Crypto

This Week in Web3: Navigating Donald Trump’s Crypto Landscape | PYMNTS.com

Published

1 year ago

January 22, 2025

This Week in Web3: Navigating Donald Trump’s Crypto Landscape | PYMNTS.com

The current moment couldn’t be more archetypically “crypto” if it tried.

The industry, coming off a period of four years during which many crypto firms felt unfairly targeted by regulatory bodies like the U.S. Securities and Exchange Commission (SEC), now finds itself sitting at the convergence of political advocacy, market enthusiasm and technological innovation.

The price of bitcoin and other cryptocurrencies have soared since Donald Trump was elected president, as the new president has promised a lighter regulatory touch and picked pro-crypto officials for key government positions.

But just as the day appeared to be won for the digital asset space, the new president announced two meme coins, a move that critics — many from among the crypto industry — alleged would distract from and even undermine the legitimization of financial blockchain use cases and other crypto assets such as stablecoins.

“The main thing people are thinking about crypto is, ‘Oh, it’s just a casino for these meme coins,’” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures, per a report. “It does the opposite of validating us, it makes it look completely unserious.”

Read more: The State of the Stablecoin as a Payment Mechanism

Decoding Political Influence on Cryptocurrency Markets

Cryptocurrency’s road to mainstream adoption has often been shaped by policy frameworks and political endorsements. The return of Donald Trump to the U.S. presidency has introduced a new dynamic to this narrative.

PYMNTS covered Sunday (Jan. 19) that the cryptocurrency industry is hoping the new administration will deliver the clearer regulatory framework the sector has long wished for. It was reported Monday (Jan. 20) that Jeremy Allaire, CEO of Circle, the issuer of the USDC stablecoin, anticipates that Trump will move quickly on new cryptocurrency rules.

Still, Trump’s active participation in the crypto ecosystem, marked by the launch of his meme coins, $TRUMP and $MELANIA, has sparked debates. These tokens soared on inauguration day Monday but faced immediate volatility, plummeting Tuesday (Jan. 21) after the inaugural address omitted bitcoin as well as certain of the campaign promises around cryptocurrency he had made.

Crypto markets expected Trump to mention digital assets during his address, perhaps by discussing his plans for a strategic bitcoin reserve.

At the same time, Trump’s plans to establish a Cryptocurrency Advisory Council remain intact and signal a policy pivot that could shape the regulatory landscape. The SEC has also responded in kind, forming on Tuesday a dedicated crypto task force to address the pressing need for clear and comprehensive regulations.

Read more: 3 Things to Watch as Trump Becomes Memecoin Billionaire and US President

Harmonizing Policy, Innovation and Trust

Institutions are responding to these dynamics by doubling down on crypto-related ventures. For instance, Circle’s Tuesday acquisition of Hashnote, the issuer of the USYC stablecoin, is a strategic move to consolidate its position in the stablecoin market and enhance interoperability between USYC and USDC.

Startups, too, are carving a niche. 1Money’s recent successful $20 million funding round to develop a stablecoin payment network exemplifies the growing appetite for alternative payment solutions that offer both stability and efficiency.

As PYMNTS wrote recently, stablecoins are increasingly seen as a viable payment option, bridging the gap between the crypto world and traditional finance.

Elsewhere, the Web3 development studio FSL has introduced its payment solution GMT Pay. Announced Wednesday (Jan. 22), the tool lets users earn income from the FSL lifestyle app STEPN and then use those earnings to make real-world purchases.

Still, for blockchain to reach its full potential in financial services, PYMNTS covered Tuesday how privacy must be prioritized alongside scalability and interoperability. Balancing these requirements is critical for the technology’s broader adoption, particularly in sectors like banking and payments, where trust is a non-negotiable factor. Financial institutions are rightfully cautious about exposing sensitive data, and the industry must address these concerns head-on.

The interplay between these forces underscores a simple yet powerful truth: the future of payments innovation lies not in isolated advancements but in the ability to harmonize diverse elements into a cohesive and sustainable ecosystem.

See More In: Bitcoin, Blockchain, crypto, Cryptocurrency, decentralized finance, DeFi, digital assets, Donald Trump, meme coins, News, PYMNTS News, stablecoins, trump, Web3

Related Topics:Bitcoin Blockchain crypto cryptocurrency decentralized finance DeFi digital assets donald trump Meme coins news PYMNTS News stablecoins trump Web3

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Crypto

Debate Brews Over Crypto Kiosks As Lawmakers Consider Potential Ban

Published

10 hours ago

February 27, 2026

Press Room

Debate Brews Over Crypto Kiosks As Lawmakers Consider Potential Ban

Lawmakers Consider Crypto ATM Ban as Scam Losses Rise — Including in Central Minnesota

Minnesota lawmakers are considering banning cryptocurrency kiosks as scam losses continue to rise across the state—including in Central Minnesota.

