Manny Rutinel, a Democratic candidate running to represent Colorado’s 8th congressional district, has won his party’s primary and will head to the November election after being supported by a crypto-aligned political action committee (PAC).

Early on Wednesday, Rutinel reported that Rutinel would be the Democratic nominee for Colorado’s 8th district, having won with 61.7% of the vote against Shannon Bird’s 33.6%. Before the primary, the You Can Push Back Super PAC, backed by $3.5 million from Ripple Labs co-founder Chris Larsen, reportedly spent $1 million on media to support Rutinel’s run. 

The Colorado Democrat has a “strongly supports crypto” rating from the Coinbase-affiliated Stand With Crypto organization, based on his answers to questions about stablecoins, market structure and regulatory clarity. Coinbase is also a major contributor to the Fairshake PAC, which supports what it considers “pro-crypto” Democratic and Republican candidates for Congress.

Source: Stand With Crypto

On Tuesday, the consumer advocacy group Public Citizen reported that the cryptocurrency industry had spent about $189 million so far on contributions to influence the 2026 US elections, largely through PACs. In what some experts say is the industry repeating its 2024 strategy, crypto-aligned groups are expected to continue spending to elect what they consider “pro-crypto” politicians.

Related: Senate leaders push for July passage of CLARITY Act

Cointelegraph reached out to a spokesperson for You Can Push Back but did not receive an immediate response.

Poll shows Americans think crypto has too much influence in Washington, DC

A new poll commissioned by Americans for Financial Reform released on Wednesday showed that a majority of Americans are concerned about the influence the crypto industry has on US lawmakers. The results followed financial disclosures showing that US President Donald Trump profited by more than $1.4 billion from his crypto investments.

“Voters have seen serious crypto corruption and high ranking government officials raking in profits while everyday people experience crypto-fueled losses and scams,” said Mark Hays, the associate director of crypto and fintech at Americans for Financial Reform. “Voters want crypto to have to play by the same kinds of rules as other financial companies, not dictate special privileges for itself.”

White House Deputy Press Secretary Anna Kelly said on Tuesday that neither Trump nor his family “has ever engaged — or will ever engage — in conflicts of interest.”

Among the poll’s results included a majority of Democrats, Republicans and Independents being concerned about crypto-related laws being influenced by donations from those in the industry. Americans for Financial Reform concluded that voters were likely to agree that the crypto industry needs sensible regulation.

Magazine: The end of anonymity? AI could unmask crypto’s hidden identities

President Donald Trump’s positive comments on U.S.-Iran negotiations have lifted crypto markets, pushed oil below $70, and added more than $74 billion to gold’s market value as investors reposition for easing geopolitical risks.

According to President Donald Trump, relations with Iran have remained positive and ongoing negotiations in Qatar are progressing well, prompting a swift reaction across financial markets as traders reassessed the likelihood of a prolonged Middle East conflict.

Speaking on Wednesday, Trump said Iran’s “denuclearization is well on its way” and described the meetings as “excellent” before adding, “We’ll see.” His remarks followed a Truth Social post earlier this week in which he said U.S. officials would meet Iranian representatives in Doha at Tehran’s request.

Crypto extends gains as geopolitical tensions ease

While diplomatic discussions continued in Qatar, Bitcoin climbed more than 3% to an intraday high of $60,401 before easing to $60,120 at press time. Ethereum gained 2.8% to $1,620, XRP added 1.5%, and Solana outperformed with a 5% advance. The total cryptocurrency market capitalization also increased about 2% to $2.14 trillion.

The rally came as investors reduced demand for traditional safe-haven assets tied to geopolitical uncertainty. Gold added more than $74 billion in market value during the session, while U.S. benchmark WTI crude oil fell more than 2% for the first time since tensions between the United States and Iran intensified, closing below the $70 level.

Analysts nevertheless urged traders to remain cautious despite the rebound, noting that negotiations are still underway and that market direction will continue to depend on diplomatic developments.

