Prediction markets may offer a tax loophole for gamblers under Trump’s Big Beautiful Bill, Coinbase says

Coinbase CEO Brian Armstrong has publicly opposed a draft Senate bill concerning cryptocurrency, warning that it poses a threat to decentralized finance (DeFi) and tokenized equities, while also indicating potential overreach by the SEC. Senator Cynthia Lummis has suggested that discussions regarding the bill may be postponed.

Coinbase CEO Brian Armstrong has publicly rejected the U.S. Senate Banking Committee's latest draft of the CLARITY Act, arguing that it would worsen the regulatory environment for the cryptocurrency industry in the United States. Armstrong expressed concerns about the bill's implications for crypto operations and innovation.

Coinbase has withdrawn its support for a proposed cryptocurrency market structure bill, with CEO Brian Armstrong citing numerous issues with the legislation. This decision reflects ongoing challenges in the regulatory landscape for digital assets.

SEC Chair Paul Atkins expressed optimism regarding the potential signing of a crypto market structure bill by former President Trump, indicating a significant step towards regulatory clarity in the cryptocurrency sector. This development comes as the SEC aims to enhance its oversight of digital assets and streamline regulations.

The Zcash Foundation announced the conclusion of an investigation by the U.S. Securities and Exchange Commission (SEC), which began with a subpoena regarding certain crypto asset offerings. This decision has led to a 12% increase in the price of Zcash's native token, ZEC, and a 39% surge in trading volume over the past 24 hours.

The Algorand Foundation has announced its return to the United States, marking a strategic shift in its operations as it aims to capitalize on a more favorable regulatory environment for cryptocurrency under the Trump administration. A new board has been appointed to guide the foundation's next phase of growth.

Trump-backed World Liberty has signed a memorandum of understanding (MoU) with Pakistan to explore the use of stablecoins in cross-border payments, a move that could significantly enhance financial inclusion and integrate Pakistan into the global digital finance landscape.

Pakistan has signed a memorandum of understanding (MoU) with SC Financial Technologies, an affiliate of Trump-linked World Liberty, to trial a USD1 stablecoin in its payments system. This agreement comes as the country formalizes its cryptocurrency regulations and explores the potential of a Bitcoin reserve.