According to PANews, Ripple CEO Brad Garlinghouse expressed optimism about the future of stablecoin regulation in the United States during the XRP Ledger Apex Summit in Singapore. He highlighted Circle's successful initial public offering (IPO) as a sign that regulatory clarity for stablecoins is imminent. Garlinghouse anticipates bipartisan support for the GENIUS Act by August, which would establish a clearer regulatory framework for the cryptocurrency industry. Garlinghouse noted a shift in global regulatory trends, citing Hong Kong's recent passage of a stablecoin bill and South Korea's new government advancing related legislation. However, he declined to comment on rumors regarding Ripple's potential acquisition of Circle. Circle's stock surged 168% on its first day of trading last week, reaching a market capitalization of $16.7 billion, indicating strong market interest in crypto assets, particularly in the stablecoin sector.

OpenAI faced a five-hour global outage affecting ChatGPT, Sora, and its APIs, disrupting user access to key tools. As services return to normal, the incident prompts a pressing question: are we becoming too reliant on AI systems we do not fully control?

According to BlockBeats, data from Coinglass indicates that if Bitcoin's price falls below $108,000, the cumulative liquidation intensity for long positions on major centralized exchanges (CEX) will reach $1.143 billion. Conversely, if Bitcoin surpasses $111,000, the cumulative liquidation intensity for short positions on these exchanges will amount to $924 million. BlockBeats notes that the liquidation chart does not display the exact number of contracts pending liquidation or their precise value. Instead, the chart's bars represent the relative importance of each liquidation cluster compared to nearby clusters, indicating intensity. Thus, the chart illustrates the potential impact on the market when the asset price reaches certain levels. A higher "liquidation bar" suggests a stronger market reaction due to liquidity waves when the price hits that point.

Senator Lummis criticizes the crypto tax laws for being flawed by unfairly targeting Bitcoin. source: https://www.cryptopolitan.com/senator-lummis-slams-flawed-crypto-tax-rules/

Key Insights: The US Senate Agriculture Committee is preparing to hold a crucial hearing for Brian Quintenz, the nominee for Chairman of the Commodity Futures Trading Commission (CFTC). This hearing, set for June 10, 2025, marks a turning point in Washington’s approach to digital assets. source: https://www.thecoinrepublic.com/2025/06/10/crypto-regulation-cftc-chairman-nominee-to-complement-positive-market-shift-heres-why/

According to Odaily, Simon Gerovich, CEO of the Japanese-listed company Metaplanet, which employs a Bitcoin reserve strategy, announced on the X platform that the company is assessing whether it might be classified as a Passive Foreign Investment Company (PFIC) by the U.S. Internal Revenue Service (IRS) for its American shareholders. Under current IRS guidelines, a company is considered a PFIC if 75% or more of its income in a tax year is passive, or if 50% or more of its average assets produce or are held for the production of passive income. Metaplanet believes that most of its goodwill can be classified as active assets. However, the IRS may disagree and could potentially classify Metaplanet as a PFIC for the 2025 tax year. The company is currently consulting with advisors to provide clearer guidance to shareholders, including whether information can be provided to allow shareholders to make a "Qualified Electing Fund" election regarding their shares. Additional guidance is expected to be available soon. Note: A Passive Foreign Investment Company is a special classification under U.S. tax law concerning the tax treatment of U.S. investors holding shares in such foreign companies, requiring compliance with specific reporting rules based on shareholding.

According to PANews, Louisiana is considering the establishment of a committee to evaluate artificial intelligence, blockchain, and cryptocurrency technologies. This initiative follows an executive order by U.S. President Donald Trump aimed at promoting innovation in the cryptocurrency sector. The resolution seeks to explore the benefits and challenges associated with these emerging technologies.

According to PANews, Russia's Ministry of Digital Development is drafting new regulations aimed at curbing illegal cryptocurrency mining. The proposed rules stipulate fines ranging from 100,000 to 200,000 rubles for individuals involved in unauthorized mining activities, while companies could face penalties of up to 2 million rubles. Additionally, any cryptocurrencies involved in illegal mining operations would be confiscated. The proposal is currently undergoing interdepartmental review. The regulations also explicitly prohibit the use of cryptocurrencies for payment settlements, with violators facing fines of up to 1 million rubles. Mining farm operators will be required to report mining data and wallet addresses to the financial regulatory authority. While current Russian policies permit household mining with a monthly electricity consumption cap of 6,000 kilowatt-hours, restrictions are enforced in ten regions. The Central Bank has stated that the confiscation of crypto assets will serve as the most effective deterrent.

