The United States builds a strategic BTC reserve facility and the crypto market structure bill will be completed by the end of September

Headlines

▌White House Digital Asset Policy Advisor: The United States is working on building the infrastructure for strategic Bitcoin reserves

FOX Business reporter Eleanor Terrett said that White House Digital Asset Policy Advisor Bo Hines confirmed that the United States is working on building the infrastructure for strategic Bitcoin reserves. He pointed out that although Trump's executive order issued in March this year did not force the Treasury Department to publish a report on the current US government's holdings of Bitcoin (BTC), the US government may choose to publish it publicly. He also added that the US government is "very inclined" to increase its Bitcoin holdings in a budget-neutral way.

▌Chairman of the US Senate Banking Committee: The Crypto Market Structure Bill will be completed by September 30

Tim Scott, chairman of the US Senate Banking Committee, said that the Crypto Market Structure Bill will be completed by September 30, which is beyond the August deadline set by Trump.

Market

As of press time, according to CoinGecko data:

BTC price is $107,047, 24 hours ups and downs -0.2%;

ETH price is $2,415.77, 24 hours ups and downs -0.1%;

BNB price is $642.31, 24 hours ups and downs -0.5%;

SOL price is 139.14 US dollars, 24 hours ups and downs -3.0%;

DOGE price is 0.16 US dollars, 24 hours ups and downs -2.8%;

XRP price is 2.11 US dollars, 24 hours ups and downs -3.5%.

TRX price is 0.2709 US dollars, 24 hours ups and downs -0.8%.

Policy

▌The U.S. House of Representatives passed a bill instructing the Department of Commerce to promote blockchain technology

According to Bitcoin Laws, the U.S. House of Representatives passed a bill instructing the Department of Commerce to promote blockchain technology. The bill, called the Deploying American Blockchains Act, requires the Department of Commerce to: 1. Develop policies to enhance U.S. competitiveness; 2. Coordinate the adoption of blockchain technology by various agencies; 3. Issue relevant guidelines; 4. Support the development of open source infrastructure.

▌The U.S. Federal Housing Finance Agency, Fannie Mae, and Freddie Mac jointly established the U.S. FinTech LLC

The U.S. Federal Housing Finance Agency, Fannie Mae, and Freddie Mac jointly established the U.S. FinTech LLC. It was previously reported that the U.S. housing regulator asked the "two houses" to be prepared to use cryptocurrencies as mortgage collateral.

▌Canadian banking regulator: ready to regulate stablecoins, and is developing a regulatory framework

Canadian banking regulators said they are ready to regulate stablecoins, and a regulatory framework is being developed.

▌The Central Bank of Brazil will launch a public consultation on digital asset accounting rules

The Central Bank of Brazil will launch a public consultation on digital asset accounting rules on August 24, aiming to update the accounting treatment of digital assets held by companies. The new rules will establish different accounting standards based on the source of assets (such as purchases, pledge rewards or airdrops), requiring monthly reassessment at fair value.

Blockchain Applications

▌Galaxy Completes First External Fund Raising $175 Million

Crypto giant Galaxy announced the completion of its first venture capital fund raising, totaling $175 million, exceeding the original $150 million target. The fund is the first time Galaxy has introduced external capital, focusing on investments in the intersection of traditional finance and blockchain, such as stablecoins and decentralized finance. Galaxy has deployed approximately $50 million in projects such as Monad and Ethena.

▌Ripple Integrates XRP Ledger with Wormhole to Enhance Multi-Chain Interoperability

Ripple has enhanced multi-chain interoperability by integrating XRP Ledger with Wormhole and its EVM-compatible sidechain. The integration allows crypto assets, stablecoins, and tokenized RWAs to move seamlessly between more than 35 blockchain networks, including Ethereum, Solana, and Avalanche. "Interoperability is critical if you want real mass adoption," said David Schwartz, CTO of Ripple.

▌Niural, an encrypted payroll platform, completes $31 million in Series A funding

Niural, an encrypted payroll platform, recently completed a $31 million Series A funding round, led by Marathon Management Partners. The company focuses on developing a global PEO (professional employer organization) and payment platform that integrates AI technology with a proprietary tax engine.

Cryptocurrency

▌Bakkt updates investment policy and announces $1 billion securities issuance plan, aiming to bring digital assets such as Bitcoin into the company's treasury

According to documents released by Bitcoin Magzine, Bakkt, a listed company focusing on the digital asset field, has updated its investment policy and announced a $1 billion securities issuance plan, aiming to bring digital assets into the company's treasury. The screenshot of the document shows that to support this new strategy and provide funding flexibility for potential digital asset acquisitions, Bakkt has submitted a hybrid securities issuance plan of up to $1 billion. The plan covers a variety of securities types such as Class A common stock, preferred stock, debt securities, warrants and units. The company said that it could use the proceeds of the issuance, excess cash or existing capital sources to acquire digital assets in the future, but it must comply with the restrictions in the investment policy. In addition, Bakkt also plans to explore other opportunistic financing options, including issuing convertible notes, bonds or other debt instruments for the purchase of digital assets or other purposes consistent with its investment policy.

