Trump’s crypto windfall turns political

July 03, 2026

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India’s central bank wants crypto kept out of banks

Key points:

  • The Reserve Bank of India (RBI) told lawmakers that crypto should not be legalized, warning that formal regulation could legitimize speculative assets and create a false sense of safety.

  • The central bank wants banks, payment systems, and regulated financial institutions insulated from crypto and privately issued stablecoins, even as India’s accounting body pushed for a broader legal framework.

News - India’s central bank has renewed its hardline crypto stance as lawmakers review how the country should handle digital assets.

RBI Deputy Governor Rohit Jain and Executive Director P. Vasudevan told the Parliamentary Standing Committee on Finance that cryptocurrencies pose risks to India’s economy and should not receive legal status. The RBI also recommended blocking crypto from payments and settlements, while barring banks and regulated financial institutions from holding, trading, or taking exposure to crypto assets and privately issued stablecoins.

A banking wall, not a crypto rulebook - The RBI’s proposal centers on containment rather than regulation. It argued that applying traditional financial rules to crypto could legitimize speculative products that offer no beneficial economic impact.

Stablecoins drew separate scrutiny. The RBI warned that privately issued versions could weaken monetary policy transmission, fragment payment systems, and challenge India’s monetary sovereignty.

The adoption debate gets sharper - The RBI also pushed back on claims that India leads global crypto adoption, saying population-heavy rankings overstate actual market depth. It told the panel that India has 54 FIU-registered service providers and 39.3 million KYC-verified users holding about 20,437 crore rupees, or roughly $2.4 billion, in crypto assets.

A widening policy split - The RBI’s stance clashed with the Institute of Chartered Accountants of India, which said digital assets could offer strategic opportunities if paired with India’s fintech strengths.

Lawmakers are now left weighing two very different paths: isolate crypto from the banking system, or create a wider legal framework for issuance, trading, and custody.

Trump’s crypto windfall becomes an optics fight

Key points:

  • U.S. President Donald Trump reported at least $1.4 billion in 2025 crypto-related income, with major gains tied to his memecoin business, World Liberty Financial, and Stablecoin Holdco.

  • Treasury Secretary Scott Bessent dismissed appearance concerns, while critics argued Trump is profiting from crypto as his administration pushes a pro-industry agenda.

News - Trump’s crypto earnings have become a fresh political flashpoint after financial disclosures showed at least $1.4 billion in income tied to digital asset ventures.

The filings listed about $636 million from his memecoin business, roughly $594 million from World Liberty Financial, and nearly $197 million from an equity sale involving Stablecoin Holdco. Trump told CNBC there was “nothing wrong” or illegal about the income, adding that he was not fully aware of the size of his family’s crypto holdings.

The official defense hardens - Bessent told CBS News he did not see “an appearance problem” with the disclosure. A White House spokesperson also said there were “no conflicts of interest,” while Bessent framed the administration’s stance as part of a wider innovation agenda covering crypto, AI, and the tech ecosystem.

The conflict question stays alive - Democrats have argued that the windfall creates a conflict because Trump’s administration has sought to ease crypto regulation, promote dollar-backed stablecoins, and position the U.S. as the “crypto capital of the world.”

Trump pushed back, saying the U.S. needs to lead in crypto or risk China taking over the sector.

The buyer-loss angle deepens scrutiny - Economist Peter Schiff added another layer of criticism, arguing that Trump-linked memecoins function as a way to buy access rather than returns. CoinGecko data showed TRUMP down 98% from its January peak, while MELANIA was down more than 99%.

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Open USD’s partner list runs into a consent test

Key points:

  • Several South Korean firms listed as Open USD consortium members said they had not formally agreed to participate, raising questions over the stablecoin’s 140-company alliance claim.

  • Samsung, Dunamu, Shinhan Financial Group, and K Bank said their involvement was either not formally discussed or limited to reviewing possible future participation.

News - Open Standard’s Open USD stablecoin is facing early backlash after several companies disputed their inclusion in its announced partner roster.

The project said more than 140 businesses had “signed up to use” OUSD, including major finance, payments, and technology names. However, reports from Chosun Biz and follow-up comments from listed firms showed that at least some South Korean companies did not view themselves as committed consortium members.

Samsung Electronics said it had not held formal consultations and did not know what role it would play. Dunamu, Shinhan Financial Group, and K Bank said Open Standard had only asked whether they would consider participation.

The roster was the pitch - OUSD’s biggest selling point was its claimed corporate network. The stablecoin model offers participating companies fee-free minting and redemption, no volume limits, and a share of reserve income after costs.

That makes the partner dispute more damaging. If some listed firms were only exploring the idea, OUSD’s early network effect may be less firm than the launch suggested.

The credibility gap widens - Upbit clarified that it had only expressed potential willingness to consider future participation in the OpenStandard ecosystem, not OUSD issuance. Circle CEO Jeremy Allaire also posted that “integrity matters,” while Open Standard had not addressed the Korean accounts in the provided sources.

Logos now need volume - Some commitments, including Stripe’s default stablecoin pledge and Coinbase’s Base integration, appeared firmer. Still, the real test will come when OUSD launches later this year and companies actually mint, hold, or settle with it.

MiCA’s deadline starts sorting Europe’s crypto market

Key points:

  • ESMA added 37 crypto-asset service providers to its MiCA register after the July 1 transition deadline, bringing the EU’s licensed CASP total to 280.

