A quick look at today's macro headlines:

The end of the Iranian ceasefire led to a $500 billion loss, a topic I covered in detail earlier. Following Trump's declaration of the ceasefire as "over" at the NATO summit, a sharp sell-off hit both crypto and equity markets.

The Fed minutes painted a hawkish picture, showing a real split among committee members regarding interest rate hikes and upward revisions to inflation forecasts, which we also covered in detail.

Gold fell below $4,100. While Middle East tensions are normally supportive of gold, JPMorgan's sharp downward revision of its target price and rising real interest rate expectations are currently weighing more heavily.

The Reserve Bank of India (RBI) reaffirmed its stance on a crypto ban. According to official documents seen by Reuters, the RBI argues that its crypto policy should "lean toward prohibition," demanding that banks and financial institutions have no exposure whatsoever to crypto assets and private stablecoins. The tax authorities have also stated that tracking transactions made through offshore exchanges is becoming more difficult, increasing the risk of tax evasion. Approximately 39 million Indian investors hold around $2.1 billion in digital assets, and the government has yet to issue a formal ban or regulation.

Kazakhstan has moved in the opposite direction. President Tokayev signed a comprehensive decree exempting individual income from regulated crypto transactions from income tax, allowing the use of natural gas resources for mining, and paving the way for cross-border stablecoin payments. This is part of his goal to make Kazakhstan a regional crypto hub.

Russia has advanced its crypto bill, but removed the mandatory wallet address disclosure requirement, while retaining retail investment restrictions. The law is expected to come into effect in September, allowing Russian citizens and businesses to legally transact with crypto, partly serving as a channel to circumvent Western sanctions.

WTI rose to $74.20, a trend we also discussed in the context of tensions with Iran.

I haven't been able to independently verify the specific details regarding the 105% increase in tokenized equity transfers and the new crypto transfer rules in Colombia, so I'm refraining from sharing definitive figures for these two topics. For those following these developments through Gate, the general theme is that regulatory approaches are moving in completely opposite directions from country to country; India is tightening while Kazakhstan and Russia are easing crypto adoption, and this fragmented global picture will continue to shape capital flows in the coming period.