Government interventions focused on improving guardrails and providing a safe space for layers in the digital asset space. Bad actors have also evolved, moving to physical means to steal tokens by any means.
Despite this, crypto innovation continues to thrive!
The headlines:
- Gemini filed for an IPO;
- The Federal Reserve is working on making clear rules for banks;
- Leading crypto ETF issuers urged the SEC to review its approval process;
- In the Golden State, digital asset bills are in motion;
- Kraken has a new institutional offering;
- Plus, the DOJ seized $7.74 million in tokens linked to a North Korean employment scheme (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $107k (as of 6/9/25)
The bulls continued to have their way as Bitcoin moved from a $100,436.88 low to its a $107,446.98 high before settling at $107,146.29.
Altcoins are also primed for a boom period.
Ethereum (ETH) is at $2,532.05, Solana (SOL) at $155.04, Chainlink (LINK) at $13.89, Avalanche (AVAX) at $20.82, and Polkadot (DOT) at $4.05.
On June 6, the Winklevoss-owned Gemini announced the filing of a Form S-1 with the SEC in a press release. Gemini intends to offer Class A common stock.
The number of shares and price per share has yet to be determined.
The Federal Reserve Moved Towards Crypto Clarity
At a June 6 event at the Georgetown University Psaros Center for Financial Markets and Policy, Federal Reserve Vice Chair for Supervision Michelle W. Bowman emphasized her focus on providing clarity regarding digital assets. Bowman also signaled an end to the previous ambiguous stance on new fields, such as cryptocurrency and artificial intelligence.
Furthermore, Bowman also unveiled plans to create dual frameworks that address the risks associated with deploying innovative solutions for both larger banks and community financial institutions (CFIs).
Tether Transferred 10,500 Bitcoins to SoftBank for Twenty-One Capital
In a June 3 Twitter/X post, Tether CEO Paolo Ardoino revealed the transfer of 10,500 bitcoins as its contribution to the SoftBank pre-funding process of new Bitcoin-native public company Twenty-One Capital (XXI). There have been other transactions, including 7,000 BTC, 4,812 BTC, and 14,000 BTC, which moved to new wallets to fund the entity.
The Pakistani Crypto Chief is Holding Meetings Across America
A series of posts on the Twitter/X handle of the Pakistan Crypto Council revealed the visit of the Pakistani Minister of State for Crypto and Blockchain, Bilal Bin Saqib, to the United States. So far, Saqib has met with Cantor Fitzgerald Chairman and CEO Brandon Lutnick, New York City Mayor Eric Adams, and other notable individuals.
Saqib also visited Washington, D.C., and met with Robert Hines, Executive Director of the Presidential Council of Advisors on Digital Assets, as well as top officials. The moves are part of efforts to improve cooperation between the two countries per digital assets.
Several Crypto ETF Issuers Wrote a Letter to the SEC
Concerned about stifling industry innovation, several crypto ETF issuers expressed their concerns to the SEC. According to the June 5 document, the big players, including 21Shares, Canary Capital, and VanEck, urged the regulator to adopt the first-to-file principle for ETF applications and approvals.
The big guns indicated that the current process diminishes competition and reduces progress in finance and innovation.
In related news, on June 3, SEC Chairman Paul Atkins told the Senate Appropriations Subcommittee on Financial Services that the regulator has shifted to a ‘notice’ and ‘comment’ process.
Crypto Bills Moved Forward in California
Two draft crypto bills in the Golden State moved forward at the California Capitol. On June 2, the California State Assembly passed Assembly Bill 1180 (AB 1180) by a unanimous vote of 68-0.
AB 1180 enables the Department of Financial Protection and Innovation (DFPI) to create a digital asset payment framework.
On the other hand, on June 4, the California State Assembly passed Assembly Bill 1052, also known as AB 1052. The legislation aims to empower the state to seize dormant digital assets after waiting for claims for three years.
Kraken Launched a New Crypto Brokerage Offering
On June 3, boutique cryptocurrency exchange Kraken introduced Kraken Prime. Kraken Prime provides institutional crypto clients with a comprehensive suite of services, including financing, custody, and trading, all under one roof.
Additionally, the ecosystem provides investors with access to asset-backed lending and T+1 credit.
Similarly, in a June 5 blog post, Kraken’s security chief, Nick Percoco, urged crypto users to enhance their situational awareness. Percoco revealed sighting unlocked and unattended devices at digital asset events.
He also revealed that scammers attend crypto conferences and called on the community to be cautious, stating that bad actors have upped their game with new digital asset theft techniques.
The DOJ Seized $7.74 Million Tokens Linked to North Korean Employment Scheme
On June 5, the Department of Justice (DOJ) announced the filing of a civil forfeiture complaint to seize $7.74 million worth of tokens linked to sanctions evasion activities. According to the Feds, North Korean workers acted on behalf of their country, stole American identities, and used the stolen IDs to work for US firms.
Additionally, the generated funds were (allegedly) laundered back to North Korea and used to advance its nuclear weapons program. The DOJ initially froze the funds in 2023 after the indictment of China-based North Korean Foreign Trade Bank representative Sim Hyon Sop.
Crypto Lobby Groups Requested for Developer Protections in the CLARITY Act
According to a June 5 document, several of the industry’s largest lobby groups want to include safeguards for software developers and infrastructure firms in the CLARITY Act. The industry players include the DeFi Education Fund, the Bitcoin Policy Institute, the Crypto Council for Innovation, the Digital Chamber, the Solana Policy Institute, and the Blockchain Association.
In the letter, the associations requested the inclusion of certain aspects of the Blockchain Regulatory Certainty Act (BRCA) in the Digital Asset Market Clarity (CLARITY) Act of 2025.
Specifically, the associations want to exempt the developers of non-custodial crypto ecosystems from money transmitter classification and licensing requirements.