  • Standard Chartered secured MiCA and EMI licenses through its Luxembourg entity, while unauthorized firms now face wind-down pressure or service limits.

News - Europe’s crypto rulebook has entered its first major enforcement phase after the Markets in Crypto-Assets Regulation transition period ended on July 1.

The European Securities and Markets Authority’s latest register update added 37 licensed crypto-asset service providers, including Standard Chartered, FalconX, Sygnum Europe, and Ronin EM. Crédit Agricole’s CACEIS was also added to the electronic money token issuer register, while total authorized CASPs rose from 243 to 280.

The license wave marks a cutoff - The latest update was the first major post-deadline batch since MiCA’s grandfathering period closed. Firms that missed the deadline can no longer serve EU clients under national rules and are expected to wind down operations or face enforcement action.

Experts also warned that early enforcement may vary by country because national regulators still handle day-to-day supervision, even as ESMA coordinates across member states.

Standard Chartered gets its EU route - Standard Chartered received both a MiCA authorization and an Electronic Money Institution license through Standard Chartered Luxembourg S.A.

The bank said the approvals support its European digital asset strategy and build on custody launches already live in Asia and the Middle East. Its MiCA status also gives it a path to expand services across Europe through phased passporting, subject to further approvals.

The exclusion test begins - MiCA’s next question is not just who gets licensed, but who gets left out. Binance withdrew its Greek MiCA application before the deadline, paused some EU services and new registrations, and said it remains committed to securing a new license in Europe.

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Crypto scams uncovered

  • World Cup hype is already getting an on-chain scam layer: Crypto scammers have started targeting 2026 World Cup fans through fake ticketing sites, fixed-match betting pitches, scam-kit sellers, and fan-branded memecoin promotions. The warning sign is timing, with fraud infrastructure being seeded months before demand peaks.

  • The AI trading bot pitch is still a fraud magnet: A Texas resident was charged over an alleged crypto trading scheme that raised about $12.3 million from around 150 investors, partly by claiming proprietary AI bots would run high-frequency arbitrage. The case shows how “AI-powered” crypto returns can still be a familiar Ponzi-style script in newer packaging.

  • Wash trading became the undercover sting target: Federal prosecutors charged 10 foreign nationals tied to four crypto market-making firms over alleged schemes to inflate token volume and prices before dumping holdings on investors. The case stood out because investigators used FBI-created crypto tokens to infiltrate professional wash-trading services.

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Top 3 coins of the day

NEAR Protocol (NEAR)

Key points:

  • NEAR pushed to around $2.11 after the Elliott Wave count marked wave 5/(c) near $1.72-$1.80, turning $2-$2.02 into the support zone to monitor.

  • MACD stayed positive, with the histogram around 0.024, while volume rose to 5.11M as NEAR moved toward the $2.20-$2.25 resistance area.

What you should know:

NEAR’s recovery moved from upgrade narrative to structure repair. After the Elliott Wave count marked wave 5/(c) near $1.72-$1.80, price climbed back above $2 and reached around $2.11 on the latest 4H candle. MACD stayed positive, with the histogram around 0.024, showing momentum continued to improve. Volume also rose to 5.11M, giving the breakout more participation as NEAR approached $2.20-$2.25. The $2-$2.02 area is the support zone to monitor if the move cools. Outside of the chart, NEAR’s 2.13 testnet upgrade, FIPS-204 post-quantum access keys, Dynamic Resharding, and NEAR Intents crossing $22 billion in volume supported the set of positive developments driving interest in the project.

Hyperliquid (HYPE)

Key points:

  • HYPE hovered near $69.71 as the Elliott Wave count placed price around wave (3), keeping $70-$72 as the zone to clear for stronger continuation.

  • Stochastic RSI was stretched at 100.00 and 98.54, while volume stood at 70.36K, making participation important if buyers want to avoid a fade toward $66-$67.

What you should know:

Hyperliquid’s buyback bid ran straight into a $70 resistance chase. HYPE traded near $69.71 on the latest 4H candle, with the Elliott Wave count placing price near wave (3) and a possible wave (4) pullback area around $66-$67. Stochastic RSI was maxed out at 100.00 and 98.54, showing strong but stretched momentum, while volume stood at 70.36K, below earlier rally spikes. That makes $70-$72 the zone to clear before the move looks more convincing, with $68-$69 as near-term support. Beyond technicals, HypeStrat’s $40.6 million purchase of 600,000 HYPE, VALR’s upcoming July 6 integration for 200+ perpetual markets, and OI rising to $2.67 billion supported demand.

World Liberty Financial (WLFI)

Key points:

  • WLFI slipped to around $0.0565 after losing the Supertrend support near $0.057, leaving $0.057-$0.058 as the first reclaim zone.

  • Stochastic RSI dropped to 2.80 and 13.01, while volume rose to 15.5M on a red candle, showing active selling despite stretched downside momentum.

What you should know:

WLFI’s weakness came with headline risk pressing directly into the chart. Price fell to around $0.0565 on the latest 4H candle, slipping below the Supertrend support near $0.057 after a recent Sell signal around $0.060-$0.061. That makes $0.057-$0.058 the first zone to reclaim, while $0.0558-$0.056 is the immediate support area to monitor. Stochastic RSI sank to 2.80 and 13.01, showing heavy short-term weakness, and volume rose to 15.5M during the decline. Aside from the technical picture, federal filings showing $515 million from WLFI token sales, the reported 75% Trump-controlled sales cut, and over 85% of secondary buyers sitting at a loss hurt sentiment.

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