The Scenius State of Regulation (Issue #35)

Crypto Policy & Regulation: June 2025

Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.

Welcome to The Scenius State of Regulation — a monthly publication dedicated to providing a snapshot of evolving regulation affecting digital assets globally.

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United States 🇺🇸, Canada 🇨🇦, & Caribbean 🌎

SEC Staff Clarifies That Certain Staking Activities Are Not Securities (June 1)

The Division takes the position that certain Protocol Staking Activities do not involve an “offer or sale of securities,” do not meet the “efforts of others” requirement under the Howey Test, and thus do not trigger registration requirements.

Bitcoin Goes All In on MAGA, Shedding Its Antigovernment Slant (June 2)

Despite wins under Trump, some crypto factions are wary of a politicizing industry.

For the Crypto Market Structure CLARITY Act, the ‘Devil Is in the Details’ (June 3)

Four lawyers take on the question of agency power in the case of a broad regulatory bill written by a relatively crypto-friendly Congress.

Coinbase Data Scandal Sparks Calls To Scrap KYC (June 3)

A Coinbase insider scandal exposed 70,000 users’ personal data, triggering debates on rethinking crypto’s KYC systems.

Is Trump Unveiling a Crypto Wallet? His Associates Say Yes. His Sons Say No. (June 3)

The back-and-forth over a potential Trump cryptocurrency wallet on Tuesday exposed rifts among the family’s web of digital currency ventures.

Canada Will Be Left Behind In The Global Crypto Race – Opinion (June 4)

While other countries move toward integrating crypto into their financial systems, Canada is lagging, costing the country capital, talent and competitiveness.

Coinbase Wants Oregon’s ‘Copycat’ Securities Case In Federal Court (June 4)

Coinbase has argued that a securities lawsuit from Oregon’s attorney general should be heard in federal court because it’s an attempt to “invade the province of federal law.”

SEC To Shape Crypto Policy With ‘Notice And Comment,’ Says Atkins (June 4)

Securities and Exchange Commission chair Paul Atkins told a Senate subcommittee that his approach to crypto “will be done through notice and comment rulemaking, not through regulation by enforcement.”

SEC Wins $1.1M As Alleged Crypto Conman A No-Show In Court (June 5)

The SEC sued Keith Crews in 2023 alleging he ran a crypto fraud scheme, but he failed to answer the complaint, leading a judge to hand a default win to the regulator.

US Seizes 145 Domains, Crypto Linked To BidenCash Dark Web Market (June 5)

US authorities seized 145 domains and crypto linked to BidenCash, a dark web market accused of selling millions of stolen credit cards.

Venue Fatal in Crypto Fraud Case: An Important Legal Challenge Relating to Decentralized Platforms (June 5)

The District Court for the Southern District of New York overturned a jury verdict against Mango Markets trader Avraham Eisenberg, granting a motion for judgment of acquittal based on venue deficiencies and insufficient evidence.

DOJ Seeks Forfeiture of $7.7 Million in Cryptocurrency Tied to North Korean IT Worker Laundering Network (June 5)

According to the complaint, these assets represent the proceeds of wire fraud and money laundering offenses conducted by North Korean nationals acting under the direction of the Foreign Trade Bank and Ministry of Defense.

Crypto Exchange Gemini Files for IPO (June 6)

Gemini, the crypto company controlled by the Winklevoss twins, filed its IPO plans with securities regulators after shares of Circle more than doubled during its first day of trading.

Hawley Breaks With Republicans to Oppose a Major Crypto Bill (June 6)

The senator said that the GENIUS Act, as it’s written, should be struck down, fearing that it would be a “huge giveaway to Big Tech.”

SEC Asks Potential Solana ETF Issuers To Update S-1s: Sources (June 10)

The updates could set the Solana ETFs on a path to approval within the next few months.

While Senate Considers Genius Act, Russian Is Charged With Stablecoin Laundering (June 10)

US prosecutors allege a fintech company founder moved $530 million into the U.S. banking system, including from sanctioned Russian banks.

CLARITY Act Advances to Full US House After Committee Votes (June 11)

The bill (H.R. 3633) was advanced by both the House Financial Services Committee and the House Agriculture Committee.

