Headlines

The U.S. Senate has passed the important "GENIUS Act," marking the first significant cryptocurrency legislation and a major advance in the federal government's regulation of stablecoins. The bill was initiated by Republican Senator Bill Hagerty and received broad support in the Senate. The focus now shifts to the House of Representatives, which needs to decide how to move forward with this legislation. In April of this year, the House Financial Services Committee had already proposed its own stablecoin legislative proposal, but it has not yet been submitted for a full vote.

Trump posted on social media, calling for Iran to surrender unconditionally.

Market

As of the time of writing, 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 BNB is $648.83, with a 24-hour change of -0.5%;

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 TRX price 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 plans to amend the "supplementary leverage ratio." This will be the first meeting under the new chief regulatory officer, Bowman, and may be the first step in a series of plans to relax rules. The banking industry has long called for changes to the supplementary leverage ratio, arguing that the current regulations may affect their ability to enter the intermediate treasury market during periods of stress.

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 possibly launching an attack on Iran. No decision has been made yet, and Trump wants to ensure that Iran cannot develop its own nuclear capabilities.

The Thai Cabinet has approved a policy that implements a five-year personal income tax exemption on profits from cryptocurrency sales.

Blockchain Applications

A certain global bank will pilot the issuance of the deposit token JPMD on a blockchain related to a certain trading platform. The bank plans to conduct a transaction in the coming days, transferring a certain amount of JPMD from the bank's digital wallet to a certain cryptocurrency trading platform.

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

The stablecoin project Plasma has announced that the deposit limit will no longer be increased, with a total cap of 1 billion USD. The system will continue to operate, but the recharge channel has been closed. Users can withdraw at any time before the lock-up period begins, but withdrawals or transfers of voucher tokens will reduce the allocated share.

A trading platform has announced its official entry into the German and Polish markets, allowing users to trade over 270 cryptocurrencies, including more than 60 trading pairs with the euro.

Deutsche Bank plans to launch a minimum viable product (MVP) for its blockchain-as-a-service platform in November 2025, focusing on asset tokenization and services. The platform aims to reduce the upfront costs for enterprises exploring tokenization, allowing asset managers, wealth advisors, and other financial firms to create, distribute tokenized assets and support related services.

Asset management company VanEck plans to launch a private digital asset fund named VanEck PurposeBuilt Fund this month, focusing on the Avalanche blockchain ecosystem and investing in Web3 projects in areas such as gaming, financial services, payments, and artificial intelligence.

The chairman of a certain e-commerce group's board stated that the company plans to apply for stablecoin licenses in major currency countries worldwide to achieve efficient and low-cost foreign exchange among global enterprises. The company hopes to reduce cross-border payment costs by 90%, increase efficiency to within 10 seconds, and eventually expand into the C-end payment sector.

Cryptocurrency

According to on-chain data monitoring, USDC Treasury has burned over 130 million USDC on the Solana chain in two transactions.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the approval of the spot ETF for certain asset management companies including XRP and Solana.

A certain investment company reduced its holdings in Circle stock by 342,658 shares through its three ETFs, with a total value of 51.7 million USD. Circle's stock price rose by 13.1% on that day, reaching a historic high of 151.06 USD.

Interactive Strength Inc. announced the completion of a $55 million financing and has begun purchasing the AI token FET in the secondary market. The company expects to become one of the largest holders of AI tokens among publicly listed companies in the United States.

DDC Enterprise Limited, a company listed on the New York Stock Exchange, has signed three securities purchase agreements, expected to raise up to $528 million, all of which will be used to expand the company's Bitcoin reserves.

Important Economic Dynamics

Federal Reserve expert Nick Timiraos stated that if it weren't for the risks that tariffs pose to prices, the Federal Reserve would have been prepared to cut interest rates this week due to recent improvements in inflation. He believes that the past five years have changed people's perceptions of inflation.

According to CME data, the probability that the Federal Reserve will keep interest rates unchanged in July is 85.5%, while the probability of a 25 basis point rate cut is 14.5%. By September and December, the likelihood of a rate cut gradually increases.

Golden Encyclopedia

The yield on 10-year U.S. Treasury bonds serves as an important indicator for global financial markets and has a significant impact on the cryptocurrency market. As a global safe-haven asset, changes in U.S. Treasury yields can trigger a chain reaction worldwide. For cryptocurrency investors, high yields may signal a more challenging market environment, especially during times of global market turmoil. Conversely, low yields often stimulate risk appetite, benefiting the performance of speculative assets like cryptocurrencies.