The UK High Court held a procedural hearing on June 5 (local time) on the proposed disposal of assets linked to the Qian Zhimin case, Caixin reported. About 16,000 Chinese victims have registered via several UK law firms to join a civil recovery process under the UK's Proceeds of Crime Act, representing under 13% of the roughly 128,000 victims in the Lan Tian Ge Rui case. The hearing centered on how participating firms should apportion shared litigation costs. Lead firm Fieldfisher told the court it has already incurred about £190,000 in expenses. The judge ordered each firm to pay costs into a court account in proportion to the number of victims it represents, with payment due by 4:00 p.m. on June 26.

Federal Reserve Governor Michael Barr is cautioning against celebrating looser banking rules, arguing that today's rollbacks could be laying the groundwork for the next major shock. Speaking at American University on June 6 in remarks titled "Deregulating in a Financial Boom: What Could Go Wrong?", Barr said recent moves to ease requirements on bank capital, supervision and liquidity are accumulating risks that may not be obvious in the near term but could ultimately hit the broader economy. He called the current push potentially the biggest pullback in bank regulation since reforms put in place after the Global Financial Crisis. Barr said vulnerabilities created by deregulation often remain hidden during good times, warning that they "may not be apparent today…" yet could still "threaten serious harm to the economy." He drew comparisons to the deregulatory backdrops that preceded both the Great Depression and the 2007–2009 Global Financial Crisis, noting that rules were loosened during expansions, when banks looked strong and the case for lighter oversight was easiest to sell. His concerns focus on three core elements of the post-GFC framework: capital requirements, which act as buffers to absorb losses; supervisory oversight, the day-to-day scrutiny of bank operations and risk management; and liquidity rules designed to ensure banks can meet short-term obligations without being forced into fire sales. Barr has delivered similar warnings before. In a July 16, 2025 speech, he argued that deregulation during economic expansions can be especially risky. He also dissented in 2025 on efforts to relax bank capital rules, publicly opposing the direction the Fed was moving. He pointed to the Gramm–Leach–Bliley Act of 1999 as a historical example. The law repealed key Depression-era separations during what was then the longest economic expansion in U.S. history; less than a decade later, the financial system was on the brink. Barr did not mention crypto assets or digital tokens. Still, the 2023 regional banking crisis offered a market template: when Silicon Valley Bank and Signature Bank failed, investors moved toward Bitcoin and other decentralized assets. For traditional finance investors, Barr's warning underscores a monitoring point—bank equities and debt tied to institutions operating with thinner capital cushions. With less disclosure, less oversight and less capital, investors have less visibility into the true level of risk.

Goldman Sachs has officially revised its monetary policy projections, retracting its previous forecast for a Federal Reserve interest rate cut in 2026. According to the investment bank's latest analysis, the shift is primarily driven by a labor market that has remained significantly more resilient than initial models suggested. This sustained employment strength has led Goldman Sachs to conclude that the central bank will likely maintain higher interest rates for a more extended period to ensure economic stability. The report emphasizes that the unexpected durability of the U.S. economy has altered the trajectory for monetary easing. By citing these stronger-than-anticipated labor conditions, Goldman Sachs underscores the complexity of the current inflationary environment, signaling to market participants that the timeline for a pivot in Fed policy has been pushed back indefinitely.

Hungary's newly appointed Minister of Technology, Zoltán Tanács, said the government plans to remove what he called unreasonable restrictions on the cryptocurrency market, according to ME News on June 8 (UTC+8). Tanács criticized rules introduced on July 1, 2025, which added criminal penalties for providing unauthorized crypto services. The measures led platforms including Revolut to suspend crypto offerings in Hungary and drove up compliance costs for domestic firms. He said the framework was politically motivated rather than a form of prudent regulation. Tanács also suggested the government may revisit rules affecting cybersecurity audit providers under the EU's NIS2 Directive as roughly 4,000 Hungarian companies face a June 30 compliance deadline. Tanács joined the new government formed after the April elections and took office as Minister of Technology in May 2026. (Source: Foresight News)