Even Before His Return to the White House, Trump Was Becoming a Crypto Czar (June 13)

Financial disclosures for 2024 filed by the president on Friday show that digital coins had already become one of his family’s most successful ventures.

Do Crypto Teams Still Need Offshore Foundations? (June 16)

Attorneys weigh in on the issue in light of a changing US regulatory environment.

Crypto Tycoon Justin Sun’s Tron Group to Go Public in U.S. via Reverse Merger (June 16)

The toy company SRM Entertainment plans to rename itself ‘Tron’ and acquire TRX digital tokens.

A Pivotal Case Shaping Cryptocurrency Regulation (June 17)

Recent U.S. Supreme Court decisions have signaled limits to regulatory overreach, a theme echoed in the 2024 district court decision in Securities and Exchange Commission v. Ripple.

Senate Passes Cryptocurrency Bill, Handing Industry a Victory (June 17)

The bill was a significant step toward giving the cryptocurrency industry the credibility and legitimacy it has sought, without limitations it has worked to head off.

Why Some US Crypto Companies are Favoring Democrats (June 17)

Pro-crypto Democrats could be crucial for 2026 midterms, as crypto donations can provide vital funding, though progressives may oppose the industry's ties to Trump.

US DOJ Announces Largest Ever Seizure of Funds Related to Crypto Scams (June 18)

The US Attorney’s Office for the District of Columbia filed a civil forfeiture complaint seeking the seizure of approximately USD 225,364,961 in USDT (Tether).

Ohio House Passes Bill Allowing Up To $200 Tax-Free Crypto Payments (June 19)

Ohio’s House passed a bill to legally insulate various crypto activities, such as mining and staking, and exempt some transactions from capital gains tax.

Arizona Senate Revives Bitcoin Reserve Bill After Reconsideration Vote (June 19)

The Arizona Senate has voted to revive House Bill 2324, a Bitcoin reserve bill that initially failed in the House.

Texas Cops Cut Open Crypto ATM To Recover $25K Lost To Scam (June 20)

Pictures show a Texas sheriff’s department taking a power-cutting tool to a crypto ATM after a family reportedly used it to pay a scammer.

The SEC’s Staking Guidance Pivot Is What Tech-Savvy Regulation Looks Like (June 20)

The SEC’s new approach to staking is a turning point for US crypto regulation, showing that genuine, tech-savvy engagement can build smarter policy and keep blockchain innovation onshore.

Stablecoin World Opens Up to Smaller Banks (June 23)

Regional and community banks will be able to get in on the stablecoin market through Fiserv ventures with crypto firms and PayPal.

Seize, Burn, Block, Reissue: Understanding the Legal Tools Behind Crypto Asset Recovery (June 23)

The terms used in digital assets-related enforcement actions often overlap, but carry distinct legal and technical meanings.

XRP Lawyer Debunks 2026 Verdict Delay Rumor in Ripple vs. SEC Case (June 25)

Bill Morgan says XRP case may only delay if Judge Torres rejects the joint motion, but calls that an "improbable outcome."

FATF Updates on Recommendation 15 Implementation in Jurisdictions With Materially Important Virtual Asset Sectors (June 25)

The report assesses global progress in applying AML/CFT measures to virtual assets (VAs) and virtual asset service providers (VASPs), with a particular focus on jurisdictions that host materially significant VASP activity.

The Big Loser From the ‘Genius Act’ Is $156 Billion Crypto Giant Tether (June 26)

A bill laying out rules for stablecoins would force issuers like Tether to be audited and end risky practices.

Crypto Industry Moves Into the U.S. Housing Market (June 26)

Americans are finding ways to use digital currencies to help them buy homes, and new companies are forming to help people tap their home’s value to buy Bitcoin.

US Judge Denies Ripple, SEC Joint Request To Reduce $125M Penalty (June 26)

Judge Analisa Torres wrote that Ripple is still required to follow federal securities laws regardless of the SEC's regulatory pivot.

The Road to Crypto Regulation Part 1: Crypto’s Journey from Margins to Mainstream (June 26)

The Chainalysis Policy & Regulation Team provides a bird’s-eye view of where we stand today, examining 25 jurisdictions that account for 73% of on-chain activity, to identify convergences and remaining gaps.

US Passes Deploying American Blockchains Act: What it Means for Crypto (June 27)

With bipartisan support, H.R. 1664 seeks to enhance US competitiveness and reduce regulatory barriers, positioning the nation as a blockchain leader.

