Trump’s Crypto Empire & BlackRock’s Bitcoin Bonanza: What You Missed This Week

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Ah, what a week it has been! A report has been released revealing that the Trump family’s cryptocurrency holdings have ballooned to a rather impressive sum of $620 million, all thanks to a mere $220 million Bitcoin mining raise. Meanwhile, in the realm of regulation, U.S. lawmakers have been bustling about, preparing for a much-anticipated “Crypto Week,” while Ripple, at long last, resolves its endless tussle with the SEC. But fear not, dear reader, for the drama doesn’t stop there. FTX is still grappling with repayments in 49 regions, including China—yes, that nation with a most *discerning* crypto ban. More on that shortly, but for now, let’s dive in. 💰

DeFi

In a rather pragmatic move, Graphite Network has unveiled its Phonebook MVP, which promises to bring decentralization to your very own phonebook! How charming. This little application seeks to introduce transparency and reputation scoring to phone numbers. One might ask, how could such a humble tool possibly bring about such a revolution? Perhaps time will tell.📞

Business

Circle, the issuer of the much-discussed stablecoin, has formally applied to set up a federally regulated national trust bank in the United States. Yes, you read that right—a trust bank. This seems to be a rather audacious move to enhance the oversight of its USDC stablecoin reserves and to keep pace with the ever-evolving regulatory landscape for digital assets. 📊

On the business front, BlackRock’s flagship Bitcoin ETF, IBIT, has, rather surprisingly, become the asset manager’s third-highest revenue-generating fund, trailing only behind the iShares Russell 1000 Growth ETF and the iShares MSCI EAFE ETF. One can only imagine how this success might encourage other institutions to follow suit. 🏦

Meanwhile, the FTX Recovery Trust is struggling to repay creditors in 49 regions, particularly in China, where crypto operations face strict legal restrictions. Oh, the drama! 😬

In perhaps the most remarkable of revelations, Trump-affiliated American Bitcoin has raised a staggering $220 million to enhance its mining infrastructure and further expand its Bitcoin treasury. It seems that not even the most unexpected of cryptocurrency enthusiasts can resist the siren call of a public listing. 📈

In other news, Sparkassen-Finanzgruppe, Germany’s largest banking group, has announced plans to introduce cryptocurrency trading by mid-2026. Naturally, this will be integrated into its flagship banking app, but with a *most cautious* approach to digital assets. No need to rush, after all. ⏳

Web3

In the fast-paced world of Web3, Cronos has taken a bold leap, joining the exclusive sub-second blockchain club with an upgrade that promises to reduce block confirmation times by a remarkable tenfold. Quite the technological feat, indeed.⏱️

In a more light-hearted twist, SCOR on Sweet, a delightful Web3 mini-app ecosystem, has introduced its latest offering: Flappy Racquet. Yes, you guessed it, an arcade-style tennis game inspired by the iconic Flappy Bird, just in time for Wimbledon. How very *timely*! 🎾

Layer 1 blockchain Dymension has launched season two of its Genesis Rolldrop, which offers tokens to participants—because who doesn’t love a good token giveaway? 💸

Not to be outdone, Nexo, a leading digital assets wealth platform, has secured a sponsorship deal with the DP World Tour for the next three years. One wonders what next? Sponsoring Wimbledon, perhaps? 🎯

In other news, the Zenswap DEX has entered its beta phase, promising true cross-chain swaps that eliminate reliance on those troublesome bridges or wrapped tokens. How refreshing! 🔗

Regulation

In an attempt to get the ball rolling on the regulation front, U.S. House Republicans have proclaimed the arrival of a “Crypto Week” in a bid to accelerate the passage of landmark bills on digital assets, stablecoins, and CBDC restrictions. One can only hope they’re not merely trying to fill up the week with buzzwords. 💼

On a more international note, the International Monetary Fund (IMF) has dismissed Pakistan’s proposal to offer subsidized electricity rates for crypto mining operations. Apparently, the IMF has some *concerns* about market distortions and the already overburdened power sector in Pakistan. Not entirely surprising, really.⚡

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on the Russia-based Aeza Group, targeting its infrastructure and executives, along with a cryptocurrency wallet allegedly tied to illicit activities. Nothing like a bit of international drama to spice up the week! 🌍

Finally, Ripple and the U.S. Securities and Exchange Commission (SEC) have amicably settled their five-year-long legal battle. One can only imagine the celebrations. 🥂

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2025-07-06 22:28