The U.S. Senate passes stablecoin regulation bill, shifting focus to the House of Representatives

The U.S. Senate recently passed the landmark "GENIUS Act," marking the first time the Senate has approved significant cryptocurrency legislation. The bill advances the federal government's regulatory efforts on stablecoins and pressures the House of Representatives to plan the next phase of national regulation on digital assets.

The sponsor of the bill expressed gratitude to some of his fellow senators before the official vote. Less than a week ago, the lawmakers overwhelmingly voted in favor of the bill, and many expected it to pass.

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

Trump comments on the situation in Iran

Former U.S. President Trump made comments on social media regarding the situation in Iran.

Cryptocurrency Market Trends

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

Policy Dynamics

The Federal Reserve will discuss easing bank leverage requirements

The Federal Reserve plans to hold a board meeting on June 25 to discuss modifications to the "supplementary leverage ratio." This will be the first meeting since the appointment of the new top regulatory official, Bowman. Easing the leverage ratio requirements could be the first in a series of regulatory relaxation plans by the Federal Reserve. The banking industry has been calling for changes to the supplementary leverage ratio for years, believing that the current regulations may hinder their ability to enter the intermediate Treasury market during times of stress.

Trump comments on Iran nuclear issue

According to reports, Trump hopes to resolve the nuclear issue with Iran once and for all. There are reports that Trump is considering a range of options, including the possibility of launching an attack on Iran, but no decision has been made yet. Trump wants to ensure that Iran cannot develop its own nuclear capabilities.

Thailand Implements Tax Incentives for Cryptocurrency Sales Profits

The Thai cabinet has approved a five-year personal income tax exemption policy for profits from cryptocurrency sales.

Blockchain Application Dynamics

JPMorgan Chase to Pilot Issuance of Deposit Token JPMD

The world's largest bank, JPMorgan Chase, will launch a token pilot named JPMD on the Base network, which represents USD deposits. JPMorgan Chase plans to conduct a transaction in the coming days to transfer a certain amount of JPMD from the bank's digital wallet to a large cryptocurrency exchange.

A cryptocurrency exchange seeks to provide blockchain-based stocks

According to market news, a large cryptocurrency exchange is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stocks.

Plasma stablecoin project sets deposit limit

The stablecoin project Plasma announced that the deposit limit will no longer be increased, with a total cap of $1 billion. As the recharge channel closes, the system will continue to operate. Users can still withdraw at any time before the lock-in period begins, but withdrawing or transferring voucher tokens will reduce the allocated share.

A trading platform enters the German and Polish markets

A large cryptocurrency trading platform has announced the official launch of fully compliant centralized trading services in Germany and Poland. Users in Germany or Poland can trade over 270 cryptocurrencies, including more than 60 trading pairs with the euro.

Deutsche Bank Plans to Launch Tokenized Platform

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

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 that have long-term token utility at the token generation event (TGE) stage.

JD.com plans to apply for a global stablecoin license

JD Group Chairman Liu Qiangdong stated that JD hopes to apply for stablecoin licenses in all major currency countries worldwide to facilitate foreign exchange among global enterprises, reduce cross-border payment costs by 90%, and increase efficiency to within 10 seconds. Liu Qiangdong mentioned that after completing B-end payments, JD will penetrate C-end payments, hoping that in the future consumers can use JD stablecoin for payments globally.

Cryptocurrency News

Large-scale destruction of USDC on the Solana chain

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

The SEC Delays Approval of XRP and Solana Spot ETFs

According to market news, the U.S. Securities and Exchange Commission (SEC) has delayed the approval of the spot ETF for certain asset management companies for XRP and Solana.

Ark Invest Reduces Holdings in Circle Stocks

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

Interactive Strength completed financing and purchased FET coins

Interactive Strength Inc. announced the completion of its first round of financing of $55 million and has begun purchasing AI coin FET in the secondary market. The company expects to become the largest cryptocurrency vault holder focused on AI coins among publicly listed companies in the United States.

DDC Enterprise Plan Expands Bitcoin Reserves

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

Important Economic Dynamics

Analysis of Federal Reserve Interest Rate Cut Expectations

Some analysis suggests that if it weren't for the risks that tariffs pose to prices, the Federal Reserve would have been ready to cut interest rates this week due to recent improvements in inflation. The last five years have changed people's views on inflation and the possible scenarios that could occur.

Federal Reserve Interest Rate Cut Probability Forecast

CME "Federal Reserve Watch" shows:

• The probability of maintaining the interest rate unchanged in July is 85.5%, while the probability of a 25 basis point cut is 14.5%.
• The probability of maintaining the interest rate unchanged in September is 32.8%, the probability of a 25 basis point rate cut is 58.2%, and the probability of a 50 basis point rate cut is 8.9%.
• The probability of keeping the interest rate unchanged in December is 5.5%, the probability of a 25 basis point rate cut is 26.0%, the probability of a 50 basis point rate cut is 41.3%, the probability of a 75 basis point rate cut is 24.1%, and the probability of a 100 basis point rate cut is 3.0%.

Golden Encyclopedia: The Impact of 10-Year U.S. Treasury Yield on the Crypto Market

The changes in the yield of 10-year U.S. Treasury bonds can trigger shocks globally and also impact the cryptocurrency market. Rising yields may indicate that cryptocurrency prices and yields will face a harsher market environment, especially in times of global market turbulence. Conversely, low yields often stimulate risk appetite, thereby boosting speculative assets such as cryptocurrencies. As the world's reserve currency, the U.S. dollar and U.S. Treasuries serve as a global safe haven, and their yield changes provide important market context for cryptocurrency investors.