News
Regulation News
Regulation News
Browse all Regulation related articles and news. The latest news, analysis, and insights on Regulation.
Pakistan Officially Announces Bitcoin Reserve
2025: A Year of Bold Governmental Moves in the Crypto World — Pakistan Launches Its Strategic Bitcoin ReserveThe year 2025 is shaping up to be a period of significant governmental strides in the world of cryptocurrencies. Among the most notable moves comes from Pakistan. On May 28, 2025, during the Bitcoin 2025 Conference held in Las Vegas, the Pakistani government officially announced the establishment of its own Strategic Bitcoin Reserve.The announcement was made by Bilal Bin Saqib, Chairman of the Pakistan Crypto Council and Special Advisor to the Prime Minister on Crypto and Blockchain. Saqib’s statements represent not just a new economic vision, but a clear break from the past:“Pakistan is no longer defined by its past. It is being reborn as a forward-looking hub of digital innovation, empowered by its youth, sharpened by necessity, and led by a new generation of tech-savvy statesmen.”National Bitcoin Wallet and a No-Sell CommitmentThis reserve will be held in a national Bitcoin wallet established by the government. Saqib emphasized that these Bitcoins will not be sold and carry no speculative intent:“This is not a trade; it’s a strategic asset plan. We will hold these Bitcoins and never sell them.”This statement signals that the government views digital assets not as vehicles for short-term profit but as instruments of long-term economic security and technological strategy.Inspired by the U.S., Acted on by PakistanPakistan’s decision came shortly after U.S. President Donald Trump announced plans to establish a strategic Bitcoin reserve in March 2025. Bilal Bin Saqib noted that Pakistan was directly inspired by this move. The similarity highlights how nation-states are increasingly incorporating digital assets into their reserve strategies.It also marks a sharp departure from Pakistan’s previously cautious stance on cryptocurrencies. A government that once said “crypto will never be legal” has now transformed into a nation establishing a Bitcoin reserve on the global stage.2,000 Megawatts of Energy Allocated for Crypto MiningIn addition to the strategic reserve, the Pakistani government announced plans to allocate 2,000 megawatts of surplus electricity for Bitcoin mining and high-performance AI data centers. This initiative serves three primary goals:Utilizing idle energy resourcesCreating technology-driven employmentAttracting foreign investmentDue to high electricity tariffs and the widespread use of solar energy, the surplus is now being turned into an advantage. With this step, Pakistan aims to become a new regional hub for mining and data center investments.Digital Asset Authority and a New Wave of RegulationThe Pakistani government is not only investing in reserves and infrastructure but also taking steps to build a comprehensive regulatory framework. The Ministry of Finance has approved the establishment of a new institution called the Pakistan Digital Asset Authority (PDAA). This authority will license and regulate:Cryptocurrency exchangesDigital asset custody servicesTokenization platformsDeFi applicationsFinance Minister Muhammad Aurangzeb stated that the PDAA will also play an active role in areas such as blockchain-based debt instruments, tokenization of state assets, and the development of decentralized finance infrastructure.International Partnerships: Binance Founder Joins as AdvisorThe Pakistan Crypto Council is placing significant emphasis on global collaboration during this transformation. Among the Council’s advisors is Binance co-founder Changpeng Zhao. Appointed as a strategic advisor in April 2025, Zhao has since been supporting Pakistan in blockchain infrastructure, crypto regulation, and the adoption of digital assets.From Crypto Rejection to Global Crypto PlayerPakistan’s establishment of a strategic Bitcoin reserve is not merely symbolic—it marks a structural policy shift. Crypto-friendly regulations, the integration of national energy resources with new technologies, and comprehensive regulatory initiatives all have the potential to position Pakistan as a regional digital asset hub.Once known for its bans, Pakistan now wants to be recognized for its Bitcoin reserve.
Fed Minutes 2025: Cautious Monetary Policy
The Fed Holds Rates Steady, but Inflation Persists, Unemployment Concerns Grow, and Markets Remain DirectionlessThe Fed kept interest rates unchanged, yet inflation isn't coming down, concerns over unemployment are rising, and markets are struggling to find direction. Economic data remains strong, but the future is still unclear. After every meeting, we see the same picture: uncertainty and efforts to read between the lines.Why Did the Fed Keep Rates Steady?At the Federal Open Market Committee (FOMC) meeting held on May 6–7, 2025, the Fed decided to keep the federal funds rate unchanged in the 4.25%–4.50% range. But why?In fact, there are several clear reasons behind this decision, all of which are directly tied to today’s economic vulnerabilities:Inflation Remains PersistentThe Fed’s main focus is the risk that inflation may not be transitory, but rather persistent. According to the minutes, price pressures may last longer than expected. This signals a cautious approach and a reluctance to act hastily on monetary policy.Current Policy Is “Moderately Restrictive”Fed officials believe that the current policy stance is applying a measured amount of pressure on the markets. The goal is to slow down the economy in a controlled manner, without completely stalling it.Waiting for ClarityThe minutes indicate that economic uncertainty persists. Due to unclear trade policies, global influences, and mixed data, the consensus is that policy changes should be avoided until a clearer picture emerges.Inflation and Unemployment: The Fed’s Two Main Risk FocusesThe minutes reveal that the Fed is not only concerned with interest rate decisions but is also closely monitoring two major risks in the economy: persistent inflation and potential weakness in the labor market.Inflation Isn’t Falling—It’s StabilizingWith inflation still well above the annual 2% target, it remains a top priority for the Fed. The minutes emphasize that price increases may prove more persistent than expected. As a result, monetary policy decisions are being made cautiously and over time.Is the Labor Market Starting to Crack?The economic slowdown may begin to impact the labor market. Fed officials are raising the possibility of a potential rise in the unemployment rate. This shows that policymakers are taking into account not just price stability, but also labor market balance when making decisions.Cracks in the U.S.’s Safe-Haven Status?One of the most striking points in the Fed minutes was the concern over the U.S.’s role in the global financial system. There are growing questions about how current trade policies might impact this status.Trade Policies Are Creating UncertaintyFed officials have noted that the recent protectionist trade policies could negatively impact investor confidence. A shift in global trade flows could damage the perception of U.S. assets as a "safe haven."What Happens if Global Confidence Erodes?If the U.S.