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The U.S. House Ways and Means Committee plans to unveil seven cryptocurrency tax bills as early as today, Bloomberg reported. The proposed legislation addresses key issues, including the timing of taxation for mining and staking rewards, a capital gains tax exemption for certain stablecoin transactions, and the application of wash sale rules to digital assets to align them with securities. According to the report, Committee Chairman Jason Smith has prioritized establishing a clear tax framework, even amid controversy surrounding the CLARITY Act. The committee led the effort with input from the Treasury Department and others, and discussions are ongoing to secure support ahead of a hearing scheduled for next Tuesday.

Arjun Sethi, co-CEO of crypto exchange Kraken, has agreed to acquire Wyoming-based Summit National Bank for $5.5 million, according to a post on X by Bank Reg Blog. The bank's parent company is currently undergoing bankruptcy proceedings, and the acquisition is subject to approval by a bankruptcy court. Meanwhile, Kraken's parent company, Payward, is preparing for an initial public offering (IPO), having filed an application with the U.S. SEC last November.

Major U.S. banks including JPMorgan, Bank of America, Citigroup, and Wells Fargo are pushing to build a deposit token network for real-time payments, with a target launch in the first half of 2027, The Wall Street Journal reported. The move is a response to the expansion of crypto companies and stablecoins. The new network, which will be operated by the bank-owned payments company The Clearing House, is designed to connect existing payment systems with crypto infrastructure. The report noted that banks favor deposit tokens over stablecoins because they are essentially regulated bank deposits on a blockchain, allowing them to maintain their current regulatory frameworks and credit risk profiles. While banks may issue stablecoins in the future if demand is sufficient, some have questioned their utility beyond cross-border payments.

A whale address starting with 0x293, which had been dormant for three years, has sold 10,000 ETH worth $17.72 million, according to Onchain Lens.

An anonymous, newly created address starting with 0xc0f5C withdrew 170,000 HYPE, worth $10.9 million, from Coinbase seven hours ago, Onchain Lens reported. Withdrawals from exchanges are typically interpreted as a sign of intent to hold.

South Korean virtual asset service providers will be tasked with managing their own anti-money laundering risks for crypto transfers of 10 million won (approx. $7,300) or more with overseas exchanges or personal wallets, instead of being required to uniformly report such transactions to financial authorities. The decision was reportedly made by South Korea's Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, after it met with exchange representatives yesterday to gather industry feedback on proposed amendments to the enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information, according to SBS News.

The Korea Exchange has triggered a sell-side sidecar after the KOSPI index fell by more than 5%.

According to crypto options exchange Deribit, Bitcoin options worth $1.594 billion are set to expire at 8:00 a.m. UTC today, June 5. The put/call ratio is 0.55, and the max pain price—the price at which the largest number of options buyers would lose their premiums—is $71,000. Additionally, Ethereum options valued at $269.8 million will expire at the same time. The put/call ratio for these options is 0.93, with a max pain price of $2,000.

The Fear & Greed Index from cryptocurrency data provider CoinMarketCap has fallen three points from yesterday to 20, keeping the market in a state of fear. The index indicates extreme market fear as it approaches 0 and extreme optimism as it approaches 100. CoinMarketCap's index is calculated based on factors including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data such as put/call ratios, the Stablecoin Supply Ratio (SSR), and the company's own search data.

Bloomberg ETF analyst Eric Balchunas stated that the narrative around Bitcoin needs a reset. He argued for reducing expressions like "baby boomers will buy it" and instead emphasizing that Bitcoin is the best hedge against the devaluation of fiat currency.

The founder of Zcash has confirmed the existence of a critical bug in its Orchard protocol that could have allowed for the unlimited creation of ZEC, Solid Intel reported. The vulnerability was present from May 2022 until it was recently patched. Due to the anonymity of the Orchard pool, it is impossible to determine if the bug was ever exploited.

DeFi protocol Ether.fi (ETHFI) has partnered with Plume, a blockchain project focused on regulated real-world assets (RWA), to launch a new RWA vault. Ether.fi announced on June 4 that it has made an exclusive $100 million investment into the vault. The protocol, which holds over $6 billion in customer deposits, aims to provide its users with access to institutional-grade RWA investment opportunities previously unavailable to the general public. Users can access these yields through the Plume RWA vault directly within the Ether.fi application. The vault is based on Plume's flagship product, the RWA yield protocol Nest, and is structured to include over-collateralized loan pools, AAA-rated collateralized loan obligations (CLOs), and broad bond market ETFs. According to the announcement, the assets within the vault are provided by asset managers who collectively oversee more than $10 trillion in assets under management (AUM).

