Autor Cointelegraph By Andrew Fenton

Hyperliquid added to Singapore’s Investor Alert ListThe Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, has added decentralized perpetuals exchange Hyperliquid to its Investor Alert List.The entry, added on Friday, includes the Hyper Foundation website and the Hyperliquid trading app.The Investor Alert List is a consumer protection measure that identifies entities that may be wrongly perceived as licensed or regulated by MAS. Inclusion on the list does not constitute a ban or enforcement action.MAS added crypto exchange Bybit to the list on June 17 and KuCoin and Bitget also appear.Hyperliquid said that it has never claimed to be licensed or authorized by MAS and that nothing about its permissionless infrastructure has changed.HyperliquidDon’t look at this if you are in Singapore. (Hyperliquid)Indonesia sets certification rules for influencers recommending cryptoIndonesia’s financial regulator has introduced certification requirements for influencers who recommend crypto and other digital financial assets, as the country expands oversight of financial promotions on social media.Under Financial Services Authority Regulation No. 6 of 2026, announced Wednesday, individuals recommending digital assets must obtain competency certifications unless they are already subject to a separate licensing requirement.Influencers may recommend only digital assets listed on authorized exchanges, while any service provider they recommend must also be licensed. Marketing campaigns must be conducted through regulated financial services businesses, which are responsible for the promotional content, and distributed through their official communication channels.Indonesia joins a growing number of jurisdictions tightening oversight of financial influencers, also called finfluencers, with Australia and the United Kingdom introducing broader rules for investment promotions and the Philippines adopting crypto-specific marketing restrictions.South Korean authorities fine Bithumb $136K over sharing user information overseasSouth Korean cryptocurrency exchange Bithumb was order to pay a $136,000 fine after it was found to have breached personal information protections rules when it sent user data overseas.In a Thursday notice, the country’s Personal Information Protection Commission (PIPC) said that its investigation into Bithumb found that the exchange had “transferred personal information overseas without the separate consent of the data subjects during the process of order book sharing and virtual asset transfer with overseas virtual asset exchanges.”The incident was connected to Bithumb sharing its Tether (USDT) order books between September and November 2025 with BingX, despite obtaining consent to share the data with Stellar, as well as sharing user information with 13 overseas exchanges.BithumbSource: PIPCSBI to acquire Bitbank in $289M deal creating Japan’s biggest crypto exchangeJapan’s SBI Holdings has signed agreements to acquire full control of crypto exchange Bitbank through a 46.7 billion Japanese yen ($289 million) transaction, advancing a deal first disclosed in May that would create the country’s biggest crypto exchange.SBI expects the transaction to close around October, subject to regulatory clearance.The acquisition would expand SBI’s regulated crypto exchange footprint and customer base, giving it another potential distribution channel for the stablecoins, tokenized assets and onchain financial products.Bitbank’s daily trading volume has hovered below $50 million for most of the last four months, CoinGecko data showed. Volume is dominated by the BTC/JPY pair (39.5%), followed by XRP/JPY and ETH/JPY (both at 19.7%).SBI said combining Bitbank with SBI VC Trade would give the group about 1.1 trillion yen in assets under custody and roughly 2.92 million crypto accounts, meaning the combined business would rank first among Japanese crypto exchanges.Chainlink joins European and Korean bank consortia to develop FX settlement networkChainlink has joined a working group with European and South Korean banking organizations to explore the use of stablecoins for foreign exchange (FX) settlement.The protocol has announced Project Pangea alongside South Korean digital asset infrastructure company FairSquareLab, the Unified Korea Alliance (UniKA) — a consortium that includes more than a dozen Korean commercial banks — and Qivalis, a euro stablecoin consortium backed by 37 European banks.Project Pangea aims to bring together financial institutions across Europe and South Korea to evaluate direct, atomic swaps of euro- and South Korean won-denominated stablecoins using Chainlink’s data infrastructure alongside FairSquareLab’s onchain foreign exchange settlement technology.The initiative is another example of financial institutions evaluating stablecoins for wholesale financial infrastructure rather than consumer payments. According to the Bank for International Settlements, the global foreign exchange market processes roughly $9.6 trillion in daily trading volume.South Korea adds token securities to capital market overhaulSouth Korea’s financial regulator folded token securities infrastructure into a broader overhaul of the country’s capital markets, alongside plans for faster settlement, longer trading hours and greater use of artificial intelligence.On Tuesday, the Financial Services Commission (FSC) said it had launched a capital market infrastructure review meeting to coordinate reforms across government agencies and market operators. According to the FSC, plans for token securities will be further discussed separately through a public-private council before being linked to the wider initiative. The initiative includes a roadmap for shortening the securities settlement cycle, expected by October, and a Korea Securities Depository (KSD) system for settling over-the-counter trades in unlisted shares and fractional investment products by the end of 2026. Circle, Nomura eye Japan corporate FX with stablecoin settlement: ReportStablecoin issuer Circle and Japan’s largest investment bank Nomura have reportedly partnered to enable instant foreign exchange settlement for Japanese companies as early as 2027.The service would enable companies to convert yen into dollar-denominated stablecoins for cross-border transactions and instant settlement, reducing delays caused by banking hours and time zone differences, Nikkei reported on Thursday.The partnership would bring one of the world’s largest dollar stablecoins into Japan’s corporate foreign exchange market, expanding the use of stablecoins for business-to-business cross-border settlement.Australian regulator extends no-action period for crypto licensingThe Australian Securities and Investments Commission (ASIC) has given digital asset businesses another three months (to September 30) apply for licenses required under its updated regulatory guidance.The extension applies to businesses seeking an Australian Financial Services (AFS) license, as well as companies that may require market or clearing and settlement authorizations.The regulator said it has received about 30 license applications since updating its digital asset guidance in October 2025 to clarify that many crypto products are financial products under the law and require an AFSL.It noted its recent court victory against BlockEarner emphasized that point.

