The digital asset market is accelerating as regulation and institutional adoption advance. The U.S. Senate passed the GENIUS Act, establishing a federal stablecoin framework. Coinbase seeks SEC approval to list tokenized U.S. equities, while JPMorgan pilots JPMD, a USD deposit token on Base for instant settlement. BBVA advises wealthy clients to allocate 3–7% to crypto. Thailand approved a five-year capital gains tax exemption, and Malaysia launched a stablecoin sandbox. Decentralized exchanges now account for over 20% of spot trading volumes, reflecting structural on-chain migration.
The U.S. Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act on June 17, 2025, in a bipartisan 68-30 vote, marking the first major federal move to regulate dollar-pegged stablecoins. The bill establishes a regulatory framework for stablecoins, grants broad authority to the Department of Treasury, and opens the market to banks, fintechs, and retailers. The legislation, praised by Treasury Secretary Scott Bessent and White House officials, is seen as a milestone for the crypto industry and now heads to the House of Representatives for consideration.
Coinbase is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer "tokenized equities"—digital tokens representing ownership in publicly listed companies—on its platform, according to statements from the exchange's chief legal officer. If approved, this move would allow Coinbase to trade stocks on blockchain infrastructure, enabling customers to swap digital tokens reflecting U.S. stocks around the clock. The initiative would position Coinbase in direct competition with established stock trading platforms such as Robinhood and Charles Schwab.
U.S. banking giant JPMorgan has announced the pilot launch of JPMD, a permissioned USD deposit token, on Base, the Ethereum layer 2 network developed by Coinbase. The token, which digitally represents commercial bank holdings, is designed to enable instant dollar transfers and will initially be available to select Coinbase institutional clients, with broader access pending regulatory approval. JPMorgan has also filed for a trademark for JPMD with the U.S. Patent and Trademark Office.
Spanish bank BBVA is advising its affluent clients to allocate between 3% and 7% of their investment portfolios to cryptocurrencies, depending on their risk appetite. This guidance comes just months after BBVA received regulatory approval to offer crypto trading services.
Institutional investors serving retail clients are prepared to invest in crypto exchange-traded products within weeks, pending imminent approval from the UK Financial Conduct Authority, according to digital asset manager WisdomTree.
Decentralized exchanges now account for over 20% of all spot trading volumes, marking their highest market share on record. This surge is attributed to an influx of on-chain traders and increased integration of DEX platforms by centralized exchanges.
Recent data and expert analysis indicate a significant increase in global cryptocurrency adoption as 2025 begins, fueling widespread anticipation within the market.
Ubyx, a startup founded by former Citigroup executive Tony McLaughlin, has raised $10 million in a seed round led by Galaxy Ventures and backed by Coinbase and others. The funding will be used to build a global stablecoin clearing system that aims to standardize stablecoin redemption at face value and drive adoption, with a planned launch in the fourth quarter of 2025.
Eric Golden, founder and CEO of Canopy Capital, stated in an interview on 'Squawk Box' that stablecoins are poised to become the primary mechanism for all payment transactions. He discussed the current state of cryptocurrency, trends in bitcoin prices, and the future role of stablecoins in the financial system.
A $75 million acquisition of a working oil and gas facility in Latin America was completed by Feniix Energy using blockchain tokenization. The deal, executed through Global Settlement's GSX Protocol, utilized stablecoins and tokenized debt and equity, marking a significant real-world asset transaction in the region.
Industry executives state that ensuring a 1:1 peg between tokenized assets and their real-world asset (RWA) backing is not primarily a technology issue, but is instead subject to other considerations.
Deutsche Bank, in collaboration with Memento Blockchain and Interop Labs, released a litepaper on June 17 detailing Digital Asset Management Access 2 (DAMA 2), a new tokenization platform designed to operate on public blockchains and streamline the issuance of regulated funds.
The Ink Foundation, a nonprofit supported by Kraken and responsible for the layer 2 Ink network, is launching its native INK token. The rollout will begin with an airdrop to users of an Aave-powered liquidity protocol, aiming to stimulate onchain capital markets through a liquidity-first approach.
