TLDR

• The U.S. Treasury sanctioned Nobitex, which it described as Iran’s largest digital asset exchange.
• According to the Treasury, Nobitex handled more than half of Iranian digital asset inflows in 2025.
• OFAC alleged that Nobitex supported sanctions evasion, stablecoin transfers, and IRGC-linked crypto transactions.
• Treasury also designated Amir Hossein Rad and other Nobitex leaders in the sanctions action.
• The action forms part of the Economic Fury campaign targeting Iran-linked financial and digital asset networks.

The U.S. Treasury moved against Iran’s largest digital asset exchange, Nobitex, in a new sanctions action on Tuesday. The action targets alleged terror finance, sanctions evasion, and regime-linked crypto flows.

Treasury Targets Nobitex and Iranian Crypto Exchanges

According to the Department of the Treasury, OFAC designated Nobitex under counterterrorism and Iran financial-sector authorities. The release also named three other Iranian digital asset exchanges in the action. Treasury described Nobitex as Iran’s largest digital asset exchange. It also alleged that the platform handled more than half of Iranian digital asset inflows in 2025.

According to the release, Nobitex supported payments tied to Iran’s sanctioned activities and IRGC-linked transactions. Treasury also linked some activity to wallets associated with IRGC-affiliated ransomware actors.

The department also designated Amir Hossein Rad, Nobitex’s chairman, co-founder, and former chief executive. Treasury stated that other Nobitex leaders and officials also faced sanctions. Treasury Secretary Scott Bessent connected the action to the Trump administration’s Iran policy. “Treasury will continue to follow the money,” Bessent stated in the release.

OFAC Alleges Stablecoin Use and Sanctions Evasion

According to the Treasury, Nobitex helped the Central Bank of Iran access hundreds of millions of dollars in stablecoins. The department alleged those funds supported efforts tied to the falling value of the Iranian rial. The release also claimed that Nobitex helped regime insiders reach international digital asset exchanges. Treasury framed that activity as part of sanctions evasion across several jurisdictions.

According to OFAC, Nobitex acted as a vehicle for sanctions evasion through its earlier Central Bank links. The department also alleged that the platform contributed to repression inside Iran. Treasury claimed the exchange enabled the Iranian government to conduct warrantless surveillance of civilians.

Additionally, the release stated that two Nobitex co-founders had close links to Khamenei’s family. The department cited Executive Order 13224, as amended, in its Nobitex designation. It also cited Executive Order 13902, which covers Iran’s financial sector.

Economic Fury Expands Pressure on Iran

The sanctions form part of the Economic Fury and maximum pressure policy. The department stated that the campaign targets Iran’s ability to generate, move, and repatriate funds. Treasury reported that its actions have blocked access to tens of billions of dollars for Iran-linked networks. It also referenced actions that froze nearly half a billion dollars in regime-linked cryptocurrency.

The release stated that Treasury has targeted shadow banking networks, oil channels, military supply networks, and proxy groups. It also warned foreign companies against supporting illicit Iranian commerce. The administration now targets both traditional sanctions evasion and digital asset exploitation. The department also raised the possibility of secondary sanctions on foreign financial institutions.

Treasury also warned about payments tied to passage through the Strait of Hormuz. It listed fiat currency, digital assets, offsets, swaps, and in-kind payments among possible sanctions risks. On May 27, the Treasury designated Iran’s so-called Persian Gulf Strait Authority. The department described it as an IRGC-linked scheme tied to shipping through the Strait of Hormuz.

The release also stated that Nobitex played a role after U.S. combat operations in Iran began. Treasury alleged that the platform helped protect and move assets despite internet blackouts. According to OFAC, the action targets persons who materially assisted or supported the IRGC. The department also stated that Nobitex operated in Iran’s financial sector.

Movement, the Move-based blockchain network that has expanded into stablecoin payments and financial infrastructure, said it has gained access to licensed payment rails across the US, Canada and the EU, a move aimed at strengthening its cross-border payment offerings in emerging markets.

In a Tuesday announcement, Movement said it plans to use the payment infrastructure to connect traditional banking systems with stablecoin settlement networks, targeting cross-border transfers and treasury services in regions where payment costs remain high and financial access is limited.

