The United States lifts sanctions related to Iran.

The U.S. Southern District of New York Attorney’s Office and the Federal Bureau of Investigation (FBI) announced that Taj Tarsha, founder of NFT project Few and Far Limited, has been formally indicted by the U.S. Department of Justice on charges including securities fraud and wire fraud. Tarsha was arrested on June 6. The indictment alleges that since February 2022, he sold 95 million FAR tokens to at least 67 investors via Simple Agreements for Future Tokens (SAFTs), raising over $10 million, with promises that the funds would be used to develop a decentralized NFT marketplace and the FAR token. However, almost from the start of fundraising, Tarsha diverted investor funds to online casino gambling and speculative cryptocurrency purchases, and siphoned nearly $1 million in bonuses and high salaries—he himself admitted the compensation was unreasonable given the company had zero revenue and no product. After a 2023 audit exposed the fund misappropriation, Tarsha lied to investors, claiming the bonuses were tied to preset FAR token presale targets, all transactions served the company’s interests, and all investor funds remained dedicated to fulfilling the company’s mission. In reality, he had fired nearly all employees, only instructing remaining contractors to create an illusion of ongoing development. For at least a year afterward, he continued to use investor funds for personal expenses, including cryptocurrency purchases, a Miami apartment mortgage, interior design, and his DJ hobby. When the FAR token finally launched in May 2024, it was worthless and quickly stopped trading.

Jeremy Allaire, founder and CEO of USDC issuer Circle, stated during tonight's earnings call: "We have renewed our agreement with Coinbase on existing terms, ensuring USDC remains central to all of Coinbase's product lines. We also look forward to expanding our USDC network via distribution agreements with strategically aligned partners." The two firms signed the "Collaboration Agreement" on August 18, 2023. As the sole issuer of USDC, Circle splits interest income generated from USDC reserve assets with Coinbase: Coinbase receives 100% of the reserve interest from USDC held on its platform, and 50% of the remaining reserve interest from USDC held off its platform. The agreement has an initial three-year term with an automatic renewal mechanism. Per market data from BIT (bit.com), US-listed CRCL was down 2.8% intraday, trading at $61.5.

Bank of America CEO Brian Moynihan reiterated his firm’s forecast that the Federal Reserve will implement three interest rate hikes in September, October, and December, stating that the labor market remains strong while inflation still needs to decline further. He also noted that spending patterns of high-income and low-income consumers are converging, which he views as a positive signal for the economy.

According to Fox News, the U.S. Department of the Treasury has removed some Iran-related sanctions from its website. A Treasury official stated: "This does not represent any shift in U.S. policy toward the Iranian government, the Islamic Revolutionary Guard Corps-Quds Force, any designated terrorist organization, or their supporters or proxies. Today’s removal is part of normal administrative procedures, carried out after a review of specific circumstances related to Baghdad Aviation." Earlier, the Office of Foreign Assets Control (OFAC) under the U.S. Treasury Department released an "Update on Revoking Counterterrorism Designations," lifting some Iran-related sanctions, including removing Fly Baghdad (Baghdad Aviation) from the sanctions list. The airline had previously been added to the counterterrorism sanctions list due to its ties to the Islamic Revolutionary Guard Corps-Quds Force.

Jeremy Allaire, founder and CEO of Circle, the issuer of USDC, stated during tonight’s earnings call: “We have renewed our agreement with Coinbase under existing terms, ensuring USDC remains central to all of Coinbase’s product offerings. We also look forward to expanding our USDC network via distribution deals with strategically aligned partners.” The collaboration agreement between Circle and Coinbase, signed on August 18, 2023, stipulates that Circle—USDC’s sole issuer—shares interest revenue generated from USDC reserve assets with Coinbase: Coinbase will receive 100% of reserve interest from USDC held on its platform, plus 50% of the remaining reserve interest from USDC held off its platform. The agreement has an initial three-year term and an automatic renewal mechanism.

Perpetual decentralized exchange (Perp DEX) Trade.xyz on the Hyperliquid chain has purchased HYPE for the first time using its HIP-3 revenue, acquiring 2,000 HYPE tokens worth approximately $108,000.