Wu Shuo Daily Selected Crypto News + Wu Shuo Weekly Selected: News Top 10 and Hot Articles
Powered by ChatGPT1. US IRS Tax Letter Surge of 758%, New 1099-DA Rule Accelerates Crypto Regulation
CoinLedger co-founder David Kemmerer stated that the number of users receiving letters from the US Internal Revenue Service (IRS) has surged by 758% in the past 60 days. This trend has been confirmed by multiple accounting firms and may be related to the new 1099-DA rule that will take effect next year. This regulation requires crypto brokers to report users' digital asset transaction income and costs, tightening regulation. Some users have already received CP2000 notices due to incomplete records and must respond within a specified period or face fines and audits.
2. Hong Kong Announces Consultation Paper on OTC
The Hong Kong Securities and Futures Commission (SFC) and the Financial Services and the Treasury Bureau (FSTB) have released a consultation paper showing that whether it is small transactions such as virtual currency trading, withdrawals, and fiat currency exchange, or complex activities such as brokerage and large transactions, a license must be obtained from the SFC. This is equivalent to including virtual asset over-the-counter (OTC) platforms under regulation, and the requirements are much stricter than the requirements for OTC platforms to apply for a license from the Customs and Excise Department during last year's consultation. This includes a minimum paid-up share capital of 5,000,000 yuan for trading service providers and 10,000,000 yuan for custodians, and they must also have two responsible persons approved by the SFC.
3. Strategy Faces Multiple Securities Class Action Lawsuits Alleging False and Misleading Disclosures
Strategy is facing class action lawsuits filed by five law firms for allegedly issuing "materially false and misleading statements" when disclosing the expected returns and risks of its Bitcoin investment, covering the period from April 30, 2024, to April 4, 2025. The case stems from the company's nearly $6,000,000,000 in unrealized losses after purchasing $7,700,000,000 worth of BTC in Q1. Two US law professors stated that it is common for multiple law firms to submit the same complaint in such cases to compete for the lead plaintiff qualification. Strategy stated that it will "actively defend" and cannot currently estimate the potential outcome or losses.
4. Trump Family Crypto Project World Liberty Announces Partnership with Re7 Labs
The Trump family crypto project World Liberty has announced a partnership with Re7 Labs to launch a liquidity pool for its stablecoin USD1 on lending platforms such as Euler and Lista. The plan aims to promote the application and ecosystem expansion of USD1 on the BNB Chain. Re7 Capital, the company behind Re7 Labs, recently received an investment of up to $10,000,000 from the Hong Kong family office VMS Group, marking the latter's first foray into the crypto market.
5. Bolivia's Crypto Payment Transactions Reach $430,000,000 Within a Year of Lifting Ban
According to a report by the Central Bank of Bolivia (BCB), since the lifting of the cryptocurrency ban in 2024, the transaction volume of crypto payments in Bolivia has reached $430,000,000 in 12 months, a year-on-year increase of 630%. 86% of the transactions were completed by individuals, mainly through channels related to Binance. In addition, the government has approved the national energy company to use digital assets to import fuel.
6. Wu Shuo Weekly Highlights: South Korea's Eight Major Banks Launch Stablecoins, OKX Considers US IPO, Barclays Bank Bans Cryptocurrency Transactions, and News Top 10
This Week's News Top 10
1. Hong Kong Government Releases "Policy Statement on Development of Virtual Assets 2.0" link
The Hong Kong government released the "Policy Statement on Development of Virtual Assets 2.0," reaffirming its commitment to making Hong Kong a global innovation center in the field of digital assets. The policy statement proposes the LEAP framework, including four key areas: optimizing laws and regulations, expanding the types of tokenized products, promoting application scenarios and cross-sector collaboration, and developing talent and partners. Financial Secretary Chen Maobo stated that by combining prudent regulation and encouraging market innovation, a more vibrant digital asset ecosystem that is integrated with the real economy and social life will be built, bringing benefits to the economy and society, while consolidating Hong Kong's leading position as an international financial center.
2. South Korea's Eight Major Banks Plan to Establish a Joint Venture to Launch a Korean Won Stablecoin link
Eight major banks in South Korea, including KB Kookmin Bank, Shinhan, Woori, NH Nonghyup, IBK Industrial Bank of Korea, Suhyup Bank, Citibank Korea, and Standard Chartered Korea, are cooperating with the Open Blockchain and DID Association and the Korea Financial Telecommunications and Clearings Institute to establish a joint venture for a Korean won stablecoin. This project marks the first time that the banking industry has jointly entered the digital asset field in the form of a consortium. The initial plan includes two stablecoin models: trust-based and deposit-linked, and the company is expected to be established as early as the end of this year or the beginning of next year.
3. Japan's Financial Services Agency Plans to Include Crypto Assets in the Financial Instruments and Exchange Act, Promoting Bitcoin ETFs and Separate Taxation Systems link
On June 24, the Japanese Financial Services Agency (FSA) released a document proposing to include crypto assets in the regulatory framework of the Financial Instruments and Exchange Act. Related issues will be submitted to the Financial Council for deliberation on the 25th. If the reform is promoted, Bitcoin ETFs will be allowed to be launched in Japan and will be subject to a separate taxation system of approximately 20%, replacing the current comprehensive taxation of up to 55%.
