Headlines
▌CNBC: Goldman Sachs and Bank of New York Mellon to launch tokenized money market funds
Goldman Sachs and Bank of New York Mellon have partnered to launch a blockchain-based money market fund tokenization solution. BNY clients can now invest in tokenized money funds through the Goldman Sachs platform, and their holdings are recorded on the chain. The project has attracted large asset management institutions such as BlackRock, Fidelity, and Federated Hermes to participate, aiming to build a real-time, low-friction digital financial infrastructure.
▌Tron Inc. will ring the opening bell at Nasdaq on July 24
Tron Inc. (NASDAQ: TRON) announced that it will ring the opening bell at the Nasdaq Stock Exchange on July 24, 2025 (Thursday). The ceremony will be held at Nasdaq MarketSite in Times Square, New York, and hosted by Justin Sun. Tron Inc. (formerly SRM Entertainment, Inc.) is a public company with a blockchain-integrated financial strategy. As the public company with the largest holding of TRON (TRX) tokens, Tron Inc. is committed to transparency and using decentralized financial technology to create long-term value.
Market
As of press time, according to CoinGecko data:
BTC price is $118,686, 24 hours ups and downs -1.2%;
ETH price is $3,626.81, 24 hours ups and downs -3.1%;
BNB price is $776.06, 24 hours ups and downs -1.1%;
-6.9%;
DOGE price is 0.2415 US dollars, with a 24-hour increase or decrease of -10.2%;
XRP price is 3.19 US dollars, with a 24-hour increase or decrease of -10.0%.
TRX price is 0.3098 US dollars, with a 24-hour increase or decrease of -1.6%.
Policy
▌The 180-day report of the Trump administration's Digital Asset Working Group will be released on July 30
Bo Hines, executive director of the Trump administration's Digital Asset Advisory Committee, posted on social media, "President Trump's Digital Asset Working Group has completed its 180-day report, which will be released publicly on July 30."
▌The White House releases Trump's AI action plan
The White House released Trump's AI action plan on Wednesday, aimed at consolidating the United States' dominance in the field of artificial intelligence. The main policies of the AI Action Plan include: exporting American artificial intelligence, the Department of Commerce and the State Department will coordinate with the industry to provide allies with secure, full-stack artificial intelligence systems, including hardware, software and standards; accelerate construction and provide fast approval licenses for data centers and chip manufacturers; cancel federal regulations that slow the development of artificial intelligence; give freedom of speech to artificial intelligence construction, that is, artificial intelligence models are not affected by "government-imposed ideological biases." The plan also threatens to stop providing federal artificial intelligence funds to states that have introduced "red tape"-critics say this move may inhibit local innovation and trigger new constitutional disputes.
▌Trump: Simple tariffs of 15% to 50% will be imposed on most countries
On the 23rd local time, US President Trump said that simple tariffs of 15% to 50% will be imposed on most other countries in the world. Trump also said that the United States is in serious negotiations with the European Union and will allow them to pay lower tariffs if they agree to open up to American companies.
▌US and EU close to 15% tariff agreement
According to the Financial Times, the EU and the US are close to a trade deal that will impose a 15% tariff on European imports, similar to the deal Trump reached with Japan this week. Three people familiar with the matter said Brussels may agree to so-called reciprocal tariffs to avoid the US president's threat to raise tariffs to 30% from August 1. The people familiar with the matter also said that the two sides will exempt tariffs on some products, including aircraft, spirits and medical equipment. People familiar with the matter said they understood that the 15% minimum tariff would include existing tariffs, and Brussels believed that the agreement essentially consolidated the status quo. The current 27.5% automobile tariff is expected to drop to 15%. These people also said that the EU will continue to prepare a retaliatory tariff plan that could be as high as 93 billion euros and a maximum tax rate of 30% in case no agreement is reached before August 1.
Blockchain Applications
▌Crypto Asset Management Company CoinShares Obtains EU-wide MiCA License
Crypto Asset Management Company CoinShares has obtained a MiCA license issued by the French Financial Markets Authority (AMF), becoming the first European asset management company that can provide crypto portfolio management services within the EU. The license is superimposed on its existing MiFID and AIFM qualifications, making it the only major European crypto asset management institution that holds three major compliance licenses at the same time. CoinShares said the move will help expand its business in the 27 EU countries and promote the transition of the traditional asset management industry to crypto products.
▌Block is officially included in the S&P 500 index, holding 8,584 bitcoins
Payment giant Block Inc. will officially join the S&P 500 index. Block currently holds 8,584 bitcoins on its balance sheet, continuing to implement its digital asset strategy.
▌US court rules that NFTs can be protected by trademarks, Yuga Labs v. Ryder Ripps case to be retried
The U.S. Court of Appeals for the Ninth Circuit made a key ruling in the dispute between Yuga Labs and artist Ryder Ripps, clarifying for the first time that NFTs are "goods" under the Lanham Act and can be protected by trademarks in accordance with the law. The court rejected most of Ripps's defenses, but revoked the $8 million in damages previously awarded to Yuga, and sent the case back to the local court for retrial to determine whether the "copycat version of BAYC" NFTs sold by Ripps caused consumer confusion.