The U.S. dollar-won exchange rate broke above the 1,540 mark during overnight extended trading, reaching its highest level since the global financial crisis, Yonhap Infomax reported. This marks a 17-year high for the currency pair, which last saw such levels when it hit an intraday peak of 1,561.00 won on March 10, 2009.

SpaceX has informed investment banks that its initial public offering (IPO) will be priced at $135 per share, a figure the company does not intend to change, according to sources.

U.S. President Donald Trump said on June 4 that he would not rule out a meeting with Iran's new Supreme Leader if a final agreement is reached with the country. He reiterated that the U.S. would never tolerate Iran possessing nuclear weapons and claimed to have previously struck and completely destroyed an Iranian nuclear facility. Trump also explained that he had considered and ultimately abandoned a plan to send U.S. troops to remove enriched uranium from an Iranian nuclear site. He said the plan was deemed too risky, as it would have required a one-to-two-week operation involving heavy equipment and airlift capabilities, and could have led to U.S. casualties in a prolonged ground mission.

Patrick Witt, a member of the White House Digital Asset Advisory Committee, has described the CLARITY Act as being both pro-regulation and pro-law enforcement. Speaking at an industry event, Witt warned that if the U.S. does not set its own standards for digital asset regulation, it will be forced to adopt rules made by other countries, The Block reported. He added that recent concerns have been addressed through new provisions and asserted that the bill is not intended to hinder law enforcement. His comments follow recent criticism from some law enforcement agencies and Democratic lawmakers, who have argued the bill could weaken anti-money laundering (AML) regulations and make it more difficult to prosecute financial crimes.

Blockchain analytics firm Chainalysis reports that the black market for peptides, fueled by cryptocurrency payments, now exceeds $100 million in annual volume. According to the firm, the value of crypto flowing into this market surged by 159%, rising from $12 million in the fourth quarter of last year to $32 million in the first quarter of this year. This growth is driven by sellers using Bitcoin and stablecoins to circumvent restrictions from traditional banks and payment companies amid the rising "Looksmaxxing" trend, a social media phenomenon focused on improving one's appearance. Chainalysis notes that stablecoins, with their lower price volatility, are becoming an increasingly popular payment method.

Nate Geraci, CEO of asset management firm Novadius Wealth Management, has commented that he has never seen traditional finance investors so actively wish for the failure of MicroStrategy (MSTR). In a post on X, Geraci suggested this could be the result of a combination of factors, including skepticism toward BTC, the company's financial strategy, the high profile of Michael Saylor, and regulatory compliance controversies. Bloomberg ETF analyst Eric Balchunas responded, arguing that the core reason is discontent with BTC, which he described as an asset that deeply antagonizes some within the traditional finance sector.

The three major U.S. stock indices closed mixed today. - S&P 500: +0.4% - Nasdaq: -0.03% - Dow Jones: +1.7%

The average monthly trading volume on decentralized perpetual futures exchanges (Perp DEXs) has continued to rise this year, reaching $611.57 billion, according to data from CoinGecko. This marks an increase from the $531.65 billion average recorded last year.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Jonathan Gould, head of the U.S. Office of the Comptroller of the Currency (OCC), stated that the only political pressure his agency is facing over the bank charter review for World Liberty Financial, a crypto firm linked to President Donald Trump's family, is from the Democratic Party. According to CoinDesk, Gould made the statement during a hearing before the House Financial Services Committee. In response to suggestions from Democratic lawmakers that he was under President Trump's influence, Gould asserted that the OCC is conducting its review independently and in accordance with the law.

According to CoinNess market monitoring, BTC has risen above $64,000. BTC is trading at $64,075.21 on the Binance USDT market.

Reza Bundy, CEO of Atlas Capital, an investment advisory firm co-founded by Nouriel Roubini, known as Dr. Doom, has warned that BTC could fall by as much as 70% within the next six months. He stated that even if the stock market were to correct by half the amount seen in the 2008 financial crisis, Bitcoin could experience a drop twice as large, setting a lower price target in the $26,000 to $30,000 range. Despite the short-term warning, Bundy maintained a bullish long-term outlook, predicting that BTC could eventually rise to between $150,000 and $500,000, depending on global economic conditions.

Whale Alert reported that 3,399 BTC has been transferred from Coinbase Institutional to an unknown new wallet. The transaction is valued at about $216 million.