CFA Report Pegs US Crypto Fraud Losses at $80.7B

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Bitcoin miners are taxed twice by the IRS, unlike other commodity producers, due to outdated guidance from 2014.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.

House Republicans were rallied by President Donald Trump to support major crypto bills after a procedural setback. The bills, including the GENIUS Act and the CLARITY Act, faced opposition due to concerns about central bank digital currency implications.

Block Earner, a Sydney-based fintech, introduces Australia's first Bitcoin-backed home loan, allowing borrowers to secure up to 50% of a property's value by locking Bitcoin in custody with Fireblocks. The loan structure enables borrowers to maintain BTC exposure while avoiding liquidation and tax implications.

Bitcoin's recent dip halted its upward trajectory as traders aimed to secure profits amidst uncertain monetary signals and discussions about the potential replacement of Federal Reserve Chair Jerome Powell. On-chain data indicates profit-taking as the main driver, while persistent inflation remains a key concern.

BitMine Immersion Technologies received investment from Peter Thiel's Founders Fund, Pantera Capital, Galaxy Digital, and Kraken. The company appointed Tom Lee as Chairman of the Board and saw its stock price fluctuate significantly.