▌Solana and Jito executives were listed as "co-conspirators" and accused of participating in Pump's illegal operation of the Memecoin platform
Law firms Burwick Law and Wolf Popper expanded the lawsuit against the Memecoin platform Pump.fun, naming the Solana Foundation, Solana Labs, Jito Labs and several of its executives as "co-conspirators" and accusing them of illegal gambling, wire fraud, securities fraud, intellectual property theft and unlicensed fund transmission. The indictment stated that the platform was suspected of operating a "casino-like" system, allowing criminal activities such as money laundering, terrorist financing and sex trafficking, and was also accused of assisting the North Korean hacker group Lazarus in laundering $1.5 billion. Solana and Jito have not yet responded. The plaintiffs demanded that all organizations and individuals involved in the "illegal crypto casino plan" be held accountable.
Cryptocurrency
▌BlackRock Ethereum ETF holdings exceed $10 billion
According to BlackRock's official data, as of July 22, its Ethereum exchange-traded fund iShares Ethereum Trust ETF (ETHA) held 2,714,048.54040 ETH, with a holding value exceeding $10 billion, reaching $10,095,256,372.46.
▌Fidelity submitted documents to modify its spot Bitcoin ETF
Fidelity submitted documents to modify its spot Bitcoin ETF to allow physical redemption and creation.
▌NASDAQ-listed SEALSQ plans to set up a $30 million cryptocurrency investment fund
NASDAQ-listed public key infrastructure development company SEALSQ Corp announced that it is setting up a cryptocurrency investment fund of approximately $30 million and plans to use the funds to purchase digital assets, including BTC, ETH, HBAR, etc. In addition, the company also stated that its cryptocurrency investment fund will serve as a strategic funding tool responsible for developing strategies for buying and holding cryptocurrencies, similar to how companies invest in traditional assets such as bonds or stocks.
▌The supply of stablecoins on the Ethereum network exceeds $140 billion
According to on-chain data, the supply of stablecoins on the Ethereum network has exceeded $140 billion, a record high. The supply has almost doubled from the level in January 2024.
▌Mining company MARA will issue $850 million convertible notes to buy Bitcoin
Bitcoin mining company MARA Holdings announced the issuance of $850 million in 0% convertible notes to purchase more Bitcoin (as well as repay $50 million in old notes and for general corporate purposes).
▌Canadian listed company Matador received $100 million in financing for Bitcoin reserve construction
According to the official announcement, Canadian listed company Matador received $100 million in financing to build Bitcoin reserves.
Important Economic Dynamics
▌U.S. Treasury Secretary: 1 to 2 interest rate cuts may occur this year
U.S. Treasury Secretary Benson: 1 to 2 interest rate cuts may occur this year. Have breakfast with Federal Reserve Chairman Powell almost every week.
▌Trump: If major countries can be persuaded to open their markets to the United States, I will always be willing to give up tariff terms
U.S. President Trump said that if major countries can be persuaded to open their markets to the United States, I will always be willing to give up tariff terms.
▌Trump criticized Powell and said that the FOMC should take action
Trump posted that the housing market has lagged because Powell refused to lower interest rates. Families are hurting because interest rates are too high, and even our country itself is having to pay higher interest rates than it should be. Our interest rates should be three percentage points lower than they are now, which would save the entire country $1 trillion a year. Powell, this stubborn guy, just doesn't understand, never has, and never will. The Board should act, but they don't have the courage to do so!
▌U.S. Treasury Secretary Bessant: Trump says he won't fire Powell
U.S. Treasury Secretary Bessant: We are not in a rush on the issue of the Fed Chairman nomination. The setback in the Fed's mission puts monetary policy independence at risk. Trump has said he will not fire Powell.
▌Tesla's second-quarter net profit was $1.172 billion, down 20.7% year-on-year
Tesla's second-quarter revenue was $22.50 billion, down 12% year-on-year, and the estimated $22.64 billion. The second-quarter net profit was $1.172 billion, down 20.7% year-on-year, and the market expected $1.136 billion. Adjusted earnings per share in the second quarter were $0.40, $0.52 in the same period last year, and an estimated $0.42. The gross profit margin in the second quarter was 17.2%, 18% in the same period last year, and an estimated 16.5%. Free cash flow (FCF) in the second quarter was $146 million, $664 million in the first quarter, and analysts expected $760 million.
Golden Encyclopedia
▌What role do gold, oil, and BTC play in US reserves?
The U.S. government has long relied on gold and oil as reserve assets, but as Bitcoin has become increasingly popular among institutions, its potential role as a strategic reserve has significantly increased. While gold has historically been the backstop of the monetary system and oil remains an important economic and security asset, Bitcoin represents a new type of digital reserve that challenges the traditional financial paradigm. The United States has large gold and oil reserves, but its Bitcoin holdings are relatively small, mainly acquired through asset seizures. Gold, oil, and Bitcoin each exhibit unique liquidity and market dynamics, with gold being the most stable, oil driven by geopolitical factors, and Bitcoin characterized by high volatility and 24/7 accessibility. Gold, oil, and Bitcoin all play a strategic role in the global economy, with gold being a hedge and oil influencing geopolitical stability. All of these assets have strategic and macroeconomic significance over time. Their narratives related to the broader capital markets may be just what is needed to attract investor interest. As institutional adoption grows, Bitcoin's strategic value as a hedge against inflation and government debt is increasingly recognized. Policy initiatives suggest that establishing a strategic Bitcoin reserve could allow it to stand alongside traditional assets such as gold and oil in the future.
Weiliang
Miyuki
Alex
Brian