šØ This Week’s Top Crypto News Highlights (June 28, 2025) šØ
š¹ Coinbase aids in $225M crypto fraud recovery: The U.S. Secret Service, with Coinbaseās help, seized $225 million in USDT tied to global pig butchering scams. Over 130 victims were identified, and Tether burned and reissued the assets to a government-controlled wallet. Affected users are urged to file claims.
š¹ Trump Media launches $400M share buyback: Trump Media & Technology Group announced a $400 million stock repurchase, signaling confidence in its future. Despite the buyback, the company maintains a $2.3 billion Bitcoin reserve and $3 billion in overall reserves.
š¹ Texas creates state Bitcoin reserve: Texas became the third U.S. state to pass a Bitcoin reserve law, allowing the state to hold Bitcoin as a hedge against inflation and volatility. The law takes effect September 1, 2025, and only assets with a $500 billion+ market cap qualifyācurrently, only Bitcoin.
š¹ Mastercard and Chainlink enable fiat-to-crypto onboarding: Mastercard is partnering with Chainlink to let 3.5 billion cardholders buy crypto directly on-chain. The integration, powered by Swapper Finance and ZeroHash, supports USDT, PYUSD, and USDe, but not USDC yet.
š¹ SEC-Ripple settlement attempt rejected: A federal judge rejected a joint SEC-Ripple settlement that would have reduced Rippleās penalty to $50 million and lifted a permanent injunction. Judge Analisa Torres ruled that the parties canāt bypass the courtās final judgment, leaving Rippleās legal future uncertain.
š¹ Fed Chair Powell: Banks free to serve crypto clients: Jerome Powell clarified that U.S. banks can offer services to crypto companies if they manage risk properly, reassuring institutions and potentially enabling expanded crypto custody and trading services.
š¹ Tether aims to lead Bitcoin mining by end of 2025: Tether is building mining infrastructure to protect its $10 billion+ BTC holdings, investing in renewable energy and local mining projects. The companyās CEO says the focus is strategic defense, not profit.
š¹ Senator Schiff targets Trumpās crypto gains with COIN Act: The COIN Act would ban top officials from profiting from crypto while in office, including creating or promoting coins, NFTs, or stablecoins. Penalties could include forfeited profits and jail time.
š¹ Altcoin ETFs likely, say analysts: Bloomberg analysts put the odds at over 90% for approval of ETFs for Solana, XRP, Dogecoin, and Litecoin, reflecting a softer SEC stance. However, final approvals may not come before October.
š¹ Senator Lummis urges passage of two major crypto bills: The GENIUS Act and a market structure bill are seen as critical for U.S. crypto regulation in 2025, with lawmakers working to merge House and Senate proposals.
Spotlight Quick Hits:
š¹ WazirX avoids liquidation after $234M hack
š¹ Kraken launches āKrakā for global cross-border payments and yields
š¹ Coinme fined $300K in Californiaās first crypto ATM crackdown
š¹ Arizona advances its own Bitcoin reserve bill
š¹ CZ warns of phishing attacks
Big shifts are underway: state-level Bitcoin reserves, growing institutional adoption, regulatory clarity from the Fed, and the ETF wave for major altcoins. But legal battles, hacks, and political moves continue to shape the crypto landscape.
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