—traditionally the go-to destination during times of crisis—loses this position, capital flows may shift to other regions. This could increase volatility in the dollar, stock, and bond markets. The consequences would be significant not just for the domestic economy, but for global economic balances as well.What It Means for Investors: What’s Next?The minutes show that the search for clarity regarding the economic outlook continues and that a cautious stance will persist. In this environment, there are several key points that investors should pay attention to:Five Key Considerations During Uncertainty:Closely Monitor Monetary Policy SignalsThe minutes show that the Fed’s decisions are data-dependent. This makes statements, data releases, and press conferences even more important.Keep Portfolio Diversification a PriorityIn times of high economic uncertainty, it’s safer to diversify investments rather than focusing on a single asset.Track Employment and Inflation Data CarefullyThese two indicators are among the most decisive in shaping the Fed’s decisions. Upcoming data will be critical in determining market direction.Be Prepared for the Impact of Geopolitical DevelopmentsFactors such as foreign trade, election uncertainties, and global relations can trigger market volatility.Avoid Short-Term Speculative Moves as Risk Perception RisesDuring periods of high volatility, it is more strategic to take a medium-to-long-term approach.The Fed’s Message Is Clear: “Wait and See”The FOMC minutes show that the Fed is maintaining its cautious stance and will continue making data-driven decisions. Inflation remains a key issue to keep under control, while the risk of rising unemployment is being closely watched. Trade policy’s global impact is emerging as another area of vulnerability.Therefore, any upcoming steps will require a multi-layered strategy that considers both domestic dynamics and global effects. While market direction remains unclear, the Fed’s message is unmistakable:Until the economic picture becomes clearer, staying cautious will remain the primary policy approach.
The Big Incentive for Crypto Investors from Florida: Capital Gains Tax Is Being Reset
Florida is preparing to offer a major tax advantage for those investing in cryptocurrency. The state legislature has introduced a bill that eliminates state-level capital gains tax on profits earned from various assets, including Bitcoin, XRP, and stocks. This move could make Florida much more attractive for both individual investors and crypto companies.What Does the Law Bring?According to the bill, investors will not pay any state tax in Florida on profits earned from digital assets like Bitcoin or XRP. For example, if a crypto investor sells Bitcoin for $10,000 and makes a $2,000 profit, the state of Florida will not claim any tax on that gain. However, this regulation only covers state taxes; federal-level taxes will still apply.This tax cut aims to increase interest in crypto assets and position Florida as a hub for digital finance. Attracting investors with crypto-friendly policies is seen as a strategic move for the state, which seeks to support technological innovation.Politics and Economy Hand in HandThe bill is backed by the administration led by Republican Governor Ron DeSantis. This step also aligns with Donald Trump’s increasingly crypto-friendly stance. Florida already has no personal income tax. Now, with the addition of eliminating capital gains tax, Florida stands out for investors seeking tax advantages.According to experts, this development may not be limited to Florida alone. Other states could consider similar incentives, and new reforms at the federal level may also be brought to the agenda.A New Beginning for CryptoFlorida’s move is not just a tax cut—it is also a reflection of growing confidence in the digital economy. This step, which concerns both individual investors and institutional companies, could open a new chapter for the acceptance of digital assets within the U.S. If the bill becomes law, Florida could become a major hub for the crypto economy, not only nationally but on a global scale.
Americans Are Turning to Bitcoin: The Traditional Understanding of Investment Is Changing
Investment behavior in the United States is undergoing a fundamental transformation. Recent studies reveal that public interest in Bitcoin has surpassed that of gold. This shift affects not only individual investors but also national reserve policies. The growing acceptance of digital assets at both institutional and strategic levels is reinforcing the U.S.’s leadership in the crypto era. Bitcoin Is Becoming America's Reserve Asset Bitcoin Surpasses GoldAccording to a comprehensive survey conducted by The Nakamoto Project, 80% of Americans support converting a portion of the country’s gold reserves into Bitcoin. In this poll of 3,345 participants, the proposed median conversion rate was 10%, though some respondents supported rates as high as 20%. When broken down by age group, individuals aged 26–30 were the most supportive of the shift, followed by those under 26 and those aged 31–35. This indicates growing confidence and interest in digital assets among younger generations.The numbers back this up: approximately 50 million Americans own Bitcoin, compared to around 36–37 million who own gold. This data shows that Bitcoin has evolved beyond being merely an alternative investment—it has become a serious competitor to traditional stores of value.National Reserves and Institutional StrengthThe U.S. government has not remained indifferent to this societal shift. In 2025, President Donald Trump signed an executive order to establish a “Strategic Bitcoin Reserve,” which is planned to be backed by approximately 207,189 BTC. Additionally, a legislative proposal introduced by Senator Cynthia Lummis outlines a plan for the U.S. to acquire 1 million BTC over the next five years.On the institutional side, a similar trend is emerging. BlackRock’s iShares Bitcoin Trust (IBIT), with $33.2 billion in assets under management, has surpassed the iShares Gold Trust (IAU), strengthening the positioning of digital assets over gold. According to data from blockchain firm River, Americans hold 40% of the global Bitcoin supply, equating to a value of approximately $790 billion. Moreover, U.S.-based publicly traded companies account for 94.8% of corporate Bitcoin holdings.The Bitcoin Potential of U.S. Gold ReservesThe official U.S. gold reserve stands at 8,133 metric tons. However, this reserve is still valued based on the 1973 fixed price of $42 per ounce, which pegs the total value at just $11 billion. In contrast, using the current market price of $3,200 per ounce, the actual value exceeds $834 billion. The $820 billion gap between these two figures theoretically represents a massive potential for Bitcoin investment.Is Bitcoin the New Generation Reserve Asset?This intense interest in Bitcoin reflects not only a shift in individual investment preferences, but also the emergence of digital assets as components of national economic strategies. The growing confidence of both the American public and policymakers in Bitcoin suggests that digital assets will play a more central role in the global financial system in the years to come.Challenging the traditional gold standard, Bitcoin is steadily progressing toward becoming the reserve asset of the future—for both new-generation investors and institutional decision-makers.
