Nigel Farage, leader of Reform UK, has sharply reduced his public media appearances in recent weeks as Parliament investigates whether he failed to declare a £5 million (about $6.4 million) gift from cryptocurrency billionaire Christopher Harborne ahead of the 2024 general election. Figures show Farage held 20 press conferences in the first four months of the year, but just one in May, after the previously undisclosed donation was reported on April 29. Critics note Reform UK later promoted a number of crypto-friendly proposals, including cutting the capital gains tax rate on crypto assets to 10% from 24% and creating a national Bitcoin reserve held at the Bank of England. After the UK Parliament's Commissioner for Standards said an inquiry would be opened, Reform UK removed a draft digital finance policy document from its website at the end of May. (FT)

Sam Bankman-Fried has lost his most significant appeal to date, tightening the former FTX chief executive's remaining legal options as a separate clemency request continues to sit with the White House. A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Friday unanimously upheld Bankman-Fried's 2023 fraud conviction and the 25-year sentence imposed after the collapse of the FTX cryptocurrency exchange. Circuit Judge Barrington Parker, writing for the panel, called the government's case "robust," saying the trial record provided ample support for the jury's verdict. Prosecutors argued Bankman-Fried diverted about $8 billion of customer money from FTX to Alameda Research, the trading firm he founded, describing the conduct at trial as a "fraud of epic proportions." A federal jury convicted him in 2023 on seven counts, including fraud and conspiracy. The appeals court endorsed prosecutors' central narrative: Bankman-Fried publicly told customers, investors and regulators that assets were safe while using FTX funds for personal spending, political donations, investments and real estate purchases. The panel rejected claims that U.S. District Judge Lewis Kaplan wrongly excluded evidence the defense said would have supported Bankman-Fried's belief that FTX could meet customer withdrawals. Citing precedent, the court held that fraud is complete when money is obtained through deception. Under that standard, customers were defrauded once their funds were moved to Alameda, regardless of any later intent or belief about repayment. Bankman-Fried has consistently maintained he did not steal customer funds, acknowledging management failures at FTX but denying criminal wrongdoing. Earlier attempts to win a new trial also fell short. He filed and later withdrew a Rule 33 motion asserting newly discovered evidence, and Judge Kaplan later denied a retrial request after concluding the witnesses in question were not newly discovered. Prosecutors also contested defense assertions that FTX remained solvent before its collapse, pointing to reports that the exchange held just 105 Bitcoin against customer claims of roughly 100,000 Bitcoin. Separately, Bankman-Fried has applied for a presidential pardon, described in filings as a "pardon after completion of sentence." Public backing appears limited. President Donald Trump told The New York Times earlier this year that he did not plan to pardon Bankman-Fried, and the White House has directed reporters to those comments. Senator Cynthia Lummis has also said she hoped Trump would not grant clemency given the losses suffered by customers. Now 34, Bankman-Fried is serving his sentence at a low-security federal prison near Santa Barbara, California. Bureau of Prisons records list his current release eligibility as 2044. His lawyers did not immediately respond to requests for comment on the ruling. Bankman-Fried can still ask the full Second Circuit to rehear the case en banc or petition the U.S. Supreme Court, but Friday's decision closes a major route to overturning the conviction. For the crypto sector, the ruling stands as a major accountability marker stemming from one of the industry's largest failures. It also reinforces the ongoing regulatory and criminal risks faced by exchanges and executives, underscoring that deceptive commingling of customer assets can carry severe penalties.

The U.S. Securities and Exchange Commission has proposed rolling back two longstanding provisions of Regulation NMS that shape how U.S. equity orders are routed and quotations are displayed. The initiative is pitched as a cleanup of legacy market mechanics, though it could also carry indirect implications for tokenized equities. What the SEC is proposing The agency is seeking to rescind Rule 611, known as the Order Protection (Trade-Through) Rule, and Rule 610(e), which restricts locked and crossed quotations. Adopted in 2005, Rule 611 generally limits trading venues from executing trades at prices inferior to protected quotes displayed on other venues. Rule 610(e) governs situations where bids and offers across venues produce locked or crossed markets. The SEC argues that, after two decades of market evolution, the rules have contributed to "unintended complexity." It says removing them would simplify equity market structure, reduce trading complexity, and lower costs. Estimated savings and process The SEC estimates annual cost savings of about $54.2 million to $77 million for exchanges, alternative trading systems (ATSs), broker-dealers, and OTC market makers, citing reduced compliance, monitoring, and order-routing infrastructure costs. The proposal will be published in the Federal Register and will be subject to a 60-day public comment period. It is not final and could be revised or withdrawn depending on feedback. Why digital-asset market structure is paying attention The SEC did not present the proposal as a crypto or tokenization initiative. Still, digital-asset market-structure observers are watching closely because tokenized equities and real-world-asset platforms ultimately must operate within the U.S. securities framework. Onchain trading models, particularly automated market makers (AMMs) that trade against liquidity pools using pricing formulas, typically do not route each order to check the national best bid and offer the way traditional venues do. Under a strict trade-through regime, that mismatch can create compliance tension if a tokenized-stock AMM executes at prices that diverge from protected quotes on other venues. In theory, removing rigid per-trade routing requirements could make it easier to design blockchain-based equity trading systems that fit within regulatory constraints. The SEC's stated motivation, though, is simplification and cost reduction in traditional markets$not building a tokenization framework. Key caveats Repealing these Reg NMS rules would not automatically legalize tokenized stocks or eliminate other regulatory hurdles. Exchanges, broker-dealers, ATSs, custody providers, and tokenized-asset platforms would still need to comply with a range of securities-law obligations. Other exchange-level rules and FINRA requirements may also need updates, and changes to Regulation NMS alone would not remove every barrier. Bottom line The SEC's proposal represents a meaningful rethink of legacy U.S. equity market plumbing. While not a crypto rulemaking and not an endorsement of tokenized equities, it could indirectly reduce certain structural frictions for onchain trading models. The public has 60 days to comment. Source: U.S. Securities and Exchange Commission (SEC Newsroom proposal).

