After running the biggest crypto exchange in the world, Binance’s Changpeng Zhao (CZ), who has recently been free from the guilty charges of money laundering after paying a $50 million fine. CZ has stepped into a new role of advising the government and asking “govt to take a more relaxed approach towards crypto.”
Let’s find out why!
CZ’s Message to Governments
Changpeng Zhao (CZ) has been working closely with government officials across Asia to shape the future of blockchain and digital assets.
During his recent visit to Kuala Lumpur, Malaysia, CZ spoke at the Ritz-Carlton, where he shared how countries like those in the Middle East have been successful in their crypto policies.
“I always encourage governments to take a more relaxed approach.” He explained that when governments don’t over-regulate, businesses and technology can grow freely and thrive.
Middle Eastern Countries Leading the Way
CZ pointed out that Dubai is a great example of how a crypto-friendly approach can benefit a country. He shared that it only took him 24 hours to get a golden visa in Dubai. He further mentioned that Binance received a full operating license in Dubai in 2024.
This shows that when a country supports crypto, it can help businesses grow and create opportunities.
U.S Softening Stance Towards Crypto
CZ pointed out that the global attitude towards crypto is changing. He mentioned that since Donald Trump became president, the U.S. government has become more supportive of crypto.
These changes are encouraging other countries to take a similar approach, making it easier for crypto businesses to grow and succeed around the world.
SafeMoon’s price has climbed over 25% in the past week amid the broader market volatility. This double-digit price gain has been fueled by the uptick in the token’s demand following the project’s migration from BNB Chain to Solana.
However, profit-taking and increased selling pressure are now threatening to erase some of SFM’s recent gains. This analysis provides the details.
SafeMoon Battles Growing Sell-Offs
An assessment of the SFM/USD one-day chart highlights the growing selling pressure within SFM’s spot markets. A notable indicator of this trend is the token’s negative Balance of Power (BoP), which is at -0.96 at press time.
An asset’s BoP indicator compares buyers’ and sellers’ strengths by analyzing price movements within a given period. When its value is negative like this, it indicates that sellers have more control, meaning downward pressure is stronger, and the asset is likely experiencing a bearish trend.
This suggests weakening bullish momentum among SFM holders and hints at declines if selling pressure continues.
Furthermore, SFM’s price has dropped 8% over the past 24 hours, causing the altcoin to trade near its 20-day exponential moving average (EMA).
This moving average measures an asset’s average price over the past 20 trading days, giving more weight to recent prices to identify short-term trends.
As with SFM, when an asset’s price is poised to break below the 20-day EMA, it signals increased selling pressure. It is a sign of weakening bullish momentum and a shift toward a bearish trend.
SFM Finds Key Support at $0.000061
A successful breach of the dynamic support offered by SafeMoon’s 20-day EMA at $0.000061 would strengthen the bearish trend. In this scenario, the altcoin’s price could plummet further to $0.000047.
However, a spike in new demand would invalidate this bearish outlook. If spot inflows rally, it could drive SFM’s price above the resistance at $0.000068 toward its multi-year high at $0.000011.
Connecticut Governor Ned Lamont has signed House Bill 7082 into law, officially regulating the “Bitcoin Reserve Ban” in the state. Now, Connecticut is prohibited from accepting, holding, or investing in digital assets. This marks a contrast from the US trend in the evolution of virtual digital currency.
Connecticut Officially Bans Bitcoin Reserve
The legislation titled “An Act Concerning the Prohibition of State Government Entities from Holding or Investing in Cryptocurrencies” was initially introduced in response to growing concerns regarding volatilities and uncertainties in digital currencies in February 2025 before finalizing the enactment on June 30.
The enactment provides clarity that the state prioritizes risk mitigation and consumer protection over speculative investment.
Legislation on the Prohibition of Cryptocurrency
Settling the long-standing debate, Connecticut finalizes the ban on cryptocurrency and other virtual currencies to prevent the state from associated risks. The law ensures that Connecticut remains protected from the threats associated with the digital assets market.
“Neither the state nor any political subdivision of the state shall (1) accept or require payment in the form of virtual currency for an amount due to the state or the political subdivision, or (2) purchase, hold, invest in or establish a reserve of virtual currency,” HB 7082 reads.
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Key Highlights of Crypto Ban Legislation
It introduces comprehensive consumer protection measures, ensuring that businesses engaging in virtual asset transactions disclose potential risks.
Provisions aimed at enhancing transparency and security in virtual currency transactions.
Crypto businesses must disclose critical risks– irreversibility of transactions, absence of government insurance, and potential for unrecoverable losses.
Introduced new daily transaction limits for virtual currency kiosk – $2,000 for new customers and $5,000 for existing ones.
Virtual currency kiosk operators face stricter regulations– provide live customer support and employ a full-time compliance officer to oversee adherence.
The enactment sets Connecticut apart from other US states like Texas, Arizona, and New Hampshire, which continue to adopt digital currency reserves. As the bill contrasts with the majority of US states, it has been met with mixed reactions from industry experts and policymakers. Some argue that the bill is crucial for precautions, while others say it stifles innovation in the nation.
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FAQs
How does Connecticut’s crypto ban compare to other states’ approaches to digital assets?
Connecticut’s ban on state entities holding or investing in crypto contrasts sharply with states like Texas, Arizona, and New Hampshire, which are moving to establish digital asset reserves. This highlights a growing divergence in state-level approaches, with Connecticut prioritizing risk aversion while others embrace crypto innovation.
What are the potential impacts of Connecticut’s crypto ban on its digital economy and blockchain innovation?
While the ban aims to protect public funds from volatility, critics argue it could stifle innovation within Connecticut’s digital economy. It might deter blockchain-based startups and investment, potentially causing them to gravitate towards more crypto-friendly states that encourage digital asset development and integration.
