ENS DAO faces competing governance proposals

Christoph Jentzsch, a veteran Ethereum developer who holds no formal role in ENS governance, suggested winding down the ENS DAO and placing its treasury under the control of an external caretaker. 

His proposal emerged one day after ENS co-founder Nick Johnson used roughly half of the protocol’s active voting power to block an on-chain proposal that would have renewed the DAO’s Security Council.

The debate represents the third governance direction currently under discussion. The other two proposals were introduced by ENS Labs Chief Operating Officer Katherine Wu.

Johnson explained that he had abstained during an earlier non-binding vote while supporting renewal in principle but opposing the existing council membership. 

When the binding on-chain vote took place, he voted against the proposal because, according to him, none of his concerns had been addressed.

Jentzsch proposed gradually shutting down the DAO over a period of six to eighteen months while removing all administrative authority from its smart contracts. 

He suggested transferring the remaining treasury assets to an external organization such as the Ethereum Foundation or the newly established Eth Labs to oversee future development.

Treasury debate grows after Security Council vote

The Security Council has authority to cancel governance proposals after community approval but before execution during the protocol’s timelock period. 

Jentzsch also suggested either burning treasury funds to discourage domain squatting or reducing registration fees to zero, although he acknowledged that lower fees could increase squatting. 

He later admitted his proposal contained some technical gaps but maintained that the overall concept deserved consideration.

Another community participant, Ariutokintumi.eth, proposed adopting demand-based pricing for ENS domain registrations as part of broader governance reforms.

Johnson’s vote prompted criticism from several community members. Lefteris Karapetsas, founder of Rotki, wrote on X that the DAO was now “dead,” arguing Johnson’s voting power effectively protected a treasury valued at approximately $500 million without meaningful external oversight.

Community weighs reforms before nomination deadline

Delegate Spengrah.eth also expressed concern that ENS Labs appeared positioned to control both daily operations and the Security Council, arguing the DAO “looks like it has been captured.”

According to DeFiLlama, the ENS treasury holds approximately $350 million in assets, or about $88 million excluding ENS tokens owned by the DAO. 

The ENS token traded slightly above $4 this week, giving it a circulating market capitalization between $166 million and $169 million, more than 95% below its November 2021 peak of $85.69.

Wu separately proposed replacing the Security Council with eight newly selected members while raising the threshold for canceling time-locked proposals from four to five votes. 

Johnson supports that proposal and nominated himself for the new council before nominations close on July 3. 

Another restructuring proposal from Wu would transfer treasury management, grants, and daily operations to the ENS Foundation while leaving protocol decisions with tokenholders.

The post ENS DAO drama triggers dissolution proposal after governance dispute first appeared on Coinfea.

The Japanese company disclosed the acquisition on July 2 through X while separately publishing results from its Bitcoin income generation business for the second quarter of fiscal year 2026. 

It did not reveal the purchase price for the latest Bitcoin acquisition. The addition continues a buying strategy that has accelerated throughout the year as the company steadily increased its corporate Bitcoin reserves. 

Earlier in fiscal 2026, Metaplanet invested about $405 million to acquire 5,075 BTC at an average price of approximately $79,898 per coin. 

Those purchases lifted its holdings above 40,000 BTC and moved the company ahead of MARA Holdings among publicly traded corporate Bitcoin owners. 

Following the latest transaction, its total balance has climbed from 40,177 BTC to 43,000 BTC.

Metaplanet Maintains Strong Bitcoin Accumulation

Data from BitcoinTreasuries.net shows public companies collectively added nearly 9,000 BTC during June, representing around $525 million in additional corporate Bitcoin holdings. 

Strategy led the monthly purchases with 3,625 BTC, followed by Strive with 3,364 BTC, while MARA Holdings added another 1,000 BTC.

Although Metaplanet completed its latest acquisition on the first trading day of July rather than during June, the purchase places its recent buying activity within a comparable range to those leading corporate accumulators. 