▌Paypal CEO: Creating a real stablecoin use case for customers

Paypal CEO said that it is creating a real stablecoin use case for customers.

▌Genius Group Board of Directors Approves Future Legal Winning Proceeds Distribution and Bitcoin Purchase Plan

Genius Group (NYSE: GNS) Board of Directors approved the distribution plan of future legal winnings, and the net proceeds will be evenly distributed for special dividends to shareholders and the purchase of Bitcoin. The company is currently involved in two major lawsuits, one is a RICO lawsuit against LZGI International executives, claiming more than $750 million; the other is a lawsuit against naked short selling, with an initial estimated loss of approximately $250 million. CEO Roger Hamilton said the lawsuits are intended to compensate shareholders for losses, so all proceeds will be distributed directly or reinvested for the benefit of shareholders. The company emphasized that all distributions will comply with the relevant provisions of the SEC, NYSE and Singapore laws. Coinbase Derivatives announced that it will launch the US Perpetual-Style Futures product on July 21, one of the first such products in the United States. The product will follow CFTC regulations and provide a leveraged trading experience that closely tracks spot prices. The first contracts to be launched include nano Bitcoin Perpetual Futures (0.01 BTC) and nano Ethereum Perpetual Futures (0.10 ETH). These products use a funding rate mechanism to align futures prices with the spot market and provide 24/7 trading and a long-term contract design with a 5-year expiration.

▌Bitwise Submits Revised S-1 Forms for Spot DOGE and Aptos ETFs to the U.S. SEC

Bloomberg analyst Eric Balchunas posted on the X platform that Bitwise has submitted revised S-1 forms for spot DOGE and Aptos ETFs to the U.S. SEC.

▌Coinbase shares hit a record closing high, soaring 40% in the past month

Coinbase (stock code: COIN) shares closed on Thursday at their highest level since listing in April 2021. According to The Block's COIN price data, the stock closed at $375.07 per share, up 5.5%. Coinbase's stock price has soared recently, rising nearly 24% in the past five trading days alone and 40% in the past month. Coinbase's previous all-time high closing price was $357.39 in November 2021. The company's market value has soared to $89 billion.

▌New York judge again rejected the US SEC's settlement request with Ripple

Analisa Torres, a federal judge in the Southern District of New York, rejected the settlement request made by the SEC and Ripple for the second time. The request proposes to reduce the fine to $50 million and revoke the permanent injunction, but the judge believes that Ripple may still violate the law again and the injunction must be maintained. Analisa Torres, a district judge in the Southern District of New York, believes that the key point is the proposal to cancel the permanent injunction, not the $50 million civil penalty (which is lower than the $125 million initially sentenced by the court last year). She wrote in Thursday's ruling that, as the SEC recommended at the time, a permanent injunction prohibits further violations of federal securities laws "because Ripple has made huge amounts of money in the process of violating the law and Ripple has an incentive to continue violating the law, so this injunction is necessary."

Important Economic Dynamics

▌Fed Collins: July rate cut may be too early

Collins, president of the Federal Reserve Bank of Boston, said that a July rate cut may be too early, and the baseline outlook is to resume rate cuts later this year, and the Federal Reserve has time to carefully evaluate the incoming information.

▌The probability of the Federal Reserve keeping interest rates unchanged in July is 79.3%

According to CME's "Fed Watch": The probability of the Federal Reserve keeping interest rates unchanged in July is 79.3%, and the probability of a 25 basis point rate cut is 20.7%. The probability of the Federal Reserve keeping interest rates unchanged in September is 6%, the probability of a cumulative 25 basis point rate cut is 74.9%, and the probability of a cumulative 50 basis point rate cut is 19.1%.

Golden Encyclopedia

▌What is the difference between gold-backed stablecoins and dollar-backed stablecoins?

Both gold-backed tokens and dollar-backed tokens are stablecoins, but they differ in several ways. Gold-backed stablecoins and dollar-backed stablecoins differ primarily in the collateral that backs their value. Gold-backed stablecoins are pegged to physical gold, usually at a fixed ratio, while some dollar-backed stablecoins are backed by U.S. dollars, short-term and cash deposit reserves. The value of gold-backed stablecoins fluctuates based on the market price of gold, which may experience short-term fluctuations but tend to appreciate in the long run. Dollar-backed stablecoins maintain a 1:1 peg to the U.S. dollar, ensuring more predictable short-term stability. Unless external factors such as regulatory changes or reserve mismanagement affect the peg, its value will remain stable. USD-backed stablecoins are more liquid and widely accepted in the crypto ecosystem, including exchanges, payment systems, and DeFi applications. They are often used for trading and lending. Gold-backed stablecoins, while helpful for preserving value, are rarely integrated into DeFi protocols due to concerns about low liquidity. Stablecoins backed by gold can hedge against inflation and attract investors seeking growth. USD-backed stablecoins are favored by investors seeking stability and a store of value.