The US Is Entering a New Era in Stablecoin Regulations: A Clear Message from Bessent
U.S. Treasury Secretary Scott Bessent, in his latest remarks on digital assets, emphasized that the country is taking a “major step forward” in this area. In an interview with Bloomberg, Bessent stated that stablecoin regulations are only the beginning. The vision of the new administration is to build a digital economy that encourages financial innovationwhile being supported by strong oversight and compliance frameworks.Digital Assets and a New Regulatory ApproachAccording to Bessent, the Trump administration has made digital assets a strategic priority. He noted that previous administrations had pursued a “destructive” policy toward crypto companies, whereas the current administration is adopting a more constructive approach. This approach centers around a vision that emphasizes anti-money laundering (AML) efforts and regulatory clarity.The GENIUS Act: A New Foundation for RegulationThe most critical legislative proposal on the agenda, the GENIUS Act, imposes strict transparency and reserve requirements on stablecoin issuers. Under this law:Stablecoin issuers must disclose their reserves.Full reserve backing will be mandatory.Federal and state regulators will set standards for liquidity, risk, and capital.Bessent stresses that this legislation is only a starting point. According to him, it will position the U.S. as a global leader in digital assets and further strengthen the dominance of the dollar.How Do Stablecoins Impact U.S. Treasury Bonds?Another key point raised by Bessent is the potential impact of stablecoins on U.S. Treasury bonds. He forecasts that these digital assets could drive demand for Treasuries to as high as $2 trillion in the near future. This could reduce borrowing costs and reinforce the global influence of the dollar.“The Greatest Financial Opportunity of This Generation”Bessent warned that if the U.S. fails to act swiftly on digital assets, stablecoins may end up being regulated inconsistently at the state level, which could undermine investor confidence and limit the sector’s growth. He described the GENIUS Act as “one of the greatest financial opportunities of this generation.”
Kraken Announces XSTOCKS For 24/7 Stock Trading
Kraken is launching a major innovation that brings together digital assets and traditional stocks. The exchange has announced a new system called xStocks, which will enable 24/7 trading of more than 50 tokenized stocks and ETFs, including financial giants like Apple, Tesla, NVIDIA, and SPDR S&P 500 ETF (SPY).What is xStocks and How Does It Work?Kraken’s new product line, branded as “xStocks,” operates on the Solana blockchain. Each xStock token is a 1:1 digital representation of a real stock or ETF. These tokens are supported by Backed Finance, a Swiss-based entity, and are directly collateralized with the corresponding underlying assets. In practice:If the real stock is priced at $200, the xStock token will hold the same value.Investors will be able to redeem these tokens for cash.The main advantage of xStocks is their continuous trading feature—they can be traded even when traditional stock markets are closed. This provides significant flexibility for investors across different continents.Available Everywhere Except the U.S. (For Now)Kraken will initially launch xStocks in Europe, Asia, Africa, and Latin America. Due to regulatory barriers, U.S. users will not have access to these services for now. However, the company emphasizes that it is in active discussions with global regulatory bodies to ensure compliance in the long term.With this approach, Kraken aims to overcome the legal challenges faced by similar tokenized stock projects in the past.24/7 Stock Trading: What Does It Mean?Kraken’s initiative could change the rules of the game not just for crypto enthusiasts, but also for stock market investors. With xStocks, users can:Trade outside of regular market hours,Buy and sell without being tied to the traditional exchange system,Hold shares like Apple or Tesla directly in their digital wallets.Thanks to potential integration with DeFi applications, these tokens may also be used as collateral for borrowing or to generate passive income, enabling new financial scenarios.A New Era in the Global Financial SystemKraken’s tokenized stock initiative further blurs the line between crypto and traditional finance. The partnership with Backed Finance provides confidence by ensuring each token is backed by a real-world asset. The use of Solana blockchain guarantees low transaction fees and high speed.In the future, xStocks may also support cross-chain compatibility with Ethereum or other networks. This would expand both the accessibility and usability of the product even further.