During the same period, several treasury companies reduced their Bitcoin positions. Fold Holdings sold approximately 634 BTC, Nakamoto Inc reduced holdings by 591 BTC, and Hive Digital lowered its balance by 331 BTC.

Metaplanet Reports No Share Issuance During June

The company confirmed that none of its stock acquisition rights were exercised during June. It currently has 947,300 outstanding warrants convertible into 94.73 million shares, carrying exercise prices between 220 yen and 295 yen throughout the month. 

As a result, Metaplanet did not issue new shares or raise additional dilutive capital during the period. The company also stated that it completed no share repurchases during June.

Metaplanet Expands Bitcoin Financial Services

Metaplanet is also extending its Bitcoin strategy beyond treasury accumulation. In June, it completed the acquisition of Siiibo Securities, a regulated Tokyo brokerage, for about 2.1 billion yen, equivalent to approximately $13.1 million. 

The business will operate as Metaplanet Securities under Project Nova, an initiative focused on Bitcoin-linked bonds, tokenized securities, and digital asset products. 

Financial results released in February showed fiscal year 2025 revenue climbed 738% to 8.9 billion yen, with roughly 95% generated by its Bitcoin income business. 

Operating profit increased 1,694.5%, while a non-cash Bitcoin valuation loss of 102.2 billion yen resulted in a net loss of 95 billion yen.

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The regulator issued its most recent and 50th licensed VASP to Tribe Tokenization FZE. On LinkedIn, Tribe wrote, “It’s been a long and challenging road, but today we are pleased to announce that the Dubai Virtual Assets Regulatory Authority [VARA] has granted Tribe its VASP license. A VARA license is not a stamp that makes an investment safe, and it is not an endorsement of any property we list.” For those who are not familiar with Tribe, it is a Dubai-based, blockchain-powered real-world asset (RWA) platform specializing in offering investments in fractional real estate.

TRIBE wins 50th license of operation under VARA UAE

In its statement, the company said, “We have always said Tribe is built on governance first, where rights are defined before capital is invited, rules are written down, and sequencing that is not left to discretion. The license is external proof of the standard we hold ourselves to internally.” It also noted that now with the license at hand and framework in place, it will be offering properties that are already in the pipeline to the market soon.

In its press release, VARA Dubai noted that since it started in 2022, the regulator has developed a licensed market related to different business models, services, and stages of the virtual asset value chain. VARA also noted that the significance is not only in the number of licensed firms, but that these VASPs have chosen Dubai, which in turn has contributed to the economic activity in the city through high-skilled jobs, technology investment, physical office presence, as well as demand for professional services, and international capital flows. All this supports Dubai’s Economic Agenda D33.

VARA’s licensing process assesses applicants across multiple areas, including, but not limited to, governance, ownership, financial resilience, operational capability, technology, cybersecurity, risk management, compliance, and anti-money laundering controls. Licensed firms remain subject to ongoing supervision and must continue to meet the conditions and requirements of their authorization. NeosLegal, UAE Crypto & Web3 Law Firm, recently published the UAE VASP License Tracker, a public database of every active crypto license in the country.

At the time of publishing, the tracker noted that across the UAE, there were 101 VASPs, 173 licenses, and 5 regulators. VARA, with its 50 licensed VASPs, has issued 75 licenses, although some VASPs hold more than one license. The FSRA in ADGM Abu Dhabi has issued 67 licenses, the DFSA in DIFC has issued 23 licenses, and the UAE Central Bank has issued 5 licenses for payment tokens or stablecoins.

Additionally, the Capital Market Authority in the UAE has issued 3 licenses in total. The most prevalent licenses across the UAE are crypto/digital asset broker-dealer licenses, which make up 65 out of 173 licenses. VARA and ADGM have issued 82% of all licenses. Starting in 2026, more and more licenses are being issued in the tokenization space.

