Headline

The U.S. Senate passed the important cryptocurrency legislation known as the "GENIUS Act," marking the first time the country has enacted such significant legislation. The bill aims to advance the federal government's regulatory efforts regarding stablecoins, with the focus now shifting to the House of Representatives' next steps. Republican Senator Bill Hagerty, as the bill's sponsor, expressed gratitude to his colleagues who supported the bill before the formal vote. The House Financial Services Committee had previously introduced its own stablecoin bill, but it has yet to go 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 decline of 2.2%;

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

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

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

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

The price of TRX is $0.2718, with a 24-hour decline 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 could be the first step in a series of regulatory easing plans by the Fed, aimed at reforming the way large complex banks are regulated. The banking industry has long called for changes to the supplementary leverage ratio, arguing that existing regulations may hinder their access to the intermediate Treasury market during times of stress.

Trump hopes to resolve the nuclear issue with Iran completely, but it is expected that Israel will not slow down its actions against Iran. Trump is considering various options, including a possible attack on Iran, but no decision has 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 on profits from cryptocurrency sales.

Blockchain Applications

A certain global banking giant will launch a pilot for a token called JPMD, which represents the bank's dollar deposits. This indicates that financial institutions are further deepening their involvement in the digital asset space. The bank will conduct the pilot on a blockchain associated with a certain cryptocurrency exchange platform.

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

The stablecoin project Plasma announced that the deposit limit will no longer increase, with a total cap of 1 billion USD. The system will continue to operate, but the user's withdrawal or transfer 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 for its blockchain-as-a-service platform in November 2025, aimed at reducing the initial costs for enterprises exploring tokenization. The platform will support asset tokenization and related services.

Asset management company VanEck plans to launch the private digital asset fund VanEck PurposeBuilt Fund this month, focusing on the Avalanche 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 stated that the company plans to apply for stablecoin licenses in major currency countries around the world to reduce cross-border payment costs and improve efficiency. In the future, stablecoin payments may also be extended to the consumer side.

Cryptocurrency

According to on-chain data tracking, USDC Treasury has burned over 130 million USDC on the Solana chain.

The U.S. Securities and Exchange Commission (SEC) has delayed the approval of a certain asset management company's XRP spot ETF and Solana spot ETF.

A certain investment company reduced its holdings of 342,658 shares of a certain cryptocurrency company's stock through its three ETFs, with a total value of 51.7 million USD. The stock price of the cryptocurrency company rose by 13.1% on the same day, setting a new historical high.

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

DDC Enterprise Limited announced the signing of three securities purchase agreements, expected to raise up to $528 million to expand the company's Bitcoin reserves. Investors include several well-known institutions and individual Bitcoin investors.

Important Economic Dynamics

Federal Reserve observers believe that if it weren't for the risks that tariffs pose to prices, the Fed would have been ready to cut interest rates this week, as inflation has improved recently. The past five years have changed people's perceptions of inflation.

According to market forecasts, the probability of the Federal Reserve keeping interest rates unchanged in July is 85.5%, while the probability of a 25 basis point cut is 14.5%. By September, the probability of a 25 basis point cut rises to 58.2%, and by December, the cumulative probability of a 50 basis point cut is 41.3%.

Golden Encyclopedia

The changes in the 10-year U.S. Treasury yield have a significant impact on global financial markets, including the cryptocurrency market. As a global safe-haven asset, rising U.S. Treasury yields may indicate that cryptocurrencies are facing a more challenging market environment. Conversely, a low yield environment often stimulates risk appetite, benefiting speculative assets like cryptocurrencies. Investors need to pay attention to the impact of this important indicator on overall market sentiment.