Latest news with #StateofCrypto
Yahoo
2 days ago
- Business
- Yahoo
State of Crypto: Do Kwon Pleads Guilty
Terra/Luna creator Do Kwon pleaded guilty to one charge of conspiring to commit fraud and one charge of wire fraud on Tuesday, following an earlier not guilty plea and a very lengthy extradition process. You're reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. Terraform Labs founder Do Kwon, who created the TerraUSD (UST) stablecoin and its counterpart Luna (LUNA) token, pleaded guilty to conspiracy to commit securities, commodities or wire fraud and wire fraud Terra and its related ecosystem blew up in spectacular fashion in 2022, with Luna falling from an all-time high price of nearly $120 to less than 10 cents over the course of five weeks. UST broke its peg, and the event was the first domino in the various other crypto company bankruptcies over the course of 2022. In 2021, Do Kwon repeatedly assured investors that Terra and Luna were safe investments, through tweets and appearances on programs like CoinDesk TV. On Tuesday, he apologized as part of his guilty plea. "Between 2018 and 2022 in the Southern District of New York and elsewhere, I knowingly agreed with others to engage in a scheme to defraud, and did in fact defraud, purchasers of the cryptocurrencies issued by my company, Terraform Labs," he said, going on to say he made "false and misleading statements" about why UST regained its peg. As part of his plea deal, the Department of Justice agreed to recommend a prison sentence of no more than 12 years, and Kwon can apply for an international prison transfer once he's served 50% of his sentence. One of Kwon's attorneys noted that there are still outstanding charges against him in South Korea, the country Kwon tried to get himself extradited to during his extended stay in Montenegro. Kwon's statement spoke to that: "The purchasers who I defrauded were in the Republic of Korea, the Southern District of New York and elsewhere," he said. Read more. : Paxos has filed for a national bank trust charter with the Office of the Comptroller of the Currency. : Jesse Hamilton profiled Patrick Witt, who will succeed Bo Hines as a senior adviser on crypto to the White House. : Wall Street and consumer finance interest groups — including, interestingly, groups that might normally be at odds with each other — jointly signed letters to Congress this week asking lawmakers to close certain provisions in the GENIUS Act that might allow for stablecoin issuers to engage in regulatory arbitrage. : OFAC sanctioned a number of entities and crypto addresses tied to Garantex and its successor Grinex. : The Fed closed its Novel Activities Supervision Program which focused on banks' crypto activities (among other things) and was formed a few months after Silicon Valley Bank, Signature Bank and Silvergate Bank all collapsed. : SEC Chair Paul Atkins discussed the agency's Project Crypto on Fox Business Friday morning. : The Hong Kong Securities and Futures Commission rolled out new standards for virtual asset trading platforms. Tuesday 14:30 UTC (10:30 a.m. ET) Do Kwon pled guilty to two charges tied to the operation and eventual collapse of the Terra/Luna stablecoin ecosystem. () Two judges on a three-judge appeals court panel ruled that a district court did not have appropriate jurisdiction in blocking the Trump administration's efforts to reduce the size of the Consumer Financial Protection Bureau, writing in part that, "The plaintiffs point to no regulation, order, document, email, or other statement, written or oral, purporting to shut down the CFPB" and that "the government does not claim the power to 'shut down' the CFPB." Attorney General Pamela Bondi said in a tweet afterward that the circuit court had "sided with my [Department of Justice] attorneys in our effort to dismantle the CFPB." The circuit court panel did open the door for a potential en banc hearing with the full D.C. Circuit Court of Appeals. () The White House removed IRS Commissioner Billy Long after he clashed with the White House over sharing confidential taxpayer information, the Post reported. CNN also reported that the IRS did start "sharing sensitive taxpayer data [last] week with immigration authorities." () States are starting to take action against the possibility that Big Tech firms' datacenters are driving up residents' electricity prices. () Bloomberg published an analysis of Tron creator Justin Sun on its Billionaires Index, saying he owns over 60 billion TRX (~$4.9 billion) — "the majority of its supply" — as well as $3.55 billion in other crypto holdings and $3.73 billion in HTX holdings. Sun filed for a temporary restraining order to block publication (although the page was already published), with exhibits confirming that his team shared wallet addresses and other information with Bloomberg to help the news organization verify his holdings. () The fallout from the hack of the federal court database system PACER continues. () Reuters has a detailed report out about Meta's artificial intelligence policies, from large language model chatbots inviting people to real addresses to enabling these technical models to engage with minors using language that seems to be more suitable for people who aren't minors. Some of these provisions were changed after Reuters asked about them, the news organization reported. () This is a lengthy and bonkers deep dive into two individuals accused of kidnapping an Italian crypto investor in New York. It is well worth your time to read. If you've got thoughts or questions on what I should discuss next week or any other feedback you'd like to share, feel free to email me at nik@ or find me on Bluesky @ You can also join the group conversation on Telegram. See ya'll next week!