There are currently about 350 crypto kiosks operating statewide, located in places like gas stations, convenience stores, and grocery stores. These machines allow users to deposit cash and convert it into cryptocurrency, which can then be sent electronically.

Law enforcement officials say scammers are increasingly directing victims to use these kiosks because once the money is sent, it is extremely difficult—if not impossible—to recover.

Police say scams often begin with a phone call, text, or online message. In many cases, scammers pose as government officials, tech support workers, or even romantic partners. Victims are eventually told to withdraw cash and deposit it into a crypto kiosk to “protect” their money or resolve a supposed emergency.

Central Minnesota has seen similar cases. Because St. Cloud serves as a regional hub for shopping and services, crypto kiosks are available locally, giving scammers access points to target area residents.

Some say kiosks also serve legitimate users

Despite the concerns, crypto kiosks do offer legitimate benefits. They allow people to purchase cryptocurrency quickly using cash, without needing a traditional bank account, credit card, or online exchange. Supporters say this can make cryptocurrency more accessible, especially for people who prefer cash transactions or have limited access to banking services.

Crypto kiosks can also be used to send money quickly, including international transfers, without relying on traditional wire services. Some users view them as a convenient way to invest in cryptocurrency or move money electronically without going through a bank.

Companies that operate the machines say the vast majority of transactions are legitimate and that kiosks include warnings about scams. They argue the focus should be on stopping scammers, not banning the machines entirely.

Lawmakers weighing next steps

Supporters of the proposed ban say removing the kiosks could help prevent fraud and protect vulnerable residents, particularly older adults. Law enforcement officials told lawmakers that crypto kiosk scams have resulted in significant financial losses statewide.

Minnesota passed regulations in 2024 requiring some safeguards, including limits on deposits for new users and refund requirements in certain fraud cases. But officials say scammers have continued to adapt.

The bill remains under consideration at the Capitol.

In the meantime, authorities urge Central Minnesota residents to be cautious. Officials emphasize that legitimate government agencies, law enforcement, and businesses will never ask someone to deposit cash into a cryptocurrency kiosk.

As cryptocurrency becomes more common, lawmakers are now weighing whether the risks to consumers outweigh the convenience and accessibility these machines provide.

10 (More) Hilariously Bad Google Reviews of Central MN Landmarks

Crypto

Cryptocurrency Investment Fraud: Bizman loses Rs 2.6 cr to crypto, investment fraud | Hyderabad News – The Times of India

Published

22 hours ago

February 26, 2026

Press Room

Hyderabad: A 69-year-old businessman from Somajiguda lost 2.65 crore allegedly in a cryptocurrency and stock investment fraud. Based on his complaint, Hyderabad Cyber Crime police have registered a case.The complainant was first contacted by a fraudster posing as Ramya Krishnan on Aug 30, 2025 through Facebook. She persuaded the victim to invest in a cryptocurrency and stock trading platform, Polyus Finance PFP Gold, hosted at the domain pfpgoldfx.vip, promising high returns to finance his proposed resort and apparel ventures.Fraudsters provided the victim a contact number for daily communication and sent screenshots showing notional profits credited in his wallet in USDT cryptocurrency. To build trust, the fraudster even allowed the victim a token withdrawal of 4,300 on Sept 12, 2025.Encouraged, the victim transferred over 2.65 crore in 10 transactions between Sept 10 and Dec 39, 2025 to various current accounts provided by the accused.When he attempted to withdraw his ‘earnings’, the accused demanded an additional 15% conversion commission. After he refused, the website became inaccessible and calls to the fraudsters went unanswered.Realising that he was duped, the victim filed an online report on the National Cybercrime Reporting Portal (NCRP) before approaching the Cyber Crime police on Feb 25.Based on his complaint, a case was registered under Sections 66C and 66D of the Information Technology Act and Sections 111(2)(b) (Organised crime), 318(4) (Cheating), 319(2) (Cheating by personation), 336(3) (Forgery for purpose of cheating), 338 (Forgery of valuable security, will, etc.) and 340(2) (Using as genuine a forged document or electronic record) of the Bharatiya Nyaya Sanhita on Wednesday. Police were analysing financial transactions to identify and arrest the accused.

