Hong Kong Passes New Stablecoin Law to Bolster Regulatory Oversight, Investor Protections

The House narrowly passed three major crypto bills after a dramatic vote, with some Republicans changing their votes to "yes" at the last moment. Despite initial opposition, President Trump convinced holdouts to support the bills, allowing Crypto Week to continue as planned.

The Smarter Web Company has increased its Bitcoin holdings by 325 BTC, bringing the total to 1,600 BTC at an average price of £79,534. With a year-to-date BTC yield of 39,258%, the company continues to invest in Bitcoin as part of its long-term strategy.

BTCS, a Nasdaq-listed blockchain technology firm, is set to join the Russell Microcap Index, potentially attracting more investors. The company recently announced a $100 million funding plan to acquire more ETH for its balance sheet and offers blockchain services like staking and block building.

Over $10 million in cryptocurrency was seized by the DEA from the Sinaloa cartel in Miami, part of a larger operation across multiple states. The report also mentioned significant drug seizures, including fentanyl pills and methamphetamine, since January.

The governor of the Bank of England has expressed doubts about the necessity of a digital pound, or CBDC, questioning its role in the future of money. Andrew Bailey emphasized the importance of innovation in payments but remains unconvinced about the need for a new form of currency.

California Governor Gavin Newsom signed an executive order launching the "California Breakthrough Project" to modernize government operations with tech and crypto firms. Ripple, Coinbase, and MoonPay executives are collaborating to improve state services and drive innovation in key areas.

Bitcoin miners are taxed twice by the IRS, unlike other commodity producers, due to outdated guidance from 2014. This double taxation hinders the growth and adoption of bitcoin as a legitimate form of currency, creating unnecessary burdens for both individuals and businesses.

Ethereum has surged 5.9% to $3,155, with a 20.1% increase in the past week, driven by public companies like SharpLink Gaming and BitMine Immersion Technologies stockpiling ETH. These companies have amassed millions worth of Ethereum, leading to significant gains in their stock prices.

The European Union has sanctioned individuals and entities, including pro-Kremlin influencer Simeon Boikov and the Moldova-based platform A7, for using cryptocurrency to interfere in elections and bypass sanctions. A7 issued a ruble-backed stablecoin for sanctions evasion, with ties to illicit activities and Russian exchanges.

Eclipse, a layer-2 platform merging Ethereum and Solana tech, launched its ES token airdrop. The token has a total supply of 1 billion, with allocations for airdrops, ecosystem growth, and team members. ES serves as the network's gas token and enables decentralized governance.