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Regulation & Policy

Elon Musk backlash over Starlink deal in South Africa

Elon Musk backlash over Starlink deal in South Africa

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The South African government has drawn heavy criticism for its proposal to loosen its Black Economic Empowerment (BEE) laws to accommodate Elon Musk’s Starlink.

Elon Musk exited the White House and immediately got himself caught up in more political drama, this time in his home country of South Africa.

The South African government is reportedly in the process of loosening its empowerment laws to accommodate Starlink, a feat that the South African telecom company, Vodacom failed to achieve.

Backlash over Starlink deal

The South African government has proposed to loosen its Black Economic Empowerment (BEE) laws to accommodate Elon Musk’s Starlink. This proposal has sparked public outrage and caused opposition parties to accuse the acting government of striking a “backdoor deal” to give the US tech giant preferential treatment.

Under existing regulations, telecom companies are required to sell at least 30% of their local equity to historically disadvantaged South Africans to operate in the country. The government intends to loosen the laws just enough to allow telecom companies to bypass that strict 30% Black ownership requirement by investing in alternative empowerment initiatives.

The government has been under pressure to improve internet access and modernize telecommunications, and argues that the law change is part of its economic reform strategy.

Critics have warned that the government’s decision sets a dangerous precedent by prioritizing foreign capital over domestic equity.

Opposition parties like Build One South Africa (BOSA) and the Economic Freedom Fighters (EFF) are leading the growing backlash against the government’s proposal. The BOSA deputy leader, Nobuntu Hlazo-Webster, said that the party has formally requested a public record of the decision from parliament to ensure transparency.

“The message being sent is that if you are a powerful foreign billionaire, you can sidestep South Africa’s laws, while our local businesses are forced to jump through hoops,” she said. “We cannot build an economy based on exceptions. Our laws must apply equally to all—foreign or domestic, rich or poor.”

Roger Solomons, a BOSA spokesperson, described the move as “impulsive” and accused the government of rewriting long-standing transformation rules to make Starlink’s market entry “favorable to them, and not the country.”

The EFF’s Julius Malema warned that he would oppose the decision in parliament. “We cannot be dictated to by business,” he said.

South Africa’s BEE laws

The loosening of rules in the telecom sector has inspired other industries to seek similar treatment. In the mining sector, the Minerals Council South Africa has urged the government to exclude exploration companies from proposed Black ownership requirements.

A new mining bill seeks to enshrine into law a 30% Black ownership target for mining companies. Allan Seccombe, the communications director at the Minerals Council, said: “Prospecting is extremely high risk. There’s no guarantee they’re going to find something that’s economically viable. Every cent they raise should ideally go towards drilling out or finding a resource.”

The Democratic Alliance (DA), the second-largest party in the ANC-led coalition government, is currently challenging the BEE laws in court.

James Lorimer, a DA Member of Parliament, said that the proposed mining legislation will “effectively end the already tottering case for foreign investment in South African mining.” He added that the bill “seeks to double down on racial transformation and brings back a legion of bad ideas.”

Despite mounting pressure, President Cyril Ramaphosa has remained firm in his defense of the BEE laws. In a parliamentary session this week, he rejected claims that the empowerment policies were stifling economic growth.

“I find it very worrying that we continue to have this notion that BEE is the one that’s holding our economy back,” he said. “It is the partial and exclusive ownership of the means of production in our country that is holding this economy from growing.”

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Microsoft Russia has announced that it plans to file for bankruptcy

Microsoft Russia has announced that it plans to file for bankruptcy

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Microsoft Russia has announced that it plans to file for bankruptcy. It joins a list of other Western technology companies pulling out of the Russian market.

Geopolitical tensions are again affecting the technology industry as Microsoft is joining a list of other Western companies such as Google that are closing their Russian subsidiaries.

Microsoft Corp.’s Russian subsidiary, Microsoft Rus LLC, has announced that it will declare bankruptcy. The announcement was made through a notice published on the official Russian registry Fedresurs on Friday, May 30.

This decision seems like it was brought on by the ongoing pullback of Western technology companies from the Russian market, considering the escalating political tensions and economic isolation stemming from the war in Ukraine.

