Midterm Warning: “They’ll Impeach Me”

Trump addressed Republican Congress members and stressed the critical importance of the midterms. He claimed that if Democrats control the House, they will find a reason to remove him from office:

“You must win the midterms. Because if we don’t, they’ll find a way to impeach me. I will be impeached.”

Polls and Betting Markets

Trump’s warning follows declining approval ratings. Rising living costs and his handling of the Epstein files have divided the Republican base, pushing his approval down to 42%.

Polymarket bettors assign an 80% chance that Democrats will take the House. Republicans still hold a 67% chance of keeping control of the Senate.

Crypto Policy at Risk

The midterms could affect more than just political control—they may shape the administration’s economic agenda. Senate Banking Committee Chair Tim Scott plans to bring the crypto market structure bill to a vote next Thursday. A Democratic House could stall this legislation.

Democrats like Sean Casten and Jon Ossoff already criticize Trump’s crypto dealings, including a private dinner with top memecoin holders, as unethical.

GOP CBDC Rift

Trump’s crypto plans also face resistance within his party. Last year, a conservative faction blocked crypto legislation until the Republicans added a Central Bank Digital Currency (CBDC) ban. Party leaders initially promised to include it in a must-pass defense bill but later passed the bill without the ban, angering some GOP members. The future of bills like the GENIUS Act remains uncertain.

Could Trump Be Removed?

A third impeachment would mark a historic first in US history. Trump faced two impeachments during his first term—once in 2019 over Ukraine interference in the 2020 election, and again in January 2021 after the January 6 Capitol attack. The Senate acquitted him both times.

Experts warn that a Democratic-controlled House could block key legislation and complicate Trump’s final two years in office.

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The bill outlines the jurisdiction of the country’s two main financial regulators. Committee Chair Republican John Boozman emphasized that the CFTC is the right body to oversee digital commodity trading, highlighting the importance of investor protection and market clarity. Democratic Senator Cory Booker noted that the draft gives the CFTC new powers over digital commodity spot markets and ensures that retail investors benefit from enhanced protections.

Key Goals: Clear Regulatory Boundaries

The draft bill also addresses common crypto terms such as “blockchain,” “decentralized finance,” and “DAOs,” clarifying how they fall under the Commodity Exchange Act. However, several sections remain in brackets, signaling that they are still open to change. This reflects ongoing negotiations, particularly regarding regulatory responsibilities shared with the Senate Banking Committee.

Minority members of the committee argue that the Agriculture Committee lacks jurisdiction over certain technical areas. They propose working with the Banking Committee on issues related to blockchain developers and service providers. The Banking Committee oversees the SEC, managing the securities-related sections of the bill.

Notably, the draft aligns with the CLARITY Act, passed by the House in July. CLARITY establishes the CFTC as the central authority in digital asset regulation, ensuring a unified market framework.

Crypto Industry Groups Support the Draft

Crypto advocacy group Crypto Innovation Council CEO Ji Hun Kim called the release of the draft a “meaningful step toward a comprehensive and purpose-driven market structure for digital assets in the US.” Coinbase’s lobbying arm, Stand with Crypto, described the bill as a key step toward the “common-sense regulatory framework” the industry has long requested.

Community Director Mason Lynaugh stressed that the Senate should act quickly and deliberately. He added that investor confidence and market stability depend on clear rules, positioning the US as a global standard-setter in crypto regulation.

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SEC Chairman Paul Atkins described this move as the beginning of a new era for crypto markets. According to Atkins, the change will lower costs and bring greater efficiency for ETF issuers and investors alike. 

Previously, only cash-based transactions were allowed. Now, authorized participants can use digital assets directly when creating or redeeming ETF shares. This shift reduces pressure on the market and allows for smoother, more cost-effective operations. 

What Does the New System Offer? Greater Efficiency in Crypto ETFs 

Jamie Selway, Director of the SEC’s Division of Trading and Markets, said the in-kind mechanism provides flexibility and cost advantages for fund issuers. Additionally, funds can now operate without having to sell crypto assets, which helps minimize tax burdens. 

To recall, the SEC approved spot Bitcoin and Ether ETFs back in 2024, but limited them to cash-based processes. Since then, the crypto industry has consistently called for in-kind options. 

Just last month, SEC Commissioner Hester Peirce acknowledged the demand during her speech at the Bitcoin Policy Institute conference. In short, this regulatory move marks a long-anticipated shift within the crypto sector. 

Meanwhile, recent developments in Congress have also accelerated this transition. Lawmakers passed three major crypto-related bills addressing market structure, stablecoin regulations, and opposition to a surveillance-driven central bank digital currency (CBDC). These legislative changes align with the Trump administration’s pro-crypto stance. 