FIFA Is Building Its Own Blockchain Network: The Digital Future of Football Is on Avalanche
FIFA has taken a significant step to expand its presence in the digital world. The organization announced that it will establish its own dedicated blockchain network built on the Avalanche infrastructure. This network will be called “FIFA Blockchain” and is specifically designed to bring fan engagement into the digital space.Why Avalanche?Behind FIFA’s choice lies Avalanche’s technical advantages—its speed, scalability, and low transaction costs. Moreover, the technology allows the creation of custom subnets, enabling institutions like FIFA to operate on a blockchain where they can set their own rules.Thanks to this new network, fans will be able to access digital collectibles, interact through NFTs, and perhaps even participate in gamified systems in the future. This isn’t just a technological update—it’s a transformation that could completely change how football fans experience the game digitally.The Algorand Era Is Over, A New Phase BeginsFIFA is no stranger to the Web3 world. In 2022, it introduced its first NFT collections through a partnership with Algorand. However, this collaboration ended in 2024. Since then, FIFA has decided to move forward with Avalanche. The former NFT platform, “FIFA Collect,” will now be restructured on the Avalanche network.This transition shows that FIFA is moving beyond NFTs, aiming to build a broader digital strategy.Who’s Behind the Project?The technical infrastructure is being developed by Modex, a team experienced in Web3 projects. The project is coordinated with support from Ava Labs, the developer of Avalanche. According to the announcement, the network will not just serve as an NFT platform. The goal is to offer fans a faster, more secure, and highly interactive digital environment.From Spectators to ParticipantsWith this move, FIFA aims to transform fans from mere spectators into active participants who own and interact with digital content. NFT-based memorabilia, digital product trading, interactive games—these are all now on FIFA’s agenda.Not all the projects have been revealed yet, but the infrastructure is ready to build upon this ambitious vision.Final WordFIFA’s collaboration with Avalanche marks a new chapter in the use of blockchain technology in the sports world. This is not just a tech choice—it’s a powerful step toward the digital future of football.If a global giant like football is moving in this direction, it’s inevitable that other sports organizations will follow. In the near future, the “digital playing field” may become much more crowded.
Will the US Hold Bitcoin Instead of Gold? The Statement that Attracted Attention from Senator Lummis
U.S. Senator Cynthia Lummis has declared that the country is ready to update its gold reserves with Bitcoin. This statement not only signals a historic shift in the United States’ financial reserve management but also sends a strong message about the future role of digital assets.Is Bitcoin Replacing Gold?Senator Cynthia Lummis has long been known for positioning Bitcoin as a strategic asset for the United States. She made this statement in conjunction with her support for the Genius Act, a legislative proposal focused on digital assets. The Genius Act aims to modernize the U.S. gold reserves by incorporating digital assets like Bitcoin.In her statement, Lummis said:“Americans are now ready to upgrade their national reserves from gold to Bitcoin.”This approach reflects growing pressure for the U.S. to adopt a more innovative reserve policy by moving away from the traditional concept of reserve assets.A Massive Reserve Plan for 1 Million Bitcoins: The BITCOIN ActAnother key legislative proposal supported by Lummis is the BITCOIN Act, which stands for Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide. The act proposes that the U.S. Department of the Treasury purchase a total of 1 million Bitcoins over five years.According to the bill:This Bitcoin reserve cannot be sold for 20 years.Funding will be sourced from the $6 billion in annual revenue generated by the Federal Reserve.Purchases will be made gradually to avoid disrupting the market.This initiative strengthens the idea that Bitcoin can serve as a long-term reserve asset not only for the private sector but also for governments.Debate and RealismWhile Lummis’s remarks and legislative proposals support the idea of the U.S. taking a leading role in digital assets, serious debates remain about the feasibility of such policies.Some argue that Bitcoin’s volatile nature makes it a risky choice for national reserves.Others believe that its limited supply and decentralized structure make Bitcoin a stronger alternative to gold as a long-term store of value.The proposals and statements spearheaded by Senator Cynthia Lummis suggest that digital assets will play an increasingly significant role—not only in the U.S., but also in the global financial system. The throne of gold is now seriously challenged by a product of technology: Bitcoin.Whether the United States will actually abandon gold in favor of Bitcoin as a reserve asset remains unclear. However, it is evident that this conversation has moved beyond just a futuristic idea and is now being discussed through concrete legislative proposals.