Int'l Business Times
13-06-2025
- Business
- Int'l Business Times
Key Insights from Gemini's State of Crypto Report and the Push for Widespread Adoption
Gemini is making waves with its ambitious product rollout and industry insights. From the shift in crypto's energy to major policy impacts and the narrowing gender gap, Gemini's latest moves offer a glimpse into the future of digital assets and adoption. Here are some takeaways from Gemini's 2025 State of Crypto Report: The Changing Energy in Crypto The atmosphere surrounding the industry feels different this year. Optimism remains, but gone is the irrational exuberance of wild speculation. Builders are staying focused during a recovery phase. A Gemini representative explained, "Prices have certainly contributed to the optimism, but this time it feels more grounded. The excitement is directed toward innovation and longer-term growth rather than quick profits." Gemini's Bold Bet on Bitcoin Credit Cards Move over, traditional rewards cards. Gemini has made a statement with its Bitcoin credit card, a product designed to transform everyday spending into crypto opportunity. Clad in striking orange, the card offers more than sleek aesthetics, doubling as a gateway to earning real assets like Bitcoin, Ethereum, and Solana. Gemini shuns the speculative token scene, opting instead for stability and choice. Cardholders are free to shuffle between their crypto assets whenever they please, positioning the product as a tool for financial control and steady accumulation. "We wanted to create something practical and future-oriented," a Gemini official disclosed. "The ability to earn rewards in your preferred digital currency aligns with where the market is headed." Closing the Gender Gap in Crypto Gemini's latest State of Crypto report reveals a striking development in the world of digital assets: the gender gap among crypto investors is shrinking. Long seen as a boys' club, the crypto space is opening up, with more women stepping in and expressing confidence in the technology. It's a subtle yet significant shift that points to a future where participation in the digital economy is more balanced. "We've seen the needle move thanks to efforts aimed at education and access," they explained. Gemini's findings point to streaming adoption across demographics, signaling that crypto's appeal is broadening as it becomes more mainstream. Trump Administration and Crypto Policies A transformation is underway in the regulatory approach to cryptocurrency. Years of uncertainty, where rules were more suggestion than law, are being replaced by a calculated effort to impose structure on the industry. "A new era of rulemaking is taking hold," a Gemini spokesperson commented, citing the Genius Act and legislative proposals from Senator Cynthia Lummis as examples of the industry moving toward structured innovation and accountability. The future of crypto looks dynamic. Between evolving user profiles, innovative products, and a maturing regulatory landscape, the building blocks for growth are solidifying. The market seems poised not just to expand but to redefine itself on more stable, sophisticated ground. 2025 could mark the era where crypto enters its next chapter—not with explosive speculation, but with solid groundwork for sustainable adoption.
Yahoo
10-06-2025
- Business
- Yahoo
Blockchain Initiatives Have Been Adopted by 60% of Fortune 500 Companies: Coinbase Survey
The future of money has arrived, with 60% of Fortune 500 companies actively working on blockchain initiatives, digital asset exchange Coinbase (COIN) said in its second quarter State of Crypto report published Tuesday. Stablecoin usage is exploding with a 54% growth in supply year-on-year, more than one third of small and medium sized businesses (SMB) are using crypto, and 60% of Fortune 500 companies are working on blockchain projects, the report said. Adoption is expected to continue to grow. Twenty percent of Fortune 500 executives said that onchain initiatives were a key part of their company's strategy moving forward, and more than 80% of institutional investors plan to increase their exposure to crypto this year. Forty-six percent of small and medium businesses who don't use crypto are planning to start using it in the next three years, the report said, and 82% of these companies were of the view that usage of this technology could help address some of their "financial pain points." Still, for crypto to reach its full potential, greater regulatory clarity is needed. 90% of F500 execs surveyed said that clear crypto regulation in the U.S. is needed to support innovation. Coinbase used third-party research firms to survey 100 Fortune 500 executives about their adoption of Web3, and 251 decision-makers at small and medium-sized businesses in April. It also analysed web3 initiative activity by Fortune 100 companies between 2020 and in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
10-06-2025
- Business
- Arabian Post
Industry Giants Forge Ahead with Blockchain Adoption