Movement did not identify the partners or regulated entities that would enable its payment rail access. Still, the company said the infrastructure will enhance its ability to move funds between traditional payment networks and blockchain systems, with a focus on stablecoin-based settlement rather than fully crypto-native transfers.

The announcement also highlighted a token buyback tied to the company’s shift toward payments infrastructure. The Movement Network Foundation said it repurchased roughly 19% of tokens previously allocated to investors, representing about 4.2% of the token’s total supply.

MOVE token’s market capitalization has fallen from a peak of around $2.5 billion to around $54 million currently. Source: CoinMarketCap

Related: US lawmakers move to protect blockchain devs from prosecution

Stablecoins become a key growth area for blockchain networks

Movement’s pivot reflects a broader trend across the blockchain industry, where networks originally touted as smart-contract platforms are increasingly emphasizing stablecoin payments and financial infrastructure.

Solana, which initially gained traction through decentralized finance and consumer applications, has in recent months highlighted stablecoin payments and remittances as adoption grows. Polygon, an Ethereum layer-2 network, has also expanded its focus beyond scaling to support stablecoin settlement and payment-related initiatives.

Aptos, another blockchain built on the Move programming language, has similarly promoted payments, consumer finance and stablecoin use cases as part of its broader growth strategy.

The shift comes as stablecoins remain one of the digital asset industry’s fastest-growing sectors, particularly following the passage of the US GENIUS Act last year, which established a federal framework for payment stablecoins.

The total value of all stablecoins has eclipsed $320 billion. Source: DefiLlama

The growing focus on payments infrastructure also comes amid softer conditions across broader crypto markets. Global crypto transaction volume declined 11% year over year in the first quarter, according to TRM Labs, reflecting weaker market activity and cooling investor demand.

Related: Crypto Biz: Crypto infrastructure spending rises as ETF appetite cools

Crypto exchange Coinbase has invested in ProShares’ stablecoin-focused money market fund, betting that demand for stablecoin reserve-management products will grow as the recently enacted GENIUS Act formalizes the types of assets that can back US dollar-pegged tokens.

Coinbase (COIN) announced Tuesday that it made an undisclosed investment in the ProShares GENIUS Money Market ETF (IQMM), which is designed to hold assets that qualify as reserves for payment stablecoins under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

The GENIUS Act requires stablecoin issuers to back their tokens with highly liquid assets, including cash, bank deposits and short-term US Treasury securities. IQMM was created to provide exposure to those types of reserve assets through a publicly traded fund structure.

Source: ProShares

Launched in February, IQMM invests exclusively in short-term US Treasury securities and cash-equivalent instruments with maturities of 93 days or less. According to ProShares, it’s one of the first exchange-traded funds tailored specifically for stablecoin reserve management.

Coinbase said the investment aligns with its growing stablecoin business and cash-management operations. As one of the primary infrastructure providers for Circle’s USDC (USDC), Coinbase has an interest in expanding the pool of regulated, liquid investment vehicles for managing stablecoin reserves.

Related: Movement expands stablecoin payments push with access to US, Canada, EU rails

CLARITY Act hangs in the balance as stablecoin yield debate intensifies

The passage of the GENIUS Act in June 2025 marked a major milestone in US stablecoin regulation, but lawmakers are still debating broader reforms to crypto market structure.

At the center of that effort is the Digital Asset Market Clarity (CLARITY) Act, which would establish rules governing digital asset markets and define the roles of federal regulators. The legislation gained momentum after lawmakers incorporated new stablecoin yield provisions, setting the stage for a broader debate over whether issuers should be allowed to pay interest on stablecoin holdings.

The bill advanced through the Senate Banking Committee last month, setting the stage for a full Senate floor vote. However, progress has been uneven, with some Democrats pushing for stronger ethics and conflict-of-interest provisions tied to digital assets.

In May, White House crypto adviser Patrick Witt said administration officials were targeting the period around the July 4 Independence Day holiday to advance crypto market-structure legislation. However, it remains unclear whether lawmakers can meet that timeline amid ongoing disagreements.

Coinbase’s chief policy officer, Faryar Shirzad, called the CLARITY Act the “biggest financial regulatory bill” since Dodd-Frank. Source: Fox Business

Much of the disagreement comes from the banking industry, which continues to voice strong opposition to the bill. Last week, JPMorgan CEO Jamie Dimon said banks would fight the legislation in its current form, arguing that allowing crypto firms to offer yield on stablecoin balances could create an uneven competitive landscape between banks and digital asset companies.