About 60% of World Cup bettors on Polymarket are first-time crypto usersAbout 60% of users who placed their first World Cup bets on Polymarket had never interacted with blockchain protocols before, suggesting prediction markets are becoming an entry point into crypto.The finding is based on a 90-day Bitget Wallet study that tracked the onchain activity of 857,000 active Polymarket users.Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph that earlier crypto onboarding efforts largely focused on making blockchain technology easier to understand through simpler wallets and better user interfaces, but users were still expected to learn how crypto worked before they could participate.“Prediction markets shifted that dynamic. Users show up because they have a view on something happening in the world,” Kan said.Trump cancels signing of housing bill with CBDC banUS President Donald Trump canceled the signing ceremony for a housing bill containing a ban on a central bank digital currency (CBDC) as he looked for Republicans in Congress to prioritize a controversial voting bill.In a Wednesday morning Truth Social post, Trump said that the signing for the 21st Century ROAD to Housing Act, passed by the US Senate and House of Representatives, would be canceled “until such time as we pass the desperately needed SAVE America Act.”The housing bill, passed by the House on Tuesday, included a provision barring the US Federal Reserve from issuing or creating a CBDC “or any digital asset that is substantially similar” until the end of 2030. Many had expected Trump to sign the bill, aimed at tackling housing affordability, into law on Wednesday without issues. However, the president said in March that he would “not sign other bills” until the SAVE America Act was passed. The legislation would require voters to provide proof of US citizenship in person to register, with critics saying the measure would disenfranchise citizens already eligible to vote.Trump on housing billBitmine, Sharplink and Joe Lubin back Ethereum R&D nonprofitFormer Ethereum Foundation contributors and Ether treasury firms Bitmine and Sharplink have backed a new research and development nonprofit that aims to make Ethereum ready for institutional use.Sharplink said on Monday that the organization, Ethlabs, was formed to “ready Ethereum for the next phase of institutional adoption,” with the company pitching in with Bitmine, Ethereum co-founder Joe Lubin and other Ethereum contributors on its funding effort.“As stablecoins, tokenized real-world assets, funds and autonomous AI commerce move on-chain, they are converging on Ethereum as the neutral, credibly permissionless settlement layer for the global economy,” Sharplink said. “Ethlabs exists to ensure the network is ready to absorb that demand at scale.”The launch comes days after former Ethereum Foundation contributor Trenton Van Epps warned that Ethereum is facing a core development funding crisis and amid an ongoing wave of departures from the Foundation, most recently co-executive director Hsiao-Wei Wang, who left last week.Vitalik ButerinCryptoQuant warns on Strategy’s dividend coverage as cash reserve falls 38%After Strategy’s dividend coverage fell to 14 months from seven years, CryptoQuant said the company led by Michael Saylor should pause Bitcoin purchases and focus on replenishing its cash reserve, which is down 38% year-to-date.Strategy’s dividend obligations have nearly quadrupled to $1.2 billion, as the company issued substantial new STRC preferred stock, which carries an 11.5% yield.“They should pause Bitcoin purchases, rebuild cash reserves, and adopt a systematic framework for purchase timing,” wrote the market data analytics provider’s CEO Ki Young Ju in a Wednesday X post, adding that the biggest public Bitcoin treasury holder should also create a “disciplined selling framework” for the next bull market.Strategy’s cash reserve fell 38% after the company repurchased $1.5 billion of its 2029 senior notes at a discount, Cointelegraph reported on May 26. Those coffers have since recovered to $1.4 billion after it sold $335.5 million in MSTR shares, which added $300 million to its US dollar reserve on Monday, although it is near a record-low of 14 months’ of funds available to pay dividends.Catholic leaders, US authorities challenge CLARITY Act over illicit activityA group of law enforcement organizations and a coalition of Catholic organizations have become the latest two groups urging caution over the US CLARITY Act, which is heading for a key hearing in July.  In letters sent Tuesday, four law enforcement organizations reached out to White House officials with concerns that the CLARITY Act could create oversight gaps when it comes to illicit activity. “Regulatory certainty should not come at the expense of accountability, transparency, victim protection, or public safety,” they said. The Alliance to End Human Trafficking, founded by US Catholic Sisters, said these oversights could make it harder to crack down on human trafficking. Senator Cynthia Lummis said this week, the final text for the bill would be released July 4, with the House Financial Service Committee scheduling a hearing into the Clarity Act on July 17. Cynthia LummisWinners and LosersAt the end of the week, Bitcoin (BTC) is at $59,359 which represents a 6.8% decline, while Ether (ETH) is at $1,565, after falling 8.8% for the week.  