AI-powered summaries of the day's top crypto events
The Secret Service has frozen $52.8 million in cryptocurrency linked to Xinbi, a Telegram-based marketplace involved in global scams. The U.S. Treasury has sanctioned the marketplace, which allegedly processed $24 billion in transactions. This move highlights ongoing efforts to combat crypto-related fraud.
The crypto industry has launched a national advertising campaign to support the passage of the Digital Asset Market Clarity Act. The Senate is set to vote on the act, which aims to establish federal rules for digital asset markets, on September 15. The campaign underscores the industry's push for regulatory clarity.
India's Financial Intelligence Unit has issued non-compliance notices to 15 cryptocurrency platforms and is pursuing the takedown of their apps and URLs. This action is part of a broader effort to enforce anti-money laundering regulations within the country's digital asset sector.
Blockchain intelligence firm TRM Labs has doubled its valuation to $2 billion following a Series C funding round. The company's annual recurring revenue has quadrupled over the past three years, driven by its expansion into AI-powered investigations.
Crypto trade groups, including the Blockchain Association, are attempting to block Illinois' upcoming 0.2% crypto tax. They argue that the tax is unconstitutional and would impose significant compliance burdens on the industry.
Tether and Fasanara have launched a $400 million private credit fund, aiming to raise up to $3 billion. The fund will leverage USDT infrastructure to support asset-backed lending through fintech platforms in over 60 countries.
Block, led by Jack Dorsey, has applied for a bank charter to custody Bitcoin through its proposed Builders Bank. This move would consolidate Block's custody operations, which are currently managed under more than 50 state money transmitter licenses.
Germany's finance ministry has drafted a proposal to impose a 25% tax on cryptocurrency gains starting in 2028. Current holdings would retain the existing tax treatment, which allows for tax-free sales after a 12-month holding period.