Related: Fed’s Barr backs stablecoin clarity but warns of run risks

Latest developments: Stellar Development Foundation CEO Denelle Dixon joined CoinDesk’s Public Keys and said DTCC’s selection of Stellar validates years of infrastructure built for institutional use.

• DTCC recently chose Stellar as the first public blockchain connected to its upcoming tokenized securities settlement platform, Dixon said.
• Stellar surpassed $1 billion in tokenized real-world assets in December and has since grown to roughly $3 billion in about five months, according to Dixon.
• Dixon described the partnership as “the moment Stellar was built for” after more than a decade of focusing on compliance and institutional requirements.

What this means: Regulatory progress is helping institutions move from experimentation to deployment.

• Dixon said the GENIUS Act gave financial institutions confidence that the U.S. government intends to support the industry through a clearer regulatory framework.
• She noted that firms such as Franklin Templeton were already building tokenized products before recent legislation, citing the firm’s money market fund on Stellar.
• While she said passage of the Clarity Act would benefit the industry, Dixon argued that tokenization adoption is unlikely to be derailed if the bill stalls.

Closer look: Stellar is positioning its technology stack around compliance, privacy and scalability for large financial institutions.

• Dixon said Stellar has maintained 99.99.99% uptime and processes billions of transactions each quarter.
• She emphasized that compliance tools were built into the network’s architecture, reducing the need for custom smart contracts to issue assets.
• Stellar is also developing privacy features using a composable model that allows institutions to tailor controls to specific assets and use cases.

Reading between the lines: Massive transaction volumes remain a key test for blockchain-based financial infrastructure.

• DTCC processed $4.7 quadrillion in securities transactions last year, highlighting the scale traditional market infrastructure already supports.
• Dixon acknowledged that tokenized settlement volumes will ramp up gradually rather than reaching peak scale immediately.
• She said maintaining reliability and avoiding network outages are critical requirements for institutional adoption.

Broader view: Dixon expects tokenized assets to be distributed across multiple public blockchains rather than concentrated on a single network.

• She rejected the idea that one blockchain will dominate all institutional tokenization activity.
• Instead, Dixon said a handful of networks will likely capture most real-world asset issuance based on their technical strengths.
• She argued that open public blockchains will ultimately outperform closed alternatives because they evolve rapidly through global developer participation.

Crypto political action committees backed by the Fairshake network and its Protect Progress affiliates are continuing to deploy significant resources into U.S. political races, with new Federal Election Commission disclosures detailing substantial media spending and candidate support in California, New Jersey, and South Dakota. The activity coincides with heightened attention to Maryland’s forthcoming primary and a broader regulatory discourse around how crypto firms participate in the political process.

According to filings with the U.S. Federal Election Commission (FEC), the Protect Progress affiliates—working through the Fairshake apparatus—spent more than $3 million to back Democratic House candidates in California and New Jersey. A separate affiliate, Defend American Jobs, allocated more than $411,000 to support Republican Senator Mike Rounds’ reelection bid in South Dakota. In addition to its activity in California, Protect Progress signals readiness for a sizable Maryland push ahead of the June 23 primary. FEC records show the crypto-backed PAC spending more than $3.1 million on media to support Adrian Boafo in Maryland’s 5th district, and roughly $320,000 backing Ritchie Torres’ reelection in New York’s 15th district, which also holds a primary on June 23.

Source data corroborates the broader footprint of crypto-linked political giving. As of January, Fairshake reported a war chest exceeding $193 million. In parallel, other crypto-aligned committees—such as Fellowship, funded by Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund, supported by Chainlink and Anchorage—have contributed to a diversified slate of candidates and districts. The Texas primary results from the prior week highlighted a sweep of crypto-backed candidates in that state’s races, illustrating a nationwide pattern of industry-backed influence in primary contests.

Overall, the disclosures reflect a deliberate strategy to influence policy perspectives on digital assets, with Protect Progress explicitly signaling its aim to contest lawmakers it deems “anti-crypto.” In particular, the group supported a candidate in Texas who subsequently faced a Democratic opponent in a high-profile primary, underscoring the potential for crypto-aligned committees to shape political risk and regulatory narratives across multiple states.

