Giá Act I : The AI ProphecyACT

American retail giants Amazon and Walmart are reportedly considering the possibility of launching their own stablecoins. This move could potentially change how consumers pay for goods online while helping large retailers reduce costly transaction fees. According to the Wall Street Journal, both companies are mulling whether to create brand-specific coins or to adopt external stablecoins through a possible merchant-led consortium. Amazon’s efforts are still in the early planning stages. Sources familiar with the matter said the firm is discussing the potential for an in-house token that could be used for purchases on its platform. Walmart is also weighing similar options and has been lobbying for reforms in the payment space that would support digital payment innovation. By using stablecoins, the mega retailers could bypass traditional financial systems where merchants currently pay 1% to 3% per card transaction. This fee can add up to billions of dollars annually for companies processing high transaction volumes. Stablecoins offer an opportunity to cut these costs, with the added benefit of nearly instant settlement times compared to the one to three business days required for card payments. The move comes as other major e-commerce players begin to adopt stablecoin-based transaction systems. Shopify recently announced plans to fully integrate USD Coin (USDC) payments into its platform via Coinbase’s Ethereum Layer-2 network, Base. The feature is being launched through Shopify Payments and Shop Pay, with the official kick-off date set for the end of this year. The payment mechanism is also already available to selected merchants and includes incentives such as 1% cash back in local currency for customers. However, future stablecoin use by major retailers could depend on upcoming legislation. The proposed GENIUS Act, which aims to create a clear regulatory framework for such digital assets in the United States, recently cleared another procedural step but still requires approval from both the Senate and the House. The final Senate vote on the bill has been scheduled for June 17. In the meantime, trade groups have been actively engaging with lawmakers to support its passage. The Merchants Payments Coalition believes that clear rules for stablecoins would enable lower-cost payment options and introduce more competition to Visa and Mastercard. Meanwhile, major U.S. banks like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are also in the early stages of discussions about launching a joint stablecoin venture.

Regulatory clarity in the U.S. is pushing more companies to adopt Bitcoin reserves, with $11.3 billion in accumulation last month alone. Bitcoin ( BTC ) is going mainstream, as both governments and public companies continue accumulating the asset. On Friday, June 13, Matador Technologies published a weekly report on institutional Bitcoin adoption. According to the Canada-based financial technology firm, public companies are accelerating their Bitcoin accumulation. 1/ 🏛️ Regulatory momentum in U.S. Congress •CLARITY (crypto market structure) and GENIUS (stablecoin framework) bills are advancing, with bipartisan support and a bitcoin‑friendly CFTC chair nominee Brian Quintenz. •This marks a turning point: clearer regulation unlocking… The company reports that 22 public firms accumulated approximately $11.3 billion worth of Bitcoin over the past month. GameStop led the wave, acquiring 4,710 Bitcoin with its $1.75 billion convertible note. Meanwhile, Japan’s Metaplanet is targeting a 210,000 Bitcoin treasury. According to the Matador Technologies report, the main driver of corporate adoption is the regulatory momentum around crypto in the U.S. Currently, U.S. legislators are reviewing two bills: the CLARITY Act, which addresses the overall crypto market structure, and the GENIUS Act, which focuses on stablecoins. Another key development, according to Matador Technologies, is the rise of sovereign Bitcoin reserves. The U.S. is taking the lead, with President Donald Trump formalizing a Bitcoin strategic reserve on March 6. The federal government currently holds around 200,000 Bitcoin, mostly originating from asset seizures. In addition, U.S. states including Texas and Arizona are considering their own Bitcoin reserves — signaling strong political momentum behind Bitcoin adoption. Other countries, including Japan, Brazil, Czech Republic, Pakistan, are also considering their own Bitcoin treasury allocations. Still, a recent scandal in the Czechia related to a Bitcoin donation highlights the political risk of such moves. Rising adoption, both at the corporate and governmental level, is making Bitcoin increasingly resilient to volatility. Matador Technologies notes that Bitcoin rebounded to the $105,000 level, despite heightened tensions in the Middle East following the Israeli strike on Iran.

