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CFTC Chair Selig calls Illinois crypto tax a threat to Chicago's financial legacy

CFTC Chairman Michael Selig has accused Illinois lawmakers of putting Chicagos future as a global financial center at risk with its first-of-its-kind state tax on digital asset transactions.　　Selig has accused the state of moving in the opposite direction of the federal government, pointing out that the government is working towards creating a regulatory framework for digital assets.　　What exactly is in the new Illinois crypto tax？　　The Digital Asset Tax Act, signed by Governor J.B. Pritzker as part of a $55.9 billion budget package, makes Illinois the first U.S. state to impose a transaction-level tax on crypto activity.　　The tax is 0.2% of the asset‘s value on any crypto transfer by an Illinois resident. It applies to exchanges, transfers, and even storage of digital assets, and it doesn’t matter whether the user made a profit or a loss.　　According to Coinbase (NASDAQ: COIN) vice president of tax Lawrence Zlatkin, an Illinois resident who buys $10,000 in crypto and sells it for the same amount would owe $40 across both trades despite breaking even.　　CFTC Chairman Michael Selig recently published a Washington Times op-ed in which he says that the new law penalizes crypto activity while ignoring traditional financial transactions that look exactly the same.　　“Transferring the

07-03

Ripple co-founder backs venture launched by US senator's son: Report

Chris Larsen, co-founder and executive chair of Ripple Labs, was reportedly among those backing the financial venture of US Senator Kirsten Gillibrands son as negotiations over a significant piece of crypto-related legislation continue in the Senate.　　According to a Thursday Politico report, Larsen was one of a handful of investors backing the American Perpetuals Exchange Corp. (APEC), founded by Theodore Gillibrand. Although Larsens exact contribution was not included in the report, the majority of investors contributed between $5,000 to $10,000 each into the derivatives platform, which reportedly raised $30 million.　　The investment comes as the New York lawmaker is involved in negotiations over ethics provisions in the Digital Asset Market Clarity (CLARITY) Act, legislation expected to have a significant impact on crypto companies operating in the US, including Ripple. Gillibrand said in May that no one would be voting for the bill without addressing ethics:　　“[T]he truth is, is that we cannot allow members of Congress, senior administration officials, presidents or vice presidents, to get rich off of these industries because of their insider status. It is the worst form of pay for play.”　　A spokesperson for the senator referred Cointelegraph to her June 18 statement saying that her son was “a grown adult

07-03انڈسٹری

Bitcoin price taps new July high above $62K on weak US jobs data

Bitcoin (BTC) passed $62,000 at Thursdays Wall Street open as crypto reacted to weak US employment figures.　　Key points:US nonfarm payrolls data delivers a crypto market boost as job additions for June fall short.Investors eye an easing in the inflation outlook as optimism over BTC prices increases.Crypto begins its forecast “green July” by liquidating nearly $500 milllion of short positions.　　Bitcoin gains amid “volatile situation” for US labor market　　Data from TradingView showed new July highs of $62,137 on Bitstamp, with BTC/USD up nearly 4% on the day.BTC/USD four-hour chart. Source: Cointelegraph/TradingView　　The latest nonfarm payrolls data from the Bureau of Labor Statistics (BLS) showed that the US added far fewer jobs than expected in June, at 57,000 versus the anticipated 114,000.　　“Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in June,” an official news release stated.US unemployment data. Source: BLS　　The jobs numbers painted a weak picture of the labor market — a potential tailwind for risk assets should the Federal Reserve loosen financial policy as a result.　　“Mays jobs number was also revised down by -43,000 jobs,” trading resource The Kobeissi Letter noted in a reaction on X.　　“The labor market remains in a volatile situation.”　　As

07-03انڈسٹری

Bitcoin holds $61K after US jobs data report, AI sector weakness: Did BTC bottom？