AgriFORCE announced it has launched a facility that uses stranded natural gas to power 120 Bitcoin mining rigs. The company plans to expand the initiative to two additional sites in Canada.
OKX, a leading cryptocurrency exchange, has announced its official entry into the German and Polish markets following the receipt of a MiCA license, enabling it to offer regulated services across all 28 EEA countries. The expansion will provide users in Germany and Poland with access to deep liquidity, low fees, and trading in over 270 cryptocurrencies, including 60 crypto-euro pairs.
Cycles is considering new approaches to sustainable crypto credit in response to the 2022 liquidity crisis. Ethan Buckman of Cycles noted that the events of 2022 demonstrated how liquidity and solvency are closely linked in both traditional finance and the crypto sector.
MEV bots are consuming blockchain capacity at a rate that outpaces network scaling, according to Flashbots. The organization reports that MEV-related spam accounts for 40% of Solana blockspace and more than half of rollup gas on Base and OP Mainnet, leading to persistently high transaction fees. Flashbots argues that a new system, including explicit MEV auctions and programmable privacy, is needed to achieve true onchain scalability.
Cosmos-based Namada has completed its mainnet rollout, introducing a composable privacy layer designed for decentralized applications. The project’s native token is set to begin trading.
Thailand's Cabinet has approved a five-year exemption from personal income tax on capital gains from crypto transactions, effective from 2025 through late 2029. The exemption applies to profits made from selling digital assets, including Bitcoin, through licensed crypto asset service providers such as exchanges, brokers, or dealers regulated by the Securities and Exchange Commission. The move is part of a broader strategy to attract foreign capital, foster a transparent and well-regulated digital asset market, and position Thailand as a regional financial and fintech hub.
China's central bank has unveiled an e-CNY center to promote the internationalization of the digital yuan, citing the impact of stablecoins on cross-border payments. People's Bank of China Governor Pan Gongsheng announced plans to encourage the global use of the digital yuan and called for a shift from dollar dominance toward a multi-currency global system. In alignment with these efforts, e-commerce giant JD plans to apply for stablecoin licenses in major global markets, with founder Liu stating that stablecoins can improve cross-border transactions.
Malaysia has introduced a regulatory sandbox called the Digital Asset Hub to facilitate testing of programmable payments and ringgit-backed stablecoins. The initiative is intended to strengthen Malaysia’s position as a regional fintech hub.
Fund managers in the crypto sector are evaluating whether to domicile in the EU, which offers legal certainty and passporting under the MiCA regulation, or in the UK, which is developing a more flexible, innovation-focused regulatory framework as the two jurisdictions' approaches to crypto law increasingly diverge.
The United States’ crypto-friendly stance has prompted the European Union to reconsider its position as it reviews potential updates to the 2023 Markets in Crypto-Assets (MiCA) regulations, with Franklin Templeton warning that the EU risks becoming a “flyover zone” for crypto activity between the US and Asia.
Legal experts from Davis+Gilbert LLP, including Joseph Cioffi, Benjamin Snow, and Adam Levy, highlight that the return of stolen cryptocurrency may trigger tax consequences. They discuss various factors and scenarios that can affect how such recovered assets are treated for tax purposes.
Libertarians are mobilizing support for cryptocurrency entrepreneur Roger Ver, portraying him as a victim of government overreach similar to Ross Ulbricht, in an effort to draw attention to his case ahead of the upcoming midterm elections.
Pump.fun, a Solana memecoin launchpad, is under fire after selling millions of SOL for $741 million in fees, with only 293 out of 13.55 million wallets exceeding $1 million in gains. The platform is accused of scam activity and hosting harmful livestreams, leading to its X account being suspended ahead of a planned $1 billion token issuance at a $4 billion valuation.
Gemini has filed a complaint against the Enforcement Division of the Commodity Futures Trading Commission (CFTC), alleging wrongdoing by the Commission related to a 2022 lawsuit. The crypto exchange's action follows a $5 million settlement agreement reached earlier this year.
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