⚖️ Pakistan's 40M crypto users face Islamic law ruling
Pakistan, home to roughly 40 million crypto users — the third-largest base globally — is facing a direct conflict between its digital finance ambitions and Islamic legal authority.
On June 10, a fatwa was issued declaring digital asset payments, including stablecoins, non-compliant with Islamic law. This puts regulators in a difficult position as they work to formalize crypto oversight in one of the world's largest crypto markets by user count.
The ruling adds a significant layer of complexity to Pakistan's regulatory path, as any framework must now account for both financial modernization goals and Sharia compliance requirements.
📰 Saylor frames Bitcoin balance as BIP 110 debate intensifies
Michael Saylor has outlined what he describes as Bitcoin's three-pillar structure — capital, node commerce, and miner hashrate — as a governance dispute over BIP 110 draws attention to network consensus dynamics.
BIP 110 is currently at the center of a debate over potential changes to Bitcoin's protocol, with disagreements testing how the network reaches consensus and maintains security during contested upgrade proposals.
Saylor's framing comes at a moment when Bitcoin's governance process is under scrutiny, highlighting the ongoing tension between different stakeholder groups — miners, node operators, and capital holders — in shaping the network's direction.
⚖️ São Paulo Court Rules Coinbase Liable in $100K Self-Custody Hack
A São Paulo state court has ruled against Coinbase in a case involving a $100,000 loss from a self-custody wallet hack — a decision that could set a significant precedent for crypto companies in Brazil.
The court found Coinbase liable despite the exchange not controlling the user's wallet at the time of the hack. Coinbase's role was limited to providing the self-custody software tool used by the victim.
The ruling raises the question of whether crypto firms can be held responsible for losses occurring entirely outside their infrastructure, potentially expanding liability exposure for any company offering self-custody solutions in Brazil.
⚖️ Bitcoin Policy Institute fights $293B dormant wallet lawsuit
The Bitcoin Policy Institute (BPI) filed to intervene as a defendant on July 10 in a New York lawsuit seeking legal title to nearly 40,000 dormant Bitcoin addresses — collectively worth an estimated $293 billion.
The case, which involves a plaintiff attempting to claim ownership of the dormant wallets, has drawn institutional attention as BPI steps in to oppose the effort. The filing adds an organized legal voice alongside an already-proposed amicus curiae in the proceedings. A court date tied to a defendant identified as "Noah Doe" is approaching.
The outcome could set a significant precedent for property rights over unclaimed or long-inactive Bitcoin holdings.
The U.S. Securities and Exchange Commission is advancing formal rulemaking on three crypto-related areas, with proposals targeting digital asset offerings, broker-dealer custody, and trading venues — all penciled in for July 2026.
The move comes as the CLARITY Act, a landmark crypto market structure bill, remains stalled in the Senate. The SEC's timeline could allow it to establish regulatory frameworks through its own rulemaking process before Congress passes legislation.
The development signals a potential clash between agency-led regulation and the legislative approach favored by parts of the industry, with the outcome likely shaping how digital assets are classified and overseen in the U.S.