Sixty per cent of Fortune 500 companies are now engaged in blockchain initiatives, according to the second-quarter 'State of Crypto' report from Coinbase. The survey, conducted among executives of America's largest firms, reveals that blockchain is no longer peripheral but central to corporate strategy across sectors. The survey also highlights a dynamic surge in stablecoin use, with supply growing 54 per cent year-on-year. Small and medium-sized US businesses are following suit: about one-third currently use crypto, a share that has doubled since 2024. Among SMBs not yet involved, 46 per cent plan to adopt crypto within the next three years, and 82 per cent view it as a remedy for key financial challenges. Institutional interest remains robust, with over 80 per cent of large investors planning to expand crypto exposure this year. Furthermore, a fifth of Fortune 500 executives perceives on‑chain blockchain efforts as integral to long-term strategy. ADVERTISEMENT The report underscores a notable shift in corporate attitudes: 83 per cent of Fortune 500 executives familiar with crypto or blockchain confirm their companies have launched or are planning initiatives. Of these, the lion's share—approximately 60 per cent—have progressed from pre-launch to live status since 2022. Tech, finance and retail dominate these efforts. Data collection and management rank as leading use cases, followed by infrastructure concerns. Experts describe blockchain as 'foundational' for enhancing transparency and automating operations. Larry Fink, chair and chief executive of BlackRock, noted that blockchain could 'change the whole ecosystem' of securities trading by enabling 'instantaneous settlement' and complete transparency of ownership. Stablecoins, deemed a 'killer application' by Jose Fernandez da Ponte, SVP of Blockchain, Crypto and Digital Currencies at PayPal, have gained traction for facilitating global payments and preserving the dollar's reserve status. BlackRock's tokenised Treasury fund, BUIDL, has outpaced Franklin Templeton, now standing at approximately US $382 million, and is routinely used by hedge funds as collateral. Yet regulation remains a critical concern. According to Coinbase's findings, 90‑plus per cent of surveyed executives insist on the need for new rules specifically tailored to crypto and blockchain technologies rather than adapting obsolete frameworks. Eighty-seven per cent assert that clearer regulation is essential for preserving US leadership in the global financial system. This regulatory environment has significant implications. Coinbase warns the US risks losing up to one million web3 developer jobs and three million related non‑technical positions by 2030 if regulatory ambiguities persist. Its share of global crypto development has already dropped from 40 to 29 per cent over the past six years. ADVERTISEMENT Executives also cite talent shortages: nearly one in three identify insufficient skilled personnel as a major barrier, surpassing concerns about regulation. Among small businesses, half intend to seek finance, legal or tech professionals with crypto expertise in their next hiring round. Despite headwinds, many companies push ahead. JPMorgan Chase executed its first DeFi transaction on a public blockchain, while ExxonMobil piloted crypto‑mining operations powered by excess gas. Retailer Lowe's implemented blockchain and NFTs to combat theft by tracking stolen tools, and Nike integrated apparel NFTs into video games through a collaboration with EA Sports. On the SMB front, crypto usage has grown dramatically. One in three US small and medium enterprises is already harnessing crypto for payments, payroll or treasury functions, up from one in six last year. Among those not yet using crypto, almost half aim to adopt it within three years. Four in five believe crypto could alleviate financial pain points such as transactional delays and steep fees. The report indicates a tipping point. On‑chain U.S. Treasury holdings have topped $1.29 billion, representing a tenfold increase since early 2023. Total assets under management in spot Bitcoin ETFs now exceed $63 billion, and the U.S. stablecoin market cleared $10 trillion in annual transaction volume last year. With blockchain moving from pilot to scale, traditional institutions like PayPal and Stripe are making stablecoin integration simple for merchants and users. Stripe now enables USDC payments across Ethereum, Solana and Polygon, with fiat conversions handled automatically. PayPal supports cross‑border stablecoin transfers in around 160 countries, eliminating transaction charges typically levied by remittance services. These developments coincide with a broader surge in Web3 infrastructure investment. Total value locked in tokenised real‑world assets—ranging from fixed income to environmental credits—is approaching $2.4 billion, with US tokenised Treasuries alone surpassing US $1.2 billion in Q1 2024. Global institutional adoption continues apace, and tokenised assets are projected to reach US $16 trillion by 2030—equivalent to the EU's GDP.