Key takeaways

• FEC filings show Protect Progress affiliates spent over $3 million to back Democratic House candidates in California and New Jersey, while Defend American Jobs deployed more than $411,000 to back Senator Mike Rounds in South Dakota.
• In Maryland, Protect Progress earmarked more than $3.1 million in media expenditure for Adrian Boafo in MD-5 and roughly $320,000 for Ritchie Torres in NY-15, both of which held or will hold primaries on June 23.
• Crypto-aligned PACs have built a broad fundraising and media apparatus, with Fairshake maintaining a reported war chest of over $193 million as of January.
• Recent Texas primary outcomes indicated crypto-backed candidates won, reinforcing the perception of crypto-centric influence in U.S. electoral contests.
• The CLARITY Act (Digital Asset Market Clarity) has moved onto the Senate calendar for consideration, with amendments from the Agriculture and Banking Committees likely requiring consolidation before a vote, signaling intensified regulatory scrutiny of digital assets.

Crypto political activity and the Maryland primary landscape

The Maryland primary cycle, culminating on June 23, is a focal point for crypto-linked fundraising because of the state’s evolving regulatory stance on digital assets and the potential impact on financial services in the region. FEC filings reveal a sizeable media spend dedicated to Adrian Boafo in the 5th district, underscoring the commitment of crypto-aligned committees to influence down-ballot outcomes that could affect future policy and oversight in the nation’s capital region.

Beyond Maryland, the filings highlight continued activity in California and New Jersey, where Protect Progress affiliates supported Democratic candidates in House races. The pattern suggests a broader objective: shaping the legislative environment around crypto, stablecoins, and digital asset market structure at a time when U.S. policy is under intense scrutiny from regulators and lawmakers alike.

Regulatory context: the CLARITY Act advances in the Senate

Legislative momentum around clear rules for digital assets remains a central thread in U.S. policy. The Digital Asset Market Clarity (CLARITY) Act has advanced within the Senate, with initial movement through the Agriculture Committee in January and a Banking Committee review in May. Senate leadership has now placed the bill on the chamber’s calendar for consideration and potential floor action. The two versions of CLARITY that moved through the committees with amendments are expected to be consolidated before any vote, underscoring the complexity of aligning regulatory objectives across multiple jurisdictions and policy areas.

From a compliance and enforcement perspective, CLARITY’s progression intersects with ongoing discussions around MiCA-style regulation, U.S. agency authority (SEC, CFTC, DOJ), and the interplay with AML/KYC frameworks, licensing standards, and banking integration. The broader regulatory environment remains unsettled in terms of how crypto firms will secure licenses, meet cross-border disclosure requirements, and engage with banks on digital-asset custody and settlement services. In this context, lawmakers and industry participants are tracking how the Senate’s handling of CLARITY will shape enforcement priorities, cross-border operations, and capital-raising activities for crypto enterprises.

Cointelegraph notes that the push for regulatory clarity has attracted attention from lawmakers who fear strategic gaps in the U.S. framework could be exploited by less transparent markets. In particular, broader industry commentary highlights the risk that delays in clarity may cede regulatory leadership to other jurisdictions, a concern echoed by policymakers seeking to align U.S. laws with global standards while preserving innovation.

Closing perspective

As crypto-affiliated political action and regulatory initiatives unfold, institutions, exchanges, and financial partners will monitor disclosures for risk, compliance implications, and licensing trajectories. The coming weeks will reveal how the Maryland primary results, the wider Fundraising activity, and the Senate’s CLARITY calendar will shape the balance between political influence, investor protection, and robust regulatory oversight.

Bitcoin BTC$67,554.90 tumbling to $67,000 may signal a challenging summer ahead as investor capital continues flowing into artificial intelligence (AI) stocks and away from crypto.

In a Tuesday report, K33 Research head Vetle Lunde said bitcoin’s weakness reflects fading institutional demand, heavy ETF outflows and growing vulnerabilities in derivatives markets.

“Much of the market views the opportunity cost of holding BTC as too high while anything AI-related soars,” Lunde wrote.

