🚀 Crypto Weekly Wrap: June 28, 2025 - Market Surges, Regulatory Shifts & The Next Big Pump

Bitcoin smashes through resistance—altcoins ride the wave as institutional money floods in. Meanwhile, regulators scramble to keep up (as usual).

Bull Run or Bull Trap? BTC’s 15% weekly surge has traders debating whether this is the start of a new ATH season or just another fakeout. ETH, SOL, and memecoins follow suit—because when Bitcoin sneezes, the whole market catches a cold.

Regulatory Roulette: The SEC delays another ETF decision (shocking), while Asia’s crypto hubs double down on pro-innovation policies. Guess where the capital’s flowing?

DeFi’s Silent Rebound: TVL quietly climbs back to $100B—proof that yield farmers never sleep, even when VCs do.

Closing thought: Wall Street still can’t decide if crypto is ‘digital gold’ or ‘toxic gambling.’ Meanwhile, the rest of us keep stacking sats. 🤷‍♂️

What a week! 

From courtroom setbacks to bold state-level Bitcoin bets, the past few days saw a mix of strong signals and deeper tensions. Big names like Coinbase, Tether, Mastercard, and Trump Media all made headlines – for very different reasons.

While regulators in the U.S. debate the future of crypto laws, state governments are moving faster. And behind the scenes, institutions are starting to quietly step in.

If you’ve struggled to keep track, I’ve got you. Here’s everything that mattered this week. 

Dive in.

#1 Coinbase helps recover $225M in crypto fraud case 

One of the biggest crypto fraud recoveries ever happened! The U.S. Secret Service seized $225 million in USDT tied to pig butchering scams, with Coinbase helping trace funds and identify over 130 victims. The operation uncovered a global web of fake investment platforms and romance scams, many linked to trafficked individuals.

Tether froze the assets, later burning and reissuing them to a wallet under government control. Coinbase’s blockchain analysis and subpoenas played a key role and now, it’s urging affected users to file claims.

#2 Trump Media Moves to Buy Back $400M in Shares

Trump Media & Technology Group (TMTG), the parent of Truth Social and Truth+ announced a $400 million stock repurchase plan. The board’s approval signals strong confidence, with CEO Devin Nunes saying the company now has “flexibility to take bold steps to create shareholder value.”

The buyback will include both shares and warrants, and all repurchased securities will be retired. But the real gem? This won’t change the company’s $2.3 billion commitment to Bitcoin. With $3 billion in reserves, TMTG seems ready to play big on Wall Street and on-chain.

#3 Texas Becomes 3rd U.S. State to Back Bitcoin with Reserve Law

Texas has signed off on a bold new law: a bitcoin reserve for the state’s finances. Governor Abbott just approved SB 21 – the Texas Strategic Bitcoin Reserve Act – which lets the state hold Bitcoin as a hedge against inflation and market volatility. Only assets with a $500B market cap qualify, and right now, that means just one player: Bitcoin. 

A five-member advisory panel will oversee it, and a companion bill ensures legal safeguards are already in place. The law kicks in September 1, 2025.

#4 Chainlink Powers Fiat-to-Crypto with Mastercard

This could change crypto onboarding for good! Mastercard and chainlink are teaming up to let 3.5 billion cardholders buy crypto directly on-chain.

Powered by Swapper Finance and ZeroHash, the integration enables instant fiat-to-crypto conversions on Uniswap, backed by Mastercard’s global rails and fraud protection. BUT fees still bite. And oddly, USDC isn’t supported (yet), while USDT, PYUSD, and USDe make the list. 

#5 SEC and Ripple Tried to Settle – But the Court Said No

A federal judge has thrown out a joint attempt by the SEC and Ripple to settle their long-running XRP lawsuit. The deal would’ve reduced Ripple’s penalty from $125M to $50M and scrapped a permanent injunction but Judge Analisa Torres wasn’t having it.

“The parties do not have the authority to agree not to be bound by a court’s final judgment,” she wrote.

Her ruling leaves Ripple’s legal future hanging, with no confirmed next steps from the company or the SEC.

#6 Banks Free to Serve Crypto Clients, Says Jerome Powell

In a rare moment of clarity, U.S. Federal Reserve Chair Jerome Powell confirmed that banks are free to provide banking services to the crypto industry as long as they manage risk properly. 