XRP (XRP) is at $1.04 and down 8% for the week. The total market cap is at $2.06 trillion according to CoinMarketCap.Among the biggest 100 cryptocurrencies the top three altcoin gainers are Velvet (VELVET) at 290%, DeXe (DEXE) on 55% and Audiera (BEAT) which was up 49%.The top three altcoin losers of the week are MemeCore (M), which lost 76%, WorldCoin (WLD), which lost 28%, and Mantle (MNT), which was down 20%. Prediction of the weekBitcoin may fall lower but BTC power-law frames crash to $58K as ‘normal’Bitcoin’s drop to $58,000 lines up with the power-law model’s cycle lows, even though futures market data points to deeper lows for BTC price.Giovanni’s Bitcoin power-law model places the network’s long-term trend price near $135,000, making the recent drop to $58,000 roughly 54% below the all-time high and 1.22 standard deviations beneath that trend.According to the analyst, the key takeaway is straightforward: the previous cycle lows in 2012, 2015, 2019, 2020, and 2022 all fell within a similar statistical range. By that measure, the latest decline falls within a territory that has historically marked the deep bear-market lows rather than a break in Bitcoin’s long-term growth path.Top FUD of the weekBinance faces EU service limits as MiCA rules take effectBinance has notified European Union users that access to key services will be restricted after the exchange failed to secure Markets in Crypto-Assets (MiCA) authorization from a member state before a July 1 deadline.Those restrictions include halting the onboarding of new EU users and limiting certain services for EU-based accounts effective July 1, according to exchange notices shared by users on social media.The notices said users will still be able to withdraw their assets after that date, stating that “all digital assets are still available for withdrawal,” in line with applicable regulatory requirements.The move marks one of the first major transitions under the EU’s MiCA framework after Binance announced it withdrew its MiCA license application in Greece on Wednesday.Binance recorded over $400 million in net outflows during the week beginning June 22. Binance’s public messaging is that the company intends to continue pursuing a MiCA license, despite being on pace to miss the July 1 buzzer.Iran-linked entities moved $3.8B through CoinEx, TRM saysWallets with identifiable links to sanctioned Iranian entities have moved over $3.84 billion through cryptocurrency exchange CoinEx since 2019, making it one of the main channels used to bypass US economic sanctions, according to blockchain analytics company TRM Labs.About 60 Iranian platforms were tied to the funds, with $2.7 billion of this flowing between CoinEx and Nobitex, Iran’s largest domestic cryptocurrency exchange, at an average rate of about $1 million per day since 2018, wrote TRM Labs in a Wednesday report.By 2024, CoinEx was Nobitex’s largest external counterpart, nearly nine times that of the next-largest exchange, a pattern that TRM Labs called “inconsistent with independent market behaviour.”CoinEx denied having any commercial relationship with the Iranian government or domestic Iranian exchanges and disputed TRM Labs’ interpretation, saying onchain fund flows do not demonstrate a platform’s knowledge of or participation in illicit activity.Ethereum Foundation sacks 20% of workforce amid strategic restructuringThe Ethereum Foundation (EF) has laid off 54 employees, roughly 20% of its workforce, as part of a major organizational restructuring.According to a blog post published Tuesday, the EF will reorganize around five specialized clusters covering protocol, access, user, community and institutional work. The Foundation said the changes are intended to concentrate resources on Ethereum’s long-term technical priorities, including scaling, privacy, security and censorship resistance.Under the new structure, separate teams will oversee Ethereum’s core protocol, user access tools, community engagement and work with institutions, while management and operations functions remain organized independently.Ethereum co-founder Vitalik Buterin said the Ethereum Foundation is reducing its budget by roughly 40% as it transitions toward a long-term, endowment-based organization. He said the foundation aims to lower annual spending from about 15% of its remaining funds to roughly 5% after 2030, a shift he said necessitated difficult staffing decisions.Top feature stories of the weekThe failure of Botanix suggests that Bitcoiners still prefer Ethereum DeFi to Bitcoin L2s. How can Bitcoin L2s change to win hodlers over?Ethereum’s latest “funding crisis” has triggered a fierce debate over whether to tax staking rewards or to pursue funding from large ETH holders for new organizations like EthLabs.AI is banking the unbanked in Africa… faster than cryptoAI is widening access to banking for the unbanked across Africa. But used badly, it can simply automate financial exclusion at greater speed.