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Circle said the service allows for institutional use cases such as on-chain settlement, treasury, and liquidity management, with support for payment-related functions in the future. “Digital assets are becoming an increasingly important component of global financial infrastructure, and institutional clients are seeking the same levels of trust and governance that underpin traditional markets. With this launch, we are extending those standards into a rapidly evolving segment of the financial system,” said Standard Chartered’s CEO, Roberto Hoornweg.

Standard Chartered to open up the service to users in Dubai

The timing comes as more TradFi giants are increasingly dabbling in the stablecoin market amid growing institutional demand. As recently as June 30, Cryptopolitan reported that over 140 financial companies have joined to launch a shared stablecoin called Open USD (OUSD). The founding members include Visa, Stripe, Mastercard, American Express, and other partners such as Standard Chartered.

Circle took a hit following the news, falling as much as 15%, as many viewed OUSD as a major rival challenging USDC’s business model. Circle charges minting and redemption fees for USDC. OUSD launches with zero minting and redemption fees. The reserve yield is distributed among all partners, which serves as an incentive to use the stablecoin. Despite a 41% decline over the past month, Cathie Wood’s investment firm, Ark Invest, continues to bet on Circle’s shares (CRCL).

On Wednesday, Ark purchased a total of 287,609 CRCL for roughly $17.8 million across its ARKK, ARKW, and ARKF funds. USDC remains the second-largest dollar stablecoin with over $73 billion in market cap. Analysts at Bernstein maintain an Outperform rating for CRCL despite the OUSD announcement. Bernstein keeps its price target for Coinbase shares at $190, representing a 203% increase from the current market pricing.

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The case revolves around the validity of a civil contempt ruling against a company for violating the “spirit” of a court order when the order’s text does not explicitly prohibit the conduct in question. Epic Games sued Apple in 2020 over App Store payment restrictions, arguing that the iPhone maker’s rules blocked developers from directing users to cheaper purchasing options outside the app. District Judge Yvonne Gonzalez Rogers issued an injunction in 2021 ordering Apple to allow the external payment links.

Apple moves to the Supreme Court to argue a seven-year-old dispute

Apple responded by creating a system that permitted outside links but charged developers commissions ranging from 12% up to 27% on resulting sales. Before the dispute, Apple had taken a 30% cut of App Store transactions, a rate it reduced to 15% for many smaller developers in 2020. Epic accused the company of “malicious compliance” and asked the court to intervene. In April 2025, Gonzalez Rogers found Apple in contempt of the original order.

An appeals court largely affirmed that finding in December, though it struck down a provision that would have barred Apple from charging any commission on purchases made through external links, according to Engadget. Apple filed a 34-page petition in May asking the Supreme Court justices to review two pertinent areas of this longstanding case. Apple contends that a party cannot be punished for conduct that a court injunction never expressly prohibited.

The company’s lawyers argued that the lower court penalized Apple for violating the order’s “spirit” rather than its explicit terms, a standard Apple says is unique to the Ninth Circuit, per AppleInsider. Secondly, Apple questioned whether this injunction should apply to all U.S.-based developers or only to Epic. The Supreme Court declined to take up this second issue, Engadget reported, meaning the injunction still applies for all developers for now.

When announcing the case, the court framed the central question exactly as “whether a court may hold a party in civil contempt based on a violation of an injunction’s ‘spirit’ where the injunction is silent as to the conduct upon which contempt is based.” Court sittings are expected to begin when the Supreme Court’s new term starts in October, with a ruling likely by June 2027. In the meantime, the contempt finding remains in effect after Justice Elena Kagan denied Apple’s request to pause the ruling last month.

Both sides of the dispute sounded confident that the ruling would go their way. “This is an important question of law, and we are pleased the Supreme Court will hear our case,” an Apple spokesperson stated. Epic responded on X, saying that “We’re heading to the Supreme Court, where we’ll continue our fight against junk fees Apple charges on third-party payments.”

