Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is the news weekly, which takes you to a glance at the major events in the blockchain industry this week.
Headlines
▌US media: Musk has not yet submitted the "American Party" establishment documents, and the establishment of a new party may be to "disrupt the situation"
According to the Wall Street Journal, neither Musk nor his advisers have submitted documents to the US Federal Election Commission indicating the establishment of a new political entity called the "American Party". The name of the party is similar to the American Political Action Committee (America PAC) he helped to establish. According to the documents, through this political group that supports Trump's campaign, Musk spent nearly $300 million in 2024 to help Trump and other Republicans. Although third-party candidates in the United States have never become president, they can play a disruptive role and take votes away from the two major parties. (Jinshi) ▌The eighth dormant address containing 10,000 BTC was activated after 14.2 years of dormancy
According to WhaleAlert monitoring, at 22:59:38 Beijing time, a dormant address containing 10,000 BTC was activated after 14.2 years of dormancy. These BTC were only worth $34,023 in 2011, but are now worth as much as $1,088,378,525.
▌Independent miners who transferred more than 80,000 BTC can rank 293rd on the global rich list
On July 4, an independent miner transferred more than 10,000 BTC that had been dormant for more than 14 years in eight different addresses to a new address today. According to Coinbase Director Conor Grogan, the independent miner once held 200,000 BTC. According to the Forbes Global Billionaires List, at the current price of Bitcoin, if the independent miner only holds about 80,000 BTC, his net worth is about 8.69 billion US dollars, and he can rank 293rd on the Forbes Global Billionaires List; if the independent miner holds about 200,000 BTC, his net worth is about 22 billion US dollars, and he can rank 90th on the Forbes Global Billionaires List.
▌The U.S. House of Representatives declared mid-July as "Crypto Week" and will review multiple cryptocurrency bills
The leadership of the U.S. House of Representatives announced on Thursday that the week of July 14 will be designated as "Crypto Week", during which three important cryptocurrency bills will be reviewed: the GENIUS Stablecoin Act, the Digital Asset Market Clarity Act, and a bill on central bank digital currencies (CBDCs).
The GENIUS Act requires stablecoins to be fully backed by U.S. dollars or highly liquid assets and implements annual audits for large issuers. The Digital Asset Market Clarity Act aims to clarify the regulatory responsibilities of the SEC and CFTC, while requiring digital asset companies to provide retail financial disclosures and segregate corporate and customer funds.
House Speaker Mike Johnson said the measures are "decisive steps to achieve President Trump's digital asset and cryptocurrency agenda." Trump had previously required that the stablecoin bill be delivered to his desk by August, and the arrangement of this "Crypto Week" is expected to help lawmakers meet this deadline.
▌Nano Labs purchases 74,315 BNB, expanding digital asset reserves to approximately $160 million
Nasdaq-listed Web 3.0 infrastructure and product solution provider Nano Labs Ltd announced today that it has purchased 74,315 BNB through over-the-counter (OTC) transactions, with an average purchase price of approximately $672.45 and a total transaction volume of approximately $50 million. After the completion of this transaction, the company's cumulative reserves of mainstream digital currencies, including Bitcoin and BNB, have reached approximately $160 million.
Policy
▌US President Trump Signs "Big and Beautiful" Tax and Spending Bill
According to CCTV News, US President Trump signed the "Big and Beautiful" Tax and Spending Bill on July 4, local time, making it effective. The US House of Representatives passed the "Big and Beautiful" bill promoted by President Trump with 218 votes in favor and 214 votes against on the afternoon of the 3rd. The bill has been controversial for cutting federal aid, increasing long-term debt, and cutting taxes for the rich and large companies. Two Republican congressmen voted against the vote that day. The bill was passed by the Senate on the 1st of this month.
▌Turkey Bans PancakeSwap for Unauthorized Cryptocurrency Activities
The Capital Markets Board of Turkey (SPK) announced that it has banned PancakeSwap, a decentralized trading platform, for providing crypto asset services to Turkish residents without a license, in accordance with relevant provisions of the Capital Markets Law. The ban is part of a larger crackdown on unlicensed platforms, involving more than 60 crypto and forex websites.
▌Swedish Justice Minister Urges Greater Efforts to Confiscate Criminal Crypto Assets
Swedish Justice Minister Gunnar Strommer called on the police, tax authorities and enforcement authorities to step up the seizure of proceeds of crime, including cryptocurrencies. Under strict confiscation laws passed last year, authorities can seize suspected assets even if they cannot prove specific criminal behavior. About $8.4 million in property has been seized so far. Some lawmakers have proposed using the confiscated bitcoins to build a national strategic reserve, following the practices of the United States and other countries. Previous reports have pointed out that a large number of criminals in Sweden use cryptocurrencies to launder money, and law enforcement agencies have suggested expanding law enforcement actions on crypto platforms.
