Headlines

The U.S. Senate passed the GENIUS Act, laying the foundation for stablecoin regulation.

The U.S. Senate recently passed the landmark GENIUS Act, marking the first time the Senate has approved significant cryptocurrency legislation. The bill aims to push the federal government to regulate stablecoins and apply pressure on the House of Representatives to plan the next steps for national regulation of digital assets. The bill's sponsor, Republican Senator Bill Hagerty, expressed gratitude to some of his Senate colleagues before the formal vote.

Currently, the focus has shifted to the House of Representatives. In April of this year, the House Financial Services Committee proposed its own stablecoin legislation - the "Stablecoin Transparency and Accountability to Promote Better Ledger Economy Act." However, the bill has not yet been submitted for a full vote in the House. Next, the House needs to decide how to advance this legislative process.

Trump commented on the Iran issue.

Trump recently posted on social media, expressing his views on the Iran issue. He stated that he hopes to completely resolve the nuclear problem with Iran and has considered various options. According to reports, Trump is weighing a range of response measures, including possible military action against Iran. Currently, the U.S. government has not made a final decision. Trump has consistently emphasized the importance of resolving issues through diplomatic means, while also hoping to ensure that Iran cannot develop its own nuclear capabilities.

Market

As of the time of writing, the prices of major cryptocurrencies are as follows:

• BTC: $104,691, 24-hour drop of 2.2%
• ETH: $2,516.29, 24-hour change -2.0%
• BNB: 648.83 USD, 24-hour decline 0.5%
• SOL: $148.20, 24-hour change -2.4%
• DOGE: $0.1701, 24-hour change -2.4%
• XRP: $2.16, 24-hour change -4.4%
• TRX: $0.2718, 24-hour change -1.4%

Policy

The Federal Reserve will discuss easing bank leverage requirements.

The Federal Reserve announced that it will hold a board meeting on June 25 to discuss plans to modify the "supplementary leverage ratio." This will be the first meeting since the appointment of the Federal Reserve's top regulatory official, Bowman. Easing leverage ratio requirements could be the first step in a series of regulatory relaxation plans by the Federal Reserve, aimed at reforming the way large, complex banks in the United States are regulated.

The banking industry has been calling for changes to the supplementary leverage ratio for years, hoping to exempt traditionally safe assets or modify the calculation formula. They believe that the current supplementary leverage ratio may hinder banks' ability to enter the intermediate government bond market during times of stress.

Thailand approves tax incentives for cryptocurrency sales profits

The Thai cabinet has approved a new policy that implements a five-year personal income tax exemption on profits from cryptocurrency sales. This initiative aims to support and promote the development of the cryptocurrency industry.

Blockchain Applications

JPMorgan Chase will pilot the issuance of the deposit token JPMD.

JPMorgan Chase, the largest bank in the world, has announced the launch of a pilot project for a token named JPMD, which represents the bank's dollar deposits. This indicates that financial institutions are further deepening their layout in the digital asset field. Naveen Mallela, the global co-head of JPMorgan's blockchain division Kinexys, stated that the bank will conduct a transaction in the coming days, transferring a certain amount of JPMD from the bank's digital wallet to a trading platform.

Coinbase seeks to offer blockchain-based stocks

According to market news, a certain trading platform is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stock services. This move will further expand the platform's business scope and provide users with more financial service options.

The stablecoin project Plasma restricts the deposit limit

The stablecoin project Plasma officially announced that the deposit limit will no longer be increased, and the total limit will remain at $1 billion. Although the recharge channel is closed, the system will continue to operate. Users can withdraw at any time before the lock-up period begins, but withdrawing or transferring voucher tokens will reduce the allocated shares.

Deutsche Bank plans to launch a tokenization platform

Deutsche Bank is preparing to launch a minimum viable product (MVP) for its blockchain-as-a-service platform in November 2025, aimed at asset tokenization and services. The platform is designed to reduce the upfront costs for enterprises exploring tokenization, allowing asset managers, wealth advisors, and other financial firms to create, distribute tokenized assets and provide related services. Deutsche Bank has previously experimented with tokenized assets through its digital asset management platform Digital Asset Management Access 2 (Dama 2).