Microsoft’s Russia unit is on the brink

While Microsoft has not issued an official statement in response to inquiries, the notice signifies an end to the company’s already scaled-down presence in Russia. Over the last two years, the company has significantly reduced its presence in the country.

The notice came just days after the Russian President, Vladimir Putin, publicly criticized and suggested that foreign digital service providers like Microsoft and Zoom should be “throttled” in favor of domestically developed alternatives.

Microsoft was one of several Western technology giants that responded to Russia’s invasion of Ukraine in February 2022 by curtailing services and operations in the country. Initially, the company continued to provide essential services such as security updates and cloud support, but by June 2022, the company announced a substantial downsizing of its Russian operations due to the deteriorating economic environment and geopolitical instability.

After the announcement, the company removed the RT (formerly Russia Today) app from the Windows App Store and banned advertisements from Russian state-affiliated media.

The Fedresurs registry entry states that Microsoft Rus LLC is now proceeding with legal steps to enter bankruptcy, which would potentially dissolve its presence as a formal business entity in Russia. This is the pattern that other foreign companies exiting Russia have followed.

Russia’s TASS news agency noted that Microsoft operates three other affiliated entities in the country, namely: Microsoft Development Center Rus, Microsoft Mobile Rus, and Microsoft Payments Rus.

At this time, the status of these units remains unclear. Whether they will also initiate bankruptcy proceedings or attempt to continue operating under restricted conditions is yet to be seen.

Other companies exiting Russia

Earlier this week, President Vladimir Putin emphasized the need to wean Russia off Western digital tools, specifically naming Microsoft and Zoom.

While Russia’s “technological sovereignty” policy is not new, the pressure to use regulation to suppress foreign firms to prop up Russian-developed alternatives has grown since the war in Ukraine began.

In 2022, Google’s Russian subsidiary filed for bankruptcy after authorities froze its bank accounts, making it impossible for the company to pay local employees or fulfill obligations to suppliers.

Some foreign software continues to be used in Russia as of now and are often circulated through gray market channels or rebranded alternatives, but official policy increasingly favors domestic innovation, even at the cost of performance, reliability, or global integration.

Microsoft’s exit might accelerate Russia’s domestic innovation ambitions as sectors that relied on the company’s productivity tools, cloud services, and cybersecurity infrastructure will now be left empty handed.

Industry observers have noted that replicating the sophistication and integration of Microsoft’s ecosystem will be a significant challenge for Russian developers, at least in the short term.

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Ripple CLO backs CLARITY Act to clear crypto chaos

Ripple CLO backs CLARITY Act to clear crypto chaos

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Ripple’s Chief Legal Officer, Stuart Alderoty, has publicly endorsed the newly introduced Digital Asset Market Clarity Act (CLARITY Act).

He calls it a significant step toward establishing a clear and consistent regulatory framework for cryptocurrencies in the United States.

Alderoty argued that “Clarity shouldn’t be controversial” and that the bill would allow for a practical and intelligent regulatory environment.

The Ripple’s Chief Legal Officer thanked some prominent lawmakers for their role in leading the charge. This list includes Representatives French Hill, Congressman Glenn Thompson, Angie Craig, the GOP Majority Whip Dusty Johnson, Don Davis, Bryan Steil, Ritchie, and Davidson.

Their work underscores the need for new regulatory guidelines that can be spun up and revised quickly as the digital assets space accelerates. Rep. Bryan Steil released the following statement regarding the CLARITY Act on X.

The post mentions that the bill is designed to bring clarity to digital assets during this golden period. Supporters of the bill are united by a desire to enable the digital assets sector to expand by establishing a trustworthy and predictable set of laws. Right now, businesses and investors are often uncertain about which of their activities may delay the future of the industry.

Bipartisan CLARITY Act redefines crypto oversight

Introduced on May 29, 2025, by members of Congress from both sides of the aisle, the CLARITY Act seeks to clarify the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding digital assets. The bill is looking to categorize most cryptocurrencies as virtual commodities overseen by the CFTC rather than as a security regime, as is the current practice of the SEC.

With the rising use of digital assets, now is a good moment for such a move. This is because their increasing adoption and market maturity offer opportunities for broader economic integration. The rising use of these assets is also a concept shared by MicroStrategy executive chairman Michael Saylor.

