The United States advances digital money regulation, Trump makes a strong statement on Iran

Headlines

The U.S. Senate has passed the landmark "GENIUS Act," advancing the federal government’s regulatory efforts on stablecoins. This marks the Senate's first passage of significant cryptocurrency legislation. The bill was initiated by Republican Senator Bill Hagerty and garnered support from several senators before the official vote. Less than a week ago, lawmakers voted overwhelmingly in favor of the bill.

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

Trump posted on social media, taking a tough stance on Iran.

Market

As of the time of publication, according to data platforms:

The price of BTC is $104,691, with a 24-hour change of -2.2%;

The price of ETH is $2,516.29, with a 24-hour change of -2.0%;

The price of SOL is $148.20, with a 24-hour change of -2.4%;

The price of DOGE is $0.1701, with a 24-hour change of -2.4%;

The price of XRP is $2.16, with a 24-hour change of -4.4%.

The price of TRX is $0.2718, with a 24-hour change of -1.4%.

Policy

The Federal Reserve will hold a Board meeting on June 25 to discuss amending the "supplementary leverage ratio." This will be the first meeting held after Governor Bowman was confirmed as the Federal Reserve's top regulatory official. Easing leverage ratio requirements could be the first of several regulatory rollbacks planned by the Federal Reserve aimed at reforming the way it regulates and supervises some of the largest and most complex banks in the United States. Banks have been requesting modifications to the supplementary leverage ratio for years, which could exempt traditionally safe assets or modify the formula used to calculate the leverage ratio.

Trump hopes to completely resolve the nuclear issue with Iran. It is expected that Israel will not slow down its actions against Iran.

According to reports, Trump is considering a range of options, including a possible attack by the United States on Iran. No decisions have been made yet. Trump wants to ensure that Iran cannot develop its own nuclear capabilities.

The Thai cabinet has approved a five-year personal income tax exemption policy for profits from the sale of cryptocurrencies.

Blockchain Applications

A certain global largest bank will launch a pilot token named JPMD, which represents its dollar deposits, indicating that financial institutions are further deepening their layout in the Digital Money field. The deposit token JPMD will be piloted on a blockchain related to a certain trading platform.

A trading platform seeks approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stocks.

The stablecoin project Plasma officially stated, "The deposit limit will no longer be increased, with a total limit of $1 billion. As the recharge channel closes, the system will continue to operate. Before the lock-up period begins, users can still withdraw at any time, but the withdrawal or transfer of voucher tokens will reduce the allocated share."

A trading platform has announced the official launch of a fully compliant centralized cryptocurrency trading platform in Germany and Poland, where users in Germany or Poland can trade over 270 cryptocurrencies, including more than 60 cryptocurrency trading pairs with the Euro.

Deutsche Bank is preparing to launch a minimum viable product (MVP) for its blockchain-as-a-service platform in November 2025, aimed at reducing the initial hardware and infrastructure costs for companies exploring tokenization. The platform will allow asset managers, wealth advisors, and other financial firms to create and distribute tokenized assets and support service tokenization.

Asset management company VanEck announced plans to launch a private digital asset fund named VanEck PurposeBuilt Fund this month. The fund is expected to be managed by the VanEck digital asset Alpha Fund (DAAF) team and will focus 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 that have long-term token utility at the token generation event (TGE) stage.

JD Group Chairman Liu Qiangdong stated that JD hopes to apply for stablecoin licenses in all major currency countries globally, and then use the stablecoin licenses to facilitate currency exchange between global enterprises, reducing cross-border payment costs by 90% and increasing efficiency to within 10 seconds. "Currently, remittances between enterprises take an average of 2 to 4 days, and the costs are quite high. After completing B-end payments, we will penetrate into C-end payments, hoping that one day everyone can use JD stablecoins for payments when consuming around the world," Liu Qiangdong said.

Cryptocurrency

According to on-chain data tracking services, around 2:07 PM Beijing time on the 17th, the USDC Treasury destroyed 63,055,257 USDC on the Solana chain. In addition, around 12:45 PM on the 17th, the USDC Treasury destroyed over 69 million USDC on Solana.

The U.S. Securities and Exchange Commission (SEC) has postponed the approval of Franklin's XRP spot ETF and Solana's spot ETF.

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

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

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

Important Economic Dynamics

There is ample reason to believe that if it weren't for the risks posed by tariffs to prices, the Federal Reserve would have been prepared to cut interest rates this week due to recent improvements in inflation. The past five years have changed people's views on inflation and the possible scenarios that could occur.

CME's "Federal Reserve Watch" shows: the probability of the Federal Reserve maintaining interest rates unchanged in July is 85.5%, the probability of a cumulative rate cut of 25 basis points is 14.5%, and the probability of a cumulative rate cut of 50 basis points is 0%; by September, the probability of maintaining interest rates unchanged is 32.8%, the probability of a cumulative rate cut of 25 basis points is 58.2%, and the probability of a cumulative rate cut of 50 basis points is 8.9%; by December, the probability of maintaining interest rates unchanged is 5.5%, the probability of a cumulative rate cut of 25 basis points is 26.0%, the probability of a cumulative rate cut of 50 basis points is 41.3%, the probability of a cumulative rate cut of 75 basis points is 24.1%, and the probability of a cumulative rate cut of 100 basis points is 3.0%.

Golden Encyclopedia

The yield of cryptocurrencies and stablecoins is part of a broader financial world, while the yield on 10-year treasury bonds affects investor behavior, which in turn impacts the cryptocurrency market. The US dollar is the world's reserve currency, and US treasuries are a global safe haven; changes in the yield of 10-year US treasury bonds can trigger shocks worldwide. For cryptocurrency investors, this global impact sets the context. An increase in the yield of 10-year treasury bonds may indicate that cryptocurrency prices and yields will face a more challenging market environment, especially in times of global market turmoil. Conversely, low yields often stimulate risk appetite, thereby boosting speculative assets such as cryptocurrencies.