Key takeaways:Soft US jobs market data triggered a rotation of capital from overheated AI stocks into Bitcoin and gold.Bitcoin onchain indicators hint at seller exhaustion while the decline in oil prices opens room for monetary expansion.　　Bitcoin reclaimed the $61,000 mark following a disappointing US job market report. Traders grew less certain of a near-term interest rate hike from the US Federal Reserve (Fed) given the worsening labor data. The tech-heavy Nasdaq index sold off, fueling hopes of a capital rotation favoring Bitcoin.　　Nasdaq 100 Index futures (blue) vs. Bitcoin/USD (orange). Source: TradingView　　The Nasdaq 100 Index erased gains from the three prior days, while Bitcoin distanced itself from Wednesdays $57,750 low. US non-farm payrolls increased by only 57,000 in June, missing the 113,000 expected, according to Yahoo Finance. The US Labor Department also revised data for April and May downward by 74,000 jobs.　　Gold prices reacted positively on Thursday, hinting at potential bullish momentum for scarce assets. The weak economic data prompted investors to cut odds of Federal Reserve interest rate hikes by September to 54% from 64% the prior day, according to the CME FedWatch Tool. Meanwhile, crude WTI oil prices stabilized below $70, opening the door for possible economic stimulus measures　　Gold/USD

07-03انڈسٹری

Senate Urged to Vote on CLARITY Act Before August Recess as Lawmakers Return July 13

Limited July Schedule Raises Urgency for Floor Vote　　Efforts to pass a federal crypto market-structure bill have entered a critical phase as the Senate remains in recess until July 13. The advocacy group Stand With Crypto on July 1 urged supporters to contact Senators and push for a floor vote on the Digital Asset Market Clarity Act, or CLARITY Act, before lawmakers leave for the August recess.　　The timeline leaves a narrow window for action following months of committee work and industry lobbying. Supporters say the bill would reduce regulatory uncertainty by establishing clearer federal rules for digital asset issuers, trading platforms, developers, and market participants.　　“The Senate is in recess. The clock on Clarity is running,” Stand With Crypto noted on X, adding:　　“The window before the August recess is short, and when Senators return on July 13, they can vote on the Clarity Act to end years of regulatory guesswork. Dont let the window close. Call your Senators to schedule a vote on Clarity.”　　The legislation advanced in June when the Senate Banking Committee approved H.R. 3633 in a bipartisan 15-9 vote. The bill outlines agency oversight, registration pathways for crypto firms, consumer protections, and compliance standards across digital asset markets.　　Lawmakers return to

07-03

Is Bitcoin heading for $65K？ Sharplink buys $16M ETH: Market Moves

Bitcoin rises amid Fed inflation talks: Bull trap or $65K next？　　Bitcoin (BTC) reacted positively to US Federal Reserve Chair Kevin Warshs remarks on stubborn inflation. Despite the gains on Wednesday, traders fear that incentives for fixed-income investments and strong earnings momentum in tech stocks will continue to pressure non-yield-bearing assets like cryptocurrencies.　　Michael van de Poppe(Michael van de Poppe)　　The US five-year Treasury yield jumped to 4.22%, meaning traders demanded higher returns to hold government bonds. Even as inflation eventually eases and WTI crude oil prices fell to a 4-month low, investors anticipate monetary expansion.　　Regardless of how the Fed manages interest rates and its balance sheet, the US Treasury dictates debt issuance trends.　　Bitcoin bounces off 21-month low, but leverage data signals caution: Was $57K the bottom？　　Bitcoin (BTC) is trading at around $61,490 at the time of publication after falling to a 21-month low of $57,737 earlier on Wednesday.　　Ether (ETH) and Solana (SOL) also gained, up 3% and 4.85%, respectively.　　The bounce took place amid deep investor caution, with sentiment trackers gauging the balance of fear and greed in crypto markets currently reading around 11 out of 100, which is in “Extreme Fear” territory. Despite the rebound from the yearly low, Bitcoin remains down

07-03انڈسٹری

What is a consortium stablecoin？ Open USD model

Tether and Circle built their businesses by keeping the interest on the dollars behind their coins. A new kind of stablecoin, run and owned by a group instead of a single company, shares that money instead. Here is how the consortium model works and why it is spreading.　　Table of ContentsConsortium versus single-issuer stablecoinsThe two defining features: shared governance and shared economicsWhy consortium stablecoins are emerging nowThe leading examplesA cautionary precedent: the Centre ConsortiumWhy the model mattersThe risks of the consortium modelWhere consortium stablecoins fit among stablecoin typesFrequently Asked Questions　　A consortium stablecoin is a digital dollar, or other fiat-pegged token, that is issued and governed collectively by a group of companies rather than controlled by one. The defining idea is shared ownership of both the decisions and the economics: a board drawn from the partner companies sets the rules, and the income earned on the reserves backing the coin is distributed among those partners instead of kept by a single issuer. That structure is a deliberate break from the model that built the stablecoin giants, and it has become one of the most important trends in digital money.　　This explainer covers what makes a stablecoin a consortium stablecoin, why the model is

