Trump nominee grilled on crypto enforcement and Binance pardon
Todd Blanche, President Donald Trump's nominee for U.S. Attorney General, faced sharp questioning from senators during his confirmation hearing on Wednesday over the Justice Department's softened stance on digital assets and the potential pardon of former Binance CEO Changpeng Zhao. Senator Dick Durbin accused Blanche of effectively dismantling the department's crypto enforcement unit and halting investigations into the digital asset industry, suggesting the shift may have benefited Trump's own crypto ventures. Blanche did not directly deny involvement in the pardon process but said he would review the matter if confirmed.
EU warns of AML risks as MiCA transition ends
In Europe, the end of the Markets in Crypto-Assets (MiCA) transition period on July 1 has raised compliance concerns. Bruna Szego, chair of the EU's Anti-Money Laundering Authority (AMLA), warned that crypto asset service providers (VASPs) face pressure from simultaneous customer outflows and new user onboarding. Companies without licenses must immediately wind down EU operations, while licensed firms must handle increased KYC burdens. The European Securities and Markets Authority (ESMA) has mandated that unlicensed entities cease operations in the bloc.
Coinbase says 95% of code now AI-generated
Coinbase ($COIN) has dramatically expanded its use of artificial intelligence, with over 95% of its code now written with AI assistance, according to platform lead Rob Witoff. This marks a sharp increase from roughly 40% in February, following the exchange's layoff of 700 employees—14% of its workforce—in May. CEO Brian Armstrong has positioned AI as a core strategic tool, with nearly all employees using it daily. The shift underscores the industry's move beyond experimentation to operational efficiency, though higher AI reliance raises new security and quality control challenges in a heavily regulated environment.