The proposal outlines a seven-step framework that includes real-time regulatory oversight and updates to investor accreditation standards. Crypto-native companies are ramping up efforts to influence regulatory guidance on digital asset transactions. On Monday, transfer agent Fairmint proposed a framework to the United States Securities and Exchange Commission’s (SEC’s) Crypto Task Force targeting what it described as outdated and fragmented back-end infrastructure in private securities administration. Submitted to SEC Chairman Paul Atkins and Commissioner Hester Peirce, Fairmint’s seven-part proposal targets standardizing infrastructure for interoperability across transfer agents, introducing real-time regulatory observability through blockchain and enabling investor self-custody with compliance safeguards. It also calls for a shift to knowledge-based accreditation standards, moving away from traditional income and net worth thresholds, and for a regulated decentralized finance (DeFi) sandbox. Read more
The project said several wallets had “coordinated a liquidity attack with an egregious malicious attempt” followed by “aggressive ZKJ sell-offs.” The team behind Polyhedra Network reported several factors that likely contributed to an 83% price crash of its ZKJ token on Sunday. In a Monday X post, Polyhedra attributed five significant factors causing Polyhedra Network (ZKJ) to fall to $0.32 from $1.92 within hours — a drop of more than 80%. According to the blockchain project, there were “significant token deposits stemming from a coordinated on-chain liquidity attack, substantial deposits by Wintermute into centralized exchanges, and cascading liquidations on these exchanges.” Polyhedra said several wallets had “coordinated a liquidity attack with an egregious malicious attempt,” with withdrawals targeting a ZKJ/KOGE liquidity pool on PancakeSwap, followed by “aggressive ZKJ sell-offs.” The affected trading pairs had fragile and imbalanced liquidity, leading the sell pressure to extend into ZKJ’s primary USD...
US President Donald Trump promoted a 250th anniversary celebration of the Army that coincided with his birthday, leading to a sharp divide in how many Americans spent June 14. Update (June 16 at 10:13 pm UTC): This article has been updated to include more information on Coinbase’s financial contribution. Coinbase is facing backlash from crypto users after sponsoring the 250th anniversary celebration of the US Army in Washington, D.C. In a June 16 X post, Adam Cochran, a partner at venture capital firm Cinneamhain Venture, said he would be exiting his positions at Coinbase — stocks, bonds, and moving crypto assets — following the exchange’s sponsorship of the military parade. Read more
Tron will go public in the US through a reverse merger with SRM Entertainment, a Nasdaq-listed company. Eric Trump, a son of US President Donald Trump, has denied reports that he will be involved in blockchain network Tron’s intent to pursue a public offering in the United States, though he had positive things to say about the project’s founder, Justin Sun. “I’m the biggest fan of Tron,” Trump said on social media, adding that he admires Sun and considers him a “great friend and icon in the crypto space.” However, he denied an earlier report by the Financial Times claiming that he would be part of Sun’s new public venture. Read more