▌Ministry of Commerce: Focus on institutional innovation in frontier fields such as artificial intelligence, technology and finance
Tang Wenhong, Assistant Minister of Commerce, said that the Ministry of Commerce will pilot a number of institutional innovation measures that are conducive to the development of new formats and models around promoting the development of trade in services, green trade, and digital trade. Support the free trade pilot zones to formulate negative lists for data outbound in more areas, introduce more facilitation measures, and promote efficient, convenient, and secure cross-border flow of data. Focus on institutional innovation in frontier fields such as artificial intelligence, technology and finance, and create an ecological model for high-quality development. (China.com) ▌FTX's latest bankruptcy compensation list exposed, users in 49 countries and regions may not receive compensation
According to official documents cited by biteye_sister, on July 2, the latest court documents in the FTX bankruptcy case disclosed a list that has attracted widespread attention: users in 49 countries and regions may not receive any compensation. These countries are listed as "potential restricted jurisdictions" for the following reasons: local laws prohibit cryptocurrency transactions; local laws do not allow platform operators to provide services to local areas. Among these restricted countries, more than 82% of the claims are from China. This means that most Chinese users may not be able to get their funds back from this bankruptcy case that shocked the world.
Blockchain Applications
▌Hainan Huatie: Nearly 26 billion yuan of assets have been digitally uploaded to the blockchain
Hainan Huatie (603300.SH) announced that the company has cooperated with Ant Chain since 2022 to upload equipment operation data to the blockchain by implanting MaaS trusted modules in the T-box of the aerial work platform, thereby achieving "source trust" of the data. At present, nearly 26 billion yuan of assets have been digitally uploaded to the blockchain, which has met the prerequisite for RWA financing to complete the chain. In addition, at the RWA Industry Conference, the company and the RWA Research Institute, one of the organizers of the conference, signed a strategic cooperation agreement. The two parties will cooperate in three core directions: revaluation of asset chain value, formulation of industry standards, and global circulation practices.
▌Central Bank: Support the promotion of innovative applications of digital RMB to relevant free trade pilot zones
Ji Min, head of the Research Bureau of the People's Bank of China, said at the regular policy briefing of the State Council on July 4 that in the next step, the People's Bank of China will work with relevant departments and other financial management departments to continue to support the free trade pilot zones in deepening the connection with international high-standard economic and trade rules and promoting higher-level institutional opening on the basis of effectively preventing risks. On the one hand, further deepen financial openness and innovation in the Shanghai Free Trade Pilot Zone. Not long ago, eight supporting policies were announced at the Lujiazui Forum, including the development of free trade offshore bonds, the optimization and upgrading of free trade account functions, and the pilot of comprehensive reform of offshore trade financial services. On the other hand, we must increase the replication and promotion of the "Shanghai Experience", support the promotion of innovative applications of digital RMB and other measures to relevant free trade pilot zones, and promote measures such as optimizing electronic payment services to the whole country, explore practical paths for the open and innovative development of my country's financial sector, and accumulate more replicable and popularizable experience. (China.com) ▌JP Morgan: Alipay and WeChat Pay are not a template for future stablecoin expansion JP Morgan predicts that stablecoin growth will only reach $500 billion by 2028, and believes that the trillion-dollar forecast is "overly optimistic" because there is little evidence that cryptocurrency tokens pegged to the US dollar will be adopted by the mainstream. Currently, there are still few payment applications for stablecoins, accounting for only 6% of demand, or about $15 billion, mainly in cryptocurrency trading, decentralized finance, and collateral. JP Morgan also said that the rapid expansion of the digital yuan and the success of Alipay and WeChat Pay are not a template for future stablecoin expansion.
▌JD.com and Ant Group suggest that the central bank approve RMB-based stablecoins
According to Sina Finance, people familiar with the matter said that JD.com and Ant Group are suggesting that the central bank approve RMB-based stablecoins. JD.com said in a closed-door discussion with the People's Bank of China that there is an urgent need to use offshore RMB stablecoins as a tool to promote the internationalization of the RMB.
People familiar with the matter also said that Ant Group is preparing to apply for stablecoin licenses in Hong Kong and Singapore, and is also preparing for offshore RMB stablecoins.
▌YZi Labs announces investment in Digital Asset
YZi Labs today announced an investment in Digital Asset, an enterprise-grade tool platform that builds compliance solutions for regulated markets. The investment is based on Digital Asset's $135 million Series E financing announced on June 24, with participation from major financial institutions including DRW, Tradeweb, DTCC, Citadel Securities and Goldman Sachs.
The funds will enable Digital Asset to expand the Canton Network's infrastructure, absorb new institutions more quickly, and support the composability and interoperability required to bring billions of dollars of real-world assets on-chain.
