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According to the Financial Times, based on the latest publicly available court documents, the stablecoin issuer Circle had banned the crypto fund Heka Funds, supported by Tether, at the end of 2023 due to suspicions that it was manipulating the market through large-scale arbitrage operations and helping Tether expand its market share. The documents show that during the Silicon Valley Bank (SVB) crisis in 2023, USDC briefly fell below the $1 peg. Heka continuously bought discounted USDC in large quantities and redeemed it for cash from Circle. Circle believed that Heka's redemption scale far exceeded that of other market participants and suspected that the related funds ultimately flowed to Tether to help expand its USDT market size.Arbitration documents also revealed that Tether had invested about $800 million in Heka, accounting for about 75% of the fund's assets, and waived the stablecoin minting fees. The arbitrator found that Heka did not truthfully disclose its supportive relationship with Tether and was aware that the related information would raise concerns for Circle. In 2024, Heka initiated arbitration due to its account being frozen, claiming approximately $49 million in lost profits. In February of this year, the arbitrator dismissed all of Heka's claims, determining that it had engaged in malicious behavior and ordered it to pay Circle about $166,000 in attorney and expert fees. Heka denied any market manipulation and stated that it had never been subject to regulatory investigation; Circle declined to comment, and Tether did not respond to media requests for comment.

After a meeting with Islamic scholar Mufti Taqi Usmani, Bilal bin Saqib, the chairman of the Pakistan Virtual Assets Regulatory Authority, stated that stablecoins, tokenized RWA, and other blockchain products should undergo separate technical and Islamic law assessments and should not be regarded as the same category.Previously, scholars including Usmani issued a fatwa declaring that USDT and other cryptocurrencies do not constitute wealth recognized by Islamic law, rendering transactions for purchasing physical goods or digital services invalid. Pakistan passed the Virtual Assets Act in March of this year, requiring exchanges, custodians, and token issuers to ensure compliance with Islamic law under the guidance of an Islamic finance scholars committee. At the same time, the country is advancing sovereign stablecoins, national asset tokenization, and licensing for cryptocurrency trading platforms.

According to CoinDesk, Japan's ruling Liberal Democratic Party has proposed the establishment of a legal framework for cryptocurrency ETF trading and the promotion of the use of yen stablecoins. A group within the party that advocates for blockchain technology has submitted the relevant proposal to Finance Minister Satsuki Katayama. The proposal states that cryptocurrency ETFs can provide investors with a more understandable way to invest.

The Fuzhou City Cangshan District People's Procuratorate disclosed that a man was sentenced to 12 years and 7 months in prison for theft after stealing 4 Bitcoins from others and illegally profiting about 900,000 yuan, with a fine of 300,000 yuan. The second instance upheld the original verdict.The case shows that at the end of 2020, Wang entrusted Lin to assist in cashing out the Bitcoins he held. During the process of accessing Wang's Bitcoin wallet hard drive and computer, Lin stole the wallet's "private key" and related data, transferring 4 Bitcoins into his own name, and subsequently sold them for profit. In 2024, after Wang discovered abnormal asset activity, he reported it to the police, and Lin was subsequently arrested.The procuratorial authority stated that although current regulations clearly indicate that virtual currencies do not have the status of legal tender, Bitcoins possess value, manageability, and transferability, meeting the general characteristics of "property" in criminal law, and are subject to property crime. Relevant infringement actions will also be held criminally accountable.

According to Jin Shi reports, U.S. Treasury Secretary Besant stated that Trump's tariff levels may return to the levels before the Supreme Court abolished multiple imposition orders by early July. Besant mentioned that, although it is difficult to predict when the consequences of the war in Iraq will affect the U.S. economy, the current economic situation remains strong, with an expected growth rate exceeding 3% or even 3.5% this year. He also pointed out that the continued decline in core inflation is a good sign and stated that the Federal Reserve has consistently misjudged the inflation issue.