Alderoty noted the bill’s significance in bringing “long-overdue clarity” to the digital asset landscape. The bill, he said, takes the industry closer to a “smart, workable framework” that creates an equilibrium between innovation and consumer protection.

CLARITY Act safe harbor advances as Ripple calls for clear crypto rules

The CLARITY Act also introduces a four-year safe harbor provision for primary token offerings if the underlying network reaches a “mature blockchain system” status and the total raise stays below $75 million during any 12-month window. 

Alderoty also supported the CLARITY Act, as Ripple remains committed to advocating for regulatory clarity regarding the cryptocurrency industry.

He has sent a letter to the SEC requesting the commission to clarify when a digital asset ceases to be an investment contract. Not all of them, he contended, should be subject to the same securities regulations — especially not on secondary market transactions — and he offered a safe harbor to shield compliant crypto issuers from enforcement risk.

As XRP regains attention as a top crypto buy with the Ripple SEC lawsuit nearing resolution, uncertainty lingers following SEC Commissioner Hester Peirce’s recent “New Paradigm” speech.

Ripple’s letter directly responds to the pivotal question posed in the speech: “When does a digital asset separate from an investment contract?” 

Ripple referenced established securities law analysis from legal experts like Lewis Cohen in its response. Cohen’s analysis contends that current US investment contract law does not consider routine transfers of most fungible crypto assets in secondary markets as securities.

With the CLARITY Act, the US may finally start taking concrete steps to provide regulatory clarity for the crypto industry.

While the bill gets consideration in the legislative committee, its passage would lay a benchmark for the future of how US regulators will oversee digital assets.

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SEC, Binance credit Crypto Task Force for resolution

SEC, Binance credit Crypto Task Force for resolution

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According to Eleanor Terrett, the SEC and Binance have filed a joint stipulation seeking a dismissal in the agency’s ongoing litigation against the exchange.

Excerpts from court documents in the SEC, Binance case
Excerpts from court documents in the SEC, Binance case. Source: Eleanor Terrett

Terrett shared the news via her X page, attaching an image from the legal filing, which identified the SEC as the plaintiff and Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao as the defendants.

SEC, Binance credit Crypto Task Force for resolution

The SEC initiated this civil enforcement action against Binance on June 5, 2023, and it filed an amended complaint on October 16, 2024 (Docket No. 282).

The joint stipulation seeks to allow both parties to dismiss the ongoing lawsuit.

“Whereas, in light of the foregoing, and in the exercise of its discretion and as a policy matter, the Commission believes the dismissal of this Litigation is appropriate,” the May 29 filing in the District Court for the District of Columbia read.

Both parties hinted at the possibility of a dismissal in February when the SEC and Binance asked the judge to stay the case. Then again, in April, when the same request was filed.

The parties mentioned how the establishment of the SEC’s Crypto Task Force “might impact and facilitate the potential resolution of this litigation,” in the court documents.

The SEC’s Acting Chairman, Mark T. Uyeda introduced the task force on January 21, 2025, to present a regulatory framework for crypto assets in the lead up to providing regulatory clarity for the cryptocurrency space.

Paul Atkins’ SEC sets a precedent

The SEC’s willingness to dismiss Binance’s lawsuit follows a trend that has seen the agency end its litigation against other crypto companies like Coinbase, Consensus and Kraken, which were settled earlier this year. It has also ended investigations into Circle, Immutable and several others.

Sentiments on X are bullish about the SEC and Binance finally burying the hatchet, but a number of users in the reply section of Eleanor Terrett’s X post have drawn comparisons to the protracted settlement of the SEC’s case against Ripple Labs.

The Ripple case is a similar high-profile case. It began in December 2020 and has seen multiple developments, including a final judgment on August 7, 2024, imposing a $125 million civil penalty on Ripple.

Still, the SEC appears committed to ending aggressive enforcement actions initiated against crypto firms during Gary Gensler’s tenure with the financial watchdog.

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Vietnam Giant FPT aims to battle regional rivals in AI sector

Vietnam Giant FPT aims to battle regional rivals in AI sector

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FPT Corp., Vietnam’s largest listed technology company, has enabled the government to create a technology sector that can compete with its regional rivals.