Robinhood Goes All In on Crypto With Major Product Push (June 30)

The brokerage will allow European customers to trade more than 200 U.S. stocks and ETFs as digital tokens and is developing its own blockchain.

Supreme Court Rebuffs Bid to Protect Coinbase User Data From IRS (June 30)

The US Supreme Court refused to question an Internal Revenue Service (IRS) summons that forced Coinbase to turn over transaction information for over 14,000 cryptocurrency customers.

SEC Clears Way For First Solana Staking ETF (June 30)

The SEC recently informed REX Shares and Osprey Funds that it had “no further comments” on their Solana staking ETF filing, which, in ETF regulatory parlance, industry watchers often view that phrase as the SEC’s implicit greenlight.

Middle East & Africa 🌍

Kenya’s Crypto Tax Could Hinder Africa’s Digital Growth Opportunity (June 9)

As Kenya advances a 1.5% tax on every crypto transaction, the nation risks undermining its fintech leadership, driving startups and talent abroad.

Pakistan Building Bitcoin ‘Super Team’ With Michael Saylor Joining CZ On Crypto Council (June 16)

Michael Saylor highlights Pakistan's push for a strategic Bitcoin reserve amid IMF tensions and evolving crypto policies.

Iran’s Largest Crypto Exchange Targeted in $90M Hack (June 18)

The cyberattack on the exchange, Nobitex, appeared motivated by the ongoing hostilities between Israel and Iran.

Turkey Tightens Crypto Rules With Source, Purpose Checks On Transfers (June 24)

Turkey’s Finance Ministry plans new rules requiring crypto platforms to collect source and purpose data, with limits on stablecoin transfers.

Legal Strategy Matters More Than Ever For Your Crypto Startup In The UAE (June 27)

In the UAE’s complex crypto landscape, founders who treat legal and regulatory structuring as a core element of their go-to-market strategy — not an afterthought — are the ones who thrive.

Binance Ties To Kenyan Crypto Board Raise Monopoly Concerns: Report (June 29)

Kenya’s crypto startups fear a Binance-linked lobby group could tilt new regulations in the exchange’s favor under the proposed VASP bill.

Kazakhstan Plans to Launch State Crypto Reserve Under New Legal Framework (June 30)

Kazakhstan will establish a state crypto reserve, National Bank Chairman Timur Suleimenov announced; however, the move is pending the legal reform necessary to support its development and functioning.

Europe 🌍

France Charges 25 Over Crypto Kidnapping Spree In Paris (June 1)

French authorities have charged 25 individuals, including six minors, over a series of kidnappings and attempted abductions linked to the country’s cryptocurrency sector.

Zebec Buys Compliance Firm Gatenox Ahead of MiCA, FCA Regulatory Push (June 5)

Zebec’s move reflects a shift toward embedding compliance at the protocol level, with firms facing more stringent regulatory requirements.

Switzerland Greenlights Sharing Crypto Tax Info With 74 Nations (June 6)

Switzerland’s Federal Council expects to enforce the bill on the automatic exchange of crypto information with 74 countries by late 2026, with the first exchange seen in 2027.

Europe Gears Up To Regulate DeFi In 2026 As MiCA Leaves Sector In Limbo (June 6)

Europe plans to regulate decentralized finance in 2026, as lawmakers still struggle to define decentralization under MiCA, an EU crypto policy expert said.

Bitget Secures Georgia License As Part Of Europe Expansion (June 19)

Bitget picks Georgia for the next step of its expansion in Eastern Europe, attracted by clear regulations, tax benefits and a growing crypto user base.

Norway’s Government Explores Crypto Mining Ban Amid Energy Supply Concerns (June 20)

A temporary ban could be imposed as early as autumn based on an investigation into crypto miners’ energy consumption.

What is an Asset-Reference Token? Lessons from the Ethena Case (June 24)

One of MiCA’s singularities, in comparison with other national regulatory frameworks, is the way it regulates the commercialization of crypto-assets known as stablecoins.

European Commission to Loosen MiCA Rules Despite ECB Warnings (June 25)

Some companies are already finding ways to bypass MiCA's rules, raising concerns about Europe's role in the global crypto market.