Growing Demand for Bitcoin and Ethereum ETFs 

U.S. spot Bitcoin ETFs have recorded over $6.6 billion in inflows across the last 12 trading days. According to Bitbo data, these funds now hold approximately 1.298 million BTC — valued at around $152.1 billion. 

On the Ethereum side, BlackRock’s iShares Ethereum ETF has gained attention for its rapid growth. The fund surpassed $10 billion in assets in just 251 days, becoming the third-fastest ETF to reach that milestone. 

In summary, with SEC approval of in-kind transactions, crypto ETFs enter a new chapter. This rule not only boosts efficiency but also supports broader regulatory reform across the digital asset landscape.

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TIME Honors Coinbase As A ‘Disruptor’

Coinbase was named a “disruptor” on the TIME 100 list after a landmark year where it became one of the most prominent crypto advocates in Washington, D.C. The company’s inclusion came shortly after a series of major wins, including the U.S. Senate passing the GENIUS stablecoin bill, which helped boost Coinbase’s stock from around $303 to $382 per share.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

TIME wrote, “The company, which in May became the first crypto stock to be added to the bellwether S&P 500 index, is a key driver of the industry’s policy efforts in Washington D.C. If industry-friendly bills are passed, Coinbase stands to become an even bigger hub for U.S. crypto activity.”

Expanding Globally While Reshaping Regulation

In a significant step forward, Coinbase secured a MiCA license in the European Union on June 20, authorized by Luxembourg’s financial regulator. The company announced plans to base its EU operations in Luxembourg, marking a major push into international markets.

In addition, Coinbase is seeking SEC approval to offer tokenized equities — a move that could position it alongside retail trading platforms like Robinhood and WeBull in offering hybrid assets to users.

President Trump Signals Support For Crypto

Speaking at the “Coinbase State of Crypto Summit” in June 2025, U.S. President Donald Trump pledged regulatory clarity for digital assets: “We will be working to create clear and simple market frameworks that will allow America to dominate the future of crypto and Bitcoin.”

This continued momentum signals not only confidence in Coinbase, but in the broader digital asset space as institutional and retail interest grows.

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The reconsideration motion was filed by Republican Senator Jane Shamp, who had originally voted against the bill. Interestingly, the Senate vote followed mostly party lines, with only Republican Senator Jake Hoffman breaking ranks to oppose the legislation.

What the Bill Proposes

If passed, HB 2324 would allow the state to manage seized digital assets under a newly created reserve fund. According to the bill:

• The first $300,000 worth of seized Bitcoin (BTC) and digital assets would go to the Attorney General’s office.
• Any amount above that would be distributed as follows: 50% to the Attorney General, 25% to the state’s general fund, and 25% to the new reserve fund.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

In addition, the bill seeks to expand Arizona’s forfeiture laws to include digital assets — outlining procedures for seizure, storage, and distribution. The state would be authorized to seize crypto assets in cases where the owner is deceased, deported, fled, granted immunity, or legally untraceable after due diligence.

Governor Hobbs: Supportive Yet Cautious

Governor Katie Hobbs has taken a mixed stance on cryptocurrency legislation. On May 7, she signed HB 2749 into law, which authorizes the creation of a Bitcoin reserve fund that doesn’t rely on taxpayer money. This fund allows the state to stake crypto and collect airdrops for additional yield.

However, she vetoed SB 1025 on May 2 — a proposal that would have allowed Arizona’s treasury to invest up to 10% in Bitcoin and other digital assets. In her veto letter, Hobbs stated that public retirement funds should not be exposed to untested investments.

She also rejected SB 1373 on May 12, which aimed to form a “Digital Assets Strategic Reserve Fund,” again citing high volatility in the crypto markets as a risk to public resources.

What This Means for Crypto Policy

The debate in Arizona highlights a broader trend in the U.S.: balancing innovation in the blockchain space with regulatory caution. If HB 2324 passes the House, it will head to Governor Hobbs’ desk for final approval. The outcome could signal a stronger institutional role for Bitcoin and digital assets in state-level governance.

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Trump: “NO DELAYS, NO ADD ONS”

After the Senate passed the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act with a 68–30 vote, Trump posted on Truth Social urging quick House approval.

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” he wrote. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

With a narrow Republican majority in the House, the final vote is pending — but all eyes are on how swiftly it can reach Trump for final approval.

What Does The Bill Include?

The GENIUS Act aims to establish a clear regulatory framework for stablecoins, including:

• Mandatory 1:1 reserve backing
• State or federal-level licensing
• Anti-Money Laundering compliance
• Strict consumer protections
• Limits on how reserves can be used (e.g., only for redemptions or low-risk Treasury investments)

These measures are designed to eliminate shadow banking risks and enhance systemic trust in dollar-backed stablecoins.

