Crypto Bill Second Front Opens: Tax Policy Focusing on Mining and Staking Rewards Sparks Debate
June 22 — Top U.S. cryptocurrency industry lobbying organizations have sent a joint letter to the U.S. House Ways and Means Committee, urging progress on the “Tax Clarity for Mining and Staking Act” and pushing for standardized tax treatment for crypto miners and stakers.
The bill, introduced by Republican Congressman Mike Carey, would allow taxpayers to choose when to incur tax obligations on new mining or staking-generated assets: either pay taxes at the time the assets are acquired, or defer tax payments until the assets are sold.
Supporting groups including the Blockchain Association, Digital Chamber, and Crypto Council for Innovation argue the current U.S. tax system unfairly forces those contributing to network security (miners and stakers) to pay taxes on income that hasn’t been converted into liquid cash yet. Supporters note the proposal does not grant indefinite deferral, but merely avoids immediate taxation on illiquid income to ease cash flow pressure on miners and network
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Coinbase to List GEODNET Spot Trading on June 23rd
On June 22, Coinbase Markets announced that spot trading for GEODNET (GEOD) will launch on June 23, 2026.
Per the announcement, the GEOD-USD trading pair will begin trading at 9:00 AM either Beijing Time or Pacific Time (PT) on June 23—timing will depend on liquidity conditions—and will only be accessible in eligible trading regions.
GEODNET will roll out across Coinbase, the Coinbase App, and Coinbase Advanced at the same time, while institutional clients can access the asset directly via Coinbase Exchange.
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Goldfinch Africa Loan Program Collapse: GFI Token Crashes by 99.8%, Dispute Arises Over Defaulted Loans
June 22 — Africa-focused crypto lending project Goldfinch, backed by venture capital firm a16z, has suffered a major setback amid multiple loan defaults and restructurings. The project’s native token, GFI, has crashed roughly 99.8% from its all-time high, with its market capitalization plummeting from a peak of around $390 million to under $6 million.
Per disclosures from project contributors and depositors, roughly 8 borrowers were in Goldfinch’s lending portfolio: 2 have defaulted, while 6 more are in restructuring, leaving tens of millions of dollars in total losses and impairments. One user said their invested funds are “essentially lost.”
Launched in 2021, Goldfinch positioned itself as a decentralized credit protocol aimed at Africa and other emerging markets, securing backing from Andreessen Horowitz (a16z), Coinbase Ventures, and other investors. At its early peak, the project had issued over $100 million in cumulative loans to financial and consumer enterprises across multip
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US Tech Stocks Drag Down Nasdaq, Google Falls Over 6%, Amazon Falls Over 4.5%
June 22 – Per Bitget market data, the Nasdaq index opened higher then fell sharply, finishing down 1.09%. A broad selloff among major tech giants was a key drag on the index: Alphabet (Google) slumped more than 6%, Amazon dropped over 4.5%, and Meta fell nearly 3%. The downturn is widely attributed to profit-taking following an earlier rally in AI-themed stocks.
Strong U.S. non-farm payroll data has reinforced expectations that the Federal Reserve will keep interest rates elevated—or even implement additional hikes. Investors are staying cautious ahead of this Thursday’s upcoming PCE inflation reading. A rising U.S. dollar is also pressuring high-valuation growth stocks, especially in the tech sector. By contrast, the Dow Jones held relatively steady, leaving the broader market in a state of high-level consolidation.
U.S. aerospace stocks saw steep declines too: Planet Labs tumbled over 4% at one point, Satellogic dropped 6.22%, Redwire fell 8.24%, SpaceX slumped 8.92%, Rocket Lab sl
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Japanese Finance Minister reportedly held an emergency online meeting with U.S. Treasury Department officials
June 22 — Multiple Japanese media outlets including JNN and Kyodo News reported that, as the yen neared its lowest level in nearly 39 years, Japanese Finance Minister Kaori Kuroda held an online meeting with U.S. Treasury officials on the evening of June 22 local time.
Sources familiar with the talks say Kuroda likely exchanged views with U.S. Treasury Secretary Bennett, and their discussion covered foreign exchange market trends and the potential for foreign exchange intervention. Earlier, the USD/JPY currency pair saw a sharp decline during the trading session, which sparked market speculation that Japanese authorities had intervened to prop up the yen.
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AI company Upscale AI has completed a $190 million financing round, led by Premji Invest with participation from NVIDIA and others
June 22, AI infrastructure startup Upscale AI announced it has closed a $190 million new funding round, with investors including Nvidia and Salesforce Ventures, bringing the company’s valuation to $2 billion.
This round is part of Upscale AI’s Series A-1 financing, lifting the startup’s total funding raised to $500 million. Premji Invest led the deal, with participation from new investors such as Temasek and Seligman Ventures, plus follow-on investments from existing shareholders including Maverick Silicon, Mayfield, Prosperity7 Ventures, StepStone Group, and Tiger Global.
Upscale AI specializes in building network infrastructure for large-scale AI clusters, focusing on solving the “compute-communication bottleneck” in AI model training and inference. The firm is developing a full-stack AI network architecture spanning chips, systems, and software, with the goal of creating an open-standard network interconnect solution tailored for large-scale AI workloads.
The company noted that a
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