Spanish Authorities Arrest Five People In $541M Crypto Fraud Case (June 30)

Europol reported that the investigation was ongoing, but authorities had made five arrests connected to a scheme that defrauded more than 5,000 people.

Australia 🇦🇺 & Oceania

Australia Rolls Out New Crypto ATM Rules As Feds Flag Rising Scams (June 2)

Australian Federal Police say scam losses via crypto ATMs surpassed 3.1 million Australian dollars ($2 million) in a 12-month period, which “may be just the tip of the iceberg.”

Australia Unmasks $123M Crypto Laundering Ring Behind Security Firm (June 9)

A multi-agency investigation traced illicit funds to a suspected $123 million crypto laundering operation hiding behind a security company.

Pacific Nation Nauru Passes Law To Establish A Crypto Regulator (June 19)

The brother of former FTX CEO Sam Bankman-Fried once plotted to buy Nauru and build a doomsday bunker using funds from the now-defunct crypto exchange.

Is Crypto Still Taxed In Australia? Major Legal Update Explained (June 19)

Australia now taxes crypto as property, with capital gains on swaps, DeFi and wrapped tokens, plus new ATO data sweeps targeting 1.2 million users.

Latin America 🌍

Paraguay Warns Of ‘Irregular Activity’ After Post Claiming BTC Is Legal Tender (June 9)

An X post by Paraguay’s President Santiago Peña claimed the country had recognized Bitcoin as legal tender, but the official government account soon urged users to “dismiss any recently published content.”

Brazil Ends Crypto Tax Exemption, Imposes 17.5% Flat Rate On Gains (June 15)

Brazil scraps crypto tax exemption for small traders, enforces flat 17.5% rate across all gains, including self-custody and offshore holdings.

Asia 🌏

South Korea Crypto Industry To Win No Matter Snap Election Outcome (June 1)

South Korea’s leading presidential candidates have both promised to legalize spot crypto ETFs, ease current regulations and launch a won-backed stablecoin.

Hong Kong To Permit Crypto Derivatives For Professional Investors: Report (June 4)

Hong Kong reportedly plans to permit crypto derivatives for professional investors and expand its fintech ecosystem.

Illegal Crypto Mining Surges In Malaysia Amid Unclear Policies (June 9)

Illegal mining and a lack of regulation limit Malaysia from tapping into the crypto mining revenue.

KuCoin Expands Into Thailand With SEC-Approved Exchange (June 13)

KuCoin enters the Thai market with a fully licensed exchange after acquiring ERX, Thailand’s first SEC-supervised digital token platform.

Vietnam Legalizes Crypto Under New Digital Technology Law (June 15)

Vietnam has passed a sweeping digital technology law that legalizes crypto assets and outlines incentives for AI, semiconductors and infrastructure.

South Korea To Investigate Fees Of Local Crypto Exchanges (June 19)

South Korea’s newly elected president Lee Jae-myung reportedly promised to reduce crypto trading transaction costs as part of his presidential campaign.

Thai SEC Opens Consultation Period For Token Issuance Rules (June 20)

The consultation period comes as Thailand seeks to clarify regulations for the crypto industry.

South Korea’s Central Bank Won’t Oppose Stablecoin: Report (June 20)

The head of South Korea’s central bank reportedly said he isn't against the issuance of a won-pegged stablecoin, but was wary of possible foreign exchange issues.

India Wants 30% Of Your Crypto Gains, But That’s Not The Worst Part (June 23)

India’s Union Budget 2025 has made no changes in the existing tax rules for cryptocurrencies, maintaining the provisions of the Finance Act 2022 for virtual digital assets (VDAs) like Bitcoin and Ether.

Japan Proposes Reclassifying Crypto, Paving Way For ETFs And Lower Taxes (June 24)

Japan’s FSA proposed classifying crypto as financial products, potentially allowing ETFs and a flat 20% capital gains tax.

Unpacking Singapore's Financial Services and Markets Act: What Crypto Firms Need to Know (June 30)

The Monetary Authority of Singapore (MAS) clarified the new licensing requirements under the FSMA for digital token service providers (DTSPs).

Bhutan Embraces Crypto Payments Despite Connectivity Gaps (June 30)

Cointelegraph is in the Kingdom of Bhutan to check the state of crypto adoption in the eastern Himalayan country.