Daily Market Summary with JrKripto 22 May 2025
You can find today’s edition of “Daily Market with JrKripto”, where we compile the most important developments in global and local markets, below. Let’s analyze general market conditions together and review the latest insights.Bitcoin (BTC) is currently trading at $110,600. The long-term uptrend that began at $75,930 gained momentum after breaking through the $101,059 and $104,000 resistance levels, and as of today, BTC has reached $111,880, setting a new all-time high (ATH). The slight pullback following this new peak can be seen as a natural profit-taking movement. If the upward momentum continues, potential resistance levels to watch are $114,500 and $118,300. In downward corrections, the first support is at $108,000; below that, $104,629 and $101,059 stand out as key support zones. Maintaining stability above $108,000 is critical for BTC to sustain its bullish trend.Ethereum (ETH) is currently trading at $2,665. The strong rally from $1,486 has accelerated with the breakout of the $2,453 and $2,595 resistance levels. With current pricing, ETH’s next potential targets are $2,800 and $2,981. In possible correction scenarios, the first support level will be $2,595. If this level breaks, $2,453 and $2,095 are the next support areas to watch. To maintain upward momentum, ETH needs to hold above $2,595.Crypto NewsBinance to list World Liberty Financial USD (USD1)Senator Cynthia Lummis said Americans are ready to update U.S. gold reserves with BitcoinSEC approved in-kind redemptions for BlackRock's Spot Ethereum ETFThe Texas House of Representatives officially passed the Strategic Bitcoin Reserve Act SB21WLD raised $135 million from Andreessen Horowitz and Bain Capital Crypto to fund network expansionBitcoin breaks its all-time high with a new recordTether minted $2 billion USDTTop Gainers:SPX → Up 25.1%, now at $0.92172304DOG → Up 24.8%, now at $0.00452217FARTCOIN → Up 21.0%, now at $1.56WIF → Up 20.6%, now at $1.16POPCAT → Up 19.8%, now at $0.53627774Top Losers:OM → Down 3.2%, now at $0.4199871KAITO → Down 2.3%, now at $2.10FRAX → Down 1.8%, now at $3.65DEXE → Down 1.1%, now at $12.61BTSE → Down 0.5%, now at $1.51Fear & Greed Index:Bitcoin: 71 (Greed)Ethereum: 60 (Greed)Dominance:Bitcoin: 64.21% ▼ 0.13%Ethereum: 9.16% ▲ 0.81%Daily Total Net ETF InflowsBTC ETFs: $607.10 millionETH ETFs: $1 millionGlobal MarketsConcerns over tax cuts in the U.S. and the resulting budget deficit led to weak demand in the bond market and selling pressure in equity markets. Particularly, the weak demand for the 20-year U.S. Treasury auction caused a sharp increase in yields. While these budget concerns create short-term pressure, a potential corporate tax cut in the future could support U.S. equities.U.S. stock indexes started the day lower, attempted to recover during the session, but fell again after the Treasury auction and ended the day with losses. The 20-year bond yield came in at 5.04%. The 2-year yield rose by 5 basis points, climbing above 4.00%, while 10- and 20-year yields rose by 11 basis points.As a result:S&P 500 fell 1.61%Dow Jones fell 1.91%Nasdaq fell 1.41%10 of the 11 major sectors in the S&P 500 closed negative. The only sector in the green was telecommunications, with a 0.67% gain. The steepest losses were in real estate (-2.63%), healthcare (-2.37%), financials (-2.05%), and infrastructure (-1.91%).Today’s economic data includes:S&P Global PMIHome sales data10-year TIPS (inflation-indexed bonds) auctionU.S. index futures are showing a flat trend in early hours, while European futures and Asian markets display a selling bias. European markets are also expected to start the day weak.Top Companies and Stock PricesMicrosoft (MSFT) → $3.36T market cap, stock price $452.57, ▼ 1.22%NVIDIA (NVDA) → $3.21T market cap, stock price $131.80, ▼ 1.92%Apple (AAPL) → $3.02T market cap, stock price $202.09, ▼ 2.31%Amazon (AMZN) → $2.14T market cap, stock price $201.12, ▼ 1.45%Alphabet (GOOG) → $2.05T market cap, stock price $170.06, ▲ 2.87%Borsa IstanbulThe BIST 100 index failed to break through the 9750–9800 resistance range for four consecutive days last week and fell slightly below 9400 amid continued capital outflows. Short-term indicators show weakening momentum, and the weak outlook in global markets is adding pressure on BIST.In this context, the 9200–9250 range is the first key support zone. On the upside, 9500 is the critical resistance.Following weak Q1 2025 earnings, analysts revised their BIST 100 target price downward. The new 12-month target average is around 13,800, implying a 47% potential return. However, the lack of strong catalysts to realize this potential reinforces the view that “a stock market that can’t rise, falls,” bringing the 9000–9100 zone back into focus.Today, attention in Türkiye is on the CBRT’s second Inflation Report of the year. In February, the central bank raised its 2025 year-end inflation forecast from 21% to 24%, while maintaining the 2026 forecast at 12%. The report will be released at 10:30 AM. Key data releases today also include:Manufacturing capacity utilization rateReal sector confidence indexSectoral confidence indicesMeanwhile, the Treasury has authorized Bank of America, BNP Paribas, HSBC, and Morgan Stanley for a new 2032 dollar-denominated bond issuance abroad. According to Bloomberg, the issue totals $2 billion with a yield of 7.45%. This brings the total international issuance for the year to $4.5 billion.Yesterday, the BIST 100 dropped for the second day in a row, closing down 1.2% at 9398 points. It is still up 3.5% for the month but down 4.4% year-to-date. Energy and REIT stocks slightly outperformed, while Turkish Airlines, Pegasus, Koç Holding, and Ereğli weighed on the index. Retail stocks also saw continued selling pressure.Technically, the close below 9475 signals continued weakness. Immediate support levels are at 9331–9233, with stronger support at 9148–9044. If the downward move persists, 8984 will be the next level to watch. On the upside, a close above 9475 is needed for recovery. Key resistance levels are:9475, 9740–9760, 9895, and 9953.A stabilization attempt may be seen today after two days of decline.Top Companies by Market Cap on Borsa IstanbulQNB Finansbank (QNBTR) → ₺893.61B market cap, ₺265.00 per share, ▼ 0.66%Aselsan (ASELS) → ₺606.48B market cap, ₺131.60 per share, ▼ 1.05%Garanti Bank (GARAN) → ₺467.04B market cap, ₺113.50 per share, ▲ 2.07%Turkish Airlines (THYAO) → ₺386.06B market cap, ₺280.25 per share, ▲ 0.18%Koç Holding (KCHOL) → ₺383.93B market cap, ₺150.50 per share, ▼ 0.59%Precious Metals & Exchange RatesGold: ₺4172Silver: ₺41.52Platinum: ₺1337USD/TRY: ₺38.83EUR/TRY: ₺44.04See you again tomorrow with the latest updates!