Brazil's Chamber of Deputies Committee on Finance and Taxation (CFT) has approved Bill PL 5819/2025, empowering courts to order the freezing of assets held by suspects at cryptocurrency exchanges and banks, according to Livecoins. Approved on June 10 local time, the proposal would also raise prison terms for cyber fraud to six to ten years, up from four to eight years, with sentences increased by one-third when organized crime is involved. The bill also allows preventive detention when there is a risk of flight or when losses exceed 100 minimum wages. Next, the measure heads to the Constitution and Justice Committee (CCJ) and still requires approval in full sessions of both chambers.

Brazil's Chamber of Deputies Committee on Finance and Taxation (CFT) has approved a bill aimed at curbing cyber fraud, including provisions that would allow authorities to freeze cryptocurrency balances held by individuals under police investigation, ME News reported on June 13 (UTC+8). The proposal would amend relevant sections of the Criminal Code to raise penalties for cybercrime. Offenses carried out via social media or phone calls would face tougher punishment, while convictions for cyberattacks would carry prison terms of 6 to 10 years, up from the current 4 to 8 years. Under the bill, judges would be empowered to freeze suspects' assets held on Bitcoin exchanges and in bank accounts. Preventive measures outlined in the text also include freezing physical assets and restricting access to payment systems. The bill now moves to the Committee on Constitution and Justice (CCJ) for review, with the process expected to conclude in the coming days. (Source: ChainCatcher)

Odaily Planet Daily reports that the U.S. Commodity Futures Trading Commission (CFTC) has sued New Mexico Governor Michelle Lujan Grisham, Attorney General Raúl Torrez, and other officials in the U.S. District Court for New Mexico, aiming to stop the state from applying its gambling regulations to prediction market platforms. The dispute follows New Mexico's lawsuit against Kalshi, in which the state alleged the platform offered sports betting to New Mexico residents without authorization and allowed participation by users below the state's legal gambling age of 21. The Attorney General's office has argued that lawful gambling in New Mexico may operate only under tribal-state gaming compacts or within a tightly regulated state framework. The CFTC contends that platforms such as Kalshi list federally regulated derivatives contracts, not gambling products under state law. CFTC Chair Michael Selig said New Mexico is trying to extend state gambling laws to federal derivatives exchanges that fall under the CFTC's exclusive jurisdiction. In recent months, the CFTC has filed similar suits against Wisconsin, Illinois, Arizona, Connecticut, and New York as it seeks to reaffirm its oversight of sports-related prediction markets. The agency also proposed broader rules for prediction markets this week, which would generally continue to allow sports-related contracts.

The Commodity Futures Trading Commission has filed a lawsuit against the state of New Mexico, stepping up its effort to keep prediction markets regulated exclusively at the federal level.

A bill in Brazil's Congress aimed at setting guardrails for a future central bank digital currency (CBDC) has cleared a key hurdle, as lawmakers seek to ensure the instrument cannot be used to expand state control, replace cash, or deepen financial exclusion. Bill 4212/25, introduced last year by Deputy Bia Kicis and revised by rapporteur Lafayette de Andrada, was approved in amended form by the Chamber of Deputies' Economic Development Committee and now heads to floor votes. The proposal targets limits on the Central Bank of Brazil and other institutions involved in any eventual CBDC rollout, citing the need to protect economic freedom, privacy, and public security. Under the text, a central bank-issued digital currency would be barred from substituting paper money, could not be imposed as legal tender, and could not be deployed as a tool for political or ideological surveillance. The bill also includes a provision designed to prevent digital-first policy from shutting out vulnerable groups: Article 5 requires authorities to ensure that drex does not lead to financial exclusion, with accessible alternatives guaranteed for people without access to digital media. Kicis argues that while an official digital currency such as Brazil's drex could bring meaningful benefits, global precedents show the technology can also facilitate mass surveillance and transaction monitoring, raising concerns around privacy, individual liberty, and citizen safety. The legislative push comes as the central bank reassesses drex and has already narrowed the project's scope amid privacy concerns. Even so, debate continues over the risks of a fully digital system for less tech-savvy citizens and others who rely on cash for daily spending. The bill still requires approval in both chambers of Congress and presidential sign-off. Its progress signals growing interest in codifying checks on any future CBDC and how it could be used by the Brazilian government.

The U.S. Commodity Futures Trading Commission (CFTC) has sued New Mexico Governor Michelle Lujan Grisham, Attorney General Raúl Torrez and other state officials in the U.S. District Court for New Mexico, seeking to stop the state from applying its gambling regulations to prediction market platforms. New Mexico previously filed suit against Kalshi, alleging the platform offered sports betting to state residents without proper authorization and allowed participation by users below the state's legal gambling age of 21. The attorney general's office has argued that lawful gambling in New Mexico may operate only through tribal-state gaming compacts or within a tightly regulated state framework. The CFTC says Kalshi and similar venues offer federally regulated derivatives contracts, not gambling products governed by state law. CFTC Chair Michael Selig said New Mexico is attempting to apply state gambling statutes to federal derivatives exchanges that fall under the CFTC's exclusive jurisdiction. In recent months, the CFTC has brought similar actions against Wisconsin, Illinois, Arizona, Connecticut and New York to assert oversight of sports prediction markets. The agency also released proposed rules this week that would broadly allow sports-related contracts, underscoring a widening federal-state clash over where prediction markets end and sports betting begins.