Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From Pompliano's massive Bitcoin SPAC and Trump Media's crypto treasury plans to New York's AI safety crackdown and the Senate's stablecoin showdown, we've got a lot to unpack. So, buckle up and get ready for a wild ride through the wonderland of digital assets and emerging tech!

INTEL BRIEF

🟧 Anthony Pompliano is reportedly preparing to lead a new $750 million Bitcoin-focused SPAC called ProCapBTC through a merger with Columbus Circle Capital

🟧 Trump Media receives SEC approval for its $2.3 billion Bitcoin treasury registration, moving forward with plans to add cryptocurrency to its balance sheet while expanding into fintech.

🟧 New York lawmakers passed the RAISE Act, which would require major AI companies to publish safety reports and face penalties up to $30 million for failing to prevent AI-related disasters.

🟧 The US Senate is scheduled to vote on the amended GENIUS Act stablecoin bill on June 17, while the House advances its own crypto market structure legislation.

Pomp's Bitcoin Shopping Spree Gets a $750M SPAC Boost

Anthony Pompliano isn't content with just tweeting about Bitcoin to the moon - he's apparently gearing up to literally buy his way there!

According to the Financial Times, our favorite crypto evangelist is believed to be in talks to become the CEO of ProCapBTC, a shiny new Special Purpose Acquisition Company (SPAC) that's reportedly eyeing a whopping $750 million fundraise. That's enough Bitcoin to make even Satoshi do a double-take!

This isn't just some garage startup operation. ProCapBTC is speculated to be merging with Columbus Circle Capital 1, a publicly traded blank check company that's backed by none other than Cohen & Company - a legit investment bank trading on the NYSE. These folks aren't messing around; they've been knee-deep in the crypto world for years, handling everything from DeFi audits to NFT advisory services.

The proposed deal structure is reportedly splitting the $750 million into $500 million in equity and $250 million in convertible debt. It's like ordering a combo meal, but instead of fries and a drink, you get equity and debt instruments!

What makes this particularly interesting is that Columbus Circle already raised $250 million in their IPO back in May 2025, sponsored by Cohen & Company Capital Markets. Meanwhile, Pomp's other SPAC venture, ProCap Acquisition, has been making waves on the Nasdaq with shares jumping from $10.60 to $11.40 in June alone.

The timing couldn't be more perfect - with institutional Bitcoin adoption heating up, Pompliano appears to be positioning himself at the center of the action. Sources suggest the deal could be announced next week, though terms are still being hammered out.

Pomp himself hasn't confirmed anything on social media yet (shocking, I know!), so we're all just sitting here refreshing our feeds like it's 2017 again.

Anthony Pompliano reportedly leading new $750M Bitcoin-focused SPAC called ProCapBTC

Merger planned with Columbus Circle Capital 1, backed by NYSE-listed Cohen & Company investment bank

Deal announcement speculated for next week, with $500M equity + $250M convertible debt structure

Trump Media Officially Gets SEC Approval for Billion Dollar Bitcoin Treasury

Trump Media and Technology Group (TMTG) just got the ultimate government approval - and this time it's not from voters, but from the SEC!

The Securities and Exchange Commission has reportedly "declared effective" TMTG's S-3 registration statement for their eye-watering $2.3 billion Bitcoin treasury deal. That's right - the company behind Truth Social is about to go full Michael Saylor mode, but with a distinctly patriotic twist!

This massive war chest comes from registering approximately 56 million shares plus another 29 million tied to convertible notes, all part of debt and equity agreements with around 50 investors. It's like a blockchain-powered crowdfunding campaign, but with way more paperwork and regulatory oversight!

CEO Devin Nunes is clearly feeling bullish (pun intended), stating they're "aggressively implementing plans to expand" the company. His vision? Transform TMTG into what he calls an "indispensable company for the expanding customer base of the Patriot Economy" by juggling social media, TV streaming, fintech, AND now a Bitcoin treasury. Talk about diversification!

But wait, there's more! Not content with just HODLing Bitcoin, TMTG also filed to launch their own spot Bitcoin ETF on June 5th. Because apparently when you're going crypto, you might as well go full crypto entrepreneur, right?

The timing is particularly interesting given that TMTG initially denied reports of their Bitcoin plans before confirming the $2.5 billion capital raise in late May. Nunes previously called Bitcoin an "apex instrument of financial freedom" - which is either profound financial philosophy or the most expensive marketing slogan ever.

Despite all this Bitcoin buzz, TMTG's stock took a small hit, falling 2.06% to close at $19.52 on the day of the SEC announcement. Sometimes even good news can't save you from market volatility!

