CFA Report Pegs US Crypto Fraud Losses at $80.7B

Gary Gensler, former chair of the SEC, has come out in support of states in their legal battle against the CFTC-backed prediction market industry. He argues that Congress did not authorize nationwide sports wagering under the Dodd-Frank Act, siding with Ohio and Native American tribes.

In a new study conducted in conjunction with Rutgers University professor Harry Crane, the Coalition for Prediction Markets estimates that U.S. residents have traded up to $34 billion on offshore platforms, with Polymarket accounting for the bulk of that volume. The study predicts that the offshore prediction market industry could grow to $133 billion by 2030.

LG Electronics has collaborated with Arbitrum to develop a layer-2 blockchain network for a new digital advertising platform, aiming to streamline ad transactions without traditional intermediaries. The company completed a successful pilot program and is considering launching the product later this year.

The quantum advisory council at Coinbase is stressing the importance of blockchain developers starting to prepare for a post-quantum future now. They highlighted the need to address the issue of cryptocurrencies in legacy addresses that are vulnerable to quantum attacks.

Two individuals, Ruslan Igorevich Tkachuk, 37, and Alexander Vladimirovich Ledenev, were arrested in Georgia for laundering over $389 million in Bitcoin for the AudiA6 organization. The U.S. Attorney’s Office charged them with conspiracy and sting money laundering as part of an international operation against AudiA6.

Digital Asset secured $355 million in new funding from investors, including the Abu Dhabi Investment Authority, through a subsidiary. The funding round was led by Andreessen Horowitz's crypto arm, a16z crypto, with participation from Wall Street firms and global financial services companies.

U.S. banking trade groups are urging regulators to clarify oversight of stablecoin transactions post-issuance, emphasizing the need for more stringent AML rules in secondary markets. The Bank Policy Institute and The Clearing House argue that current requirements are insufficient for DeFi firms and digital asset custodians.

Citigroup has introduced Digital Depositary Receipts, allowing investors to access private company shares through blockchain-based securities. This move addresses the growing demand for private-market investments and offers a more transparent and simplified approach to private-market investing.

Bitcoin ETFs have experienced significant outflows in June, totaling $2.1 billion so far, following May's $2.4 billion losses. The ongoing trend, influenced by macroeconomic and geopolitical challenges, has led to a $33 billion decline in total net assets since May 10.

Michael Saylor took nearly seven minutes at a conference to explain the term "multiple-to-Net Asset Value" (mNAV), which went viral for its complexity. Saylor's definition involved equity market cap adjustments, net debt considerations, and SEC filings, leading to confusion among investors.