Historic Bitcoin Move from Texas: Strategic Reserve Act Passed
One of the largest states in the U.S., Texas, has taken a historic step in the field of digital assets. On May 21, 2025, the Texas House of Representatives passed the “Strategic Bitcoin Reserve and Investment Act” (SB21) by a vote of 101 to 42. This legislation provides a legal basis for the state of Texas to invest public funds in Bitcoin and to add BTC to its official reserves.The bill now awaits the signature of Texas Governor Greg Abbott. The governor may either sign or veto it. However, if no action is taken, the bill will automatically become law within 20 days.Bitcoin Becomes an Official Reserve Asset for TexasWith SB21, Texas will be able to use surplus general revenue to purchase Bitcoin. These purchases will be held in a special fund, established independently from the state treasury, and stored using high-security methods such as cold storage.The law also introduces transparency and reporting requirements, similar to those imposed on gold held in the Texas Bullion Depository. Each quarter, the dates, quantities, and costs of Bitcoin purchases will be disclosed to the public.While the legislation doesn’t specify a dollar limit, it states that the funds can only be held in jurisdictions where Bitcoin is legally recognized as property. This clause provides an important regulatory safeguard.Emphasis on Financial Sovereignty and the Digital FutureOne of the bill’s main sponsors, Representative Giovanni Capriglione, said the following in his pre-vote speech:“Today’s action shows Texas’ commitment to becoming a leader in the digital age. We are now embracing Bitcoin—a modern, borderless store of value—instead of traditional gold.”This law is not just an investment move; it is also part of Texas’ broader vision of financial sovereignty. The bill emphasizes that Bitcoin can serve as a hedge against inflation and economic volatility.Additionally, the state auditor is tasked with researching revenue potential related to state fees through the Lightning Network. This means Bitcoin is being evaluated not just as an investment asset, but also as a payment infrastructure.Texas Becomes the Third State to Establish a Bitcoin ReserveWith this law, Texas becomes the third U.S. state, after Arizona and New Hampshire, to direct public assets toward Bitcoin as part of a strategic reserve. As Senator Charles Schwertner pointed out, this initiative could increase Texas’ monetary flexibility and provide a buffer against financial shocks.Key Highlights of the Law:The state can purchase Bitcoin using surplus general revenueBTC will be stored in a special reserve fundAll transactions will be transparently reportedThe Lightning Network’s revenue potential will be examinedReserve assets can only be held in jurisdictions with legal recognition of BitcoinTexas’ SB21 bill marks a major milestone in the official recognition of cryptocurrencies as state-level financial instruments. The fact that Bitcoin is now being considered not just as an investment but as a strategic reserve asset may represent a shift that transforms not only the crypto market, but also the financial system as a whole.All eyes are now on Governor Greg Abbott and what decision he will make in the coming days. But one thing is already clear: U.S. states are lining up for Bitcoin.
Crypto Message from the Supreme Court of India: Regulation is Necessary, Not Banned
The Supreme Court of India has made a significant statement regarding the country’s stance on cryptocurrencies. The Court emphasized that an outright ban on digital assets is unrealistic, and instead stressed the need for a clear and effective legal framework. Justice Surya Kant stated that the government has fallen short in regulating the sector, which poses serious economic risks.This assessment from the Supreme Court serves as a clear warning against the longstanding regulatory uncertainty surrounding crypto in India. One of the main issues highlighted by the judiciary is the fact that this sector, which has been primarily controlled through taxation policies, still lacks a proper legal foundation.“You Tax It But Don’t Regulate It”Justice Kant pointed out the 30% tax imposed on crypto gains and criticized the contradiction of the government profiting from a sector it fails to regulate. He stated that cryptocurrencies are currently creating a sort of “parallel economy” in the country, which could have dangerous implications for the broader economy.Speaking during an ongoing case related to Bitcoin transactions, Justice Kant emphasized the following:Key Issues Raised by the Supreme Court:The government collects taxes from crypto income but fails to establish a legal regulatory framework.The uncontrolled growth of cryptocurrencies increases the risks of money laundering and tax evasion.A complete ban is not a viable solution, as it is technologically difficult to enforce and practically ineffective.The government previously stated it would publish a consultation paper, but this has yet to be released to the public.The current uncertainty creates a risky environment for both investors and companies in terms of sustainability.Government Signals Possible ReviewIn response to the Court’s criticism, India’s Additional Solicitor General—representing the government—hinted that the current policies could be reviewed. Responding with the words, “We will take instructions, sir,” the Solicitor General indicated that India’s crypto policy may be reconsidered.This dialogue suggests that the Indian government may soon be compelled to take more concrete steps on cryptocurrency regulation and may signal the introduction of a new regulatory framework to be presented to the public.
Cryptocurrency Move from the Central Bank of Russia: Restrictions Are Lifted
The Central Bank of Russia is preparing to ease restrictions on financial products tied to Bitcoin and other cryptocurrencies. This decision signals a significant policy shift in the country’s crypto regulations. Russia’s move toward a more flexible stance on cryptocurrencies is especially notable amid a period of intensified international sanctions.Crypto Exchange Exclusive to “Qualified” InvestorsA new plan, jointly developed by the Central Bank of Russia and the Ministry of Finance, envisions the establishment of a crypto exchange accessible only to high-net-worth individuals who meet certain criteria. This exchange will operate under an “Experimental Legal Regime” (ELR) and will only be available to investors who either:Have an annual income exceeding 50 million rubles (approximately $600,000), orPossess assets worth over 100 million rubles (around $1.2 million).This step indicates that the government aims to promote institutional-level crypto adoption without relinquishing control, rather than granting broad freedoms to retail investors.Selective Approach to StablecoinsThe new regulations may also impose restrictions on the trade of certain stablecoins, such as Tether (USDT). There is ongoing discussion about banning assets issued by entities based in “hostile countries”, especially those that carry a risk of being frozen or blocked. This demonstrates Russia’s intention to incorporate geopolitical risk assessments into its crypto regulations and its cautious stance toward products issued by U.S.-based companies.Crypto Expansion in International TradeRussia aims to utilize cryptocurrencies not just as investment tools but also as a way to bypass sanctions and to create alternative payment channels in international trade. This aligns with the country’s strategic goal of reducing its dependence on the dollar-based system. However, experts emphasize that this approach still raises serious concerns in terms of sustainability and regulatory transparency.