Coin Geek
02-06-2025
- Business
- Coin Geek
Global digital asset ownership rises in 2025, UK leading
Getting your Trinity Audio player ready... Global digital asset adoption is growing in 2025, with the United Kingdom leading the way in increasing ownership among its population. This is according to a new study by Gemini, who attributed the increase, in part, to the influence and policies of United States President Donald Trump. Gemini, the U.S.-based digital asset exchange founded by the Winklevoss brothers, released its latest 'State of Crypto' report on May 27, offering a breakdown of investor awareness around digital currencies, motivations for owning and trading, and global adoption rates. Based on a survey of 7,205 adult consumers across the U.S., Europe, Singapore and Australia (approximately 1,200 consumers per country), the report found that global adoption of digital assets is growing across all areas, with ownership increasing fastest in Europe. In 2024, one in five (21%) respondents in the U.S., U.K., France, and Singapore reported owning digital assets. In 2025, that figure grew to nearly one in four (24%). The U.K. saw the biggest year-on-year growth in ownership of the surveyed nations, with the share of respondents indicating digital asset holdings rising from 18% last year to 24% as of April. For comparison, 21% of French respondents reported owning digital assets in 2025, up from 18% in 2024, while in the U.S., the number grew from 21% to 22%. However, while the U.K. has reportedly seen the most notable increase in new owners, it is still not the world's top nation for digital asset ownership. According to the report, Singapore has been the top country globally for digital asset ownership in the past two years, with 26% of local respondents surveyed last year saying they were invested in digital assets, up to 28% this year. Global growth due to Trump In part, Gemini attributed the global growth to the Trump Administration's approach to digital assets. 'Since coming into office in January 2025, President Trump has established a Strategic Bitcoin Reserve for the United States, appointed SEC leadership that has displayed a more favorable approach to digital assets, and expressed support for bills that will provide stablecoin legislation and a regulatory framework for digital assets,' said Gemini. 'Survey results suggest that these policies are inspiring interest in the industry among non-owners—those who have never invested in crypto.' The company added that understanding and winning over this latter group of potential investors 'will drive significant growth for the industry, which has experienced relatively flat adoption over the past few years.' In this regard, nearly a quarter (23%) of U.S. non-owners surveyed said that the President's launch of a Strategic Bitcoin Reserve increased their confidence in the value of digital assets. This sentiment was echoed globally by non-owner respondents in the U.K. and Singapore, where about one in five (21% and 19%, respectively) said the same. 'The United States has proven itself as a global leader in Web3 and blockchain technology with the addition of Trump's pro-crypto policies, which is a significant change from the previous Administration,' said Marshall Beard, Chief Operating Officer at Gemini. 'With this pro-innovation approach, the crypto industry is positioned for significant growth in the United States and around the world.' Trump has also been in the headlines recently for his more controversial links to the digital asset space, specifically his dabbling in memecoins with the $TRUMP memecoin. Gemini suggested that the memecoin market and the veneer of legitimacy provided by Trump's involvement may play a part in the growth of global digital asset investment. The report found that in the U.S. 31% of investors who own both memecoins and traditional digital assets reported that they purchased their memecoins first, followed by 28% in the U.K. and Australia, 23% in Singapore, 22% in Italy, and 19% in France. For Gemini, this indicated that 'memecoins likely drove crypto adoption… globally, 94% of memecoin owners also own other types of crypto, suggesting memecoins are an onramp to crypto for many investors around the globe.' Outside of Trump's influence, another key finding of the survey showed a boost in digital asset ownership in the U.S. following the approval of spot crypto ETFs in early 2024, with 39% of surveyed investors reportedly now owning crypto ETFs, up from 37% in 2024. Regulatory influence and the UK rise While Trump's pro-crypto policies appear to spur global adoption and investment, the impact of regulation appears less clear. Adoption grew notably in both the EU and U.K., two very contrasting regulatory environments. Gemini suggested this growth in the EU and U.K. reflected 'a warming regulatory environment for digital assets in Europe.' However, while the EU's Markets in Crypto Assets (MiCA) Regulation has been broadly praised as a comprehensive and forward-thinking framework specifically tailored to digital assets, the U.K. has yet to adopt a national regulatory framework for digital assets. Meanwhile, Gemini's head of Europe, Mark Jennings—in an interview reported by Cointelegraph—suggested that the U.K.'s sharp spike in digital asset ownership, despite its lack of a MiCA-style regulatory framework, could be down to a combination of the country's status as a 'central financial hub for many decades' and the outside influence that MiCA would likely have on adjacent countries. In April, the U.K. government published a draft regulation that would bring digital asset exchanges, dealers and agents under the U.K.'s financial services regulatory regime. At the same time, Chancellor of the Exchequer Rachel Reeves indicated that the U.K. planned to more closely align with the Trump 2.0-era approach to supporting innovation across the digital asset industry. While the U.K. waits for its final regulatory framework for digital assets, which the Treasury is expected to finalize later this year, it appears investors are undeterred by the uncertainty, in keeping with a global trend towards increased digital asset ownership in 2025. Watch: Streaming with NFTs changes idea of ownership title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
