
California's Digital Financial Assets Law Takes Effect
From July 1, any firm serving California residents needs a DFPI licence, with civil penalties running to $100,000 a day for operating without one.
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From July 1, any firm serving California residents needs a DFPI licence, with civil penalties running to $100,000 a day for operating without one.

More than 140 companies, including Stripe, Coinbase, Visa and BlackRock, backed Open USD, a consortium stablecoin with fee-free minting that returns reserve income to partners. Circle shares fell more than 17% to a four-month low.

Stablecoin supply fell $7.7 billion in June to about $312 billion, the first monthly contraction in five months, while adjusted transfer volume set a record $1.79 trillion. Supply down and usage up is the month's central puzzle.

The FCA published its final cryptoasset rules, covering trading platforms, custodians, stablecoin issuers and staking providers, with the regime due in 2027.

New York Life Investment Management, which manages $807 billion, launched its first tokenized product with Centrifuge: an on-chain high-yield corporate bond portfolio bought and sold in USDC. It moves Wall Street tokenization past Treasuries and into credit.

Strategy's board authorized the sale of up to $1.25 billion of bitcoin, two days after its mNAV fell below 1.0 and shut off the equity-issuance model behind four years of buying. It holds more than 843,000 BTC against preferred dividends above $700 million a year.

BitMine added 27,084 ETH to reach 5.7 million, about 4.7% of supply, and SharpLink bought 39,196, while FG Nexus sold again with realised losses above $86.8 million. Ether was near $1,550.

Polymarket raised the total stolen in a June 25 attack on its website to $3.1 million, taken from 11 wallets after a vendor's script served malicious code.

Base stopped producing blocks for 116 minutes on 25 June and again for 20 minutes on 26 June, after stale state from a failed transaction produced a block validators rejected. No funds were at risk, but the Beryl hardfork was postponed.

Bitcoin traded down to about $58,000 on Thursday, its lowest level since September 2024, before recovering to roughly $59,460. US spot bitcoin ETFs shed $696.3 million, the month's largest single-day outflow, with about $10 billion of options due to expire the next day.

US spot bitcoin ETFs shed $469.1 million on Wednesday after $113.8 million on Tuesday, ending a brief lull, as bitcoin fell to a two-week low and the dollar hit a seven-month high.

The $1.7 trillion manager closed its 250 Digital acquisition and opened a crypto division under Christopher Perkins. Terms were not disclosed.