At the moment in crypto, a brand new invoice launched within the US Congress seeks to ban public officers from profiting off digital belongings. Regardless of rising tensions within the Center East, world crypto funds shrugged off market volatility, with buyers pouring over $1 billion into crypto merchandise final week. In the meantime, MicroStrategy’s Michael Saylor hinted at one other potential Bitcoin buy.
Democratic senator introduces invoice to handle Trump’s crypto ties
California Senator Adam Schiff and 9 different Democratic lawmakers have launched laws to forestall what they known as “monetary exploitation of digital belongings” by the US president and different public officers.
In a Monday announcement, Schiff and several other Democratic senators mentioned that they had launched the Curbing Officers’ Revenue and Nondisclosure, or COIN, Act, in response to US President Donald Trump’s connections to the cryptocurrency business. The proposed laws adopted Trump’s disclosure of $57.4 million in revenue tied to World Liberty Monetary (WLF), the crypto platform backed by members of his household.
“President Donald Trump’s cryptocurrency dealings have raised important moral, authorized and constitutional considerations over his use of the workplace of the presidency to complement himself and his household,” mentioned Schiff. “That’s why I’m introducing laws to forestall the monetary exploitation of any digital belongings by public officers, together with the president and the First Household.”
Members of Congress have beforehand tried to push by way of laws barring sure elected officers, together with presidents and their households, from investing in shares and different belongings whereas in workplace. Nevertheless, Schiff’s proposed invoice may lengthen a prohibition on issuing, sponsoring or endorsing cryptocurrencies, memecoins, non-fungible tokens and stablecoins “180 days previous to and a couple of years after” a person’s time in workplace.
Crypto funds publish $1.2 billion inflows regardless of market panic: CoinShares
Cryptocurrency funding merchandise continued to draw sturdy investor curiosity final week regardless of main crypto belongings like Bitcoin and Ether posting notable value drops.
World crypto exchange-traded merchandise (ETPs) recorded $1.24 billion of inflows for the buying and selling week ending Friday, CoinShares reported on Monday.
With the most recent inflows, crypto ETPs continued breaking year-to-date (YTD) influx information, setting a brand new historic excessive at $15.1 billion, mentioned CoinShares’ head of analysis, James Butterfill.
Regardless of continued inflows, whole belongings below administration (AUM) in crypto ETPs edged down from $179 billion within the earlier week to $176.3 billion by the tip of final week.
Bitcoin (BTC) ETPs noticed a second consecutive week of inflows, totalling $1.1 billion, regardless of BTC costs dropping from round $108,800 on June 16 to $103,000 by the tip of the week, in line with CoinGecko.
The resisting development within the Bitcoin ETP dynamics regardless of the spot value decline indicated that buyers had been shopping for on weak spot, CoinShares’ Butterfill prompt.
“This sentiment was additional supported by minor outflows from short-Bitcoin merchandise, which totalled $1.4 million,” he added.
Ether (ETH) ETPs recorded their ninth consecutive week of inflows, netting $124 million final week and bringing the influx run’s whole to $2.2 billion.
“This marks the longest run of inflows since mid-2021, reflecting continued strong investor sentiment towards the asset,” Butterfill famous.
Saylor hints subsequent Bitcoin purchase as investor sues over Technique’s Q1 loss
Michael Saylor has once more hinted that Technique would purchase extra Bitcoin, although the corporate previously often known as MicroStrategy and its prime brass had been hit with an investor lawsuit over its $5.9 billion first-quarter loss on its Bitcoin holdings.
Saylor posted a chart displaying Technique’s previous Bitcoin (BTC) purchases to X on Sunday with the caption: “Nothing Stops This Orange.”
His previous related cryptic X posts have been the precursor to Technique shopping for Bitcoin. The corporate has the most important Bitcoin holdings of all public corporations at 592,100 BTC, value round $59.7 billion, with Bitcoin buying and selling slightly below $101,000.
Nevertheless, it comes simply days after Technique and the corporate’s prime executives had been sued by an investor on Thursday, who claimed they breached their fiduciary duties earlier than reporting a multibillion-dollar Bitcoin loss in its first quarter outcomes.
