Crypto Daily｜Vitalik Details Ethereum Reset As Foundation Cuts Budget 40%; US CFTC Sues Kentucky For Action Against Polymarket & Kalshi

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Vitalik details Ethereum reset as Foundation cuts budget 40%

Ethereum cofounder Vitalik Buterin said the Ethereum Foundation is reducing its budget by roughly 40% as it moves toward a smaller and more sustainable operating model.

Buterin said the cuts are part of a longer term transition from spending about 15% of the foundation’s remaining funds each year toward an annual spending rate of roughly 5% after 2030.

US CFTC Sues Kentucky For Action Against Polymarket & Kalshi

The US Commodity Futures Trading Commission (CFTC) has sued Kentucky for taking action against prediction market platforms Kalshi and Polymarket.

The federal regulator said Tuesday that it would try to prevent Kentucky from enforcing state laws on CFTC-regulated contract markets. The lawsuit comes on the heels of Kentucky’s enforcement action against the federally regulated designated contract markets (DCMs).

US Senate Plans To Release Crypto Tax Bill By Fall 2026 Amid CLARITY Act Push

Senator Steve Daines from Montana believes that US Senate Republicans are getting closer to presenting a crypto tax plan. He believes the framework could take shape as early as fall 2026. It could mark a great feat for crypto regulation as the CLARITY Act is also advancing.

On Tuesday, June 23, Daines noted that lawmakers on the Senate side have already come up with a draft outline for the proposal. The Republican on the Senate tax-writing committee said “We’ve gotten a framework put together.”

Bitcoin & Ethereum Spot ETF Flow

U.S. Bitcoin spot ETFs recorded a net inflow of $68.22 million on Tuesday. The total net asset value of Bitcoin spot ETFs stands at $79.28 billion, with the ETF net asset ratio (market value relative to total Bitcoin market capitalization) at 2.42%.