Hungary's new Minister of Technology, Zoltán Tanács, said on June 6 that the government will remove what it calls unreasonable restrictions on the crypto-asset market, marking a shift from the prior administration's approach that included criminal penalties for providing unauthorized crypto services. Regulations set to take effect in July 2025 have already pushed some platforms, including Revolut, to exit Hungary and have raised compliance costs for domestic firms. Tanács, who took office after a new government was formed in May 2026, said the earlier rules were driven by political considerations. The government also plans to revisit cybersecurity audit requirements tied to the EU's NIS2 Directive. About 4,000 Hungarian companies face a June 30 deadline to comply. Officials have signaled an ambition to follow Estonia's digital governance model and to position Hungary as supportive of the EU's MiCA framework, according to Cryptopolitan as cited by Huoxing Finance.

Hungary's new Minister of Technology, Zoltán Tanács, said on June 6 the government will scrap what it calls unreasonable restrictions on the crypto-asset market, signaling a reversal of the prior administration's tougher approach that included criminal penalties for providing unauthorized crypto services. Regulations slated to take effect in July 2025 had already pushed platforms such as Revolut to withdraw from Hungary and raised compliance costs for domestic firms. Tanács took office after a new government was formed in May 2026, arguing the earlier rules were driven by political motives. The administration also plans to revisit cybersecurity audit requirements linked to the EU's NIS2 Directive, with roughly 4,000 Hungarian companies facing a June 30 compliance deadline. Hungary aims to follow Estonia's digital governance playbook while positioning itself as supportive of the EU's MiCA framework.

A New York Supreme Court judge has put on hold a lawsuit seeking to take ownership of nearly 40,000 inactive Bitcoin wallets under the state's Unclaimed Property Law. According to ME News, Judge Kathy J. King issued an order on June 5 staying all proceedings tied to claims by plaintiff Noah Doe and others over 39,069 long-inactive Bitcoin addresses under Article 7B of New York's Personal Property Law. The plaintiffs argue the wallets are "abandoned" and say they delivered abandonment notices by embedding on-chain OP_RETURN messages to the relevant addresses. The stay blocks any steps related to the ownership bid, including motions for default judgment or damage assessments, until a July 14 hearing on whether the court will accept third-party amicus briefs. Attorney Ian R. Cohen has already filed an amicus brief opposing the effort. His arguments include: New York's Unclaimed Property Law addresses tangible property and the plaintiffs have never taken possession of the wallets; the addresses have always been publicly visible on the blockchain and were not "lost"; the plaintiffs do not control the private keys and cannot exercise control over the assets even with a court judgment; and New York's 2022 amendments to its Abandoned Property Law classify dormant virtual currency as property held in custody by the State Comptroller, not subject to private claims. The plaintiffs have not submitted a response to Cohen's filing. Their deadline to do so is July 7. (Source: Foresight News)

The Central Bank of Russia has rejected proposals to expand retail cryptocurrency access, maintaining strict limitations for nonqualified investors. According to Deputy Governor Vladimir Chistyukhin, once the forthcoming regulatory framework is implemented—expected as early as next month—nonqualified participants will be permitted to trade only three digital assets: Bitcoin, Ethereum, and the stablecoin USDT. This move follows the State Duma's April approval of digital currency legislation. Chistyukhin cited extreme market volatility and the risk of stablecoin freezes as primary justifications for the restrictions. The proposed rules include a 300,000-ruble investment cap and a mandatory knowledge assessment for all buyers. Additionally, the legislation outlines a ban on unauthorized cryptocurrency lending starting in 2027. The bill currently awaits its second and third readings before moving to the Federation Council and receiving a final presidential signature.

The US House Ways and Means Committee has circulated seven draft measures on digital asset taxation ahead of a hearing scheduled for Tuesday. The proposals include tax relief for crypto mining and staking activities, as well as a "de minimis" exemption aimed at excluding small-value crypto transactions from taxation.