India’s Income Tax Department has launched a fresh crackdown on potential tax evasion and money laundering tied to virtual digital assets, including cryptocurrencies. According to government officials and local reporting , the department has identified individuals and entities engaging in crypto transactions who failed to comply with the Income Tax Act, 1961. The Central Board of Direct Taxes recently sent emails to thousands of individuals, urging them to review and update their income tax returns if crypto income was misreported or omitted. The initiative is part of CBDT’s broader NUDGE campaign, aimed at encouraging voluntary compliance. This marks the third NUDGE campaign in six months, following earlier drives that focused on foreign asset disclosures and false political donation deductions. Although India does not recognize cryptocurrencies as legal tender, income from VDA transfers has been taxable since April 2022. Under Section 115BBH of the Income Tax Act, crypto income is taxed at a flat 30% without deductions, except for the cost of acquisition. Losses cannot be offset or carried forward. Officials say discrepancies are being uncovered through data analytics, including mismatches between income tax returns and tax deducted at source filings by crypto exchanges, or Virtual Asset Service Providers. Some taxpayers reportedly failed to file the mandatory Schedule VDA or declared crypto income at lower tax rates, while others wrongly claimed deductions. The crackdown comes amid broader concerns over the use of unaccounted income in high-risk crypto investments. While the government is working on a discussion paper to explore regulatory options for VDAs, including a possible ban, it has clarified that taxation does not imply formal approval of cryptocurrencies.

Coinbase is raising red flags about the financial health of publicly traded crypto vehicles, cautioning that debt-related obligations could soon force some firms to liquidate their crypto holdings. In a report from Coinbase, the firm emphasized concerns around refinancing risks and loan-to-value ratios, but said most large firms still have options to avoid liquidation. “The risk of forced selling pressure arises because many of these PTCVs have issued convertible bonds to raise cheap money to buy various crypto assets,” the report read. The report continued to say that if crypto prices fall and companies can’t refinance their debts, they may be forced to sell their crypto holdings, triggering broader market liquidations. Coinbase highlighted that while loan-to-value ratios are manageable, the ability to refinance is crucial, and capital structures in private transit capital vehicles are inconsistent and hard to monitor. Despite these risks, Coinbase remains cautiously optimistic, especially as corporate accumulation of crypto assets continues. The firm sees room for growth in the second half of 2025, as more traditional companies take interest in on-balance sheet crypto strategies. On the regulatory front, Coinbase anticipates that 2H25 will be transformative for the U.S. digital asset industry. A shift away from “regulation by enforcement” under the previous administration has created momentum for new legislation. The STABLE and GENIUS Acts— pending in the Senate—could be reconciled into a single bill and signed by President Trump before the August 4 Congressional recess. These bills would introduce consumer protections, reserve rules, and AML compliance requirements for stablecoin issuers. Coinbase also flagged the potential impact of the Digital Asset Market Clarity Act, which aims to define the regulatory roles of the SEC and CFTC. If passed, the bill could establish a dual framework for distinguishing between “digital commodities” and “investment contract assets.” Meanwhile, the SEC is reviewing about 80 ETF applications, including multi-asset index funds, staking-enabled products, and single-name altcoin ETFs . Decisions on several proposals are expected between July and October. Coinbase concluded that while forced selling and yield risks persist, Bitcoin ( BTC ) remains well-positioned and only select altcoins may outperform based on project-specific fundamentals.

Someone posted a comment that said “we get it: you and @freddyriz believe @Ripple and the @SECGov should’ve kissed Judge Torres’ ass more. That’s not it. In fact, I believe there’s a 70% chance she grants the relief requested and I’ll discuss it more in detail tomorrow. 👇 What I was expecting wasn’t ass kissing. And know, I’m not being super critical of the lawyers who filed it. They’re much more experienced than I am in these matters and experience is the greatest teacher in life. In fact, the lawyer who signed on behalf of Ripple is a former SEC Director of Enforcement. I was expecting some falling on the sword 🗡️ by the SEC that prior leadership was overly aggressive related to crypto, citing how an appellate court found it “arbitrary and capricious” or how SEC lawyers were sanctioned in Debt Box because of this over aggressive conduct against crypto. Hell, in the Ripple case, Judge Netburn, who was assisting Judge Torres, stated SEC lawyers “lacked faithful allegiance to the law.” I thought there would be a reference to pending legislation related to Crypto (Genius Act, Clarity Act) and that is indeed an exceptional circumstance, along with facilitating settlements, saving judicial resources, etc. I also thought Ripple would highlight how unfair it would be for all this regulatory clarity that’s coming, yet an injunction hanging over its head would place Ripple at a disadvantage against competitors (ie Circle). Banks and other companies prefer to do business with a company that doesn’t have an injunction against it. I’m sure some former SEC lawyers are reading this and thinking that the mere fact that I believed this kind of stuff would be included proved my lack of experience in these types of cases. Maybe. I expected more of an explanation that meets the high standard to get a judge to rescind her ruling that she firmly believes (whether right or wrong) is consistent with existing law, instead of assuming she’ll grant it because you cite a couple cases for her to hang her hat on to grant it - IF she so chooses. In sum, the argument filed by the parties could be summed up this way: “Look judge, elections have consequences, and this is one of them.” Tune in tomorrow and I’ll objectively give you the reasons she should grant it and the reasons she shouldn’t. And then @CryptoLawUS will do a poll on the outcome.