Ondo Finance Launches 24/7 Conversion Service with PYUSD
Ondo Finance has launched a 24/7 instant conversion service between PayPal’s stablecoin PYUSD and its own tokenized U.S. Treasury bond representative, OUSG. This development eliminates the time restrictions encountered in traditional financial transactions while providing easier access to digital assets.Instant and Seamless Transition Between OUSG and PYUSDThanks to the system announced by Ondo, investors will be able to create OUSG tokens using PYUSD at any time or convert their existing OUSG holdings into PYUSD. This conversion service, active 24 hours a day, 7 days a week, currently stands out as the largest stablecoin-to-Treasury fund bridge with a capacity of $25 million.Ondo Finance CEO Nathan Allman stated, “The ability to instantly convert OUSG into PYUSD provides our clients with a high-quality liquidity option.” He also added that they are pleased to expand their collaboration with PayPal in this area.Next-Gen Liquidity Infrastructure: Ondo NexusThis service is also part of Ondo’s new platform called Nexus. Nexus allows tokenized U.S. Treasury bonds to be redeemed by third parties using stablecoins. With the PYUSD integration, this system makes real-world assets more liquid and accessible in digital systems.OUSG currently attracts attention with a total value locked exceeding $525 million. Offering daily interest yield, OUSG is supported on Ethereum and Solana networks. The funds are directed to leading institutions such as BlackRock, Franklin Templeton, WisdomTree, and FundBridge Capital.A New Bridge Between Traditional Finance and CryptoThe 24/7 instant conversion between PYUSD and OUSG is not just a technical innovation; it also represents a new bridge between the digital and traditional financial worlds. The instant liquidity makes investor decisions faster and more efficient, while also enabling stablecoins to be used in new areas.
FTX will Pay $5 Billion to Creditors on May 30
The crypto exchange FTX has reached a significant milestone in its post-bankruptcy recovery process. The company announced that, as of May 30, 2025, it will make cash payments exceeding $5 billion to its creditors. This payment will be the second major distribution phase of the recovery process.Second Round of Repayments BeginsIn the process managed by the FTX Recovery Trust, users who have previously completed the required steps will receive their payments through their chosen distribution service providers, such as BitGo or Kraken. Distributions will begin on May 30 and are generally expected to be completed within 1–3 business days.FTX will prioritize requests of $50,000 and above in these payments. In the first round of payments made earlier, $800 million had been distributed for claims under $50,000. Now, an additional $400 million has been allocated for these users, and this distribution will take place later in the year.Market Impact ExpectedAll repayments will be made in cash. However, a significant portion of users who remained in crypto during FTX’s collapse are expected to convert this cash back into cryptocurrencies. Especially the bullish expectations for the second half of the year may trigger this shift.Analysts believe that such a large cash inflow into the market could have a buying pressure effect in the spot market. A large number of investors harmed by the FTX collapse may tend to recover their losses through crypto.Total Expected Repayment Could Reach $16 BillionAccording to estimates, FTX’s total bankruptcy estate is between $14.7 and $16.5 billion. The company predicts that 98% of eligible creditors will receive at least 118% of their original claims back in cash.On the other hand, users who do not verify their claims through official portals by June 1 face the risk of losing their right to this distribution. FTX has issued a warning to users in this regard.FTX Repayment Process – Quick NotesPayment date: May 30, 2025Total amount to be paid: $5 billionPriority groups: Claims of $50,000 and aboveDistribution providers: BitGo and KrakenDelivery time: 1–3 business daysCompliance process deadline: June 1, 2025
Daily Market Summary with JrKripto 14 May 2025
You can find today’s “Daily Market with JrKripto,” where we compiled the most important developments in global and local markets, below. Let’s analyze the general market conditions together and take a look at the latest evaluations.Bitcoin (BTC) is currently trading at $103,170. The strong upward trend that started from the $75,930 level gained momentum after surpassing the $101,059 and $104,000 resistance levels. However, with the price pulling back from the $104,629 level, a short-term correction movement is being observed. During this process, the $101,059 level stands out as the first significant support. If this level is maintained, the upward trend may gain momentum again, and if the $104,629 resistance is broken, the targets of $108,000 – $109,850 may come back into focus. Otherwise, the $96,115 and $94,570 levels will be followed as support levels in downward movements.Ethereum (ETH), on the other hand, is trading at the $2,600 level. With the effect of the upward movement that started from the $1,486 level, the $2,453 resistance was broken, and the price rose up to the $2,550 level. However, with some profit-taking at this point, the price has pulled back slightly. Currently, the $2,453 level is being tested as support. If it can remain above this level, the $2,595 and $2,981 resistance levels may once again become targets. However, if it drops below $2,453, the $2,095 and $1,790 levels should be followed as gradual support zones. Holding above $2,453 is critically important for the upward trend