CFA Report Pegs US Crypto Fraud Losses at $80.7B

The GENIUS Act, signed into law by President Donald Trump, aims to provide legal clarity for stablecoins, prompting concerns from Sen. Elizabeth Warren about potential negative impacts on the American people. Warren criticized the act, warning against industry-designed bills and emphasizing the need for comprehensive and effective crypto legislation.

Strategy, led by Michael Saylor, is increasing its preferred stock offering of Stretch (STRC) from 5 million to over 28 million shares, generating an additional $2 billion for Bitcoin purchases. The shares will be sold at a discounted price of $90, down from the initial $100 per share.

According to Empire's Jason Yanowitz and Dragonfly's Rob Hadick, the market is being driven by human emotions, known as "animal spirits," rather than fundamentals or technicals. Hadick mentioned a decrease in market frothiness and the possibility of reduced volatility in the coming weeks.

Analysts warned of large-scale Bitcoin movements to exchanges, with Galaxy Digital shifting $3.7 billion worth of Bitcoin. Short-term holders moved 26,100 BTC to exchanges, contributing to selling pressure.

Bitcoin's original purpose was as a peer-to-peer electronic cash system for value transfer, not just a store of value like gold. Using Bitcoin for transactions strengthens its role as a long-term store of value and promotes adoption, as seen in a recent bike purchase with Bitcoin.

WOO X has not yet lifted its withdrawal ban following a $14 million crypto theft via a phishing attack. Despite implementing security measures, exploiters managed to coordinate withdrawals from user accounts. The exchange has frozen withdrawals and announced temporary freezes for certain tokens on the Solana network.

The U.S. money supply has hit a record high, but the crypto market is still declining, despite the correlation between liquidity and asset prices. Analysts warn of market fatigue and profit-taking, with traders waiting for clarity before reinvesting.

An Arizona TikTok influencer, Christina Marie Chapman, was sentenced to 8.5 years in prison for aiding North Korean operatives in a scheme to fraudulently obtain remote IT jobs at U.S. companies. Chapman helped launder money and assisted in securing jobs at over 300 U.S. firms.

Nigeria's SEC Director-General announced openness to stablecoin businesses, emphasizing compliance with evolving digital asset regulations. The commission has already onboarded firms in a regulatory sandbox, envisioning Nigeria as a stablecoin hub in the future.

BlackRock's iShares Ethereum Trust (ETHA) has reached over $10 billion in assets, making it the third-fastest ETF to achieve this milestone in history. The fund doubled in size in just 10 days, driven by a surge in investor interest and robust flows.