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The authorization comes mere weeks before the end of MiCA’s transitional period on July 1, when crypto companies operating under legacy national registrations must either obtain authorization under the new regime or cease providing regulated crypto-asset services within the European Union. MiCA represents the most comprehensive regulatory framework ever introduced for crypto assets in a major economic bloc. Unlike previous registration-based systems, the regulation requires firms to satisfy standards covering governance, capital adequacy, operational resilience, cybersecurity, risk management, customer protection, and internal controls.

Venga expands into the EU with Spanish license

Speaking about the license, Michael Stroev, co-founder and CEO of Venga, said, “Obtaining the MiCA license is a major milestone for Venga and the result of nearly two years of work across every area of the business. “Preparing for MiCA required substantial investment in governance, compliance, security, reporting systems, and operational processes. The authorization confirms that we have built the company to operate within the regulatory framework that will define the future of crypto services in Europe.”

“Obtaining the MiCA license is a major milestone for Venga and the result of nearly two years of work across every area of the business,” said Michael Stroev, co-founder and CEO of Venga. “Preparing for MiCA required substantial investment in governance, compliance, security, reporting systems, and operational processes. The authorization confirms that we have built the company to operate within the regulatory framework that will define the future of crypto services in Europe.”

The approval arrives during a period of significant consolidation within the European crypto sector. Industry data indicates that more than 3,000 crypto firms were registered across the European Union before MiCA’s implementation, while only around 244 firms had secured MiCA authorization as of May 2026. As the transition period concludes, many providers that previously relied on national registrations may need to suspend regulated activities, transfer clients, or exit certain European markets.

The shift is expected to reshape how consumers evaluate crypto platforms. Under MiCA, authorized providers must comply with ongoing supervisory obligations, periodic reporting requirements, annual audits, and regulatory oversight administered by national authorities under standards coordinated by the European Securities and Markets Authority (ESMA). “For users, MiCA introduces a level of regulatory accountability that has not previously existed across much of the European crypto sector,” Stroev said.

“Authorization is not a one-time event. Licensed firms are subject to continuous supervision and must maintain compliance with operational, financial, and customer protection requirements on an ongoing basis,” he added. The authorization also enables Venga to passport its services across the European Union under MiCA’s harmonized framework, allowing the company to expand beyond Spain while operating under a single regulatory regime.

The post Venga earns rare MiCA license in EU expansion first appeared on Coinfea.

Bitcoin continues facing pressure as institutional demand remains subdued and capital increasingly shifts toward artificial intelligence infrastructure. 

Ju shared on-chain analysis on July 1 showing that every Bitcoin market cycle has required substantially larger inflows to generate comparable returns. 

His data indicated that $2.7 billion in net inflows fueled a 55,436% gain during 2011, while the current cycle transformed $697 billion into a 689% increase. 

Bitcoin needs exponentially more capital to replicate past rallies. Source: CryptoQuant

The analysis also showed Bitcoin now requires approximately $101 billion in net inflows to double in value, compared with just $5 million during 2011.

Bitcoin requires larger institutional allocations

Ju said the next major rally depends on Bitcoin becoming a core macro asset rather than remaining primarily an exchange-traded fund investment. 

He stated, “The next parabolic bull cycle likely requires deeper institutional portfolio allocation and Bitcoin becoming a core macro asset, not just an ETF trade.” 

According to Ju, another parabolic advance remains possible if Bitcoin attracts more than $1 trillion in additional realized capitalization. He also noted that gold currently holds a market capitalization of approximately $27 trillion.

Meanwhile, institutional capital has largely favored artificial intelligence investments instead of digital assets. 

Recent market movements showed gold, silver, and Bitcoin declining together as hedge positions unwound, while funds flowed into AI-related stocks. 

Several Bitcoin mining companies have also redirected computing resources toward AI hosting because contracted payments provide steadier revenue than mining operations.

Bitcoin traded near $58,800 after falling more than 45% from its October peak above $120,000. U.S. spot Bitcoin exchange-traded funds also experienced continued withdrawals. 

SoSoValue reported total net outflows of $222.64 million on June 30, including $212.45 million from BlackRock’s IBIT fund.