in ETH to continue.Crypto NewsTrump: I’m a big fan of crypto.SEC has accepted 21Shares’ spot DOGECOIN ETF application.SEC has postponed Grayscale’s Litecoin spot ETF application.Trump: What’s up with “Always Delayed Powell”? It’s not fair for an America that’s ready to bloom.Nvidia announced a “strategic partnership” with Humain to build artificial intelligence factories in Saudi Arabia.CryptocurrenciesTop Gainers:GRASS → increased by 32.5% to $2.14ETHFI → increased by 30.3% to $1.35TDCCP → increased by 30.1% to $0.41883782RAY → increased by 19.4% to $3.78SYRUP → increased by 17.3% to $0.30284282Top Losers:MOODENG → decreased by 10.9% to $0.27000123KAITO → decreased by 8.3% to $1.87PNUT → decreased by 4.5% to $0.41688071DEXE → decreased by 3.9% to $12.31MOG → decreased by 3.8% to $0.00000107Fear Index:Bitcoin: 71 (Greed)Ethereum: 58 (Greed)Dominance:Bitcoin: 62.07% ▼ 0.18%Ethereum: 9.72% ▼ 0.05%Daily Total Net ETF InflowsBTC ETFs: -$91.40 MillionETH ETFs: $13.50 MillionGlobal MarketsInflation data released in the U.S. in April came in below expectations, and with this development, the positive news from U.S. President Donald Trump’s investment talks with Gulf countries led to positive closings in the stock markets.According to the released CPI data, headline inflation came in at 0.2% monthly, below the expected 0.3%. Annual inflation also came in at 2.3%, below the market expectation of 2.4%. This marked the lowest level seen since February 2021. Core inflation, which excludes food and energy, remained in line with expectations at 2.8% annually, while it was 0.2% monthly, below the 0.3% forecast.The slowdown in service inflation continued, but the price increases in housing and rent items remained strong. Additionally, decreases were observed in food, used car, and clothing prices. On a monthly basis, energy prices rose by 0.7%, healthcare services by 0.5%, and housing costs by 0.3%. In some items, price increases due to tariffs were also observed.In addition to the inflation data, investments announced during U.S. President Donald Trump’s meeting with Saudi Crown Prince Mohammed bin Salman also supported the markets. Trump announced that a total investment of $600 billion is being worked on between the two countries. As part of this, a $142 billion arms deal was signed. Investment plans for data centers from tech giants like Nvidia, Amazon, and Google were also announced.With the impact of these developments, the Nasdaq Index rose by 1.61%, and the S&P 500 increased by 0.72%. However, the decline in shares of healthcare company United Health negatively affected the Dow Jones Index, which ended the day with a 0.64% loss.Today, markets will focus on the weekly crude oil inventory data. While Asian markets started the day on a positive note, European markets are expected to start the day flat.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.34T market cap, $449.14 per share, ▼ 0.03%Apple (AAPL) → $3.18T market cap, $212.93 per share, ▲ 1.02%NVIDIA (NVDA) → $3.17T market cap, $129.93 per share, ▲ 5.63%Amazon (AMZN) → $2.24T market cap, $211.37 per share, ▲ 1.31%Alphabet (GOOG) → $1.94T market cap, $160.89 per share, ▲ 0.82%Borsa IstanbulIn March, Turkey’s current account deficit came in at $4.1 billion, slightly above market expectations. The 12-month cumulative current account deficit remained steady at $12.6 billion, while excluding gold and energy, the current account surplus showed a limited increase of $0.3 billion compared to the previous month, reaching $51.6 billion. According to seasonally adjusted data, a limited improvement was observed in the general current account balance in March due to recovery in gold and energy balance. However, there was a monthly deterioration in the current account balance excluding gold and energy. This indicates that both upside and downside risks remain for year-end current account balance expectations.On Borsa Istanbul (BIST-100), after Monday’s strong rise, the index lost 0.5% on Tuesday due to profit-taking. Investors are focused on the expected Russia-Ukraine ceasefire talks in Istanbul on Thursday. The dollar-based value of BIST-100 is around the 250 level, about 15% below the March 2025 peak. Signs of recovery in inflation indicators and positive geopolitical developments could lay the groundwork for the index to move back toward its previous peaks. In this context, a flat performance is expected on BIST today.From a technical standpoint, the BIST100 index fell to the 9652 level at the start of the day yesterday, but closed the day at 9700 after buying interest. The 9475–9580 range is considered a key transition zone, and as long as it stays above this band, the upward expectation is thought to continue. If the index exceeds the 9740/9750 level, testing the 9895 resistance may come into play. In downward movements, the 9580–9475 band stands out as the first strong support region. If these levels are broken, the 9230, 9044, and 8870 levels will be followed as support. On the upside, the 9740/9750, 9895, and 9953 levels will be followed as resistance points.Most Valuable Companies on Borsa IstanbulQNB Finansbank (QNBTR) → ₺904.5 billion market cap, ₺279.50 per share, ▲ 3.52%Aselsan Electronic Industry (ASELS) → ₺623.81 billion market cap, ₺138.00 per share, ▲ 0.88%Garanti Bank (GARAN) → ₺460.74 billion market cap, ₺113.90 per share, ▲ 3.83%Turkish Airlines (THYAO) → ₺420.21 billion market cap, ₺300.75 per share, ▼ 1.23%ENKA Construction and Industry (ENKAI) → ₺404.47 billion market cap, ₺69.50 per share, ▲ 0.72%Precious Metals and Exchange RatesGold: ₺4,022Silver: ₺41.25Platinum: ₺1,242Dollar: ₺38.78Euro: ₺43.43Looking forward to meeting again tomorrow with the latest news!
