Wyoming, one of the fifty States in the United States, is working on plans to launch its stablecoin. With the plan to fully back the stablecoins with the US Dollar, Wyoming is positioning itself as the first in the country to issue such payment tokens. According to Governor Mark Gordon, the state is making moves to jump onto the bandwagon as early as July.
Wyoming Stablecoin Pivot Aligns With Federal Government Pivot
According to a Bloomberg report, Governor Gordon is very positive about the stablecoin push. He believes most financial stakeholders are not bullish enough about the stable asset firm.
The Governor reference the position of JPMorgan Chase CEO, Jimon Dimon a while back regarding plans to venture into the stablecoin niche earlier. He said he once pitched Wyoming to him and the bank as the state has the right “framework to do it.”
While only a few mainstream firms have entered the stablecoin scene, Wyoming may be pioneering a new wave in the digital payments ecosystem. This move comes as the President Donald Trump administration is pushing for legislation for the ecosystem.
The US Senate has narrowly passed former President Donald Trump’s sweeping $3.3 trillion fiscal package — the so-called “Big Beautiful Bill.” As the legislation heads to the House for final approval, crypto markets are closely watching the potential impact.
Bitcoin and Ethereum prices remained steady Tuesday despite the broader market dip. However, BeInCrypto analysis projects that this bill, if enacted, could reshape investor sentiment and capital allocation.
Bitcoin Likely to Gain as a Fiscal Hedge
The most immediate impact would be on Bitcoin. The bill expected to raise the national debt by over $3 trillion. So, market participants are already bracing for longer-term inflationary pressure.
Ethereum and other large-cap altcoins may also gain short-term support. Risk rotation out of bonds and into alternative assets often lifts crypto broadly.
However, not all tokens are positioned equally. Infrastructure and utility tokens stand to benefit from increasing activity and capital flows.
The Big Beautiful Bill (BBB) passed the Senate. It returns to the House and will likely pass to Trump’s desk for his signature. The more debt, the better for Altcoins. pic.twitter.com/2Aeb8Wp7C9
— Marius BitcoinTAF.com (@LandM_Marius) July 1, 2025
If the final bill includes crypto-friendly tax reforms — including de minimis exemptions and staking income clarity — it could lower friction for small traders and DeFi users.
Institutional sentiment may be more cautious. Rapid debt accumulation and a potentially inflationary outlook could lead institutional investors to adopt a wait-and-see approach, especially if the Federal Reserve tightens policy in response.
The “One Big Beautiful Bill” includes provisions that could impact Bitcoin and other digital asset taxes. Specifically, it proposes eliminating capital gains tax on Bitcoin transactions under $600, aiming to treat small crypto…
Short-Term Outlook: Crypto Market Could Push Higher
If the House passes the bill with crypto provisions intact, Bitcoin and Ethereum may rally further. Capital rotation out of Treasuries, driven by rising US debt and fiscal uncertainty, could drive prices higher.
The total crypto market cap could test the $3.5 to $3.7 trillion range in the near term.
However, the extent of the rally will depend on broader macroeconomic conditions, including interest rate policy, regulatory enforcement, and global liquidity trends.
If the Fed raises interest rates to counter fiscal expansion, this could strengthen the dollar and pressure crypto markets. Conversely, if the Fed remains accommodative, digital assets may continue to benefit.
The Fed is bracing for stagflation:
The number of FOMC members who see upside risks to both their inflation and unemployment forecasts reached 14 in May.
Furthermore, 18 and 17 members saw upside risks to inflation and unemployment, respectively, in March.
— The Kobeissi Letter (@KobeissiLetter) July 1, 2025
The survival of the bill’s crypto provisions will also be crucial. If tax relief measures are stripped out or watered down in the House version, the sector could face renewed headwinds.
Bottom Line
The Senate’s passage of Trump’s “Big Beautiful Bill” marks a major fiscal shift.
If it clears the House, crypto assets — especially Bitcoin — are likely to benefit from growing fiscal concerns and investor desire for alternative hedges.
Yet volatility remains a risk. Fed policy, inflation data, and legislative negotiations will shape how sustainable any crypto rally becomes.
Pi Network’s latest push for voluntary token lockups has triggered a wave of criticism across its community.
The August 2 announcement encouraged Pioneers to lock up their Pi coins in exchange for boosted mining rates. This sparked a swift backlash on social media, particularly on X (formerly Twitter).
Pi Network Token Lockup Push
The lockup feature allows users to lock PI either before or after migrating to the Mainnet.
