Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, US lawmakers remain divided over digital asset legislation, as questions mount about President Donald Trump’s ties to the industry. Meanwhile, Singapore’s central bank has effectively barred most crypto firms from offering foreign-only services, and Kraken has warned that careless behavior at crypto conferences is putting attendees at risk.
Crypto market structure hearing devolves into partisan claims
Republican lawmakers on the House Financial Services Committee (HFSC) pushed back against concerns that US President Donald Trump could personally profit from his exposure to the crypto industry, dismissing the claims as political “theatrics” amid ongoing debate about digital assets legislation.
In a June 6 hearing organized by Democrats, HFSC ranking member Maxine Waters defended that the lawmakers should focus on “information that has not been explored during the committee hearing” on June 4, which dealt with concerns around the Digital Asset Market Clarity (CLARITY) Act. The debate around the crypto market structure bill, expected to head for a vote on June 10, has been partly shadowed by calls for provisions to stop Trump from potentially using the legislation to his personal benefit.
Representative Bryan Steil, who chairs the digital assets committee, dismissed criticisms as “Trump derangement syndrome,” a term often used to describe negative reactions to the president’s policies. Cointelegraph reached out to a Steil spokesperson for comment but had not received a response at the time of publication.
“My Republican colleagues refuse to even acknowledge President Trump’s crypto corruption, which undermines their efforts to pass this bill,” said Rep. Stephen Lynch following Steil’s remarks. “I assume out of fear and backlash from the president.”
It’s unclear whether the Democrats’ efforts will garner enough support among members of their party or Republicans to slow or halt passage of the CLARITY Act. Before Trump’s dinner to reward his memecoin holders on May 22, Waters introduced a separate bill to block the president, vice president, members of Congress and their families from engaging with digital assets.
Advertisement
Start Your Crypto Journey with Coinbase! Join millions worldwide who trust Coinbase to invest, spend, save, and earn crypto securely. Buy Bitcoin, Ethereum, and more with ease!
Singapore confirms near-ban on foreign-only digital token services
The Monetary Authority of Singapore has shed light on its Digital Token Service Providers (DTSPs) regime, following widespread panic in the industry over a potential ban on crypto firms serving overseas clients
In a June 6 announcement, MAS reiterated that starting June 30, crypto firms “providing services solely to customers outside of Singapore relating to digital payment tokens and tokens of capital market products will need to be licensed.”
However, the regulator warned that such licenses will be granted only in “extremely limited circumstances.”
“MAS has set the bar high for licensing and will generally not issue a licence,“ the agency said, citing the difficulty of supervising offshore firms and money laundering risks as key concerns.
MAS is unable to effectively supervise such persons,” the regulator added. Consequently, businesses unable to obtain licenses will “have to cease their regulated activities.”
The crypto market took notice when the MAS set a deadline of June 30 for local crypto service providers to stop offering digital token services to overseas markets earlier this month.
The new rules have already triggered a shift. India-serving but Singapore-based crypto exchange WazirX announced that it will be moving its operations to Panama, shortly after the MAS announced the deadline.
Crypto users fail ‘basic situational awareness’ at events, says Kraken
Crypto conference attendees fail at “basic situational awareness” and security measures, opening themselves up to exploitation by bad actors hiding in the crowd at events, Kraken’s security chief Nick Percoco said on June 5.
Percoco’s team noted that laptops and phones owned by staff at popular crypto protocols have been left unlocked and unguarded on tables at events, and some attendees have openly discussed their crypto gains while exposing their personal information.
Percoco said that basic security measures are important for crypto conferencegoers as scammers also attend these events, and it’s easy for them to build a cover story, register under fake personas and appear like they belong.
“Crypto, at its core, is about being your own bank. And it is incredibly difficult to achieve the promise of financial freedom if your personal security and operational security aren’t prioritized above all else,” he added.
The Kraken security boss recommended that crypto conferencegoers be wary of public charging points and WiFi and to “be discreet to protect yourself and those around you” when discussing crypto-related topics in public.