Controversy Still Looms

Although now progressing, the bill had previously failed a cloture vote in May due to Democratic concerns. Critics like Senator Elizabeth Warren accused Trump and his family of positioning to earn “hundreds of millions” from a proposed USD1 stablecoin if the law passes. Others warned against falling behind globally in crypto adoption and innovation.

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GENIUS Act Passes in Senate  

The GENIUS Act passed the Senate with 68 votes in favor and 30 against. This brings the GENIUS Act one step closer to defining the legal framework for stablecoins. This strong support means the bill could pass the U.S. Senate as early as next week. If leaders speed up the process, an even earlier vote is possible. State-level regulations aimed at increasing transparency, especially for smaller stablecoin issuers, are also on the way.  

What Does the GENIUS Act Aim For?  

The GENIUS Act primarily aims to integrate stablecoins into the U.S. financial system. It expects a significant capital inflow into the crypto market. The bill creates the first federal framework for stablecoins, currently an unregulated payment product. This framework seeks to protect consumers and ensure the stability of the financial system. Additionally, the bill allows banks and non-bank entities to issue stablecoins. This could encourage large companies like Meta or Google to enter the market, potentially increasing liquidity.  

Strict Rules for Stablecoins Are Coming: Banks Are Involved Too!  

The GENIUS Act also considers the concerns of the banking sector. To prevent banks from competing with deposits, they might prohibit interest-bearing stablecoins. In fact, major banks like Bank of America are planning to launch their own stablecoins. This shows how intense the competition is.  

The new bill mandates that stablecoin issuers always maintain a 1:1 dollar reserve. They will typically hold these reserves in secure assets like U.S. Treasury securities. Also, mandatory audits are on the way for issuers with a market capitalization over $50 billion.  

After passing the Senate, the bill will go to the U.S. House of Representatives. Ultimately, U.S. President Donald Trump will sign the bill. President Trump and Treasury Secretary Scott Bessent support the bill. This strengthens the possibility of the bill soon becoming law.  

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This transaction took place under new regulations allowing institutional investors and non-profit organizations to sell crypto assets. According to Upbit’s parent company Dunamu, the ETH was held by the organization’s President, Myung-hwan. 

FSC Approves Non-Profit Crypto Sales

The Financial Services Commission (FSC) permitted non-profit organizations to sell crypto donations starting June 1. This enables organizations to quickly convert crypto assets received as donations into cash. Crypto exchanges will also convert the assets collected from transaction fees into fiat currency. The crypto assets allowed for sale in South Korea are limited to digital currencies ranked within the top 20 by market size on the country’s five leading won-based exchanges. Additionally, exchanges are required to prevent conflicts of interest with users and minimize their impact on the market.

The FSC approved the new rules on May 20. With this step, crypto sales became possible for non-profit organizations. The FSC plans to implement more comprehensive regulations in the second half of 2025. However, transactions must use real-name accounts and comply with anti-money laundering (AML) regulations. 

This regulation is part of South Korea’s gradual lifting of crypto bans. The FSC will introduce broader rules to allow publicly traded companies to participate more easily in crypto trading. Thus, South Korea is entering an important new era in the crypto market. Non-profit organizations can now sell crypto donations, enabling greater resource diversification. 

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This acquisition comes despite a $1.4 billion IMF deal signed in December 2024, which included stipulations that El Salvador stop using public funds to purchase Bitcoin. However, the government appears unfazed by the agreement’s conditions.

President Bukele Pushes Back Against IMF

In January 2025, El Salvador’s Congress repealed the Bitcoin legal tender law, but the country’s Bitcoin acquisitions did not slow. In March, the IMF reiterated its demand to stop BTC purchases. President Nayib Bukele strongly opposed the request:

“No, it’s not stopping. If it didn’t stop when the world ostracized us and most ‘Bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future,” Bukele declared on X.

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A Blueprint for Future Bitcoin Nations

El Salvador is currently the only country buying Bitcoin in open markets, setting an example that crypto leaders believe could inspire other nations to follow suit. The country’s strategy combines financial independence with technological innovation to support long-term economic growth.

El Salvador remains at the forefront of global Bitcoin adoption, pursuing a path of sovereignty in the digital age.

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You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

In response, Republican lawmakers rebranded the hearing as a “roundtable” to bypass procedural rules and continued discussions.

Crypto Regulation Becomes a Political Battlefield

Despite the political tension, HFSC Chair French Hill pushed forward with calls to build a lasting crypto regulatory framework. Democrats, however, raised concerns about Trump’s memecoin, his family’s ties to crypto firms, and a $2 billion investment involving USD1 stablecoin and Binance.

In protest, Democrats released draft legislation to ban the President, Vice President, members of Congress, and their families from owning or profiting from crypto. The bill also restricts them from holding leadership positions at digital asset companies.

As crypto legislation collides with politics, progress on the market structure bill may face serious delays. The battle over Trump’s crypto connections signals deeper divisions over the future of digital assets in the U.S.

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