According to the latest blog, post-migration lockups via the Pi Wallet offer up to a 200% mining boost and apply directly to Pi, which is already on-chain.
Remember you can voluntarily choose to lock up your Pi to boost your mining rate! The Lockup will be immediately binding until your duration ends. https://t.co/2YrYxP6V0O
Locking up your Pi helps support a healthy ecosystem and incentivize long-term engagement with the network.…
Meanwhile, pre-migration lockups, configured via the main Pi app, influence future transfer balances and reward projections.
Once confirmed, all lockups are binding for the selected duration and cannot be undone.
Pi Community’s Frustration Boils Over
The timing of the announcement has angered many in the Pi Network community.
Users pointed to a declining token price, persistent KYC verification delays, and a stagnant migration process as reasons why trust in the project is eroding.
Many noted that locking up more Pi now—without clear utility or liquidity—feels premature and even exploitative.
Others expressed disappointment with the slow rollout of promised ecosystem features. Tools like Pi Domains and App Studio remain either unfinished or inactive, despite earlier previews.
Pi Network Community Backlash
This lack of follow-through has added to concerns that the project is stalling while still asking users for deeper commitment.
Complaints about the migration queue remain widespread. Some Pioneers report waiting over a year despite completing all KYC steps, with large portions of their balances stuck in an unverified state.
For these users, the option to lock up Pi feels irrelevant when they can’t access their funds.
Several users also criticized the Core Team’s silence on roadmap updates and unresolved bugs, calling for greater transparency and accountability before asking for further user participation.
Community Concerns Over Pi Network Ecosystem Development
Meanwhile, many users are still unhappy that Pi Network hasn’t received wider listing, specifically on Binance.
Overall, Pi coin has dropped nearly 90% from its February high.
Adding further pressure, August marks the release of 160 million unlocked tokens, the largest monthly unlock in Pi Network’s history. The added supply is likely to weigh on an already fragile market.
Earlier this week, Pi Network also implemented its lowest-ever mining rate.
The move was part of its deflationary emission model, intended to control inflation and encourage long-term engagement through lockups.
Bitrace’s 2024 Crypto Crime Report shows that criminals moved $649 billion in stablecoins to high-risk addresses. Stablecoins’ total use in fraud and money laundering grew, but the legitimate sector grew even faster.
The report also tracked a few other components, like gambling and darknet markets. It highlighted the growing enforcement actions against stablecoin money laundering, as Tether and Circle froze over $1 billion in assets last year.
Stablecoins and Crypto Crime – A Concerning Trend?
Stablecoins are a vital component of the international crypto ecosystem, but they fulfill a similar role in crime. For example, crypto sleuth ZachXBT alleged last month that North Korean hackers have “epidemic” participation in this space.
Bitrace’s 2024 Crime Report details illicit activities all across the industry, but it focuses specifically on stablecoins.
Its data claimed that $649 billion in stablecoins went to high-risk addresses last year, a definite increase from 2023. However, these transactions only amounted to 5.14% of global stablecoin volume, a decrease from 5.94% the previous year.
In other words, the stablecoin sector is growing faster than its usage in crypto crime.
Naturally, Tether makes up the overwhelming majority of these transactions since it’s the most popular stablecoin. Tron and Ethereum were the most popular blockchains for USDT stablecoins, making up around 90% of the crime-related volume.
Ethereum’s presence grew relative to Tron, but the latter blockchain still represents more than 75% of transactions.
Stablecoins in Crypto Crime.
1/ Since 2022, stablecoins replaced Bitcoin as the preferred currency for illicit transactions. pic.twitter.com/FxExZHQky5
Bitrace’s Crypto Crime Report mostly focused on the stablecoin industry but also covered several other sectors.
For example, illicit trade on the darknet grew by more than $30 billion as vendors switched to DeFi to avoid law enforcement. Crypto gambling is also on the rise, increasing 17.5% to $217.84 billion.
However, the industry is also taking several initiatives of its own. Scams and frauds have ballooned last year, jumping from $12 billion in 2023 to $52 billion in 2024.
The quantity of total frozen assets grew by nearly $1 billion in 2024, double the amount of the past three years combined. This is far below the necessary amount, but hopefully these operations can scale up.
To summarize, stablecoins are a thriving component of crypto’s criminal underworld, but enforcement is becoming more determined and sophisticated.
If the industry continues to focus on fighting fraud and money laundering, it could make a real difference. Stablecoin’s legitimate uses dwarf this sector, and criminals’ total market share is decreasing.
Stablecoins in Crypto Crime.