Crypto
From banks to blockchains: US opens new front in Iran sanctions
The US Treasury designated Nobitex alongside Wallex, Bitpin and Ramzinex and sanctioned senior figures connected to Nobitex, including chairman, co-founder and former chief executive Amir Hossein Rad.
According to the Treasury, Nobitex processed more than half of all Iranian digital asset inflows in 2025. Washington also accused it of facilitating transactions linked to the Islamic Revolutionary Guard Corps (IRGC), sanctions evasion, ransomware activity and the Central Bank of Iran’s access to hundreds of millions of dollars in stablecoins.
The sanctions therefore struck at part of the infrastructure that has allowed Iranian individuals, companies and state-linked actors to access international digital asset markets despite years of financial restrictions.
Crypto vs sanctions
Iran’s interest in cryptocurrency is not difficult to explain. Sanctions have sharply limited access to international banking networks, dollar transactions, trade finance and oil revenues. Digital assets do not eliminate these constraints but can provide alternative channels for moving value across borders.
Cryptocurrencies and stablecoins can help facilitate transactions, preserve value and maintain access to foreign markets. Stablecoins are particularly attractive because they reduce exposure to price volatility while still operating outside traditional correspondent banking networks.
Crypto mining has also become part of Iran’s sanctions-evasion toolkit. By using subsidized electricity to mine Bitcoin, Iran can effectively convert domestic energy resources into a globally transferable digital asset.
The strategy comes with costs. Mining places additional strain on Iran’s electricity grid and has been linked to power shortages and public frustration. Yet for a sanctioned economy, the logic remains compelling: when access to conventional finance is restricted, any mechanism capable of transforming local resources into internationally usable value becomes strategically important.
Hormuz and crypto
Cryptocurrency has also emerged in discussions surrounding the Strait of Hormuz, one of the world’s most important energy chokepoints.
Chainalysis reported recently that Iran intended to demand cryptocurrency payments from oil tankers seeking safe passage through the strait during periods of heightened tension. Whether such plans were fully implemented is less important than what they reveal about the potential role of digital assets in future geopolitical confrontations.
For Tehran, cryptocurrency offers several advantages in such scenarios. Payments can move rapidly across borders, avoid some traditional banking restrictions and reduce exposure to frozen accounts or conventional financial controls.
The prospect of crypto-based payments linked to maritime security demonstrates how digital assets could potentially be used not only to move money quietly but also to generate revenue during periods of geopolitical crisis.
The US Treasury has warned of sanctions risks associated with Iranian demands for transit-related payments through the Strait of Hormuz, including payments made through digital assets, fiat currency, offsets, swaps or other arrangements.
Blockchain evasion limits
Despite its advantages, cryptocurrency is not a magic shield against sanctions.
Blockchain transactions often leave traces that can be analyzed by firms such as Chainalysis and Elliptic or by government financial-intelligence agencies.
Once the United States designates a platform such as Nobitex, international exchanges, liquidity providers and counterparties face increased risks if they continue interacting with Iranian-linked wallets. This pushes activity toward smaller, less liquid and often riskier channels.
The sanctions also highlight another vulnerability. Treasury officials noted that Nobitex suffered a major hack in June 2025, underscoring the risks associated with relying on digital financial infrastructure.
Another area of interest is the role of the IRGC, which under Iran’s previous budget law was tasked with exporting roughly 700,000 barrels of crude oil per day—about half of the country’s exports at the time. The organization is also one of Iran’s largest infrastructure contractors.
While available data do not reveal where imported services originated or who ultimately benefited from them, the overlap illustrates the growing importance of non-traditional financial channels within Iran’s sanctioned economy.
Iran is likely to adapt. Activity may shift toward peer-to-peer trading, decentralized platforms, foreign intermediaries, stablecoin networks or new domestic exchanges. Yet each alternative carries costs, whether through reduced liquidity, greater compliance risks or increased exposure to future sanctions.
For Washington, the challenge is sustained enforcement. Sanctioning Nobitex will matter most if it is accompanied by international cooperation, improved blockchain intelligence, pressure on foreign exchanges and clear guidance for shipping firms, insurers and commodity traders.
The United States does not need to stop every Iranian crypto transaction to have an effect. It only needs to make the system more expensive, more traceable, riskier and less attractive for counterparties.
The Nobitex case illustrates how financial warfare has moved from banks to blockchains. Digital assets have given Tehran greater flexibility under sanctions, but they have also created new vulnerabilities.
The more Iran relies on crypto infrastructure, the more that infrastructure becomes part of the sanctions battlefield.
Key Takeaways
- SpaceX is joining the Nasdaq-100 and FTSE Russell’s U.S. equity indexes less than a month after its record-breaking IPO.
- Index inclusion may increase fund demand, trading volume, and visibility among institutional investors.
- Shares have experienced volatility since listing.