The ruling Democratic Party of Korea proposed the "Basic Law on Digital Assets" this Wednesday, aiming to establish a comprehensive legal framework for the issuance, trading, custody, and supervision of digital assets.The bill categorizes value-related digital assets, such as stablecoins linked to fiat currency or real assets, as a special category, requiring issuers to obtain authorization and meet strict standards such as capital thresholds, reserve plans, and redemption obligations. In addition, the bill will introduce a licensing, registration, and information disclosure system for digital asset businesses, prohibit improper behaviors such as market manipulation and insider trading, and propose the establishment of a Digital Asset Committee to coordinate policy.

According to The Block, the Democratic Party of Korea plans to incorporate tokenized real-world assets (RWA) and stablecoins into the existing legal framework, with relevant provisions included in the proposal for the Digital Asset Basic Law.The proposal requires issuers of tokenized RWA to deposit the underlying assets into a trust account in accordance with the Capital Markets Act; stablecoins are classified as a "means of payment" under the Foreign Exchange Transaction Act and are regulated by the foreign exchange authority without the need for separate registration. Small stablecoin transactions are exempt from foreign exchange reporting, while large transactions maintain regulatory requirements.In addition, the proposal prohibits providing yields on idle stablecoin balances and requires the Financial Services Commission to establish technical standards for stablecoin interoperability. The Digital Asset Basic Law is Korea's second set of digital asset regulatory regulations, which has faced multiple legislative delays, with the originally scheduled rollout in 2025 being postponed.

According to TRM Labs, the Indonesian government has convicted three individuals of financing terrorism using cryptocurrency.Law enforcement connected the relevant wallet addresses to an ISIS-associated network through on-chain tracking, with one defendant transferring over 49,000 USDT to an overseas trading platform through 15 transactions. Although the individuals did not directly carry out attacks, they were identified as part of the logistical layer for terrorist financing. TRM stated that this could be one of the first anti-terror financing cases in Southeast Asia completed with blockchain evidence at its core.

According to News1, the ruling party in South Korea, the People Power Party, will hold a closed-door meeting at the Coinone headquarters with representatives from the five major cryptocurrency exchanges: Upbit, Bithumb, Coinone, Korbit, Gopax, and DAXA.The purpose of this meeting is to discuss proposals for the abolition of the virtual asset tax system originally scheduled to be implemented in January 2027, and to hear relevant suggestions regarding the issuance of stablecoins and the preparation of the second phase of legislation.Previously, the party whip Song Yeon-sik proposed on March 19 the "Partial Amendment to the Income Tax Act" to abolish the virtual asset income tax, arguing that in the context of the abolition of the financial investment income tax, continuing to tax virtual assets raises issues of fairness and double taxation, and that consistency in the tax system should be maintained.

A U.S. federal judge ruled to dismiss the remaining state law claims against Uniswap Labs and its founder Hayden Adams, ending a years-long class action lawsuit.The plaintiffs attempted to hold the platform liable for losses incurred from "scam tokens" traded on the Uniswap protocol. Judge Katherine Polk Failla of the Southern District of New York issued the ruling on Monday, dismissing the plaintiffs' second amended complaint "with prejudice," stating that the plaintiffs failed to present a viable legal claim. The court noted that the plaintiffs had multiple opportunities to amend their complaint but still could not demonstrate that Uniswap was responsible for the misconduct of unnamed third-party token issuers.The plaintiffs claimed to have suffered losses due to actions such as "rug pulls" and "pump-and-dump" schemes, arguing that Uniswap "aided fraud" by providing a platform for buyers and sellers to trade. However, the court clearly stated that merely providing a decentralized trading platform does not constitute "substantial assistance" to fraudulent activities. Judge Failla reiterated her previous view that holding developers of smart contract code responsible for the abusive actions of third parties on decentralized platforms is "logically difficult to sustain."The case was initially filed in 2022 and originally included federal securities law claims. The related securities claims were dismissed in 2023, and the Second Circuit Court of Appeals upheld that ruling, remanding the remaining state law claims to the district court for consideration. This ruling signifies the formal conclusion of the case and further tightens the boundaries of state law liability for DeFi platform developers.