VanEck will launch a digital asset fund

Asset management company VanEck announced plans to launch a private digital asset fund called the VanEck PurposeBuilt Fund this month. The fund will be managed by the VanEck digital asset alpha fund (DAAF) team, focusing on the Avalanche blockchain ecosystem, investing in tokenized Web3 projects in industries such as gaming, financial services, payments, and artificial intelligence, as well as projects with long-term token utility during the token generation event (TGE) phase.

Cryptocurrency

USDC Treasury conducts large-scale burn on the Solana chain.

According to monitoring by on-chain data tracking services, USDC Treasury carried out two large-scale destruction operations on the Solana chain. The first destroyed approximately 69 million USDC, and the second destroyed 63,055,257 USDC, totaling over 130 million USDC destroyed.

The SEC has delayed the approval of certain cryptocurrency ETFs.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the approval of the XRP spot ETF and Solana spot ETF from a certain asset management company. This move indicates that the regulatory agency is still carefully evaluating cryptocurrency ETF products.

Ark Invest reduces its holdings in Circle stock

Ark Invest, led by Cathie Wood, has reduced its holdings of Circle stock by 342,658 shares through three of its ETFs, with a total value of $51.7 million. Nevertheless, Circle's stock price still rose 13.1% on the same day, closing at a historic high of $151.06, nearly five times its IPO price of $31.

Interactive Strength has completed financing and purchased FET tokens.

Interactive Strength Inc. (NASDAQ: TRNR) announced the completion of its first financing round of $55 million and has begun purchasing the AI token FET on the secondary market. The company expects to become the largest crypto treasury holder focused on AI tokens among publicly traded companies in the United States. This financing was provided by private equity firm ATW Partners and cryptocurrency market maker DWF Labs.

DDC Enterprise plans to expand its Bitcoin reserves

DDC Enterprise Limited, a company listed on the New York Stock Exchange, announced that it has signed three securities purchase agreements, expected to raise up to $528 million. Investors include Anson Funds, Animoca Brands, Kenetic Capital, QCP Capital, and a network of leading institutional funds and individual Bitcoin investors. The funds raised will be used entirely to expand the company's Bitcoin reserves.

Important Economic Dynamics

Analysis of Federal Reserve Interest Rate Cut Expectations

Federal Reserve mouthpiece Nick Timiraos stated that if it weren't for the risks posed by tariffs on prices, the Fed would have been prepared to cut interest rates this week, as inflation has improved recently. He believes that the past five years have changed people's views on inflation and the possible scenarios that may occur.

The CME "Federal Reserve Watch" shows that the market expectations for future rate cuts by the Federal Reserve are as follows:

• The probability of maintaining the interest rate unchanged in July is 85.5%, and the probability of a 25 basis point cut is 14.5%.
• The probability of maintaining the interest rate unchanged in September is 32.8%, while the probability of a 25 basis point cut is 58.2%.
• The probability of maintaining the interest rate unchanged in December is only 5.5%, while the probability of a cumulative rate cut of 50 basis points is 41.3%.

Golden Encyclopedia

The impact of the 10-year U.S. Treasury yield on cryptocurrencies

The changes in the 10-year U.S. Treasury yield can trigger a chain reaction globally, subsequently affecting the cryptocurrency market. As the world's reserve currency, the U.S. dollar and the safe haven of U.S. Treasuries, changes in their yields will influence investor behavior.

For cryptocurrency investors:

1. The rise in the 10-year government bond yield may indicate that cryptocurrency prices and yields face a more challenging market environment, especially during periods of global market turbulence.
2. A low-yield environment often stimulates risk appetite, which may boost the performance of speculative assets such as cryptocurrencies.

Overall, the trend of the 10-year U.S. Treasury yield provides important macroeconomic context for cryptocurrency investors.