4. Powell Reaffirms a Wait-and-See Stance, Saying the US Economy Remains Robust link
In his written testimony to Congress, Federal Reserve Chairman Powell stated that recent economic activity has been robust, allowing policymakers to continue to focus on inflation and employment data to determine whether and when to resume interest rate cuts. Powell emphasized that the Federal Reserve will ensure that the price shock from tariff increases does not turn into a "sustained inflation problem." He did not explicitly hint at an interest rate cut in July.
5. Bhutan's Bitcoin Reserves Reach $1,300,000,000, Accounting for Nearly 40% of GDP link
Bhutan launched a Bitcoin mining program in 2020 and has since accumulated Bitcoin reserves worth approximately $1,300,000,000, accounting for nearly 40% of the country's GDP, making it the third-largest government holder of Bitcoin in the world. Bhutan relies on abundant hydropower resources for mining, has built at least six mines, and is cooperating with mining company Bitdeer. The country plans to hold Bitcoin for the long term and gradually promote the application of cryptocurrency in tourism payments and future urban construction.
6. UAE Web3 Investment Fund Invests $100,000,000 to Subscribe to WLFI Tokens link
The institution that spent $80,000,000 to subscribe to WLFI tokens is Aqua1 Fund, a Web3 investment fund registered in the UAE. Its subscription address has an ENS domain name of aqua1.eth on Etherscan, and the official Twitter account announced the subscription news at 8 p.m. tonight, stating that it invested $100,000,000 to subscribe, but the subscription address for the other $20,000,000 has not been found yet, so the specific cost is not yet clear.
Zak Folkman, co-founder of World Liberty Financial Inc., a decentralized finance platform associated with the Trump family, stated at the Permissionless crypto conference in New York that several listed companies hope to include its token WLFI in their company financial reserves and announced the launch of the World Liberty Financial App.
7. Turkish Ministry of Finance Plans to Introduce New Regulations to Combat Cryptocurrency Money Laundering link
The Turkish Ministry of Finance announced that it will introduce new regulations to combat money laundering through crypto assets, especially involving illegal gambling and fraud proceeds. Measures include requiring platforms to record the source and use of funds, and all transfers must be accompanied by a description of no less than 20 characters; setting a delay for withdrawals that do not implement the "travel rule," with the first withdrawal being no earlier than 72 hours; limiting stablecoin transfers to $3,000 per day and $50,000 per month, which compliant platforms can relax to twice that amount. Compliant activities will retain operational space, and non-compliant platforms may have their licenses revoked. Turkey is currently one of the most active regions for cryptocurrency activity.
8. Barclays Bank to Ban Customers from Using Its Bank Cards for Cryptocurrency Transactions Starting June 27 link
Starting June 27, 2025, Barclays will block customers from using its bank cards for any cryptocurrency transactions, citing that cryptocurrency asset price fluctuations may lead to users' debt spiraling out of control, and related transactions are not protected by the Financial Ombudsman Service and the Financial Services Compensation Scheme. Barclays Bank is one of the four largest banks in the UK and is listed as a globally systemically important bank by the Financial Stability Board (FSB).
9. Cryptocurrency Exchange OKX is Considering a US IPO link
Crypto reporter Yueqi Yang revealed that cryptocurrency exchange OKX is considering an initial public offering (IPO) in the United States after re-entering the US market in April this year.
10. Coinbase to Launch US Perpetual Futures Products on July 21 link
Coinbase Derivatives Exchange announced that it will launch "US Perpetual-Style Futures" products in the US market on July 21, 2025, including nano Bitcoin (0.01 BTC) and nano Ethereum (0.10 ETH) contracts. According to the official blog, these are the first such products in the US market, designed to provide US traders with CFTC-regulated cryptocurrency derivatives trading options, eliminating the risk of using offshore exchanges.
Key Financing Events
AI model marketplace platform OpenRouter announces completion of $40,000,000 seed and Series A financing link
The Smarter Web completes £41,200,000 in financing link
Crypto startup Zama announces completion of $57,000,000 Series B financing link
Canton network developer Digital Asset announces completion of $135,000,000 strategic financing link
Paradigm exclusively leads $15,000,000 Series A financing for decentralized exchange startup GTE link
DeFi infrastructure provider Veda announces completion of $18,000,000 in financing link
Norwegian deep-sea mining company Green Minerals launches Bitcoin treasury strategy, plans to raise $1,200,000,000 link
US-listed company ECD signs $500,000,000 equity financing agreement to implement Bitcoin treasury strategy link
Sequans announces $384,000,000 financing plan, launches Bitcoin treasury strategy link
KindlyMD adds $51,500,000 in financing before merging with Nakamoto, continuing to advance Bitcoin reserve strategy link
YZi Labs announces investment in decentralized entertainment platform MEET48 link
Inference Labs announces completion of $6,300,000 in financing link
Jarsy announces completion of $5,000,000 pre-seed financing led by Breyer Capital link
DeFi infrastructure company Yield.xyz announces completion of $5,000,000 strategic financing link
Sphinx announces completion of $2,000,000 Pre-Seed round of financing link
Blueprint Finance announces completion of $9,500,000 in financing, led by Polychain Capital link
Game developer Endless Clouds announces it has received $6,250,000 in financing from Animoca Brands and other institutions link
Former SpaceX manager founds Stackup, completes $4,200,000 seed round of financing link
For more industry financing events, please visit crypto-fundraising.info.