CFA Report Pegs US Crypto Fraud Losses at $80.7B

Witnesses at the House Financial Services Committee hearing expressed concerns about the potential implications of the CLARITY Act, which aims to create a legal framework for issuing and trading most crypto assets in the US. The bill would exempt most crypto assets from SEC oversight, leading to worries about regulatory gaps and potential misuse by traditional financial institutions.

Circle's stock, CRCL, surged on its second day of trading, reaching a high of $123.51, nearly quadrupling its IPO price. The company's market capitalization hit $21.7 billion, with analysts cautioning retail investors to wait post-IPO lockup periods.

Gemini, a New York-based crypto exchange, has confidentially filed a draft registration statement for a proposed initial public offering with the U.S. Securities and Exchange Commission. This announcement follows Circle's successful trading debut on the New York Stock Exchange, where CRCL shares quadrupled in price from the offering mark.

Know Labs, a health technology firm, plans to acquire 1,000 Bitcoin valued at $105 million. Fintech investor Greg Kidd will take over as CEO, following a trend of public companies investing in cryptocurrencies for long-term growth.

Strategy has expanded its STRD preferred stock offering to $1 billion, with a 10% dividend, priced at $85 per share. This marks the third preferred stock type introduced by the company this year, with unique features and benefits. STRD is non-callable and does not allow missed dividend payments or conversion to common shares.

Allegations made by Elon Musk regarding President Trump's involvement in Epstein files have caused a rift, impacting meme coins tied to both figures. The Official Trump token and Dogecoin have seen significant drops in value, ranking among the worst performing assets.

Bitcoin remained stable after the Bureau of Labor Statistics reported a steady job market in May, with employers adding 139,000 jobs. Ethereum, XRP, Solana, and Dogecoin experienced varying price drops in the past 24 hours, with Bitcoin falling 1.5% to $103,919.

The FCA will allow UK consumers access to cETNs, expanding digital asset opportunities. The regulator aims to compete globally by considering high-risk investments and monitoring market developments.

Donald Trump and Elon Musk are clashing again, with tensions boiling over on X, where Trump has been lobbing criticism and Musk has fired back. With the feud heating up, could Trump’s X account face another suspension?

Meta's Oversight Board has ordered the removal of a Facebook post featuring a deepfake video of Ronaldo Nazário promoting an online game, citing a violation of fraud and spam standards. The decision underscores Meta's inconsistent enforcement of policies on deceptive content.