were mentioned, echoing similar strategies in the US. The country continues to engage with international institutions for support.
Bank of Russia Rejects Bitcoin Investments, Prefers Liquid Assets
The Bank of Russia, led by Governor Elvira Nabiullina, is not considering investments in Bitcoin or other cryptocurrencies, viewing them as risky and volatile assets. The central bank maintains its opposition to using cryptocurrencies for domestic payments, allowing access only to qualified investors and companies involved in foreign trade. Additionally, the finance ministry does not plan to include digital assets in the National Welfare Fund, prioritizing liquid holdings. Russia lags behind its neighbors in cryptocurrency reserves, as notable initiatives arise in countries like Ukraine and Kazakhstan to incorporate crypto into their foreign exchange reserves.
Turkey Blocks PancakeSwap and 45 Crypto Sites in Regulatory Crackdown
Turkey has intensified regulatory efforts by blocking access to PancakeSwap and 45 other crypto websites as part of a crackdown on unauthorized digital asset services. The Capital Markets Board (SPK) announced legal actions against these platforms, which reportedly did not possess the necessary authorization to operate in Turkey. PancakeSwap, a leading decentralized exchange with over $325 billion in June trading volume, is among those affected. Turkey's strict regulatory framework includes requirements for user identification on transactions exceeding approximately $425 and has enforced a ban on crypto payments for purchases since 2021, allowing only buying, holding, and trading of digital assets.
Celsius Cleared to Pursue $4B Bitcoin Recovery Lawsuit Against Tether
A US Bankruptcy Court has permitted Celsius Network to advance its lawsuit against Tether, alleging breaches of contract and US bankruptcy laws related to the liquidation of over 57,000 BTC during Celsius's 2022 collapse. Key claims include a collateral return shortfall of 15,658.21 BTC, excessive cross-collateral transfers of 2,228.01 BTC, and an unauthorized liquidation of 39,542.42 BTC, which led to losses exceeding $100 million. Celsius argues these actions allowed Tether to unfairly enhance its creditor position. Although some claims were dismissed, the court's ruling could significantly impact asset recovery in the crypto space.
This article has been refined and enhanced by ChatGPT.
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