To achieve this success, it has collaborated with Nvidia Corp. to create an AI data center in Vietnam and Japan, extending into semiconductor chip design.

The tech company is Vietnam’s seventh-largest publicly traded company, boasting a market value of $6.8 billion. The company employs over 80,000 people and operates in 30 different countries. 

Internationally, FPT counts 130 Fortune Global 500 companies, like Airbus SE, Halliburton Co., and Ford Motor Co., as clients. It has moved the nation beyond building Nike Inc. shoes and Apple Inc. devices, marking a significant milestone in the country.

Binh moves Vietnam from a low-cost economic center to a giant tech center

Truong Gia Binh established FPT, a technology company, four decades ago with a single computer in a room. The computer was borrowed from his then-father-in-law, General Vo Nguyen Giap, who won the admiration of generations of Vietnamese for leading the Vietnam People’s Army to victory over the French and US armies.

Binh’s life follows the story of the victorious North Vietnamese forces. In 1954, his family moved to Hanoi with revolutionary leader Ho Chi Minh to support the fight for independence, according to the FPT chairman. They were very poor, so Binh wore clothes passed down from his sisters and witnessed US bombers dropping explosives on the city. 

Binh, now 69 and has met Ho Chi Minh twice, revealed that a shortage of almost everything marked his childhood.

Despite his challenges, he wanted to create a top-tier technology sector in Vietnam. The tech giant has been Vietnam’s way to move beyond being a low-cost economic center, explained Lam Nguyen, managing director of IDC Indochina. 

The Communist government views FPT as a model for helping the country shift from its traditional manufacturing roots to industries focused on areas like AI products, which Bain & Co. predicts could be worth $990 billion globally by 2027. 

During an interview, Binh stated that they were working day and night to take the company to greater heights. He speculates that the company can achieve an annual revenue growth rate of about 20% in the long run. Binh owns almost 7% of FPT Corp., with the government owning 5.71%.

FPT faces significant obstacles in its run to become the leading tech company 

FPT is preparing for global economic turbulence and can fine-tune its business plan for the tough 20% revenue increase this year on risks. DNSE Securities said this in a statement on its website, citing FPT Chief Executive Officer Nguyen Van Khoa at the company’s April shareholders’ meeting. The brokerage said FPT is lowering costs by 30% without harming the core business, citing Khoa.

Still, significant obstacles lie ahead for FPT as it tries to compete with more established tech firms from India and Malaysia. The tech giant also needs to deal with a new wave of tariffs set by President Donald Trump. 

Although FPT is not directly affected by new US tariffs, the company noted that it might face indirect impacts because many of its global customers are influenced by these tariffs.

It may also have to face the country’s ever-attentive police. When pressed on reports about the Ministry of Public Security, which has been strengthening internet regulations in recent years, wanting to hold a majority stake in the company’s internet unit, FPT Telecom, said it has “no further details about it.” 

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Japan's rice crisis deepens as market giants scoop best grain

Japan’s rice crisis deepens as market giants scoop best grain

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Japan’s rice supply debacle continues as the government is now seeking to lower the price of its stockpiled grain, and focus on discretionary contracts for smaller buyers. However, recent comments from agriculture minister Shinjiro Koizumi have drawn criticism regarding prices, preferential selling, and direct state intervention in the market. 

With state-imposed production limits for farmers, a devastated yen and rampant inflation, Japan’s rice market is still in the throes of what local media is calling the “Reiwa Rice Strife.” On Monday, the Ministry of Agriculture, Forestry and Fisheries ended the previous bidding system for selling stockpiled state rice, and introduced “discretionary contracts.”

Stockpiled rice has been released by the state in recent times in order to combat shortage and skyrocketing prices, with the price of the staple grain doubling in only a year for consumers.

Koizumi to release older rice to small businesses, rural areas

Agriculture Minister Shinjiro Koizumi said at a House of Representatives committee meeting Wednesday: “We want to continue making efforts to distribute stockpiled rice as widely as possible in the region,” intending to focus on smaller businesses after ending sales to large buyers on Tuesday.

Terraced rice fields in Japan. Photo: DeltaWorks.