How might Connecticut’s legislation influence other states’ cryptocurrency policies?
Connecticut’s cautious approach could influence other risk-averse legislatures to consider similar bans or stricter regulations on state crypto involvement. It adds to the ongoing national debate about crypto’s role in public finance, potentially encouraging a more conservative stance in states prioritizing financial stability over speculative gains.
The post No Bitcoin for Connecticut: State Bans Investment and Reserves in New Law appeared first on Coinpedia Fintech News
Connecticut Governor Ned Lamont has signed House Bill 7082 into law, officially regulating the “Bitcoin Reserve Ban” in the state. Now, Connecticut is prohibited from accepting, holding, or investing in digital assets. This marks a contrast from the US trend in the evolution of virtual digital currency. Connecticut Officially Bans Bitcoin Reserve The legislation titled …
Several US economic signals are in the pipeline this week, although not as hot as the ones witnessed in the past week.
By frontrunning the following events, traders and investors can buffer their portfolios against sudden impact.
Initial Jobless Claims
This US economic signal, due every Thursday, will indicate the number of United States citizens who filed for unemployment insurance for the first time last week.
Economists surveyed by MarketWatch expect a modest increase to 221,000 after the 218,000 reported in the week ending July 26.
“Initial claims for jobless benefits fell last week [the one ended July 26] and are running below their year-earlier level. Continuing claims continue to point to a slightly less tight labor market compared to a year ago,” economist correspondent Nick Timiraos indicated.
The jobless claims data will follow the nonfarm payroll (NFP) data, released on August 1. The NFP data exacerbated Bitcoin’s recent drop, coming in well below expectations.
With data signaling a deteriorating labor market, potential dollar instability could push retail and institutional investors toward crypto in the long run.
4-week average of initial jobless claims has hooked dramatically lower lately … still nowhere near levels consistent with recession pic.twitter.com/UUfuEeCZpm
If last week’s jobless claims continue the trend of coming in higher than the previous week or, worse, exceeding expectations, the perceived labor market weakness could bode well for Bitcoin as investors pivot against economic uncertainty.
For perspective, a surprise increase in jobless claims would signal economic weakness, potentially supporting looser Fed policy. Such an outcome would be bullish for risk assets like crypto.
ISM Services PMI
Beyond labor market data, crypto markets will also be watching the ISM Services PMI (Purchasing Managers’ Index).
This economic indicator, derived from monthly surveys of private sector companies, measures business activity in areas such as new orders, inventory levels, production, supplier deliveries, and employment.
After a reading of 50.8% in June, economists project a modest increase to 51.1% in July. If the ISM Services PMI rises above the expected 51.1%, it signals stronger economic activity and could dampen hopes for Fed rate cuts. Such an outcome is potentially bearish for Bitcoin as tighter liquidity persists.
However, a lower-than-expected reading, especially below 50, would suggest economic weakness and raise expectations of monetary easing, likely boosting crypto prices.
If the data meets forecasts, markets may tread water, with traders awaiting more decisive indicators like jobless claims.
In Tuesday’s run-up to this particular US economic signal, Bitcoin’s next move hinges on whether the services sector shows signs of overheating or slowdown, key elements to the Fed’s inflation and policy stance.
Further, the US productivity and unit labor costs will be critical watches this week, due Thursday, August 7. Together, they reveal whether wage growth is inflationary.
These data points indicate wage growth in the second quarter (Q2). In Q1, US productivity dropped by 1.5%, but now economists project a 1.9% increase.
Meanwhile, US unit labor costs were 6.6% higher in the first quarter, but economists project a modest surge of 1.3% in Q2.
Rising labor costs without increasing productivity would indicate sticky inflation, which is expected to bode positively for Bitcoin.
More closely, the mismatch could shift Fed expectations, with crypto known to respond well to signs of disinflation or economic slowdown.
However, if labor costs rise at the same pace as productivity, companies can afford to pay more without raising prices. Such a scenario would support real wage growth without triggering inflation. This is still generally bullish for Bitcoin as it promotes economic growth without tightening liquidity.
With the One Big Beautiful Bill passed and 100% expensing locked in, America is experiencing a CapEx Comeback.
AI is accelerating. Productivity is rising.
If the Fed had any imagination, they’d embrace the Greenspan model—because the Golden Age of America is upon us. pic.twitter.com/es5HB3zDi6
— Treasury Secretary Scott Bessent (@SecScottBessent) July 31, 2025
When labor costs fall while productivity rises, it is a highly disinflationary and business-friendly scenario. This is bullish for the crypto as falling inflation pressures raise the odds of rate cuts or liquidity support, favoring risk assets.
Based on the CME FedWatch Tool, interest rate bettors see an 80.7% chance the Fed will cut interest rates in the September 17 meeting.
Atlanta Fed President Raphael Bostic Speech
Beyond data points among US economic signals, traders and investors also monitor comments from policymakers. This week, the Atlanta Fed President Raphael Bostic will speak on Thursday, and markets will be keen for signals on policymakers’ economic outlook.
Atlanta Fed President Raphael Bostic is known to lean hawkish on monetary policy, favoring a cautious approach to interest rate cuts.
“If you’re hoping for rate cuts, don’t hold your breath. Atlanta Fed President Raphael Bostic recently stated he only supports one rate cut this year, highlighting the Fed’s uncertainty due to tariffs,” one user said recently.
As one of the Fed’s policymakers, Bostic’s tone on inflation, rates, or balance sheet policy can sharply shift market expectations.
If his remarks are hawkish, it would be bearish for Bitcoin. However, a dovish stance would be bullish, especially if it contrasts with Powell’s tone.