Jameson Lopp has been on the front lines of the battle between technologists and those who want to preserve Bitcoin as it is since the scaling debates of 2015–2017.

The topic arouses such passion that many suspect it was a disgruntled Bitcoiner opponent who called down an armed SWAT team to his home, leading him to famously go underground. Lopp blamed the 2017 incident on the “same old same old: Bitcoin philosophy and scaling debate arguments. A few of the more extreme cases think I’m some kind of manipulative monster.”

Dear anonymous coward who just sent dozens of cops w/ rifles to my house w/a false hostage situation report: I am not so easily intimidated.— Jameson Lopp (@lopp) October 16, 2017

Lopp, who is currently the chief technology officer for decentralized wallet service Casa, is an advocate for cautious progress who commands respect among the Bitcoin community.  

Speaking from an undisclosed location, Lopp says he worries the backlash against Ordinals NFTs might result in lower support for much-needed future upgrades. Ordinals were largely an unexpected result of the 2021 Taproot soft fork.

“The problem that I see is that there’s a lot of ossification proponents out there. And they’re pointing at Ordinals and inscriptions and saying, ‘You see, this is what happens when you change the protocol. It gets abused and used in ways that were not intended,’” he says.

But Lopp says the alternative is every bit as risky. He has carefully considered the problem of  Bitcoin’s “ossification” — where the network becomes so big “it kind of gets crushed under its own weight and unable to change itself.”

Jameson Lopp enjoys a beer bought with Bitcoin. (Twitter)

Lopp uses email as an example of an internet protocol that ossified in the 1990s, leaving it with little ability to deal with the massive volumes of spam that subsequently arose.

Instead, corporations constructed expensive centralized reputation services on top to sort out spam from legit emails, and today, large numbers of emails that don’t comply with the arcane rules of the systems simply disappear into a black hole. And users are still deluged with spam.