According to Jinshi reports, U.S. Trade Representative Tai stated on CBS's "Face the Nation" program on Sunday that the agreements reached with countries such as the EU and South Korea remain in effect.He attempted to distinguish these agreements from the 15% global tariff plan announced by Trump on Saturday. Tai said, "We want them to understand that these deals will be successful deals. We will fully support these deals. We also expect our partners to fully support these deals."He also mentioned that other U.S. trade measures, including investigations into the trade practices of other countries, will provide advantages for the U.S. He had conversations with EU officials over the weekend and will also communicate with officials from other major U.S. trading partners to convey a message of reassurance.

According to Gate market data, the S&P 500 index and the Nasdaq 100 index have given back some of their gains after a surge triggered by the tariff ruling.

According to South Korean media reports, the ruling Democratic Party of Korea has finalized the name of its bill aimed at regulating the virtual asset market as the "Basic Law on Digital Assets," and plans to submit it before the New Year holiday.They also agreed to set the minimum legal capital requirement for stablecoin issuers at 5 billion won (approximately 3.5 million USD). However, sensitive issues such as the scope of the central bank's authority and major shareholder ownership restrictions will be finalized after further coordination with the policy committee.

According to Jinshi Data, White House National Economic Council Director Hassett: After the Supreme Court's (unfavorable) ruling, Trump can immediately implement a 10% tariff.

According to DL news, Kim Byung-ki, the floor leader of South Korea's ruling Democratic Party, has been accused of attacking the South Korean cryptocurrency exchange Upbit after his son obtained an internship position at Bithumb.A former assistant of Kim revealed that he was suddenly instructed in February to "attack" Upbit's operator Dunamu, claiming that its "monopolistic" market dominance is a serious issue. It is reported that this instruction came shortly after Kim's private meeting with Bithumb.Kim denied these allegations, stating that he merely expressed the common-sense view that "no company's monopoly can be justified" and emphasized that Bithumb's operations and hiring "have nothing to do with me."

The founder of Terraform Labs, Do Kwon, will receive a ruling from U.S. District Judge Paul Engelmayer later today in a Manhattan court. Reports indicate that prosecutors have requested the court to impose a 12-year prison sentence on Do Kwon, citing factors including his guilty plea.Previously, during a hearing presided over by Federal Judge Paul Engelmayer in the Southern District of New York, Do Kwon pleaded guilty to charges of conspiracy to commit fraud and wire fraud. In January of this year, he had pleaded not guilty to nine charges, including securities fraud, wire fraud, commodities fraud, and money laundering.

Trump defended the tariff policy strongly in a post on Truth Social, stating, "Due to the convenience and rapid implementation of tariffs, our national security has been greatly enhanced, and the United States has become the strongest economic power in the world to date. Only evil forces would want to see this situation come to an end!The greatest historical threat to American national security will be an unfavorable ruling by the Supreme Court regarding tariffs. At that time, we will be completely defenseless economically."

The ruling Democratic Party of Korea has requested the government to submit a new bill by December 10 to regulate stablecoins pegged to the Korean won. Kang Jun-hyun, the chair of the party's policy committee, stated that the draft bill will only allow alliances with at least 51% ownership by commercial banks to issue fiat-pegged tokens.Kang Jun-hyun mentioned that this move aims to coordinate the positions of the Bank of Korea, the Financial Services Commission, and the banking sector. If the government fails to take action, Kang Jun-hyun stated that the National Assembly will lead and advance the legislation. The proposal restricts the issuance of stablecoins to alliances with at least 51% ownership by commercial banks to address long-standing disputes over the qualifications of issuing entities. However, the Financial Services Commission later issued a statement saying, "No final decisions have been made regarding the alliance proposal."