North Carolina Proposes Bitcoin ETP Investment Bill; Japan to Regulate Crypto as Financial Products

North Carolina has proposed new state legislation that would allow the state treasurer to invest public funds in Bitcoin ETPs, subject to certain conditions such as a minimum market capitalization of $750 billion for each asset. The bill, introduced by Speaker of the House Destin Hall and co-sponsor Mike Schietzelt, aims to generate positive yields and technological leadership, aligning with broader trends of states adopting crypto investment strategies.

The Japanese Financial Services Agency (FSA) is planning to regulate crypto assets as financial products similar to securities. This includes potential tax reductions and the approval of Bitcoin spot ETFs. The agency aims to enhance investor protection through increased disclosure requirements and is considering lifting the ban on Bitcoin spot ETFs, with proposed tax rates potentially dropping from 55% to 20%. Details of the regulatory reforms are expected to be officially announced in June, with the revisions likely to be debated in the 2026 ordinary session of the National People's Congress.

In other news, Changpeng Zhao, the founder and former CEO of Binance, has criticized the crypto exchange's token listing process, calling it "a bit broken" due to short notice periods causing price fluctuations on decentralized exchanges. Zhao highlighted the problematic four-hour gap between token listing announcements and the actual listing, which leads to speculative trading behavior.

Meanwhile, Coinbase, a leading global centralized cryptocurrency exchange, has surpassed the 21st largest bank in the US in terms of assets under management, ranking it above $420 billion. This achievement underscores the significant role and growth of crypto platforms within the traditional financial sector.

DarkFi, a privacy-centric crypto initiative led by Amir Taaki, has launched the alpha version of its application, which features strong anonymity through a decentralized architecture and aims to evolve with additional capabilities. The app supports anonymous DAOs, wallets, and operates on a blockchain, emphasizing complete user privacy without registration or identity linkage. Taaki's vision incorporates a user-friendly design accessible across multiple platforms.

Bitcoin briefly surpassed $100,000 before falling to $98,320 following a mixed US jobs report, which indicated lower unemployment but slower job growth, impacting the Federal Reserve's interest rate decisions. Other major cryptocurrencies like XRP and Ethereum also showed volatility, with the overall market reacting to nuances in US economic indicators,