On-chain data highlights stronger selling pressure

On-chain analyst Axel Adler Jr. reported that Bitcoin exchange inflows measured by a 30-day moving average reached 122,000 BTC on July 1. 

That figure stands about 52% above February levels near 80,000 BTC and approaches the upper yearly deviation band around 131,000 BTC.

Adler also observed that Bitcoin’s Spent Output Profit Ratio remained below the breakeven level of 1.0 for 37 of the previous 61 days. 

He noted that February displayed similar loss realization, although exchange inflows were considerably lower. Current conditions therefore combine heavier selling volume with sustained loss-taking activity.

Wealth transfers could expand future demand

Grayscale Head of Research Zach Pandl identified two long-term sources of institutional demand. 

He said wealth transfers from older generations who hold approximately $110 trillion could eventually benefit crypto markets. 

Pandl estimated that allocating 2% of those assets would generate $2.2 trillion in crypto demand. 

He also highlighted corporate treasuries beyond crypto-native firms, citing SpaceX’s 18,712 Bitcoin holdings worth roughly $1.4 billion.

The post Bitcoin Needs Trillions in New Capital as AI Attracts Institutional Investment first appeared on Coinfea.

The proposal seeks to introduce a soft fork that would block transactions considered spam, including ordinals, runes, and NFTs. 

Supporters argue that Bitcoin should remain focused on payments, while opponents continue using the network for additional on-chain data.

Bitcoin BIP-110 Targets Ordinals and Other On-Chain Data

The proposal has intensified an ongoing disagreement between Bitcoin maximalists and users who rely on inscriptions for digital assets and messaging. BIP-110 supporters maintain that Bitcoin functions best as a payment network and describe non-payment data as unnecessary spam.

The proposal is scheduled to activate in early August at block height 961,632. As that milestone approaches, discussion around the update has increased because it could divide network participants if consensus is not achieved.

According to current network activity, ordinals and runes account for more than 67% of Bitcoin transactions. 

The network continues processing these transactions while operating with very low fees, making it practical for users to publish content on-chain.

Bitcoin currently generates about $2.3 million in daily transaction fees while processing more than 621,000 transactions every day. 

More than 91% of blocks remain full, indicating that network capacity continues to be heavily utilized despite low transaction costs.

The Bitcoin network carries over 621K transactions daily, while the mempool is currently not overwhelmed by ordinals and runes transactions. | Source: Ycharts

Supporters Continue Campaign Against Network Spam

Supporters of BIP-110 argue that ordinals, runes, and NFTs place unnecessary data on the blockchain. Blockstream’s Adam Back has stated that the network should not carry spam transactions.

The debate also extends to previous methods of embedding information. Earlier uses of the OP_RETURN feature have been criticized because some users employed it to claim ownership of inactive wallets. Even if BIP-110 becomes active, other methods of attaching messages or content to Bitcoin blocks would still remain available.

Limited Support Raises Questions Over Network Consensus

Current signaling for BIP-110 has remained limited, suggesting that only a small number of miners and nodes currently support the proposal. 

If activation occurs without broader participation, miners may continue producing regular blocks while supporters validate blocks under the proposed rules.

Such a situation would create separate versions of the Bitcoin network, with one continuing to process ordinals and related transactions. 

The dispute has drawn comparisons to the period that produced Bitcoin Cash after competing chains failed to maintain a shared consensus.

The proposal may continue operating with backing from a limited group of miners and nodes even without widespread agreement. Around the activation period, some Bitcoin wallets could experience compatibility issues. 

The Bitcoin Knots wallet included with the proposal could also become unusable, making certain coins unspendable if problems occur. The proposal could also stop producing blocks if sufficient activity does not continue.

The post Bitcoin BIP-110 Soft Fork Revives Hard Fork Debate Ahead of August Activation first appeared on Coinfea.

According to the authorities in Chile, the company is also expected to return all deposits to customers. Chile’s financial regulator, the Comisión para el Mercado Financiero (CMF), announced on June 26 that it was revoking the registration of Inversiones Plusservice SpA, the company behind the Plusspay crypto platform. The decision strips the firm of its ability to serve clients in the country and forces it to return any customer funds it is still holding.