Crypto

Terror groups receive $1.7b. from Iran through Binance | The Jerusalem Post

Published

1 day ago

February 26, 2026

Press Room

Terror groups receive .7b. from Iran through Binance | The Jerusalem Post

Iranians were able to access more than 1,500 Binance accounts last year, and $1.7 billion was transferred from two of them to terrorist proxies, The New York Times reported Monday.

That was a potential violation of global sanctions, the report said, citing company records and documents collected by internal investigators.

The cryptocurrency exchange site reportedly fired or suspended at least four employees cited in the internal investigation. The company blamed “violations of company protocol” relating to its clients’ data, the Times reported.

The report came days after The Jerusalem Post spoke with experts from blockchain intelligence platform NOMINIS.io about how the Iranian regime was evading Western sanctions through cryptocurrencies.

The regime maintains a steady income using cryptocurrency through oil sales to Russia and China, NOMINIS CEO Snir Levi said at the time.

Binance founder Changpeng Zhao, who pleaded guilty to failing to implement a program to prevent money laundering, arrives for his sentencing in federal district court in Seattle, Washington. (credit: REUTERS/Deborah Bloom)

Regarding the latest scandal, he told the Post this week: “The latest allegations about Binance come months after the lawsuit by the victims’ families of October 7 – the ongoing Balva [versus] Binance case.

The majority of the allegations can be easily confirmed by on-chain data. There are thousands of cases where money has been sent and received to and from wallets that have clear connections to Iran.”

Binance founder Changpeng Zhao is being sued by the families of American victims and hostages of the October 7 massacre. He has been accused of knowingly enabling Hamas, Hezbollah, Palestinian Islamic Jihad, and Iran’s Islamic Revolutionary Guard Corps to transfer more than $1b. through its platform, including more than $50 million after the October 7 massacre.

Zhao pleaded guilty to anti-money-laundering violations in connection with Binance in 2023. US President Donald Trump pardoned him last October.

“They say what he did was not even a crime,” Trump told reporters last October. “It wasn’t a crime. That he was persecuted by the Biden administration, and so I gave him a pardon at the request of a lot of very good people.”

Binance representative Rachel Conlan said the accounts linked to the $1.7b. in Iranian transactions have been removed and the relevant authorities were informed.

“Any suggestion that Binance knowingly allowed sanctionable activity to continue unchecked is incorrect and defamatory,” she said, despite Zhao’s earlier admission of anti-money-laundering violations.

More than half a dozen compliance officials have left Binance, including a sanctions manager and the leader of the enterprise compliance team, over the past few months, the Times reported.

“No investigator was dismissed for raising compliance concerns or for reporting potential sanctions issues,” Conlan said in a statement to The Guardian.

Democrat senator opens inquiry into cryptocurrency company

While Conlan insisted there was no wrongdoing, US Sen. Richard Blumenthal (D-Connecticut) opened an inquiry into Binance on Tuesday, seeking records of the company’s dealings in Hong Kong , where funds have previously been transferred in a network against sanctions.

“Binance appears to have ignored warnings and recommendations to prevent Iranian money-laundering schemes on its cryptocurrency exchange,” Blumenthal wrote in a letter to Binance co-chief executive Richard Teng.

“According to documents obtained by the Times and the Journal, Binance was even warned that Hexa Whale was financing terrorist organizations such as the Yemeni Houthis, and internal investigators found cryptocurrency transfers to wallets associated with Iran’s Islamic Revolutionary Guards Corps and payments to crew members of Russia’s sanctions-evading shadow fleet of oil tankers,” he wrote.

“Instead of actually preventing illicit use, Binance has sought to evade accountability and influence the White House through lobbying and a financial partnership with World Liberty Financial (WLFI), the cryptocurrency firm owned by the sons of President Trump and his special envoy Steve Witkoff… This influence campaign has worked: In May 2025, the Securities and Exchange Commission announced that it was dismissing a lawsuit against Binance for lying to regulators and mishandling funds, followed in October by the stunning Presidential pardon of founder Changpeng Zhao.”

“The scale of the newly revealed illicit transfers – uncaught until nearly $2 billion flowed to sanctioned entities – and the unexplained firing of internal investigators call into question Binance’s compliance with American sanctions and banking laws, and its 2023 agreement to resolve the previous federal investigation,” Blumenthal wrote.