Odaily Planet Daily News Simon Gerovich, CEO of Metaplanet, a Japanese listed company that adopts a Bitcoin reserve strategy, posted on the X platform that for the company's US shareholders, Metaplanet is currently evaluating whether it will be classified as a passive foreign investment company (PFIC) by the IRS. According to existing IRS guidelines, if 75% or more of the income in a tax year is passive income, or 50% or more of the average assets held in the tax year generate passive income or are held for the purpose of generating passive income, Metaplanet will become a passive foreign investment company for that tax year. Although Metaplanet believes that most of the company's goodwill can be characterized as active assets, the IRS may disagree with this determination and will likely identify Metaplanet as a passive foreign investment company in the 2025 tax year. Currently, Metaplanet is communicating with advisors to provide shareholders with clearer guidance, including whether information can be provided to enable shareholders to make a "qualified elective fund" choice for their holdings, and it is expected that such additional guidance will be provided in the near future. Note: Passive foreign investment companies are a special classification for non-US companies in US tax law. They mainly involve the tax treatment rules when US investors hold shares in such companies. Compliance declarations must be ensured based on shareholdings.

A part of the proceeds would be used to enter capped call transactions and prepaid forward transactions, the company said. source: https://www.theblock.co/post/357699/bitcoin-miner-iren-proposes-convertible-notes-offering?utm_source=rss&utm_medium=rss

According to Cointelegraph, a forthcoming Bitcoin software update is set to significantly increase the data capacity on the blockchain, sparking debate within the community. The Bitcoin Core 30 update, scheduled for release on October 30, will remove the existing 80-byte limit on the OP_RETURN function, allowing each output to carry up to 4 megabytes of data. This change was announced by Bitcoin Core developer Gloria Zhao on GitHub, following a statement signed by 31 Bitcoin Core developers supporting the modification, known as merged pull request (MPR) #32406. The decision to remove the data limit was initially indicated by developers on May 5. The OP_RETURN function gained attention last year during the Ordinals craze, enabling users to store various types of data on the Bitcoin blockchain, from non-fungible token-like collections to historical documents like the Afghan war logs published by WikiLeaks in 2010. However, the proposed change has stirred controversy among conservative members of the Bitcoin community, who argue that non-financial data could clutter the blockchain with unnecessary information, detracting from its primary purpose of facilitating peer-to-peer Bitcoin (BTC) transactions. Alexander Lin, co-founder of crypto investment firm Reforge, expressed concerns on social media platform X, labeling the data limit expansion as a "terrible mistake" and warning that it could increase systemic risks to Bitcoin's core property as sound money. Despite the opposition, some Bitcoiners, including Peter Todd, the lead author of the proposal, advocate for the increased data limit, suggesting it could broaden Bitcoin's applications beyond financial transactions. In a GitHub statement, Zhao emphasized the developers' preference for a hands-off approach, allowing users to decide how they utilize the blockchain: "Demanding that Bitcoin Core prevent certain transactions from being mined reflects a misunderstanding of the relationship between open source software users and developers." However, the decision has led to dissatisfaction among several Bitcoiners, including Dennis Porter, CEO of the Satoshi Action Fund, who expressed disappointment and announced he would cease supporting Bitcoin Core development. The controversy has also impacted Bitcoin Core's market share. Since the introduction of MPR #32406 on April 28, Bitcoin Core's dominance in the market share of Bitcoin nodes has decreased from approximately 98% to just over 88%, according to data shared by a pseudonymous Bitcoiner on X. The Bitcoin Knots client has gained nearly all of the lost market share, now accounting for 11.48%, as reported by coin.dance data. Bitcoin commentator Matthew R. Kratter warned that the decision to increase the data limit could pose long-term challenges for Bitcoin Core, potentially reducing its dominance to the 20-30% range within the next one to three years.

From a tech giant to a rising political star, Musk's every move has attracted global attention. Is his idea of ​​an "American Party" a sudden whim or a well-thought-out strategy?

Hong Kong, "Hong Kong Stablecoin Ordinance" landed: What opportunities are gold mines? Golden Finance, giants rush to license, the ecosystem is full of gold!

From regulatory fog to institutional entry, how can interest-bearing stablecoins replicate the path of money market fund explosion?

Interest-bearing stablecoins, after studying 100 interest-bearing stablecoins, we found 5 potential coins Golden Finance, stablecoins are becoming a market consensus.

Introducing Plasma — a new blockchain built specifically for stablecoins with USDT at its core.

Recommended readings tonight: 1. The reality and bubbles under the 100-fold PE carnival: Who is betting on the future of Circle? 2. Who is Bowman, the vice chairman of the Federal Reserve Board of Governors? What cryptographic remarks have been made? 3. What factors have led to the gratifying rise of BTC and ETH? ;

Singapore continues to strengthen its regulation of the cryptocurrency industry through the Payment Services Act and the Financial Services and Markets Act.

The “Year of Stablecoins” is not only a boom for an asset class, but also heralds a new chapter in the deep integration of the crypto world and traditional finance.

Risks still exist. First, Circle faces great competitive pressure. Currently, USDT still accounts for nearly 70% of the market share, and new players such as PayPal's PYUSD have entered the market with a huge user base. Tighter supervision may also prompt large banks to directly issue stablecoins.