Of the 300,000 tons up for sale via the new discretionary contracts scheme, much of the newer grain (from 2022) was quickly gobbled up instantly by giant corporations such as AEON and Pan Pacific International Holdings (PPIH).

One local supermarket manager, Tatsuhito Tanaka, was quoted by regional media about the scheme, saying: “I really hope they’ll share the rice with us so that it’s not just the big companies.”

As per regional reports, the remaining 100,000 tons of older (2021) stockpiled rice is set to be contracted out to smaller enterprises over the next few months. The focus will onstensibly be on supporting rural areas.

Farmers say the government is the real reason for the shortage

As Cryptopolitan reported previously, there is much debate over why a shortage of Japan’s prize grain even occurred in the first place. Mass media has been blaming the weather and myriad other factors, but full-time Japanese farmers are directly blaming the government and special interests for subsidizing limits on acreage, engaging in backroom deals, and essentially rigging prices and contracts. As nippon.com reported last year:

“Currently, 40% of paddy fields are not in use, meaning that production is limited to around 6.5 million tons. If Japan stopped this policy of reduced production, and instead exported 4 million tons, it could handle the kind of situation seen this year through a small decrease in the amount exported and no domestic shortages.”

JPY to USD historical data. Source: Trading Economics.

Koizumi’s stance has drawn fire from the Constitutional Democratic Party of Japan, with party member Kaori Ishikawa noting Wednesday that it is not the state’s place to be involved in rice prices. Koizumi responded that this was only an “emergency measure.” State intervention thus far has not lowered the still-rising prices.

From the stance of many, corporate giants are getting preferential treatment, with local supermarkets left to crunch on the remaining, oldest grain almost as an afterthought. Much like the small-scale farmers unable to produce due to Japan Agriculture Cooperatives’ powerful connections to Tokyo subsidies and restrictions.

At the time of writing, the USD is flexing against JPY again, with an exchange rate of 145.81 JPY/1 USD.

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Federal court weighs first legal challenge to Trump's 'Liberation Day' tariffs

Federal court weighs first legal challenge to Trump’s ‘Liberation Day’ tariffs

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A federal court has invalidated the sweeping global tariffs imposed by President Donald J. Trump. According to the Court of International Trade ruling, an emergency law invoked by the White House does not provide unilateral authority to impose tariffs on nearly every country.

The ruling offers a major check on executive power and could have long-lasting implications for the US trade policy.

The Manhattan-based court said the US Constitution grants Congress exclusive powers to regulate commerce with other nations. This is not superseded by the president’s remit to safeguard the economy.

The lawsuit, filed by the nonpartisan Liberty Justice Center on behalf of five small US businesses that import goods from countries targeted by the duties, was the first major legal challenge to Trump’s tariffs.

According to the firms, the tariffs will hurt their business.

Federal court weighs first legal challenge to Trump’s ‘Liberation Day’ tariffs

The lawsuit is one of seven court challenges to Trump’s tariff policies, along with challenges from 13 U.S. states and other groups of small businesses.

The hearing at the Court of International Trade in Manhattan marks the first time a federal court has addressed the legality of President Trump’s “Liberation Day” tariffs.

Earlier this month, Jeffrey Schwab, a lawyer from the conservative Liberty Justice Center representing the plaintiffs, argued that the case is straightforward. He stated that the International Emergency Economic Powers Act (IEEPA) — a 1977 law granting the president authority to regulate commerce during national emergencies — does not empower Trump to impose tariffs unilaterally.

Schwab further contended that Trump’s declared emergency, based on trade deficits, fails to meet the legal criteria of an emergency, which must be brief, rare, and not ongoing. He then noted that the case is so far outside what constitutes an emergency or an unusual and extraordinary threat that this Court can easily rule it is not an emergency.

When the three-judge panel — appointed by Presidents Obama, Trump, and Reagan — asked for guidance on the legal standards to apply in their decision earlier this month, Schwab urged them not to overcomplicate matters. 

“I’m asking this court to be an umpire and call a strike. You’re asking me, where’s the strike zone? Is it at the knees or just below? I say it’s a wild pitch, far off the plate, hitting the backstop — no debate needed.”