SEC approves Trump Media's $2.3B Bitcoin treasury registration statement

TMTG raising funds through 56M+ shares and convertible notes from ~50 investors

Company also filed to launch its own Bitcoin ETF while expanding into fintech services

Capitol Hill Serves Up a Crypto Double Feature This Week

The RAISE Act just passed through New York's legislature, and it's got Silicon Valley more rattled than a subway car during rush hour!

This groundbreaking bill is designed to prevent frontier AI models from companies like OpenAI, Google, and Anthropic from causing what we might call "oopsie-daisy disasters" - think scenarios involving 100+ casualties or damages exceeding $1 billion. Because apparently, we've reached the point where we need to explicitly tell AI companies "please don't accidentally end the world."

The RAISE Act is being hailed as a victory for the AI safety movement, backed by heavy hitters like Nobel laureate Geoffrey Hinton and AI pioneer Yoshua Bengio. State Senator Andrew Gounardes, the bill's co-sponsor, told TechCrunch that the "window to put in place guardrails is rapidly shrinking" - which is probably the most diplomatically terrifying way to say "we're running out of time before the robots take over."

It specifically targets the world's largest AI labs - those whose models were trained using more than $100 million in computing resources. That's more than any current AI model, so they're basically future-proofing against whatever digital Frankenstein's monster is coming next.

If signed into law by Governor Kathy Hochul, companies would need to publish thorough safety and security reports and report any concerning AI behavior or security breaches. Fail to comply? New York's attorney general can slap you with civil penalties up to $30 million. That's enough to make even the deepest pockets think twice!

Silicon Valley isn't thrilled. Andreessen Horowitz's Anjney Midha called it a "stupid, stupid state level AI bill" on X, which is definitely the kind of measured, diplomatic response we've come to expect from venture capitalists. Even Anthropic's Jack Clark expressed concerns about the bill being too broad, though the company hasn't taken an official stance yet.

The big question now is whether AI companies would actually pull out of New York rather than comply - similar to what happened in Europe. But as Assemblymember Alex Bores pointed out, New York has the third-largest GDP in the U.S., so abandoning the Empire State might hurt more than compliance costs.

New York passes RAISE Act requiring major AI companies to publish safety reports and prevent disaster scenarios

Bill targets companies with AI models trained on $100M+ in computing resources

Penalties up to $30M for non-compliance, with Silicon Valley pushing back hard against the regulations

Saudi Arabia Partners With Tech Giants For 15B Dollar AI Investment

The US Senate is gearing up for a showdown on Tuesday, June 17 with a vote on the deliciously acronymed GENIUS Act (because apparently "Guiding and Establishing National Innovation for US Stablecoins" needed to spell something clever).

Senators successfully invoked cloture in a 68-30 vote on Wednesday, which is political speak for "we're actually going to talk about this thing instead of letting it die in committee purgatory." That bipartisan support suggests some Democrats might actually vote yes, which in today's political climate is about as rare as finding a reasonably priced GPU during a crypto bull run.

Lawmakers are busy proposing amendments to address concerns about elected officials and their families potentially profiting from crypto connections. Cough World Liberty Financial cough.

Meanwhile, Senator Josh Hawley from Missouri is reportedly planning to vote against the amended bill, calling it a "huge giveaway to Big Tech." Because nothing says bipartisan crypto legislation quite like someone calling it corporate welfare!

Over in the House of Representatives, they're not letting the Senate have all the fun. Two House committees just voted to advance the Digital Asset Market Clarity (CLARITY) Act - another brilliantly named bill that aims to establish clear roles for the SEC and CFTC over digital assets.

The CLARITY Act is now set up for its own floor vote, creating a delicious parallel track of crypto legislation. If both bills somehow pass, we could see the most comprehensive crypto regulatory framework the US has ever had - assuming politicians don't find new ways to argue about it.

With Republicans holding slim majorities in both chambers, the big question is whether there's enough bipartisan support to actually get these bills to President Trump's desk. Will he sign them or pull a classic veto move? Stay tuned for the next episode of "As the Blockchain Turns!"

Senate votes June 17 on amended GENIUS Act for stablecoin regulation after 68-30 cloture vote

House advances CLARITY Act to define SEC/CFTC roles over digital assets

Bipartisan support uncertain despite Republican majorities in both chambers

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little bit richer (in knowledge, of course). From Bitcoin SPACs to AI regulations, today's lineup proves that crypto and tech never sleep - and neither do we! Remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual high-five!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

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