House Financial Services Committee Chair French Hill (R-AR) announced that the committee will mark up his landmark crypto market structure bill this week, despite panel Democrats urging Hill to delay a vote to allow time for more negotiations. Hill’s plans to swiftly move the CLARITY Act forward have been met by resistance from not only Democrats, but privately from some GOP members who would like to see additional time taken to review the provisions and provide input. It remains to be seen how Hill will handle amendments for the markup.  

Min Woo "Kevin" Kang, a co-founder of hedge fund firm BKCoin Management LLC, has agreed to pay $944,000 to the SEC to resolve claims that he and his investment adviser fraudulently raised $100 million from 55 investors under the guise of investing in crypto assets. A final judgment issued by US District Judge Robert Scola Jr. states that Kang's settlement with the SEC comprises $535,000 in disgorgement, $179,000 in prejudgment interest, and a $230,000 civil penalty. Kang has also agreed not to participate in the sale of any securities and be associated with any investment adviser for the next five years.

The Department of Justice filed a civil forfeiture complaint in the US District Court for the District of Columbia alleging that North Korean information technology workers obtained illegal employment and amassed millions in cryptocurrency for the benefit of the North Korean government. The funds were initially restrained in connection with an April 2023 indictment against Sim Hyon Sop, a North Korean Foreign Trade Bank representative who was allegedly conspiring with the IT workers.

House Majority Whip Tom Emmer (R-MN) reposted a post on X, indicating that eight of the biggest crypto policy organizations in Washington, DC are calling on Congress to include the Blockchain Regulatory Certainty Act (BRCA) in market structure legislation. The groups argue that the amendment is essential to protecting software developers and infrastructure providers who do not custody customer funds. The amendment was originally introduced by Rep. Emmer and is supported by Rep. Ritchie Torres (D-NY).

JPMorgan plans to begin offering trading and wealth-management clients the option of using crypto-linked assets as collateral for loans. According to people familiar with the matter, the firm will start providing financing against crypto exchange-traded funds (ETFs), beginning with BlackRock's iShares Bitcoin Trust. The move marks the latest effort involving crypto among the biggest US banks following the Trump Administration's efforts to remove regulatory barriers.

The Financial Stability Oversight Council (FSOC) received a briefing by Treasury staff on the work of the President’s Working Group on Digital Asset Markets during the Council’s meeting yesterday. SEC Chair Paul Atkins and Acting CFTC Chair Caroline Pham also provided updates on their agencies' recent actions. Speakers discussed ongoing efforts to promote US leadership in digital assets and financial technology and to provide greater regulatory clarity and certainty to digital asset markets.

SEC Chair Paul Atkins is eyeing Jamie Selway to lead his trading and markets division, according to two people familiar with the matter. Selway is a former Wall Street executive who has advised cryptocurrency firms and previously chaired the board of Skew, a crypto derivatives company that was bought by Coinbase. The trading and markets division oversees broker-dealers, stock exchanges, clearing houses, swap dealers, and other market players.

Sen. Elizabeth Warren (D-MA) tweeted: “The GOP slipped a last-minute carveout for crypto wallets into the GENIUS Act – and now the Trump family is planning to launch one. I’ll introduce an amendment to close this loophole, but this bill shouldn’t pass without serious anti-corruption fixes.” Sen. Warren referenced a post from Donald Trump Jr. stating that he and Eric Trump have been working "tirelessly" on a World Liberty Financial wallet launching soon.

House Financial Services Committee Democrats who are open to backing GOP-led crypto legislation are pressing Chair French Hill (R-AR) to delay a vote on his sweeping market structure bill, the CLARITY Act, saying they need more time to negotiate changes. The Committee is set to hold its fifth legislative markup of the year next Tuesday, June 10, which Hill has been considering for a vote on the crypto bill. Democrats have raised concerns over several provisions of the bill, including a section that would exempt certain crypto firms' sales of digital commodities from SEC oversight, even as they raise capital.