The lawsuit was filed in April by a group of small businesses — including a New York liquor distributor, a Utah pipe company, a Virginia electronics store, a Pennsylvania tackle shop, and a Vermont cycling company. These businesses rely heavily on imports from countries such as China and Mexico and argued that Trump’s tariffs represent an unprecedented power grab that would cause irreparable harm.

They maintained that the IEEPA does not grant the president the authority to impose tariffs like those announced, which included a broad tariff rate plus higher rates on certain countries. They described the national emergency Trump cited as “a figment of his own imagination,” pointing out that the US has run massive trade deficits for years without suffering economic damage.

“If such power were granted by statute, it would represent an unlawful delegation of legislative authority to the executive branch without any clear limit on discretion,” the plaintiffs argued.

At the beginning of May, Department of Justice lawyers countered, asserting that Congress does allow the president to impose some tariffs and that Trump’s invocation of a national emergency expands that authority, justifying the broad tariffs. They warned that a court order blocking the tariffs would unlawfully interfere with the president’s constitutional and statutory authority.

“Plaintiffs’ proposed injunction would be an enormous intrusion on the President’s conduct of foreign affairs and efforts to protect national security under IEEPA and the Constitution,” the DOJ stated.

States and businesses take Trump’s tariffs to court in landmark trade dispute

At least six separate lawsuits have challenged Trump’s tariffs, including one filed by California and a coalition of twelve state attorneys general. While many were initially filed in district courts they were gradually transferred to the Court of International Trade.

In April, the court rejected an emergency request for a temporary order to block the tariffs, finding that the businesses failed to prove that “immediate and irreparable harm” would stem from the tariffs.

A three-judge panel conducted the hearing: Gary S. Katzmann, Timothy M. Reif, and Jane A. Restani — appointed by Presidents Obama, Trump, and Reagan, respectively.

Located in a corner of New York’s Foley Square, the Court of International Trade has nationwide jurisdiction over trade disputes. It typically handles niche issues, such as honey customs and mattress imports. Tuesday’s oral argument promises to be the court’s most high-profile hearing in recent memory.

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Justin Sun praises Trump for continued focus on cryptocurrency

Justin Sun praises Trump for continued focus on cryptocurrency

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Tron Founder Justin Sun hails Trump for ‘commitment’ to Bitcoin and cryptocurrency. At the ongoing Bitcoin 2025 Conference, Sun expressed his admiration for President Donald Trump’s outspoken dedication to digital assets and blockchain. 

Sun said during a panel discussion that the game has certainly changed for digital assets in the US thanks to the influence of President Donald Trump.

The conference, which is held in Las Vegas, has drawn major players in the crypto industry to the city, including lawmakers, entrepreneurs, and developers. Sun’s remarks were noteworthy in that he linked recent Bitcoin price spikes to policies backed by Trump and to expressions of public support.

While speaking on a panel, Justin Sun claimed that Bitcoin would have never reached an all-new high of $100,000 without Trump. Bitcoin reached $100,000 in December 2024, a month after Trump’s election victory. The rally has continued, and the coin was trading recently above $109,000.

Sun also mentioned being at a high-profile “crypto dinner” hosted by Trump a couple of days ago. He is the top holder of the TRUMP meme coin. In addition to his shares, Sun has also pumped $75 million into World Liberty Financial (WLFI), an entity allegedly very close to Trump’s digital asset plans.

Trump buys Bitcoin as US creates satellites to store BTC in space

In March 2025, President Trump passed an executive order for the Strategic Bitcoin Reserve, a move solely intended to hedge Bitcoin as part of the US treasury. The reserve is financed directly by Bitcoin seized in criminal and civil investigations — not taxpayer funds.

The hope is to treat Bitcoin like gold, a strategic store of value that the government holds long-term. Trump’s directive also established a new US Digital Asset Stockpile to oversee other cryptocurrencies.

An executive order was also to review the government’s digital asset holdings. And though Senator Cynthia Lummis reported that the government owns something like 200,000 BTC, the entire report has yet to be released after a security review by the White House.

The crypto-friendly wave on Capitol Hill keeps rolling. According to long-time Bitcoin advocate Senator Cynthia Lummis, the US Senate will consider the BITCOIN Act next week. The bill is intended to codify the Strategic Bitcoin Reserve and permit the federal government to purchase as many as 1 million BTC over five years.