SpaceX Inclusion Highlights Growing Influence of Aerospace Innovation in Major Market Benchmark
Elon Musk’s Space Exploration Technologies Corporation (Nasdaq: SPCX), also known as SpaceX, will join the Nasdaq-100 Index before the market opens on July 7, 2026, Nasdaq announced on June 26. The addition places the aerospace company among the 100 largest non-financial companies listed on the Nasdaq Stock Market.
SpaceX’s inclusion follows its initial public offering on June 12, 2026, when the company debuted on the Nasdaq in what became the largest IPO in history. The aerospace and technology company priced its shares at $135, entering the market with an initial valuation of $1.77 trillion. Shares opened at $150 and closed their first trading day at $160.95, valuing SpaceX at roughly $2.1 trillion, a milestone that made Musk the world’s first trillionaire.
Nasdaq stated:
“Space Exploration Technologies Corporation (Nasdaq: SPCX) will become a component of the Nasdaq-100 Index prior to market open on Tuesday, July 7, 2026.”
The company entered public markets after years of private growth, fueled by advancements in reusable rocket technology, satellite deployment, and its Starlink broadband network.
Since its record IPO, SpaceX shares have experienced notable volatility. SPCX climbed to an intraday high above $225 during its first week of trading before retreating. The stock later closed at $153.23 on June 26, remaining above its IPO price but trading near its opening level as early enthusiasm gave way to more measured trading.
Nasdaq-100 Tracks Major Non-Financial Companies Listed on the Exchange
The Nasdaq-100 measures the performance of 100 of the largest non-financial companies listed on Nasdaq and is widely followed by investors.
“The Nasdaq-100 Index — which measures the performance of 100 of the largest Nasdaq-listed non-financial companies — is tracked by more than 200 investment products with over $800 billion in assets under management globally,” the company noted, adding:
“Nasdaq Global Indexes publishes and maintains more than 10,000 indexes across asset classes and geographies.”
Inclusion in the Nasdaq-100 can reshape trading activity, as index-tracking funds rebalance their portfolios to incorporate the new constituent. This process typically boosts trading volume and raises the company’s profile among institutional investors.
FTSE Russell is also adding SpaceX to its Russell U.S. equity indexes after Friday’s closing bell as part of its semi-annual reconstitution. The update requires passive funds tied to Russell benchmarks, including the iShares Russell 1000 ETF (IWB), to add SPCX shares as the new index lineup takes effect.
SpaceX’s rapid inclusion in major benchmarks reflects its large market value and strong trading activity, both key factors for index eligibility. Being added to widely followed indexes can also lead to increased demand for shares, as funds that track these benchmarks must buy stock in newly included companies.
Key Takeaways
Pressure Builds as the Legislative Window Narrows
The push was reported by Eleanor Terrett, host of “ Crypto in America,” who said GOP lawmakers are increasingly anxious to move the bill once senators return from their break. She tied the renewed sense of urgency to heightened political pressure following the fallout from a contentious housing bill, as well as a growing realization that time is running short. She further added:
“Pressure and time constraints could ultimately create the conditions needed to strike a deal.”
Lawmakers and analysts broadly agree that the Senate must act before August for the legislation to have a realistic shot this year. The CLARITY Act would establish a federal framework dividing oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It is a long-sought goal for an industry that has complained for years about regulatory uncertainty in the U.S. The House of Representatives passed its version of the measure in 2025.
From the outside looking in, the arithmetic seems to be a central hurdle as Republicans hold 53 Senate seats, which means the bill needs at least seven Democratic votes to overcome the 60-vote cloture threshold and reach a final floor vote. The Senate Banking Committee advanced the legislation in a 15-9 vote in May, placing it on the calendar but leaving the floor fight unresolved.
Senator Cynthia Lummis (R-WY) has set an end-of-July target and warned that missing the window could push enforceable digital-asset rules to 2030. Reporting indicates that the House is prepared to move quickly to reconcile the two versions if the Senate passes its bill before the recess, with the lower chamber scheduling back-to-back hearings in July touching on crypto policy.
Industry pressure has also intensified, with more than 200 organizations, including Coinbase and Ripple, urging Senate leaders to bring the bill to the floor. A separate coalition representing over 1,200 technology companies has pressed for swift passage as U.S. crypto rules face mounting global competition. Groups of former national security officials and crypto founders have added their names to the mix as well in recent weeks.
That said, not everyone is on board with these developments, and Senator Elizabeth Warren (D-MA), ranking member of the Senate Banking Committee, recently argued that the bill in its current form could “blow up the economy.” That opposition is part of why supporters need to peel off a handful of Democrats to reach 60 votes.
What Comes Next
The next step is a Senate floor vote, where the bill’s bipartisan support will face its broadest test. Even if it clears that hurdle, the Senate text would still need to be reconciled with the House’s 2025 version before anything could reach the president’s desk.
As things stand, the August recess functions as a hard deadline in the minds of the bill’s backers. The post-recess stretch runs into an election-year calendar that supporters fear could stall momentum, which is why several lawmakers describe the coming weeks as the bill’s best and possibly final opening this Congress.
With time running out to strike a deal on cryptocurrency legislation, U.S. senators remain divided on several issues, Semafor reported Thursday (June 25).
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