07-03

Bullish Opens Daily Bitcoin Auction for ETF Pricing

Bullish, the crypto exchange led by former NYSE President Tom Farley, on Wednesday started the Bullish Closing Cross, a daily call auction producing a single closing price for spot Bitcoin ($BTC). The company described it as the first such auction operated by an NYSE-listed digital asset platform.　　How ETFs price bitcoin　　Bitcoin trades 24/7 with no natural close. Spot Bitcoin ETFs, which had about $73bn under management at the end of June, set daily net asset value (NAV) at 16:00 New York time. The largest funds, including BlackRocks IBIT, use the New York variant of the CME CF Bitcoin Reference Rate. It aggregates volume-weighted trade prices over the one-hour window ending at that time, drawing on a small set of vetted spot exchanges including Coinbase, Kraken, Bitstamp and LMAX Digital.　　When someone creates new ETF shares, they deliver bitcoin to the fund; to redeem shares, they withdraw bitcoin. The value of the bitcoin handed over or taken out is set at the funds NAV, the per-share price the fund publishes at the end of each day.　　Someone creating shares does not usually hold bitcoin themselves; instead, they buy it on the open market and hand it over to the fund (or sell it when

07-03

Grayscale Moves $70M in Bitcoin and Ethereum to Coinbase Prime as Part of Routine ETF Operations

Grayscale, the issuer of the spot Bitcoin and Ethereum ETFs, has transferred 814 Bitcoin and 11,421 Ethereum—valued at approximately $70 million—to Coinbase Prime, according to on-chain data from Arkham Intelligence. The transaction, recorded on June 11, 2025, is part of the firms standard operational procedures for managing its spot crypto ETF products.　　Standard Redemption Settlement Process　　The deposits are understood to be linked to the settlement of redemptions tied to daily inflows and outflows from Grayscales spot Bitcoin and Ethereum ETFs. When investors redeem shares of these funds, Grayscale must deliver the underlying cryptocurrency to the authorized participants, who then sell or distribute the assets. Moving assets to Coinbase Prime, a prime brokerage platform, facilitates this process efficiently and securely.　　This activity does not necessarily indicate a change in Grayscale‘s overall holdings or a bearish market signal. Rather, it reflects the normal operational flow of a spot ETF, where the fund’s assets are adjusted daily based on investor demand. Similar transfers have been observed regularly since the launch of Grayscales spot Bitcoin ETF in January 2024 and its Ethereum ETF in July 2024.　　Market Context and Implications　　The $70 million transfer comes amid a period of relative stability in the crypto market, with Bitcoin trading

07-03

500 BTC Linked to Irish Drug Dealer Deposited to Coinbase After Decade of Dormancy

Blockchain analytics firm Onchain Lens reported that 500 Bitcoin, valued at approximately $30.76 million, was deposited into U.S. cryptocurrency exchange Coinbase roughly 40 minutes ago. The funds are linked to Irish drug dealer Clifton Collins and had remained dormant for about 10 years before the transaction.　　Background on the Wallet and Its History　　The wallet associated with Collins still holds 4,500 $BTC, worth an estimated $277.17 million at current market prices. Deposits to centralized exchanges are generally interpreted by market analysts as a precursor to selling, though the exact intent behind this transfer has not been confirmed. Collins, a Dublin native, was convicted for drug trafficking offenses, and the wallets activity has been monitored by blockchain forensic firms for years.　　Implications for the Crypto Market and Law Enforcement　　Large movements of previously dormant Bitcoin often attract attention from both market participants and law enforcement agencies. While the transfer to Coinbase does not necessarily indicate an immediate sale, it raises questions about the disposition of assets tied to criminal convictions. Irish authorities and international agencies may take interest in the transaction, especially given the size of the remaining balance. The case highlights the ongoing challenge of tracing and recovering illicit funds in the cryptocurrency ecosystem,

07-03

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