Weekly Update: 19th of June
What happened between June 12 and June 19?
- Crypto markets recovered from early June’s dip. Bitcoin rose more than 6% on the week to around $66,000, but ongoing ETF outflows and a hawkish Fed keep the market vulnerable.
- The SEC put digital assets at the top of its agenda. According to Reuters, the regulator is preparing an exemption that would allow tokenized stocks to trade on the blockchain.
- Illinois became the first U.S. state to introduce a transaction tax on crypto. The 0.2% levy takes effect in 2027 and has drawn fierce criticism from the industry.
- FIFA is using the Avalanche blockchain to fight ticket fraud and scalping around the World Cup. The system saw heavy use but is now drawing scrutiny from regulators.
Market sees a cautious recovery but remains vulnerable
Crypto markets bounced back this week after the sharp sell-off in early June. Bitcoin traded around $66,000, up more than 6% on the week, while ethereum climbed roughly 9%. The price rebounded off its 200-week moving average, a level that exchange Kraken says has historically marked a strong entry point for buyers.
Even so, the market remains fragile. The U.S. central bank struck a hawkish tone at its policy meeting, and bitcoin ETFs saw another $1.67 billion in outflows over the week. A reported peace agreement between the United States and Iran did lend support to risk assets. For now, investors are staying cautious.
SEC advances crypto rules and eyes tokenized stocks
The U.S. Securities and Exchange Commission has named digital assets and blockchain technology its first regulatory priority in its strategic plan for the coming years. According to Reuters, the regulator is now preparing a new policy that would let companies offer blockchain-based stocks. Chair Paul Atkins is expected to unveil a so-called innovation exemption soon.
That exemption would give companies room to experiment with new models without immediately meeting all disclosure and investor-protection rules. Supporters see tokenized stocks as a breakthrough — they can be traded 24/7 and settled almost instantly. The market for these products grew more than 3,300% between 2024 and 2026. Coinbase is reportedly preparing a U.S. launch as well.
Illinois introduces a contested crypto tax on every transaction
Illinois Governor JB Pritzker has signed a law introducing a 0.2% tax on digital-asset activity such as exchanging, transferring or storing crypto. The Digital Asset Privilege Tax Act takes effect on January 1, 2027 and applies to firms based in Illinois or serving state residents with gross receipts of at least $100,000. That makes Illinois the first U.S. state with a transaction-based tax on crypto.
The measure is projected to raise around $60 million a year for the state budget. The industry pushed back hard. Critics compare the levy to taxing every transfer between your own bank accounts. Michael Saylor called it a big mistake, and a prominent lawyer described it as one of the most anti-crypto laws in the country.
FIFA uses the Avalanche blockchain to fight World Cup ticket fraud
For the 2026 World Cup, FIFA is using its own blockchain, built on the Avalanche network, to curb bots, fraud and runaway resale prices. The system relies on two types of digital rights: a Right-to-Buy that grants priority to purchase a ticket, and a Right-to-Ticket used to buy the official ticket. Fans can trade these rights through the FIFA Collect platform.
Interest was strong. More than 100,000 Right-to-Buys were issued and combined trading volume topped $25 million, with activity running up to 24 times higher than normal just before the tournament. Regulators are now taking a closer look. Switzerland’s gambling authority and the attorneys general of New York and New Jersey are examining whether the tradable rights amount to illegal gambling.
In other digital assets news
- Hyperliquid kept drawing attention: its HYPE token hit a record high near $77 on June 16, while spot HYPE ETFs pulled in roughly $172 million in inflows during June.
- Polish President Nawrocki vetoed a crypto bill for the third time, leaving Poland the only EU member state without a national framework for the MiCA rules before the July 1 deadline.
- Strategy’s STRC preferred stock fell to a record low around $89, well below its $100 target. As a result, Strategy paused issuing new shares, causing unrest for now.
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