[News Brief] Jul 1, morning | Visa, Mastercard, BlackRock, Coinbase and Others to Launch Joint Stablecoin OUSD

Visa, Mastercard, BlackRock, Coinbase and Others to Launch Joint Stablecoin OUSD

Major financial firms including Visa, Mastercard, BlackRock, Coinbase, and American Express are planning to launch a joint crypto stablecoin called OUSD, according to Watcher.Guru.

Source: @WatcherGuru. The news comes amid a broader trend of global payments and asset management companies expanding their presence in the stablecoin market.

EU MiCA Officially Takes Effect... 80% of Unlicensed Crypto Platforms at Risk of Shutdown

According to PANews, citing CoinDesk, the European Union’s Markets in Crypto-Assets regulation (MiCA) officially took effect on July 1, requiring crypto-asset service providers to obtain licenses or exit the market.

Reports indicate that among roughly 3,000 unlicensed crypto trading platforms in Europe, about 80% may fail to meet the requirements by the deadline, putting them at risk of closure or forcing them to stop serving local users.

Potentially more than 10 million users could be affected and may need to migrate to compliant platforms.

U.S. Spot Bitcoin ETFs Saw $4.5 Billion in Net Outflows in June... Worst Month Since Launch

U.S. spot Bitcoin ETFs recorded $4.5 billion in net outflows in June, marking their worst monthly performance since launching in January 2024.

According to PANews, citing The Block, the outflows are being interpreted as a sign of weakening institutional demand for spot Bitcoin ETFs.

SEC Seeks Public Comment on New ETFs Based on Digital Assets and Blockchain

The U.S. Securities and Exchange Commission (SEC) is seeking public comment on “new ETFs,” including crypto-related funds and blockchain-based investment products.

According to Odaily, the SEC said in related documents that it is reviewing market interest in new financial derivatives such as digital asset-linked funds, blockchain-based investment opportunities, and event contracts.

The request for comment is seen as part of the SEC’s effort to define regulatory standards balancing innovation and risk management, as demand grows for crypto ETFs and on-chain asset exposure products.

Taiwan Passes Bill Establishing Crypto Regulatory Framework

According to Watcher.Guru, Taiwan has passed a bill to establish a regulatory framework for cryptocurrencies.

The legislation is aimed at setting supervisory standards for the local digital asset market, with a focus on bringing crypto businesses into the regulated system and improving regulatory clarity.

Coinbase Executive Says More Than 40 Countries Have Committed to Buying Bitcoin for National Treasuries

Coinbase executive John D’Agostino said in a CNBC interview that more than 40 countries have committed in some form to purchasing Bitcoin for inclusion in their national treasuries.

Source: Bitcoin Magazine. D’Agostino said, “From where I sit, with visibility into the flow, all I see is steady growth.” The remarks come as discussions continue around expanding Bitcoin holdings at the state and institutional level.

Bloomberg Raises Possibility That Strategy May Need to Sell Over $1 Billion in BTC

Bloomberg has reportedly raised the possibility that Strategy, led by Michael Saylor, may need to sell Bitcoin, according to a post on X by Bitcoin Historian.

According to the post, Bloomberg said Strategy might have to sell more than $1 billion worth of BTC to meet payment and treasury obligations.

Strategy is widely known as one of the largest corporate Bitcoin holders. However, the report is based on a secondhand account of a broadcast remark, and no actual sale has been confirmed by the company.

Bitcoin Core Contributor John Atack Advises Avoiding BTC Transfers in the Second Week of August

Longtime Bitcoin Core contributor John Atack has advised users to avoid sending Bitcoin during the second week of August, citing the need for caution until any potential chain reorganization risk tied to an August network change has passed.

According to PANews, Bitcoin News reported that Atack, a longtime Bitcoin Core contributor and BIP maintainer, made the remarks ahead of the August network change.

Atack said he plans to monitor the situation by running both Core and Knots 110 simultaneously and to isolate his Bitcoin holdings separately.

The comments come amid growing debate within the Bitcoin community over the technical change. Atack said that dealing with complex issues requires the courage to think independently and set one’s own priorities.

1,700 UK Investors File £150 Million Class Action Against Binance and CZ

About 1,700 UK investors have filed a class action lawsuit against Binance and founder Changpeng Zhao, seeking at least £150 million in damages.

According to Reuters, the plaintiffs claim Binance violated the Financial Services and Markets Act by selling high-risk derivatives products, including leveraged products, to UK retail customers without regulatory approval starting in late 2019.

Some plaintiffs said they suffered losses of tens of thousands of pounds. Binance said it would defend itself but declined further comment on the ongoing litigation.

The UK Financial Conduct Authority had previously banned crypto firms from offering derivatives to retail clients in 2021, after which Binance moved to restrict access for UK users.

Former Goliath Ventures CEO Pleads Guilty to $400 Million Crypto Investment Fraud and Money Laundering

Christopher Alexander Delgado, former CEO of Goliath Ventures, has pleaded guilty to fraud and money laundering charges tied to a crypto liquidity pool investment scheme.

According to The Block, Delgado, a Florida resident, pleaded guilty to wire fraud, conspiracy to commit wire fraud, and money laundering. The fraud charges each carry a maximum sentence of 20 years in prison, while the money laundering charge carries up to 10 years.

Prosecutors said Goliath Ventures solicited investors by promising high returns from crypto liquidity pools, and that investors contributed at least $400 million. The funds were allegedly used for business gatherings, vacations, and lavish lifestyles for executives and employees.

Delgado is said to have used investor funds to purchase at least six properties worth between $1.15 million and $8.5 million, as well as Lamborghinis, Rolls-Royces, Rolex watches, Louis Vuitton bags, and Tiffany jewelry.

Delgado admitted to causing at least $250 million in investor losses and agreed to forfeit eight properties, 11 vehicles, 30 watches, more than 50 designer handbags, and 29 pieces of jewelry.