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U.S. SEC Chair Says Working on ‘Innovation Exemption’ for DeFi Platforms

The U.S. Securities and Exchange Commission is working on policy to exempt decentralized finance (DeFi) platforms from regulatory barriers, said Chairman Paul Atkins.
Software developers building DeFi tools have no business being blamed for how they’re used, Atkins and other SEC Republicans contended at the final of five crypto roundtables that have been held at the agency since the leadership turnover under President Donald Trump.
The chairman told a roundtable of DeFi experts on Monday that he’s directed the SEC staff to look into changes to agency rules «to provide needed accommodation for issuers and intermediaries to seek to administer on-chain financial systems.» Atkins called that potential exemptive relief «an innovation exemption» that would let entities under SEC jurisdiction bring on-chain products and services to market «expeditiously.»
«Many entrepreneurs are developing software applications that are designed to function without administration by any operator,» Atkins said in remarks at the event. While he noted the technology enabling private peer-to-peer transactions can «sound like science fiction,» he said «blockchain technology makes possible an entirely new class of software that can perform these functions without an intermediary.»
«We should not automatically fear the future,» Atkins said.
DeFi is a subsection of the broader cryptocurrency industry that seeks to recreate financial tools and products with code that replaces the role of traditional intermediaries such as banks and brokerages.
The Republican members of the commission — currently outnumbering the Democrat 3-1 — have been eager to move forward with crypto-friendly policy. While DeFi is often given short shrift in policy discussions that focus more on regulation of the higher-volume industry of crypto exchanges, brokers and custodial services. Though DeFi developers have faced years of distrust from U.S. government agencies, Republicans now in power are seeking to lighten those pressures.
«The SEC must not infringe on First Amendment rights by regulating someone who merely published code on the basis that others use that code to carry out activity that the SEC has traditionally regulated,» said Commissioner Hester Peirce, who has led the SEC Crypto Task Force established this year. However, she also noted that «centralized entities can’t avoid regulation simply by rolling out the decentralized label.»
Erik Voorhees, the founder of decentralized exchange ShapeShift, joked that when he got his first SEC subpoena 12 years ago, he didn’t think he’d be invited to speak at the agency years later.
«I appreciate the change of tone and the change of stance for the commission,» he said. «I think that’s absolutely a positive for America.»
Read More: U.S. SEC’s Crypto Trading Roundtable Delves Into Easing Path for Platforms
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Crypto Market Maker Wintermute Snags Bitcoin Credit Line From Cantor Fitzgerald

Wintermute, a digital assets-focused market maker and OTC desk, has attained a bitcoin(BTC)-backed credit line from Cantor Fitzgerald, following similar financing deals announced last month with Maple Finance and FalconX.
Cantor said the newly launched Bitcoin Financing Business is expected to provide up to $2 billion in financing during its initial rollout. The size of Wintermute’s deal with the investment bank was not disclosed.
The lending and borrowing of crypto was taking place on an industrial scale several years back, but many of the firms involved either incurred heavy losses or were forced into bankruptcy as contagion spread through the industry. But Cantor’s debut perhaps signals a new and more institution-friendly phase.
Wintermute is currently expanding its presence in the U.S., where a groundswell of movement is happening in crypto trading under Donald Trump’s pro-innovation administration.
Institutional demand for digital assets such as bitcoin, stablecoins, and select high beta altcoins continues to accelerate, driven by catalysts such as ETF developments and shifts in interest rate environments, said Wintermute CEO Evgeny Gaevoy.
“Given the capital intensive nature of our operations, especially OTC trading, which involves managing settlement windows and maintaining capital across multiple venues, the facility enhances our ability to hedge risks effectively across exchanges and maintain broad market coverage,” Gaevoy said in an email.
Read more: Wall Street Giant Cantor Debuts Bitcoin Lending Business With First Tranches to FalconX, Maple
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BlackRock’s Spot Bitcoin ETF Snaps Four-Week Downtrend in Volumes

BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) listed on Nasdaq under the ticker IBIT rose 3.49% last week, snapping a four-week downtrend in trading volumes.
A total of 210.02 million shares changed hands in the week ended June 27, registering a 22.2% growth from the preceding week’s volume tally of 171.74 million shares, according to data source TradingView. That’s the first weekly growth since the third week of May.
The renewed upswing in volume comes amid continued demand for the ETF. Last week, IBIT registered a net inflow of $1.31 billion, following the preceding week’s tally of $1.23 billion. The largest publicly listed fund has amassed $3.74 billion in investor money this month, according to data source SoSoValue.
The 11 spot ETFs listed in the U.S. have collectively registered a net inflow of over $4 billion this month, marking the third consecutive monthly inflow.
The chart shows that IBIT has formed a bull flag, mimicking the bullish continuation pattern on the spot BTC price chart.
A breakout, if confirmed, would signal an extension of the bull run from early April lows near $42.98.
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Bhutan Bets on Binance Pay to Power Crypto-Backed Tourism Economy

Bhutan is going full tilt on crypto — not just to modernize its financial rails, but to attract high-value global travelers and build a digitally resilient economy.
At the Digital Bhutan panel, co-hosted by Binance, officials laid out a clear vision: bring crypto out of theory and into everyday life.
“Tourists complain they can’t use SWIFT or pay easily. Binance Pay fixes that,” said Damcho Rinzin, director of the department of tourism. Rinzin added that travelers are already using crypto to buy local goods — in one case, even groceries to cook their own meals.
Bhutan’s ambitions remain modest, just 300,000 visitors a year. But it wants them to stay longer and spend more — with Binance Pay’s 40 million plus user base as a lever. Binance CEO Richard Teng framed it as a shift from speculation to infrastructure.
“This is the first national crypto payments system,” Teng said. “The average crypto tourist spends $1,000 — nearly three times a regular tourist — and merchants receive instant settlements,” he added.
With over 1,000 merchants onboarded, and zero fees on Binance Pay compared to steep charges from other providers, Bhutan hopes to build a community-driven, tech-savvy ecosystem that aligns with its values. DK Bank, which played a pioneering role in Bhutan’s early bitcoin mining efforts, is now spearheading crypto adoption on the ground.
“Mobile and QR payments are already high,” said the bank’s CEO, Ugyen Tenzin said. “Crypto just fits,» he added.
«And this is just the start,» said Hobeng Lim, managing director of finance at Gelephu Mindfulness City. Gelephu Mindfulness City is a planned city in the country which merges technology, like blockchain, with culture, and sustainability.,
Lim added that they are many more blockchain-native projects in the pipeline, with digital assets formally recognized as a future growth engine.
“Crypto is not a side experiment, It’s a core industry,” Lim said.
Read more: Bhutan’s Crypto Reserve Could Pave Way for Economic Growth in Other Countries
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