Cryptocurrency
▌The total market value of stablecoins has increased by 0.73% in the past 7 days
According to DefiLlama data, the total market value of stablecoins in the entire network is currently reported at 255.433 billion US dollars, an increase of 0.73% in the past 7 days, of which USDT has a market share of 62.43%, a slight decrease from last week. The circulation of USDC has increased by 0.73% in the past week and is now reported at 61.843 billion US dollars.
▌Vitalik: The environmental cost of avoiding excessive geographical concentration in the crypto field is acceptable and better than the negative impact of mining
Ethereum co-founder Vitalik Buterin responded to a user's view on collective carbon footprint. The user pointed out that "industry professionals may fly around the world frequently to attend multiple events, but this behavior is not the actual goal of solving the problem, but for business or spending time with friends." Vitalik responded, "In order to avoid excessive concentration of cryptocurrency in a geographical area, the cost of sacrificing the environment is acceptable, and this trade-off is higher than the negative impact of mining."
▌Grayscale said the US SEC's suspension of its digital large-cap fund trading was "unexpected"
▌Grayscale Presses Forward After SEC Suspends Conversion of Its Cryptocurrency ETF
The U.S. Securities and Exchange Commission (SEC) has decided to suspend the Grayscale Digital Large Cap Fund LLC's listing a day after approving its conversion into an exchange-traded product (ETP). A Grayscale spokesperson responded that the company remains committed to promoting the listing of the fund and is working closely with key stakeholders to meet relevant requirements. About 80% of the fund's assets are Bitcoin, 11% are Ethereum, and also include Solana, Cardano and XRP. The suspension is interpreted as the SEC is developing a more complete framework for the listing of crypto ETFs. Analysts pointed out that once the rules are clear, more single spot crypto ETFs (such as XRP, SOL, ADA, etc.) may be approved.
▌Riot Platforms: Mining produced 450 BTC in June, and the total amount of Bitcoin held increased to 19,273
Nasdaq-listed Bitcoin mining company Riot Platforms released an unaudited production and operation update report for June 2025, which disclosed that mining produced 450 BTC in June, a decrease from the mining output of 514 BTC last month, a month-on-month decrease of 12%. In addition, the company sold 397 BTC last month, and the total amount of Bitcoin held has increased to 19,273.
Important Economic Dynamics
▌Trump: Trade letters have been signed and will be sent on Monday
US President Trump issued a statement on the letters to trading partners, saying that he did sign some letters, and the trade letters have been signed and will be sent on Monday. 12 countries have responded to this matter. (Jinshi)
▌Analyst: The market's preference for the US dollar is weakening
According to Jinshi data, Swissquote senior market analyst Ipek Ozkardeskaya: The preference for the US dollar is weakening. First, concerns about US debt are heating up, and second, the preference for US debt is facing risks. Another reason is that the tariff situation and trade disruptions will have a negative impact on US economic growth, and the Fed may not be able to support the economy when inflation risks rise.
▌The probability of the Fed keeping interest rates unchanged in July is 95.3%
According to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in July is 95.3%, and the probability of a 25 basis point rate cut is 4.7%. The probability of the Fed keeping interest rates unchanged in September is 33%, the probability of a cumulative 25 basis point rate cut is 64%, and the probability of a cumulative 50 basis point rate cut is 3%.
▌Trump: No progress with Russian President Vladimir Putin
US President Trump: Had a long phone call with Russian President Vladimir Putin to discuss Iran and Ukraine. No progress was made with Russian President Vladimir Putin.
▌Federal Reserve Bank of China's Bostic: The US economy may experience higher inflation for a longer period of time
Federal Reserve Bank of China's Bostic said on Thursday that high inflation in the United States may continue for some time, which may penetrate into consumer psychology, and it may take a year or more for companies to adapt to changes in trade and other policies. This suggests a reason to be patient before cutting interest rates. "The main conclusion is that the adjustment of prices and the broader economy to U.S. trade and other upcoming policies, as well as geopolitical developments, will not be a short-lived and simple one-off price change, as the standard textbook models suggest," he said. "Rather, this looks more and more like a process that could take a year or more to fully play out." "If I'm right, then the U.S. economy could be in for a longer period of high inflation." Bostic said, "I don't expect a sharp surge in prices, but rather a steady rise," which could seep into consumer inflation expectations and pose a greater challenge to the Fed. He also said that the non-farm data released on Thursday showed that new jobs were created more than expected and the unemployment rate fell slightly to 4.1%, and "labor market conditions remain healthy overall," and have not yet shown signs of deterioration that might require a preemptive rate cut. He said that the current high uncertainty in the direction of employment, economic growth and inflation "is not the time for a major shift in monetary policy," and he believes that the FOMC's current wait-and-see attitude is still appropriate.