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Wayex Weekly Wrap
Your Essential Crypto Round-Up
Can you believe that it’s July already?
It's time to start looking for your receipts because it’s tax time.
Speaking of tax, we’ll be interviewing our crypto tax time partners over the next few weeks, who will be providing some insight into how you can be prepared for tax time this year. Keep an eye out!
Let’s circle back to crypto this week, as reported negative US job growth, Stablecoin legislation progression in the USA and South Korea, and crypto developments are prevalent everywhere.
Let’s dive in.
Top Gainers & Losers of the Week on the Wayex Platform
South Korea is in a frenzy over cryptocurrency.
When President Lee Jae-myung was elected in South Korea, we knew it would be a big thing for crypto in South Korea and the APAC region.
President Jae-myung campaigned on a crypto-friendly platform, citing a desire for South Korea to be a leading player in the digital assets space. His election platforms discussed allowing institutional investment from government agencies and loosening restrictions on licensing requirements for crypto exchanges.
South Korea is a major player in the cryptocurrency space. Crypto News cited a report from Hana Financial Research Institute, which found more than one-quarter of South Koreans aged between 20 - 40 owned digital assets.
On the agenda for South Korea’s newly elected President is accelerating stablecoins in South Korea with other projects such as CBDC now paused.
The action on stablecoins caused stocks to soar as the market predicted an influx of stablecoin issuers. Last week, several big South Korean banks announced a won-led stablecoin partnership.
Is the Australian crypto community being left behind?
On the "Tapping into Crypto" podcast last week, Paul McPhee from Synergist discussed how Australia is being left behind in the fast-moving world of cryptocurrency.
It's easy to see how Australia is falling behind in the crypto leadership race.
In Asia, countries like Pakistan and Kazakhstan are announcing plans to build bitcoin reserves.
South Korea and the United States are sprinting forward with their stablecoins legislation to open up new opportunities for crypto businesses and retail investors alike.
Australia, meanwhile, has adopted a wait-and-see approach.
As we watch the development around the world and wait for our turn, we'll quietly sing Shannon Knoll's “What about me”.
Ripple and the SEC just can’t get the Judge to agree with them.
During the Biden administration, the SEC initiated several enforcement actions against major cryptocurrency players.
Ripple became entangled in its wrath and was embroiled in a long-running court case with the SEC.
Ripple was sued by the SEC for securities violations and was found to have breached securities laws in institutional sales of $728 million.
Although Ripple essentially ruled in Ripple's favour in 2023, the ruling was appealed by the SEC.
When crypto-supporting President Trump returned to office, his administration's SEC adopted a crypto-friendly approach and pledged to work with the industry.
The two parties, Ripple and the SEC, agreed to a settlement in March. The Settlement between the parties reduced the fine from $125 million to $50 million.
On May 19, both the SEC and Ripple appeared in court to file motions for the Settlement to be approved. However, it was rejected by the Judge, citing procedural errors in their court documents.
In June, they and the SEC went back to the paperwork, fixed it, and went hat in hand, hoping that they could both walk away happy.
But alas, it was not to be.
However, the Judge disagreed with the terms of the Settlement that were worked out by the SEC and Ripple and rejected the settlement terms between both parties.
Both parties hope to have this the court case finalised soon. Ripple has decided to drop its appeal and has stated that the SEC will also drop its.
We’ll have to wait until their next court date to if the saga finally ends for Ripple and the SEC.
Lovers of Drama: What is happening with Greyscale and the SEC
In another procedural drama that reminds you of an episode of Law & Order, Greyscale and the SEC are twisting and turning.
Cryptonews reported on July 1st 2025, that Greyscale was approved to hold BTC and make ETF trades.
Next minute, it’s paused.
We may need to hold on to our seat belts for this one and see what transpires but Cryptoslate has some theories.
Crypto companies UNO are reversing traditional financial markets.
Cryptocurrency and traditional financial markets are becoming increasingly entrenched.
We continued to report on the Treasury's moves with institutional investors, such as BlackRock, buying BTC, but in a fun UNO reverse, as we call it.
In big new crypto and financial markets alike, Robinhood, a traditional stock trading app, is going all crypto,
Robinhood excitedly announced at Cannes that European users can now trade U.S.-listed stocks and exchange-traded funds as tokens on the Arbitrum blockchain.
Thoroughly the opposite of UNO, today it has been reported that Ripple is applying for a Financial Services license in the United States.
These moves by key players in FINTCH and Crypto, respectively, showcase how interwoven both sectors have become.
Treasury Moves
You can always trust the Wayex team to report on treasury moves, as we LOVE to see more crypto lovers.
Opyl, an Australian biotech listed on the ASX, has purchased AU$300,000 worth of bitcoin. The Australian stock market reacted positively to the purchase, despite ongoing concerns about cash flow and revenue reported by Cryptonews.
The crypto world was abuzz when it was revealed that Figma owns approximately USD 70 million in BTC and has been approved by its board of directors to buy USD 30 million more.
In their documents filed with the SEC, they revealed their BITCOIN balance sheet and their $300,000 per day AWS fee. And you thought your electricity bill was bad?
What’s making us laugh this week?
Founder’s Corner
It’s July, and that means tax time! Happy new financial year! Looking at what's been going on in the news this week, South Korea really made some strides and shows a dedication to not being left behind in the stablecoin space. Meanwhile, in the U.S., even with the usual SEC drama, we're seeing clear signals: crypto isn’t going away, it’s becoming infrastructure.
Kazakhstan’s stacking of Bitcoin. Robinhood’s taking stocks on-chain. Seeing Figma, of all companies holding $70M in Bitcoin,speaks volumes to where crypto is these days as an asset. It’s a forever-growing rate of adoption.
Australia? We're still on the sidelines, but are still making strides where it counts. ASIC is taking steps to ensure that more licensing is required for crypto companies, and we are in favour of it. In crypto, momentum is everything.
This isn’t the fringe anymore. This is the foundation.
Richard Voice, Co-Founder
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Until next time,
The Wayex Team
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