Bitcoin Near $61K as Trump Stalls CBDC Bill, Binance Drops Greek MiCA Bid

Crypto News

US lawmakers are weighing whether crypto and fintech firms should plug directly into the Federal Reserve's payment rails. The House Financial Services Committee held a hearing on June 24 examining the so-called skinny master account proposal, which would grant non-bank firms direct access to Fed settlement infrastructure rather than routing through partner banks. Floated by Fed Governor Christopher Waller in October 2025, the idea has split the industry: crypto firms call it overdue, while regional banks warn newer entrants face weaker compliance burdens. Anchorage Digital Bank, the first federally chartered crypto bank, urged Congress to build a framework that keeps the US at the center of global finance.

Prediction market operator Kalshi sued the state of Illinois on June 23 in federal court, challenging a newly enacted law that forces sports-event contract platforms to obtain a state license. Senate Bill 3019, passed as part of the fiscal 2027 budget, also creates a Sports Wagering Fund taxing 15% of prediction-market betting revenue and imposes a separate 0.2% levy on crypto transactions. Kalshi argues the statute violates federal law, contending the Commodity Futures Trading Commission holds exclusive jurisdiction over event contracts as swaps under the Commodity Exchange Act. The company warns that the July 1 effective date would inflict irreparable harm, citing multimillion-dollar licensing costs and potential criminal penalties.

Total value locked across decentralized finance has collapsed roughly 39% in 2026, sliding from about $115 billion in January to near $70 billion. The contraction reflects the broader market correction since the October 2025 peak, with protocols like Aave and DEX infrastructure such as 0x Protocol operating against persistent outflows. Only two of the top ten chains grew this year — TRON, up around 5% on stablecoin settlement demand, and Hyperliquid, up roughly 7% on perpetual-futures activity. The second quarter logged the most exploits on record, with 121 hacks year-to-date. While breaches were not the primary driver, their frequency eroded user confidence and accelerated capital flight.

President Donald Trump said on June 24 he would withhold his signature from the 21st Century ROAD to Housing Act until the SAVE America Act passes. The housing bill, cleared by the House on Tuesday, carries a provision barring the Federal Reserve from issuing a central bank digital currency or substantially similar instrument through the end of 2030. Notably, the measure carves out private, dollar-denominated digital money — open, permissionless and privacy-preserving stablecoins — from the ban, leaving room for algorithmic stablecoins and other private issuers. It remains unclear whether the delay also stalls the CLARITY Act, the pending crypto market-structure bill awaiting a Senate vote.

Binance withdrew its MiCA license application in Greece, opting to pursue authorization in another EU member state ahead of the bloc's July 1 transition deadline. Co-CEO Richard Teng acknowledged that regulatory uncertainty frustrates users but reaffirmed the exchange's commitment to securing a MiCA license within months. The stakes are immediate: without authorization, Binance could be forced to suspend operations across the EU. Europe head Gillian Lynch stressed the company is not leaving the region, pointing to roughly 1,500 compliance staff. The retreat underscores how uneven the licensing race has become — one OKX executive estimated that around 80% of exchanges may not survive under the MiCA regime.

The soccer World Cup has supercharged prediction-market activity. Polymarket's soccer category booked more than $2 billion in volume during the tournament's first ten days, a 300% jump from the prior ten-day stretch, with average daily turnover climbing from $53 million pre-event to roughly $220 million. Kalshi, meanwhile, set a record as its open interest hit an all-time high of $1.16 billion on June 18 — the platform's first time above $1 billion and a 350% year-to-date gain. The divergence is telling: Kalshi's open interest is building faster than its volume, suggesting traders are holding longer-dated, directional positions rather than churning short-term bets.

Taken together, these developments sketch a market whose center of gravity has shifted from price speculation to regulatory plumbing — Fed access, MiCA passporting, CBDC bans and prediction-market jurisdiction. COINOTAG's aggregate data underscores the defensive backdrop: altcoin capital is retreating as Bitcoin dominance sits at 70.2%, total crypto market capitalization holds near $1.74 trillion, and our Fear & Greed Index reads 12 — Extreme Fear. With Bitcoin trading near $61,000, the regulatory clarity emerging from Washington and Brussels may ultimately matter more than near-term price action, determining which firms retain market access and which infrastructure survives the next cycle.