The U.S. SEC is questioning the legality of ETH and SOL staking ETFs proposed by REX Financial and Osprey, warning they may not qualify as investment companies under federal law.

REX says it won’t launch the products until it resolves the issue. The ETFs aim to offer exposure to staked Ethereum and Solana, a structure the SEC has yet to approve.

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✔ This week's crypto market highlights:

⚫ Trump's net worth rises to $5.1bn
⚫ USDT on Tron hits record $77.7bn supply
⚫ Florida proposes eliminating Bitcoin capital gains tax
⚫ Strategy acquires 4,020 BTC for $427.1m
⚫ SBF to be released December 14, 2044
⚫ Circle files to go public on NYSE
⚫ Russia allows crypto-linked derivatives for qualified investors
⚫ Telegram raises $1.7bn through convertible bonds
⚫ Thailand bans Bybit, CoinEx, and OKX
⚫ China bans individual crypto ownership

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FTX will launch phase 2 of its payout distribution today—over $5bn to be paid out starting at 11 AM EST.

Breakdown of FTX creditor claims:

⚫️Claims over $50k: total $10bn (11,000 claims)
⚫️Claims > $1m: 1,100 claims
⚫️Claims $1m-$10m: average account size—$3m
⚫️Claims $10m+: average account size—$29m

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According to the U.S. SEC, staking tokens on Proof-of-Stake blockchains does not constitute an offer or sale of securities under the U.S. law.

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Tether CEO Paolo Ardoino announced that the USDT issuer holds over 100,000 BTC and more than 50 tons of gold.

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Arkham has identified 53,833 more BTC ($5.75bn), bringing their total tracked to $59.92bn—covering 97% of Michael Saylor’s Bitcoin holdings.

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Binance and the SEC have filed to dismiss the enforcement case involving Binance, BAM entities, and CZ, signaling an end to the long-running legal battle.

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Telegram has raised $1.7bn through convertible bonds to refinance $955m in 2026 debt and secure $745m in new funding.

The five-year notes offer a 9% coupon and can be redeemed at 80% of IPO price if Telegram goes public before maturity.

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Bybit has received a MiCA license from Austria’s financial regulator, allowing it to operate under the EU’s new crypto framework.

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The Bank of Russia will permit financial institutions to offer crypto-linked derivatives and digital assets to qualified investors.

These must be non-deliverable, ensuring no direct transfer of cryptocurrencies to clients.

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Elon Musk responded to Telegram founder Pavel Durov’s announcement of a $300m partnership with xAI, stating:

No deal has been signed.

Durov clarified that the agreement is in principle, with formalities still pending.

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Russians have increased their crypto trading activity, with total crypto asset flows reaching 7.3tr rubles ($81.5bn), up 51.1% in Q1, according to the Central Bank.

Estimated holdings on exchanges stand at 827bn rubles ($9.2bn), with 62.1% in Bitcoin, 22% in Ethereum, and 15.9% in stablecoins.

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GameStop has announced the purchase of 4,710 Bitcoin.

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The TON Foundation has appointed former Visa crypto executive Nikola Plecas as VP of payments to lead its global payments strategy.

His focus will be on improving fiat-crypto flows, forging new partnerships, and scaling TON’s infrastructure across Telegram’s ecosystem.

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Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin, has outperformed all 74 crypto-related ETFs in 2025.

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Elon Musk said XChat will feature Bitcoin-style encryption, vanishing messages, and support for all file types.

The new messaging system, built in Rust, includes end-to-end encryption, audio/video calls, and a redesigned architecture aimed at boosting privacy and performance.

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Sber, the largest Russian bank, has issued structured bonds linked to the performance of Bitcoin, offering investors exposure both to the cryptocurrency's price in USD and to potential ruble depreciation.

The bonds are traded in rubles under Russian law and are currently available to qualified investors on the OTC market, with plans for future listings on the Moscow Exchange.

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China has announced a new ban prohibiting individual ownership of cryptocurrencies, including Bitcoin, marking a major escalation in its crackdown.

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The correlation between Bitcoin and 10-year Treasury bonds has dropped to an all-time low, signaling a major decoupling.

Bitcoin is increasingly seen as an independent asset, attracting institutional investors shifting from bonds to crypto.

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Tether CEO Paolo Ardoino said USDT has seen major growth over the past year: market cap is up 37%, daily transfer volume jumped 90%, and total estimated users rose 51%.

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Thailand’s SEC has banned Bybit, 1000X, CoinEx, OKX, and XT from operating in the country due to lack of licenses, effective June 28, 2025.

The move is part of efforts to combat money laundering via unregulated platforms. The Digital Ministry will block local access, while Thailand also plans to issue a $150m investment-grade crypto token offering higher returns than bank deposits.

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The gold-backed stablecoin USDKG, supported by Kyrgyzstan, aims to become legal tender in the country.

It’s pegged to the U.S. dollar for transaction stability, backed by audited gold reserves, and endorsed by the government to build trust.

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The US announced that the QoQ GDP contracted by 0.2% annualized, less than the expected -0.3%.

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Pakistan will establish a strategic Bitcoin reserve, taking inspiration from the U.S. government’s own efforts.

The move was announced by Bilal Bin Saqib, Pakistan’s blockchain advisor and a financial advisor to a Trump-linked crypto project, the World Liberty Financial.

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U.S. Vice President J.D. Vance said the Trump administration would “fire” anti-crypto regulators like former SEC Chair Gary Gensler to make way for a more supportive regulatory environment.

Speaking at Bitcoin 2025, Vance also called for a market structure bill to keep the $3tr crypto industry onshore and revealed his own bitcoin holdings as a show of support.

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BlackRock said it plans to buy 10% of Circle’s IPO shares.

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Telegram and Elon Musk’s xAI have signed a 1-year deal to bring Grok to over 1bn users on the app.

Telegram will receive $300m in cash and equity from xAI, plus 50% of the revenue from xAI subscriptions sold via Telegram.

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Telegram has sharply improved its financial health and user growth over the past two years:

⚫️2023: $173m loss on $342m revenue
⚫️2024: $540m profit on $1.4bn revenue
⚫️2025 forecast: over $700m profit on $2bn revenue
⚫️1bn monthly active users
⚫️15m Premium users—doubled YoY

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Telegram is set to raise at least $1.5bn in a bond deal with investors including such funds as BlackRock, Mubadala and Citadel.

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Ripple has submitted an additional letter to the SEC’s Crypto Task Force, addressing Commissioner Hester Peirce’s key question:

When does a digital asset separate from an investment contract?

Ripple’s letter to the SEC:
⚫ Says most fungible crypto assets aren’t securities in secondary trades.
⚫ Proposes a separation test based on unfulfilled promises and enforceable rights.
⚫ Criticizes vague SEC terms like “fully functional” and “decentralized.”
⚫ Suggests a maturity test: $1bn+ market cap, 10+ years of open operation, no unilateral control.
⚫ Asserts only Congress can make new laws.
⚫ Supports a narrow safe harbor to reduce legal uncertainty.

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