Highlights
Trump Aims to Be “Crypto President,” Raises $12 Million at San Francisco Fundraiser
New U.S. Law Empowers President to Block Digital Asset Access
Binance to Restrict Access to “Unregulated” Stablecoins in Europe Starting June
Former U.S. President Donald Trump has declared his ambition to become the “crypto president” as part of his 2024 campaign. At a recent fundraising event in San Francisco, hosted by Craft Ventures’ David Sacks and tech billionaire Chamath Palihapitiya, Trump raised $12 million. He emphasized his support for the cryptocurrency industry and criticized the Democratic Party’s regulatory stance. This follows a controversial decision by President Biden regarding crypto accounting guidelines, which faced significant backlash from the industry. Trump’s campaign continues to advocate for the U.S. to lead in the crypto sector.
A newly enacted U.S. law grants the president extensive authority to block access to digital assets, raising significant concerns about its broad implications. Critics, including digital asset expert Scott Johnsson, argue the law’s scope could enable user-level bans on any protocol or smart contract linked to foreign sanctions violators. The law, which broadly defines digital assets, allows the president to block transactions with foreign entities supporting terrorism. This move could push users towards Know Your Customer (KYC)-compliant and permissioned blockchain networks, limiting them to regulated platforms and potentially increasing governmental control over digital assets.
Binance, the largest cryptocurrency exchange by trading volume, announced it will restrict access to stablecoins deemed “unregulated” by the EU, effective from the end of June. This move aligns with the EU’s upcoming Markets in Crypto-Assets Regulation (MiCA). Binance plans a phased approach to encourage users to switch to regulated stablecoins, allowing conversions to digital assets like bitcoin, ether, or fiat currency. With limited regulated stablecoins currently available, Binance anticipates an increase in their availability over time. This regulatory shift follows former CEO Changpeng Zhao’s sentencing and new CEO Richard Teng’s efforts to enhance regulatory collaboration.
News
Donald Trump doubles down on crypto support at fundraiser event: Report
Largest Bitcoin mining firm sold 63% of mined BTC in May
Robinhood to Buy Crypto Exchange Bitstamp in Effort to Expand Outside the U.S.
Bitcoin network transaction fees temporarily soar to nearly $52
Products
Paxos Unveils Yield-Generating Stablecoin Lift Dollar
Binance Resumes Mastercard Payments for Crypto
Zilliqa 2.0 upgrade enhances speed and cross-chain compatibility
Franklin Templeton considers new altcoin-focused crypto fund
Regulation
New law grants US president power to block digital asset access
Binance to restrict ‘unauthorized’ stablecoins in EU starting June 30, urges users to switch to regulated tokens
Australia approves first Bitcoin spot ETF, boosting crypto adoption
FTX Settles $24 Billion Tax Claim With IRS in Bankruptcy Court
Funding
Crypto Exchange Kraken Is in Talks for Pre-IPO Fund Raising Round
Avail secures $43M in Series A for Web3 unification
M⁰ secures $35M Series A round for stablecoin issuance network
The Sandbox raises $20M at $1B valuation, promises to expand creator economy
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