U.S. Bancorp has announced the formation of a dedicated unit focused on digital assets and money movement, signaling a significant shift in the banking sector's approach to cryptocurrencies. This strategic move aims to accelerate the development and expansion of the bank's digital financial services, capitalizing on emerging technologies to enhance offerings such as stablecoin issuance, cryptocurrency custody, asset tokenization, and digital fund transfers.
The initiative is spearheaded by Jamie Walker, a seasoned executive at U.S. Bancorp, and reflects the bank's response to increasing client interest in leveraging digital assets to improve financial processes. Chief Digital Officer Dominic Venturo emphasized that the formation of this unit aligns with a broader industry trend, driven by rising cryptocurrency values and political support for the crypto sector, notably from U.S. President Donald Trump.
In a related development, the U.S. government has seized over $14 billion in bitcoin and charged Chen Zhi, chairman of Cambodia’s Prince Holding Group, with wire fraud and money laundering conspiracy in connection to a major cryptocurrency scam. Chen is accused of leading a vast cyberfraud operation involving forced labor camps where workers were coerced into executing online "pig butchering" investment scams. The fraudulent scheme allegedly generated $30 million per day, using fake personas to lure victims into transferring cryptocurrency, which was then laundered through Chen’s businesses and spent on luxury goods, including yachts, jets, and art.
Investigators found that the scam targeted global investors and involved brutal conditions for trafficked workers, including captivity, beatings, and isolation. The U.S. and U.K. have sanctioned Chen and Prince Holding Group, labeling it a transnational criminal organization. Chen, who has ties to Cambodia’s ruling elite and remains at large, faces up to 40 years in prison. Experts say while this crackdown may not dismantle cyber-scamming networks immediately, it will raise global scrutiny on elite-linked financial dealings, particularly those involving forced labor and human rights abuses in Southeast Asia.
Meanwhile, Coinbase Global has announced an investment in CoinDCX, an Indian cryptocurrency exchange, at a post-money valuation of $2.45 billion. This investment marks a continuation of Coinbase Ventures' involvement with CoinDCX, following a previous funding round in April 2022 where the company raised $135 million at a $2.15 billion valuation. As of July 2025, CoinDCX reported annualized group revenue of approximately $141 million and had $1.2 billion in assets under custody. Shan Aggarwal, Coinbase's Chief Business Officer, emphasized the strategic importance of India and surrounding regions in shaping the global on-chain economy. The completion of the investment is still subject to regulatory approvals and standard closing conditions.
In the political arena, the cryptocurrency industry has significantly increased its influence in Washington by spending over $130 million on congressional races in 2024, including more than $40 million to help unseat Sen. Sherrod Brown of Ohio, a long-time critic of digital assets. Celebrated as a victory at the 2025 Wyoming Blockchain Symposium, industry leaders acknowledged their pivotal role in electing pro-crypto candidate Bernie Moreno. With a friendlier Congress and strong backing from a Trump-led White House that supports making the U.S. a global crypto hub, legislation favorable to crypto—such as the GENIUS Act regulating stablecoins—is advancing quickly. Sen. Brown, now seeking a comeback in 2026, has tempered his stance, acknowledging crypto's role in the economy but emphasizing consumer protections. Massive war chests from crypto-oriented super PACs like Fairshake and new efforts by figures like the Winklevoss twins highlight the industry's intent to continue shaping elections. While most Americans remain skeptical of crypto investments, especially older demographics, young men show stronger support, forming the basis of a growing constituency. Industry leaders credit both public support and strategic spending for crypto's rise as a major political force.
These developments underscore the rapidly evolving landscape of the cryptocurrency industry, marked by significant investments, regulatory shifts, and increasing political engagement. As digital assets continue to gain prominence, stakeholders across the financial and political sectors are closely monitoring these trends to navigate the complexities and opportunities presented by the crypto market.