The bill encourages broader acceptance of Bitcoin throughout federal infrastructure and payment systems. This aligns with Trump’s general crypto stance: to relax crypto laws, court blockchain investment, and protect minors’ rights.

Lummis said it wasn’t just about Bitcoin and advancing America’s financial independence.

The Senate is also considering a Stablecoin Bill, a legislation that would be the country’s first comprehensive crypto regulatory framework. Some analysts say such common-sense leadership has the potential to bring long-awaited legal clarity and financial confidence to US crypto markets through the BITCOIN Act and the Stablecoin Bill.

The US Senate seems to be getting close to passing its landmark stablecoin bill, the GENIUS Act — a battle its champion Cynthia Lummis (R-Wyo.) said has been incredibly hard-fought.

“It has been extremely difficult,” Lummis said during a fireside chat with Coinbase’s Chief Legal Officer Paul Grewal at Bitcoin 2025 in Las Vegas on Tuesday. “I had no idea how hard this was going to be.”

Trump drives US Bitcoin strategy forward

With Trump’s support and Congress already legislating, the US is quickly becoming the No. 1 place in the world for cryptocurrency innovation. Classic Chinese crypto players like Justin Sun are toasting the move — and doubling down on US crypto investments.

The market likes what it sees. Bitcoin is in the $109,000 range today, and Ethereum is rising. Big exchanges and mining operations are moving on American turf, citing stable policy and rising institutional interest.

One thing is apparent as the world looks on: under President Trump, Bitcoin will no longer be just a form of digital money — it will be the national strategy.

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Former Meta executive warns against artists’ demands for AI copyright laws

Former Meta executive warns against artists’ demands for AI copyright laws

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Former Meta executive Nick Clegg said forcing AI tech companies to ask for permission before using copyrighted content to train AI models would destroy the industry. He spoke during the Charleston Festival in East Sussex. He argued that AI is already capable of creating its art.

During a recent interview with The Times of London, Clegg, the former UK  Deputy Prime Minister, engaged in a heated debate over AI copyright laws. He commented when parliament members voted against proposals allowing copyright holders to see when their work had been used to train AI systems and by whom. 

Creatives urge the government to balance copyright laws 

Music legends like Sir Elton John and Sir Paul McCartney have urged the UK government not to change copyright laws to favor big tech firms. The creatives warned that the proposal to change copyright protection laws risks destroying the livelihoods of more than 2.5 million people who work in the creative industry.

Clegg argued that the demands of artists and prominent creative figures to require tech firms to seek permission before using copyrighted materials to train AI models are unworkable and implausible. He continued to point out that AI systems have already used a significant portion of the data readily available online,

The former UK  Deputy Prime Minister suggested that people should have a straightforward way to opt out of using their content. He viewed the idea of AI companies having to seek permission as something that collides with the physics of the technology itself.  He added that the idea would kill the UK’s AI industry overnight if applied in the UK alone.  

Describing copyright as the lifeblood of their profession, the UK creative community wrote an open letter to Keir Starmer, the Prime Minister of the UK, warning that the proposed changes to copyright laws would threaten Britain’s status as the leading creative power.

The open letter said that the UK creative community would lose immense growth opportunities if it gave away its work to a small group of powerful tech companies. The letter reiterated the UK’s position as a creative powerhouse and the hopes that technology will embody the country’s values.

Dua Lipa among artists urging Starmer to rethink AI copyright laws

David Furnish, Coldplay, Tom Dixon, and John Pawson, among hundreds of others, represented the UK creative community as signatories to the open letter. The letter urged Starmer to support Baroness Beeban Kidron’s amendment to the Data Bill. The Data Bill would give the UK creative transparency over the copyright works used to train AI models.

According to the letter, transparency would allow creators and creative businesses to hold AI firms accountable for stealing creative works. The letter urged the government to accept the amendment and allow AI developers and creators to develop licensing regimes enabling human-created content. 

Elsewhere in the U.S., Hollywood recently wrote a letter to the White House Office of Science and Technology Policy, in which more than 400 creatives, including director Guillermo del Toro and actor Cynthia Erivo, signed to urge the U.S. government to uphold existing copyright protections against AI. 

