Headlines

The U.S. Senate has passed the landmark "GENIUS Act," advancing federal efforts to regulate stablecoins. This is the first time the Senate has passed significant cryptocurrency legislation. The bill was initiated by Republican Senator Bill Hagerty and garnered support from several senators before the formal 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 introduced 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 full vote in the House.

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:

The price of BTC is $104,691, with a 24-hour decline of 2.2%; The price of ETH is $2,516.29, with a 24-hour decrease of 2.0%; The BNB price is $648.83, with a 24-hour drop of 0.5%; 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 revise the "supplementary leverage ratio." This could be the first of several rule relaxation plans by the Fed aimed at reforming the way some of the largest and most complex banks in the United States are regulated and supervised. Banks have been calling for changes 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. U.S. government officials have 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 for profits from cryptocurrency sales.

Blockchain Applications

A major bank will launch a pilot token called JPMD, which represents the bank's dollar deposits. The deposit token JPMD will be issued on a certain blockchain. The bank will conduct a transaction to transfer a certain amount of JPMD from the bank's digital wallet to a 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 official Plasma stablecoin project has stated that the deposit limit will no longer be increased, with a total cap of 1 billion USD. As the top-up channel closes, the system will still remain operational. Before the lock-up period begins, users can still withdraw at any time, but the withdrawal or transfer of credential 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 users from Germany or Poland 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 has 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, focusing on the Avalanche blockchain ecosystem and 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 the stablecoin licenses, reducing cross-border payment costs by 90% and increasing efficiency to within 10 seconds. Liu Qiangdong mentioned that after completing B-end payments, JD will penetrate into C-end payments, hoping that in the future, everyone can use JD stablecoin for consumption worldwide.

Cryptocurrency

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

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. Circle's stock price rose 13.1% on the same day, closing at a historic high of $151.06, nearly five times its IPO price of $31.

Interactive Strength Inc. announced the completion of its first round of financing of $55 million 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, expecting to raise 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, with the raised funds to be used to expand the company's Bitcoin reserves.

Important Economic Dynamics

Some analyses suggest that if it were not 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 views on inflation and the possible scenarios that may occur.

CME's "FedWatch" shows: The probability of the Federal Reserve keeping 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%; the probability of maintaining interest rates unchanged by September 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%; the probability of maintaining interest rates unchanged by December 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 changes in the 10-year U.S. Treasury yield can trigger shocks globally. For cryptocurrency investors, this global impact sets the backdrop. An increase in the 10-year Treasury yield may signal that cryptocurrency prices and returns will face a harsher market environment, especially in times of global market turbulence. Conversely, low yields tend to stimulate risk appetite, thereby boosting speculative assets like cryptocurrencies.