Chile pulls Plusspay registration over illegal links

Plusspay was a cryptocurrency platform that advertised itself as a regulated financial service in Chile. However, it only had a registration, not the full authorization needed to operate. Cryptopolitan previously reported that the company accepted deposits in Chilean pesos and converted them into stablecoins, primarily Tether (USDT) and USD Coin (USDC). Investigators say Plusspay then routed these crypto funds to foreign wallets and bank accounts.

Prosecutors have connected more than $84 million in suspicious transactions to this network. The funds allegedly came from criminal activities linked to the Tren de Aragua gang, including extortion and drug trafficking. The US Treasury’s Office of Foreign Assets Control (OFAC) classified Tren de Aragua as a global criminal organization back in 2024. The founder of the platform, Jose Manuel Rios Guaido, a 38-year-old Venezuelan national, is now on the run after an arrest warrant was issued by the Southern Metropolitan Regional Prosecutor’s Office.

Prosecutors say Rios Guaido used a network of shell companies with the “Bex” brand name, such as BexGroup SpA, BexDigital Services SpA, and Bexpay Business Enterprises SpA, to hide the money flow through the Chilean banking system. A related company with the same address was also found in Florida. Rios Guaido co-founded the company in 2021 and officially launched the Plusspay platform in 2023 to offer crypto custody and brokerage services. Plusspay has been ordered to stop onboarding new users, but the company still has permission to return all deposits to users.

The CMF has clarified that under Chile’s Fintech Law, a company must register in the CMF’s fintech registry, and then get a separate authorization before it is allowed to actually operate. Plusspay did register in early 2024, but it didn’t complete the second phase of approval before it began to advertise itself as CMF-regulated. Unauthorized platforms reportedly routinely operate as though they hold full licenses, and the CMF lacks the legal authority to shut them down directly.

It can flag violations to prosecutors and cancel registrations as it did with Plusspay, but it cannot unilaterally close a fintech. The CMF is now reviewing all the companies in its fintech registry to confirm that they are in compliance with the requirements. Several companies besides Plusspay have already been flagged for failing to meet updated information requirements. Under the Fintech Law, operating without proper authorization is a serious infraction, and doing so while committing fraud is an aggravating factor in criminal proceedings.

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Open USD will be owned and operated by the partner through an independent company, Open Standard, according to the announcement on Tuesday. The stablecoin is expected to launch natively on Solana from day one later in 2026. Open Standard’s founding CEO, Zach Abrams, framed the initiative as a response to pain points that existing stablecoins create at enterprise scale.

Open USD set for launch later this year

Abrams said businesses currently face fees for minting and redeeming tokens, have limited access to reserve yields, and depend on roadmaps set by a single issuer. “Existing stablecoins have great strengths, but to use them at scale, businesses need something open, low-cost, high-throughput, broadly accessible, and aligned to their interests,” said the Open Standard CEO.

Per the announcement, businesses can mint and redeem Open USD at no cost, with no artificial volume limits. All earnings from Open USD’s reserves will be shared by partners. The partners are throwing heavy support for Open USD, with payment giant Stripe already planning to make Open USD its default stablecoin.

“Businesses need a stablecoin designed to work at a global, industrial scale. And not at the scale of the 2026 economy, but of the 2040 economy, with flurries of activity we can only begin to imagine; that’s why Open USD will be the default stablecoin for businesses running on Stripe,” said Will Gaybrick, President of Technology and Business at Stripe.

Open USD comes as interest and total market cap of stablecoins continue to swell, currently at $298 billion, according to data from Messari. BNY’s Chief Product and Innovation Officer, Carolyn Weinberg, anticipates that stablecoins alone may grow to $1.5 trillion by 2030, adding that a stablecoin such as Open USD with neutral governance and shared economics “has potential to unlock the next phase of digital assets growth.”

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