CFA Report Pegs US Crypto Fraud Losses at $80.7B

South Korea, recovering from martial law, elected Lee Jae-myung as President, who plans to reform crypto. Lee aims to legalize spot Bitcoin ETFs and introduce a won-pegged stablecoin to prevent capital flight.

Rails, a crypto exchange startup, has launched its trading platform after raising $14 million from investors like Kraken and Quantstamp. The platform combines centralized speed with on-chain custody for transparency using cryptographic techniques like zero-knowledge proofs and Merkle trees.

Assembly Bill 1180, passed by the California State Assembly, allows state agencies to accept crypto payments once signed into law. The bill requires the DFPI to develop rules for crypto transactions under the Digital Financial Assets Law.

MARA Holdings reported producing 950 bitcoins, attributing the achievement to its MARA Pool. The company's realized hashrate surged to 58.1 exahashes per second in May, nearing all-time highs. CEO Fred Thiel praised the vertically integrated model for enhancing operational control and cost-efficiency.

The Czech opposition party ANO has called for a no-confidence vote in the government after Justice Minister Pavel Blazek's resignation due to a controversial Bitcoin donation from a convicted drug trafficker. Blazek denied any legal wrongdoing before stepping down.

Coinbase CEO Brian Armstrong expressed concerns about the U.S. national debt reaching $37 trillion, warning that Bitcoin could become the world's reserve currency if Congress doesn't address the issue. The House Republicans' bill, supported by Trump, could further exacerbate the debt crisis, driving interest in Bitcoin as a hedge against inflation.

U.S. Securities and Exchange Commission Chair Paul Atkins aims to establish a new regulatory framework for crypto assets, focusing on transparency and rulemaking over enforcement. Atkins' approach contrasts with his predecessor's, Gary Gensler, known for strict enforcement actions against crypto firms. The SEC's evolving stance aligns with growing congressional momentum to limit the agency's authority over crypto.

Concerns about quantum computing's potential threat to Bitcoin's security were discussed at a private luncheon near a Bitcoin conference in Las Vegas. Experts believe the community has a limited time to prepare for this existential crisis, with solutions being explored by industry leaders and companies investing in quantum computing research.

House Democrat staffers accused the SEC of withholding crucial information on a crypto market structure bill, claiming Republicans received detailed analysis while they were denied. Concerns arise over the impact of the CLARITY Act on financial markets and the SEC's cooperation.

Plans are underway for Trump Media & Technology Group to launch cryptocurrency-based exchange traded funds, starting with a spot Bitcoin ETF in the United States. NYSE Arca has filed paperwork seeking a rule change to list the "Truth Social Bitcoin ETF" from Yorkville America Digital, a product of a partnership between the firm, President Trump's Trump Media, and Crypto.com.