Earlier this week, as reported by crypto.news, renewed attention also returned to comments from Rich Dad Poor Dad author Robert Kiyosaki, whose March prediction that Ethereum could reach $95,000 by mid-2027 resurfaced across crypto social media.

Kiyosaki argued that a major global financial crisis could trigger a sharp repricing of alternative assets, forecasting Ethereum at $95,000, Bitcoin at $750,000, gold at $35,000 per ounce, and silver at $200 following such an event.

Markets remain focused on the outcome of Doha negotiations

Diplomatic efforts have continued beyond Trump’s latest remarks. U.S. representative Jared Kushner and envoy Steve Witkoff are in Qatar for another round of discussions, while Qatar and Pakistan are serving as mediators during the negotiations.

Separate talks have also taken place between Iran and Oman, which recently established a joint committee to address issues surrounding the Strait of Hormuz and other ceasefire-related matters. Those discussions have added to expectations that negotiations are expanding beyond the immediate nuclear issue.

Prediction market Polymarket currently assigns a 62% probability that the United States and Iran will extend their 60-day negotiation period. Although that estimate suggests traders expect diplomacy to continue, it does not guarantee an agreement.

For now, Trump’s latest comments and the ongoing meetings in Doha have encouraged investors to price in a lower risk of further escalation. At the same time, market participants continue watching for concrete progress, since a formal agreement could extend the current rally across risk assets, while another breakdown in negotiations or the expiration of the 60-day deadline without an extension could reverse recent moves in cryptocurrencies, oil, and other global markets.

To support its case, the report highlighted Ethereum’s technical track record, noting that the network has maintained uninterrupted uptime since launching in 2015. Citing a recent OpenZeppelin report, the foundation said Ethereum was secured by roughly $76 billion worth of staked ETH as of March 2026, while emphasizing its geographically distributed validator network, multiple independent client implementations and large developer ecosystem.

Beyond technical metrics, the report framed Ethereum as digital public infrastructure rather than simply a financial network. It pointed to existing deployments, including decentralized identity initiatives in Bhutan and Buenos Aires and Ethereum-based land registry projects in India, as examples of governments already experimenting with the technology.

The publication comes as governments around the world increasingly explore blockchain-based infrastructure for identity, asset tokenization and public records. The Ethereum Foundation said policymakers should distinguish between decentralized public blockchains and networks that remain controlled by corporations or foundations, arguing that governance structures will play a critical role in determining which platforms are suitable for long-term public sector use.

Read more: Ethereum gets a new nonprofit focused on institutional adoption

Bitcoin has made its way back into market conversations following some interesting developments in South Korea’s equity markets, which could indicate that investors are gradually increasing their appetites for risky assets. In particular, while the benchmark KOSPI has seen wide-ranging losses from various companies listed, the tech-heavy KOSDAQ saw an impressive rally.

This contrast may lead market participants to speculate whether the improvement in risk appetite could possibly move into other asset classes, including digital currencies like Bitcoin. There is no indication of any capital inflow into cryptos at the moment, but previous developments have been similar in nature.

Rotation of Capital Pushes Up KOSDAQ Index

According to market information provided by CryptoSavingExpert, about $65 billion worth of market capitalization was lost by firms listed on the KOSPI during the latest market trading session. On the other hand, KOSDAQ gained over $100 billion worth of market capitalization while appreciating by roughly 7.5%.

The trend did not indicate a general pullback from the South Korean stock market. Instead, it pointed to investors shifting their capital from big companies to small companies with high growth prospects. It indicated growing confidence among speculators and their preference for companies with higher risks but potentially bigger gains.

Pressure on Large-Cap Stocks From All Sides

Market heat maps highlighted weaknesses of major stocks in the Korean market, showing mostly red across major industry groups.

Samsung Electronics, the biggest listed firm in South Korea based on its market capitalization, saw a decline of 0.93%, which was one of the causes of weakness for the KOSPI index. The list of weak firms includes many others.

