Today’s top crypto stories

• Ripple applies for US banking license and Fed access
• Solana staking ETF launches with $12M inflows
• Trump-linked Bitcoin firm heads to Dubai
• Spotify users vote to sell their data for AI music
• BlackRock’s Bitcoin ETF beats its S&P 500 fund
• OpenAI disowns stock tokens on Robinhood
• Crypto billionaire escapes kidnapping attempt
• Scammer exploits Trump name to steal USDT
• IMF blocks crypto mining power subsidy in Pakistan
• JPMorgan tests blockchain carbon credits platform

The Crypto Radio LIVE has just launched across platforms, bringing you the hottest topics of the day wherever you are. Tune in weekdays at 1pm GST – Dubai time – for daily news in a brand new format.

Below is a breakdown of everything we covered today – Thursday July 3, 2025 – from Dubai to Pakistan and scams to carbon credits. Make sure you tune in again tomorrow on YouTube and X to catch the news as it happens.

Ripple seeks US banking license

Ripple has applied for a national banking charter in the United States, just days after Circle made a similar move. The company is also seeking a Federal Reserve Master Account, which would allow it to hold reserves directly with the US central bank and settle payments more efficiently. Ripple CEO Brad Garlinghouse said the move was key to building trust in its RLUSD stablecoin.

The application comes amid a new regulatory shift in Washington. The recently passed GENIUS Act outlines clearer federal oversight for stablecoin issuers, pushing crypto firms like Ripple to align more closely with traditional finance frameworks.

Solana ETF stakes its claim

The first U.S.-based Solana staking ETF debuted on the Cboe BZX Exchange under the ticker SSK, attracting $12 million in inflows and $33 million in trading volume on day one. The REX-Osprey fund offers both exposure to Solana’s price and staking rewards—making it a first-of-its-kind in the U.S.

Analysts called it a “regulatory end-around,” as the fund bypassed SEC objections by allocating 40% of assets to non-U.S. products. Bloomberg’s James Seyffart now sees a 95% chance that spot Solana, XRP, and Litecoin ETFs will be approved by the end of the year.

Trump-backed Bitcoin firm lands in Dubai

A new mining and trading company, American Bitcoin, reportedly linked to Donald Trump Jr. and Eric Trump, is launching operations in Dubai. Backed by $220 million, the firm plans to run its trading and treasury from the DIFC—the UAE’s top financial hub—while preparing a Nasdaq listing via merger.

The move highlights Dubai’s growing role as a crypto-friendly alternative to the U.S., offering zero corporate tax and regulatory clarity that continues to attract major players in the space.

Spotify users sell their own data

A collective of Spotify users called Unwrapped DataDAO has voted to license their listening data to AI music startup SoloAI. Using the blockchain-based Vana platform, contributors pooled their data, received token rewards, and voted by a 99% majority to approve the deal.

SoloAI uses the data to train VTuber agents—AI performers that generate music and interact with fans. The project reflects a growing trend toward users reclaiming control over personal data and monetizing it directly.

Bitcoin fund beats S&P giant

BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken its long-established iShares S&P 500 ETF (IVV) in annual revenue, according to Bloomberg estimates. Despite being significantly smaller in assets, IBIT’s 0.25% fee and consistent inflows have pushed it ahead in fee income.

Analysts say the shift highlights growing demand for Bitcoin among both retail and institutional investors, and suggests that crypto exposure is increasingly seen as worth paying for.

OpenAI disowns Robinhood tokens

OpenAI has publicly denied any involvement with Robinhood’s new stock tokens, including one tied to OpenAI itself. The trading platform had offered a limited giveaway of tokens representing exposure to private companies like OpenAI and SpaceX to EU users.

In a statement on X, OpenAI clarified that it did not authorize the tokens and does not endorse them. Robinhood responded by stating the promotion was enabled through a special purpose vehicle, but did not name it. The confusion has raised concerns over how closely stock tokens align with the underlying assets they claim to represent.

Crypto billionaire escapes attack

Australian crypto investor Tim Heath escaped an attempted kidnapping in Estonia by biting off part of an attacker’s finger. The assailants had tracked him using fake passports and GPS devices, posing as painters before ambushing him in his apartment stairwell.

Heath fought them off, losing a tooth in the process, and retreated to safety. Part of the attacker’s finger was found on the street nearby. The case highlights growing security risks for high-profile crypto holders.

Scammer fakes Trump email for $250K

A Nigerian scammer posed as an official from the Trump-Vance Inaugural Committee to steal $250,000 in Ethereum-based USDT from a victim. The attacker used a lookalike email address that replaced one letter in the domain name, a tactic often undetectable in many fonts.

U.S. prosecutors recovered some of the funds and warned that AI tools and political affiliations are making crypto scams more convincing and harder to spot.

IMF says no to mining subsidy

The International Monetary Fund (IMF) has rejected Pakistan’s proposal to offer subsidized electricity to crypto miners, data centers, and large industries. The plan was designed to make use of excess winter electricity but was deemed an inappropriate “targeted subsidy.”

The government has not yet scrapped the plan entirely and is now consulting with the World Bank and other lenders. The episode shows how global financial institutions can directly influence national crypto and energy policies.

JPMorgan tokenizes carbon credits

JPMorgan Chase is testing a blockchain system for tracking and trading carbon credits through its digital assets division, Kinexys. The pilot project is a collaboration with S&P Global, EcoRegistry, and the International Carbon Registry.

By tokenizing carbon credits, the bank hopes to improve transparency, reduce fraud, and streamline credit transfers. The move is part of JPMorgan’s broader push into blockchain-powered asset markets and comes as voluntary carbon markets face growing scrutiny.