Headlines

The U.S. Senate has passed the landmark "GENIUS Act," marking the first time the chamber has approved significant cryptocurrency legislation. The bill advances the U.S. federal government's efforts to regulate stablecoins and puts pressure on the House of Representatives to plan the next phase of national regulation on digital assets. The bill's sponsors expressed gratitude to some of their Senate colleagues before the formal vote. Less than a week ago, lawmakers overwhelmingly voted to pass the bill. Next, the House needs to decide how to proceed. In April of this year, the House Financial Services Committee introduced its own stablecoin legislation, but that bill 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, the prices of major cryptocurrencies are as follows:

BTC: $104,691, 24-hour change -2.2% ETH: $2,516.29, 24-hour change -2.0% BNB: $648.83, 24-hour change -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 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 the Federal Reserve's plan to relax regulations, aimed at reforming the oversight and supervision of large, complex banks in the U.S. Banks have been requesting changes to the supplementary leverage ratio for years, which could exempt traditionally safe assets or modify the calculation formula. Banks believe that the current supplementary leverage ratio may hinder their ability to enter the intermediate Treasury market during times of stress.

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

U.S. government officials stated that Trump is considering a range of options, including a possible attack 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 on profits from cryptocurrency sales.

Blockchain Applications

A globally renowned bank will launch a pilot program for a deposit token, which represents the bank's dollar deposits, indicating that financial institutions are further delving into the digital asset space. The deposit tokens will be issued on a blockchain associated with a certain cryptocurrency exchange. In the coming days, the bank will conduct a transaction to transfer a certain amount of tokens from the bank's digital wallet to the cryptocurrency exchange.

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

The stablecoin project Plasma officially stated that the deposit limit will no longer be increased, with a total limit of 1 billion USD. 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 shares.

A trading platform has announced the official launch of a fully compliant centralized cryptocurrency trading platform in Germany and Poland, where local users can trade over 270 cryptocurrencies, including more than 60 cryptocurrency 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 upfront 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 called the 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 with long-term token utility at the token generation event (TGE) stage.

Liu Qiangdong, chairman of the board of JD Group, stated that JD hopes to apply for stablecoin licenses in all major currency countries around the world, and then achieve foreign exchange between global enterprises through stablecoin licenses, reducing cross-border payment costs by 90% and increasing efficiency to within 10 seconds. He also mentioned that after completing B-end payments, they will penetrate into C-end payments, hoping that in the future everyone can use JD stablecoins for consumption worldwide.

Cryptocurrency

According to monitoring by on-chain data tracking services, USDC Treasury has destroyed over 130 million USDC on the Solana blockchain.

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

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

Interactive Strength Inc. announced the completion of its first round of financing of $55 million and has begun purchasing AI token FET on the secondary market through BitGo. The company expects to become the largest cryptocurrency vault 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 fundraising expectation of up to $528 million after deducting placement agent fees and issuance expenses. 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 a view that if it weren't for the risks posed by tariffs on 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 perceptions of inflation and what might happen.

CME's "FedWatch" indicates that the probability of the Federal Reserve maintaining interest rates in July is 85.5%, with a cumulative probability of a 25 basis point rate cut at 14.5%; by September, the cumulative probability of a 25 basis point rate cut rises to 58.2%; and by December, the cumulative probability of a 50 basis point rate cut is 41.3%.

Golden Encyclopedia

Changes in the 10-year U.S. Treasury yield can trigger shocks globally, affecting investor behavior and subsequently impacting the cryptocurrency market. As the world's reserve currency, the U.S. dollar and U.S. Treasury bonds serve as a global safe haven, making changes in their yields significant for cryptocurrency investors. An increase in the 10-year Treasury yield may signal a more challenging market environment for cryptocurrency prices and yields, especially in times of global market turbulence. Conversely, low yields often stimulate risk appetite, thereby boosting speculative assets like cryptocurrencies.