Among the biggest losers:

• Samsung Electronics – 0.93%
• SK Hynix – 0.97%
• Kumho Tire – 1.30%
• Hyosung – 0.90%

The companies belong to various industries, such as technology, manufacturing, automotive, and industrial. This indicates that institutions were selling off large-cap stocks rather than anything specific going on within a certain company.

Bitcoin Under Investor Watch Again

The equity rotation cycle has put the spotlight back on Bitcoin, as the question remains whether improved risk sentiment will extend into crypto assets.

It has been observed in the past that during periods of high interest in risky assets, crypto assets—especially Bitcoin—have occasionally seen positive performance, as they are considered high-risk assets. When investors start being more risk-tolerant, their attention tends to move towards alternate asset classes outside traditional stocks. Nevertheless, there is no certainty involved.

Prices of cryptocurrency will still be determined by a host of other factors, such as liquidity conditions in the global economy, monetary policies, macroeconomic trends, institutional involvement, and investor positioning in general. Equity rotation alone will not suffice in driving flows into Bitcoin.

Market Sentiment Might Give Early Indications

Even though Bitcoin has not enjoyed any particular upside because of changes in South Korea’s market dynamics, there is another way changing investor sentiment can be tracked through equity rotation.

The performance of the KOSDAQ and selling pressure in the KOSPI are indicators that investors have become more comfortable taking risks following a period when they preferred safe havens.

Market players will keep track of how far this changing sentiment spreads into other financial markets around the world before it starts affecting cryptocurrencies. If speculative demand strengthens, Bitcoin might be one of the coins set to gain as investor sentiment shifts toward risky assets.

Beyond the Robinhood Chain ecosystem, the company announced several additional product launches and international expansion efforts. Robinhood said it is expanding perpetual futures trading in Europe to include commodities, ETFs and foreign exchange markets alongside crypto. It also plans to launch crypto trading in the U.K. and said its services are now available in Canada following its acquisition of WonderFi.

The company also unveiled Agentic Accounts for crypto, an AI-powered trading tool that will allow eligible U.S. users to connect AI models to Robinhood’s trading infrastructure while retaining control over capital allocation and trading parameters.

“Decentralized finance unlocks possibilities beyond what traditional finance can offer, but historically, it has required technical expertise to navigate,” Johann Kerbrat, Robinhood’s senior vice president of crypto.

Robinhood’s product push shows how the lines between crypto and traditional finance are continuing to blur. The brokerage has steadily expanded beyond stocks and spot crypto trading into tokenized equities, derivatives and event contracts, better known as prediction markets. That strategy fits into the race for the “everything exchange” to host all kinds of trading and financial activity under one roof, increasingly on top of blockchain rails.

At the same time, the company also said last month it would lay off 10% of its workforce, some 290 employees, to streamline its organization and management structure.

Crypto ATM availability is shrinking in the United States as new state laws designed to curb fraud and tighten consumer protections move into force. Tennessee and Georgia are the latest states to impose restrictions effective this week, following earlier actions in Indiana and upcoming enforcement in Minnesota.

The changes reflect a broader pattern: regulators and lawmakers across the US are targeting kiosks after scammers used them—often to trick vulnerable residents—into sending funds. For operators, the result is a more complex compliance landscape and, in some cases, an unsustainable business model.

Key takeaways

• Tennessee has implemented a statewide ban that prohibits the use and installation of crypto ATMs and kiosks.
• Georgia allows crypto ATMs to operate but introduces transaction caps, customer warnings, and reporting requirements, with provisions that can include refunds in certain fraud cases.
• Earlier state bans include Indiana (effective in March), while Minnesota is set to enforce a ban on Aug. 1.
• Regulatory pressure is already showing up financially, with Bitcoin Depot filing for Chapter 11 bankruptcy after signaling “substantial doubts” about its future.

