Blockchain

The Ethereum Foundation dismissed 54 employees and reduced its annual budget by roughly 40 percent on June 23 as part of a reorganization. The cuts follow the launch of EthLabs, a new research organization, the previous day. Officials described the changes as a shift toward a leaner structure focused on core protocol priorities.

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Leading U.S. crypto advocacy groups have asked the House Ways and Means Committee to advance the Tax Clarity for Mining and Staking Act without changes. The bill, introduced by Republican Representative Mike Carey, would allow miners and staking reward recipients to defer tax obligations on new digital assets. An industry letter sent Sunday highlighted the need for clearer tax treatment.

The U.S. Securities and Exchange Commission is developing an innovation exemption to allow limited trading of tokenized securities on a trial basis. The measure aims to test blockchain uses while longer-term rules are prepared.

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John Hoffman, the newly appointed head of portfolio products at Ondo Finance, compared the rise of tokenized assets to the early stages of the exchange-traded fund industry. He argued that the convergence of blockchain and artificial intelligence will drive the next phase of growth in capital markets.

More than 200 crypto companies and organizations sent a letter to Senate leaders on June 7 calling for an immediate floor vote on the CLARITY Act. The push follows the Senate Banking Committee's 15-9 bipartisan approval of the bill on May 14. Prediction markets have lowered odds of passage before August.

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Blockchain lending protocol Morpho has raised $175 million in a funding round co-led by Paradigm, a16z Crypto and Ribbit Capital. The round also included Apollo Funds, Circle Ventures, VanEck and Ledger Cathay. The capital will support development of institutional lending infrastructure on blockchain.