[News Brief] Jun 24, morning | U.S. Senate May Unveil Crypto Tax Legislative Framework This Fall

A cryptocurrency tax legislative framework being developed by the U.S. Senate could be unveiled as early as this fall

According to Odaily, Senator Steve Daines, a Republican tax drafter in the U.S. Senate, said the Senate’s cryptocurrency tax legislative framework is basically complete and could be released as early as this fall.

Daines said the framework has “more similarities than differences” compared with the proposal previously announced by the House Ways and Means Committee. He added that he hopes the legislative review process will move forward within this year, though he did not disclose specific details.

The U.S. House has formally passed a bill banning the Federal Reserve from issuing a central bank digital currency (CBDC) through 2030

The bill was advanced against the backdrop of concerns over privacy protection and government surveillance of financial transactions raised during the CBDC adoption process.

A draft amendment to the People’s Bank of China Law includes language clarifying the legal status of the digital yuan

PANews, citing Caixin, reported that the draft amendment to the Law of the People’s Bank of China was submitted on June 23 to the 23rd session of the Standing Committee of the 14th National People’s Congress for its first deliberation.

The draft newly includes the phrase “clarifying the legal status of the digital yuan.” In the 2020 public consultation draft, it only stipulated that the renminbi includes both physical and digital forms.

The earlier consultation draft prohibited institutions or individuals from producing or issuing token notes or digital tokens intended to replace the renminbi in market circulation. Violators could be ordered by the People’s Bank of China to halt issuance and destroy such instruments, while illegal gains could be confiscated and fines of up to five times the illegal amount imposed.

BlackRock, the world’s largest asset manager, evaluated Bitcoin as a complementary diversified asset within investment strategies

According to Wu Blockchain.

BlackRock said that allocating Bitcoin in a limited range of 1% to 2% within a portfolio could help improve expected returns while staying within a typical market risk tolerance range.

This assessment aligns with the growing trend of institutional investors expanding Bitcoin’s role in asset allocation.

Chainlink has joined Project Pangea, involving 47 banks across South Korea and Europe, to help build stablecoin-based cross-border payment infrastructure

According to CoinDesk, Project Pangea plans to test real-time payment-versus-payment settlement in foreign exchange transactions using regulated euro- and won-linked stablecoins.

The project aims to shorten the existing T+2 settlement cycle to T+0 and reduce counterparty and settlement risk in a Europe–South Korea trade settlement corridor worth about $150 billion.

Pangea will allow banks to maintain SWIFT and ISO 20022 messaging standards while processing on-chain settlement on the Pangea L1 chain, with Chainlink providing the on-chain infrastructure.

Bank of New York Mellon (BNY) said asset managers are accelerating tokenized ETF plans out of concern that they may miss investor demand and the early-stage blockchain finance market

According to PANews, citing The Block, Ben Slavin, BNY’s global head of ETFs, said BNY is pursuing multiple tokenized ETF projects, and although regulation and infrastructure are not yet fully in place, clients want early launches.

Slavin explained that blockchain networks could become a new distribution channel for traditional investment products, contributing to 24/7 ownership and transfer of fund shares, faster settlement times, and broader access for global investors.

He pointed out that many well-known ETFs are currently being traded in tokenized form on unregulated markets without issuer approval, creating reputational risk. The industry is discussing tokenized fund integration with existing infrastructure, secondary market trading mechanisms, and regulatory frameworks.

The U.S. Department of Justice has seized a cloud computing account used by Cambodia’s Huione Group

The account is suspected of being used to transfer and conceal proceeds from cryptocurrency fraud worth billions of dollars.

According to Odaily, the Department of Justice said the action was part of “Operation Riptide.” The U.S. Financial Crimes Enforcement Network had previously designated Huione Group as a primary money laundering concern last year.

Authorities believe Huione affiliates were involved in moving funds tied to blockchain-related illicit activity such as investment scams and cyber theft, and in channeling them into the legitimate financial system. Some of the theft activity is reportedly linked to North Korea.

KG Group fintech subsidiary KG Financial has signed an MOU with the Solana Foundation to jointly develop Web3-based digital asset payment infrastructure

PANews reported.

The two sides have been discussing digital asset payment methods since April and have completed a proof of concept including stablecoin issuance and real-world payment services, confirming both technical and commercial feasibility.

KG Group plans to promote the commercialization of stablecoin payments by linking the infrastructure of payment gateway KG Inicis with its network of about 220,000 merchants. The two sides will focus on developing stablecoin payment and settlement systems, validating digital payment services, and integrating with existing payment networks.

Solana also said on X that KG Inicis plans to introduce Solana-based stablecoin payments and will later launch a token-based merchant rewards program.

U.S. spot HYPE ETFs recorded net inflows of $1.4583 million on June 23

PANews cited SoSoValue data.

The product with the largest net inflow was the Grayscale HyperLiquid Staking ETF (HYPG), which recorded $1.0991 million in daily inflows. Its cumulative net inflows reached $10.2178 million.

The 21Shares HyperLiquid ETF (THYP) posted net inflows of $359,200 over the same period, bringing its cumulative net inflows to $61.825 million.

As of the time of reporting, the total net asset value of spot HYPE ETFs stood at $203 million, with cumulative net inflows of $184 million.

Selling activity by early Bitcoin holders has fallen to its lowest level in about two years

Odaily reported.

According to spent transaction data, the profit-taking flows that pressured the market in 2024 and 2025 are weakening. As selling pressure from early holders and ETFs declines on-chain, the possibility of Bitcoin forming a structural bottom has been raised.