Tennessee and Georgia tighten rules on crypto kiosks

Georgia and Tennessee each passed crypto ATM legislation that takes effect on Wednesday, but the approaches differ sharply. Tennessee’s law—signed by Governor Bill Lee in April—implements a complete prohibition on both installing and using cryptocurrency ATMs and kiosks.

Georgia’s law is more permissive while still aiming to reduce consumer harm. It requires operators to limit the amount of money sent by users, issue warnings to customers, and in some scenarios refund people who may have been defrauded.

Before Tennessee’s statewide ban took effect on July 1, CoinATMRadar data cited by CoinATMRadar’s Tennessee listing indicates there were 185 crypto ATMs and kiosks operating in the state.

Why lawmakers are moving from “local bans” to statewide action

The Tennessee and Georgia measures follow a wave of earlier regulatory efforts aimed at crypto ATM operators. Cointelegraph previously reported that multiple jurisdictions and municipalities have begun cracking down on kiosks, largely in response to scams in which victims—particularly older adults—were persuaded to send cryptocurrency through ATM-style machines.

Delaware and New Jersey, for example, have considered proposals that would impose complete bans, according to earlier coverage referenced in the original reporting. The direction of travel is consistent: lawmakers increasingly view crypto ATMs as high-risk access points for fraud rather than neutral on-ramps.

As these restrictions expand, operators face more than just reduced machine counts. Compliance obligations—such as monitoring transactions, handling fraud-related disputes, and meeting consumer protection requirements—can increase costs while limiting revenue options.

Regulation’s downstream effects: bankruptcy risk for operators

For the industry, the regulatory tightening is not only theoretical. The restrictions may have already contributed to at least one major operator’s distress.

In May, Bitcoin Depot filed for Chapter 11 bankruptcy. In the days leading up to the filing, the company disclosed that it had “substantial doubts” about its future amid a challenging regulatory environment and ongoing litigation.

Roshan Dharia, CEO of Echo Base and a restructuring adviser, told Cointelegraph after the Chapter 11 filing that Bitcoin Depot’s bankruptcy likely foreshadows broader pressure on the crypto ATM sector. Dharia argued that the traditional operator model relied on relatively high transaction spreads and fewer regulatory constraints, which helped offset the high costs of compliance, cash logistics, fraud remediation, and retail revenue-sharing arrangements.

That equation, Dharia said, is breaking down as states increasingly impose consumer-protection standards. Those standards can compress fees while increasing operator liability for scam-related activity and raising expectations for transaction monitoring and reimbursement—factors that can strain business viability, especially for operators with thinner margins.

Canada signals a wider policy debate

While the latest developments are focused on US states, Canada’s regulatory conversation is also moving toward harsher restrictions. Earlier, federal policymakers in Canada proposed a total ban on crypto ATMs across the country.

The proposal would still allow Canadians to buy digital assets from brick-and-mortar money services businesses, but it would remove the kiosk pathway. Officials described crypto ATMs as the “primary method” used by scammers to defraud victims and as a channel for criminals to put cash proceeds of crime into the digital asset ecosystem.

What to watch next

With Tennessee now operating under a full ban and Georgia enforcing limits and reporting, attention will likely shift to how quickly other states follow suit—particularly Minnesota ahead of its Aug. 1 deadline—and whether operators adjust by exiting certain markets or restructuring their compliance and fraud-handling processes.

Reform UK has removed a proposed crypto bill from its website amid ongoing controversy around billionaire Tether investor Christopher Harborne’s secret £5 million “gift” to the party’s leader, Nigel Farage.

The Cryptoassets and Digital Finance Bill was announced last year during the Bitcoin 2025 conference in Las Vegas. However, The Nerve reports that the bill was scrubbed from the website on May 30 this year. 

The Nerve also notes that the bill’s PDF can still be found online but is no longer present on Reform UK’s own website.  

A month before the bill’s removal, The Guardian revealed that Reform leader Farage was given £5 million by billionaire Christopher Harborne before he ran for election in June 2024.