Ukraine War & Espionage: Ukraine’s SSU says it exposed a Russian-recruited serviceman in an Odesa mechanized brigade, who filmed positions, marked coordinates on Google Maps, and used a virtual wallet for expected crypto transfers—he’s charged with treason under martial law and faces life imprisonment. Bitcoin Macro Narrative: BlackRock says Bitcoin’s rebound is increasingly tied to U.S. debt and deficits, with investors seeking “assets like bitcoin and gold” as fiscal pressure grows. Regulation & Courts: A Trump-appointed judge blocked DOJ’s bid to wipe Steve Bannon’s contempt-of-Congress convictions, citing a lack of concrete reasons. Crypto Scams & Consumer Risk: The CFTC issued a consumer advisory warning that crypto ATMs can enable irreversible transfers and identity concealment; FBI data shows losses nearly doubled year over year. Tokenized Finance Push: Dallas Fed economists warn tokenized deposits could cut banks’ ability to absorb long-term rate risk by up to $580B, raising borrowing costs. Tokenized Stocks Expand: Coinbase tokenized Apple and Alphabet shares on Base, and Chainlink added price feeds to make them usable as DeFi collateral. Stablecoin Rollout: Revolut launched its euro-pegged EURR stablecoin in Denmark, Poland, and Portugal, with MiCA compliance and outbound transfers expanding as liquidity grows. On-chain Tax Gap: Chainalysis estimates $457B in potentially taxable crypto activity in 2025, but says OECD’s CARF covers only about 14%, leaving a huge blind spot. Memecoin Fallout: After Dolly Parton’s death, unauthorized Dolly-themed tokens flooded Pump.fun and many collapsed in rug pulls.