Speaking on June 24, Powell made it clear: “Banks get to decide who their customers are.”

The statement offers long-awaited reassurance to traditional institutions that have tiptoed around digital assets for years. Crypto services like custody and trading may now expand, but capital, liquidity, and compliance rules aren’t going anywhere.

#7 Tether Aims to Dominate Bitcoin Mining by End of 2025

Tether isn’t mining Bitcoin for profit – it’s doing it to protect what it already owns. 

CEO Paolo Ardoino revealed that with over 100,000 BTC on its books, valued at $10 billion+, the stablecoin giant is now building mining infrastructure as a form of strategic defense. He explained that anyone chasing pure profits WOULD be better off simply buying Bitcoin, not investing in infrastructure.

Tether has already invested $2M+ across energy and mining projects, backing renewable power sources and local mining sites in a push to become the largest miner by 2025.

#8 Schiff Targets Trump’s Crypto Profits with COIN Act

U.S. Senator Adam Schiff has introduced the COIN Act – a bold bill designed to block top government officials from cashing in on crypto while in office. The MOVE comes just as Donald Trump’s digital asset ventures hit headlines, with over $57 million reportedly earned from token sales alone.

If passed, the bill would ban presidents, vice presidents, and senior officials from creating or promoting coins, NFTs, or stablecoins with penalties including forfeited profits and jail time. 

Schiff calls it a necessary guardrail against blurred ethical lines. Hard to argue with the logic.

#9 Solana, XRP, DOGE ETFs? Analysts Say It’s Likely

Bloomberg’s James Seyffart and Eric Balchunas are putting the odds at “90% or greater” for the approval of major crypto ETFs. Their updated forecast points to Solana, XRP, Dogecoin, and Litecoin getting ETF treatment, backed by what they call “constructive conversations” with the SEC. This shift could mean altcoins are now being viewed as commodities, placing them outside the SEC’s toughest grip. 

But don’t expect instant action – Seyffart notes final approvals could still be months away, possibly beyond October.

#10 Two Crypto Bills Must Pass in 2025, Says Senator Lummis

Senator Cynthia Lummis is done waiting. 

In a firm message on CNBC this week, the Wyoming lawmaker urged Congress to pass two major crypto bills in 2025: the GENIUS Act and the long-awaited market structure bill. “I’m not saying combine them, but they both need to pass this year,” she told Squawk Box’s Joe Kernen. 

Her comments come as lawmakers try to merge House and Senate proposals into a unified crypto framework with stablecoin clarity now a critical piece of the puzzle.

In the Spotlight 

Here’s a few quick hits you shouldn’t miss! 

Singapore’s High Court granted WazirX more time to revise its recovery plan after last year’s hack. The exchange is betting on tokenized repayments, but user trust and court approval remain shaky.

This is a cross-border payments app enabling instant international transfers across 300+ assets in 110 countries. The app also offers up to 10% yields on select digital holdings and rewards on USDG balances.

Regulators say Coinme broke state rules by exceeding daily transaction limits and omitting key disclosures at its kiosks. The company will pay $300K in penalties, including restitution to a scam victim.

Arizona’s assembly has passed HB2324, a bill to create a Bitcoin and Digital Assets Reserve Fund using seized crypto assets. If signed, it would mark the state’s second crypto reserve law and signal growing momentum after Texas.

Hackers breached CoinMarketCap and Cointelegraph websites with fake wallet pop-ups, tricking users into exposing private data. CZ warned users to avoid wallet connections, as nearly $18,600 was stolen from 39 victims.

What’s Next for Crypto?

Major shifts to expect ahead 

• The U.S. could finally clear the air. With Senator Lummis doubling down on the need to pass both the GENIUS Act and a market structure bill, 2025 may be the year the U.S. defines its crypto rulebook. But there’s a narrow window and plenty of political friction ahead. 
• The altcoin ETF wave is gathering speed but timing is still unclear. The SEC’s softer stance signals progress, but a formal green light likely won’t come before October.
• Bitcoin reserves are no longer just a talking point. Texas is in. Arizona is close. Expect more governments and corporates  to follow suit.
• Hacks and scams continue: user confidence is still fragile. 
• Jerome Powell’s green light for banks to engage with crypto was big, but rate decisions still loom large. With inflation softening and rate cuts on the table, risk appetite could return fast