The divergence has become increasingly difficult to ignore. Bitcoin has failed to reclaim its 200-day moving average while the Nasdaq and S&P 500 continue setting record highs. Investors are also looking ahead to potential IPOs from companies such as SpaceX and Anthropic, which may be drawing capital away from crypto, Lunde argued.

That rotation is evident in bitcoin ETF flows. Spot bitcoin exchange-traded products shed 62,794 BTC over the past three weeks, the second-largest outflow streak on record, the report noted.

K33 said ETF selling accelerated after bitcoin’s failed attempt to break above its 200-day moving average last month.

$60,000 bottom being questioned

The shift in tone marks a notable change for K33. The firm previously argued bitcoin’s plunge to around $60,000 in February likely marked the deepest drawdown of the cycle. A key part of that thesis was unusually negative funding rates in perpetual futures markets, which reflected persistent bearish positioning and created conditions for powerful short squeezes.

That setup helped fuel bitcoin’s rebound toward $83,000. But the rally ultimately stalled at the 200-day moving average, a level that has capped previous bear market rallies.

Today, the derivatives picture looks very different, Lunde said. CME bitcoin futures open interest has fallen to its lowest level since October 2023, a sign that institutional traders are reducing exposure. Meanwhile, funding rates in perpetual futures have risen alongside open interest even as bitcoin falls, suggesting leveraged longs are building into a weakening market.

While the firm has not completely abandoned its view that $60,000 marked the cycle low, the tone has become more defensive.

“We read the latent selling pressure in those leveraged longs as a warning of possible deeper lows and advise caution,” the report said.

K33 still sees bitcoin as undervalued relative to equities over the long run. But with institutional demand fading, ETF investors heading for the exits and capital chasing stronger-performing sectors, the firm says the market faces a tougher backdrop than it did just a few weeks ago.

“With outside capital reluctant to enter and existing holders trimming exposure, we may be in for a choppy summer,” Lunde wrote.

New York’s financial regulator has formed a stablecoin supervision agreement with the European Banking Authority as regulators on both sides of the Atlantic tighten cooperation over digital assets.

The New York State Department of Financial Services said Tuesday that it signed a memorandum of understanding with the EBA to support the exchange of supervisory and confidential information linked to stablecoin activity.

NYDFS and EBA expand stablecoin oversight

Under the agreement, the two regulators plan to share information on entities involved in stablecoin operations, market risks, and supervisory concerns. The DFS said the arrangement is meant to strengthen oversight, protect consumers, and support market integrity in a sector that continues to draw attention from finance officials.

Kaitlin Asrow, acting superintendent of the DFS, said effective financial regulation depends on strong ties between regulators. She added that international cooperation remains important for digital assets because stablecoins operate across borders and involve multiple markets simultaneously.

EBA Executive Director François-Louis Michaud described the agreement as a milestone for transatlantic cooperation on stablecoin supervision. According to Michaud, the deal supports efforts to build a coordinated supervisory framework for crypto-assets and maintain high standards for cross-border activity.

DFS said it has supervised stablecoin issuance since 2018, covering regulated firms approved to issue stablecoins in New York. The department said its framework includes reserve requirements, redeemability standards, transparency rules, and a ban on rehypothecation.

The New York regulator has long played a central role in U.S. crypto oversight through its BitLicense regime and separate rules for digital asset firms. In the stablecoin market, its standards apply to companies under DFS supervision, including those approved to issue dollar-backed tokens in the state.

Although the memorandum is not legally binding, DFS said the agreement provides both regulators with a framework for cooperation when supervisory issues arise. The department said the MOU also supports identifying stablecoin market trends and potential risks.

CFOs still cite compliance concerns

The agreement comes as PYMNTS reported that digital assets have reached discussions among finance chiefs but have not entered daily corporate finance operations at most firms.

According to PYMNTS research, 77% of CFOs cited regulatory or compliance uncertainty as a barrier to using crypto in business payments. The same research found that 67% of CFOs gave the same answer for stablecoins.

PYMNTS also reported that 58% of CFOs said their companies have neither discussed nor considered using stablecoins. For cryptocurrencies, the figure was 70%. The research found that 13% of companies currently use stablecoins, while 5% use cryptocurrencies.

European Central Bank board member Isabel Schnabel recently warned that stablecoins remain exposed to risks and could affect Europe’s monetary sovereignty.