Many prominent creative figures in Hollywood signed the letter in response to Trump’s administration’s request for public comments on the White House’s AI Action Plan. The plan aimed to secure and advance the country’s position in the AI industry.

Silicon Valley tech companies and OpenAI wrote separate letters arguing that they should be able to train AI models using publicly available content under the fair use doctrine. The doctrine allows for the limited reproduction of material without permission from the copyright holder.

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India’s crypto sector ramps up lobbying for tax relief

India’s crypto sector ramps up lobbying for tax relief

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India’s cryptocurrency industry is stepping up its campaign to seek tax relief from the government. 

The sector urges the government to reconsider its current taxation policies, which stakeholders have deemed burdensome.

Despite a more favorable governmental outlook and increasing international momentum, particularly influenced by Donald Trump’s pro-crypto stance after his return to the US presidency, the industry continues to face significant challenges.

Since 2022, the 30% capital gains tax and 1% TDS (Tax Deducted at Source) on all transactions in digital assets have created an unfriendly environment for Indian traders.

A think tank Esya Centre report estimates that almost 90% of Indian crypto trading shifted to offshore platforms in the wake of these regulations. Industry leaders say the taxes stifle innovation, drive users toward unregulated markets, and erode India’s share of the burgeoning global crypto economy.

The tax regime is “very harsh,” said Ashish Singhal, co-founder of CoinSwitch, one of India’s largest exchanges. He suggests a 0.1% transaction tax – one-tenth of the current rate – which he says would still let light be shone on transactions but would incentivize legitimate trading.

Compounding the pressure on the sector, the government enacted new compliance regulations. Under these rules, designated persons must notify the Financial Intelligence Unit (FIU-IND) of digital asset transactions, causing extra oversight without relief from the already impactful tax obligations.

India increases crypto engagement as global trends shift

The government’s outlook on digital assets is changing. Execs said the frequency with which crypto firms met with policymakers had spiked noticeably. Singhal said the engagement has turned from once every six months to “monthly, if not weekly.”

The shift also arrives as Donald Trump, the US president, sits at the head of the table and embraces digital currencies. Indian industry leaders say the global momentum — especially in the US — is swaying policy discussions in India.

In the weeks after Trump took office in January, there were reports that India’s Economic Affairs Secretary Ajay Seth planned to redraft a pivotal discussion paper that may be the foundation for future crypto rules. Seth has not spoken publicly since, but the steps point to Indian regulators rethinking their approach to the sector.

India’s crypto industry has long existed under a cloud of regulatory uncertainty. The Reserve Bank of India (RBI), once a vocal opponent of digital currencies, had prohibited banks from serving cryptocurrency firms in 2018. The Supreme Court overturned that ban in 2020.

Today, RBI’s language has mellowed. Though the central bank remains concerned about the potential risks that digital assets poses to financial stability, its current governor, Sanjay Malhotra, has shunned the harsh language of his predecessors. The relationship has moved from “negative to neutral” alongside RBI, noted Singhal of CoinSwitch, a sign of potential room to work together.

India lets major crypto exchanges re-enter market

Some leading global crypto exchanges are re-entering India as the country’s regulations are becoming more favorable for the industry.

Coinbase, the biggest US-based exchange, has registered with the FIU-IND and can now open in India. The move comes after the brief withdrawal of Coinbase in 2022 when it said it was unclear on regulatory and payment processing fronts.

Binance, the largest crypto exchange in the world, has also made a re-entry into the Indian market after partnering with the very same financial oversight body. The registrations are a major reversal, with the regulators now emphasizing compliance and oversight rather than outright bans.

Tom Duff Gordon, Coinbase’s head of international policy, said Trump’s comeback has inspired confidence in the global crypto sector. He added that the Indian government now understands they cannot ban crypto anymore.

According to Grant Thornton, India’s crypto market will increase from $2.5 billion in 2024 to over $15 billion in 2035.

“Competition has definitely started heating up,” said Kush Wadhwa, partner at Grant Thornton’s Indian arm. “India doesn’t have any option but to adopt it, but the problem for them is money laundering and tax evasion — they’re not saying ‘don’t do it’, but they want a control on it.”

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