Headlines
▌The U.S. Senate passed the stablecoin GENIUS Act, and the focus turned to the House
The U.S. Senate passed the landmark GENIUS Act on Tuesday, advancing the U.S. federal government's regulatory efforts on stablecoins and putting pressure on the House of Representatives to plan the next stage of the country's regulatory efforts on digital assets. This is the first time that the Senate has passed important cryptocurrency legislation. Republican Senator Bill Hagerty, the sponsor of the GENIUS Act, thanked some of his fellow senators for their support before the formal vote. Less than a week ago, lawmakers voted overwhelmingly to pass the bill, and many expected it to pass. Next, the House of Representatives needs to decide how to move forward. In April, the House Financial Services Committee proposed its own stablecoin legislation, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act. However, the bill has not yet been submitted to the full House for a vote.
▌Trump calls on Iran to surrender unconditionally
US President Trump posted on social media, calling on Iran to surrender unconditionally.
Market
As of press time, according to CoinGecko data:
BTC price is $104,691, up or down -2.2% in 24 hours;
ETH price is $2,516.29, up or down -2.0% in 24 hours;
BNB price is $648.83, up or down -0.5% in 24 hours;
SOL price is 148.20 US dollars, 24 hours up and down -2.4%;
DOGE price is 0.1701 US dollars, 24 hours up and down -2.4%;
XRP price is 2.16 US dollars, 24 hours up and down -4.4%.
TRX price is 0.2718 US dollars, 24 hours up and down -1.4%.
Policy
▌Fed to meet to discuss easing leverage ratio requirements for banks
The Federal Reserve will meet to discuss plans to ease leverage ratio requirements for large banks, which is expected to kick off a broad plan to rethink bank rules. The Fed announced that it will hold a meeting of its board of governors on June 25 to discuss revising the so-called "supplementary leverage ratio," which requires banks to set aside capital against assets regardless of risk. It will be the first meeting since Fed Governor Bowman was confirmed as the Fed's top regulator. Easing leverage ratio requirements could be the first of several plans by the Fed to relax rules aimed at reforming how the central bank regulates and oversees some of the largest and most complex banks in the United States. The Fed did not provide any details of the proposals it is considering, but banks have been asking for years to revise the supplementary leverage ratio, which could exempt traditionally safe assets or modify the formula used to calculate the leverage ratio. Banks say the supplementary leverage ratio could actually hinder their ability to access intermediate Treasury markets during times of stress.
▌US President Trump hopes to completely resolve the nuclear issue with Iran
According to a CBS reporter: US President Trump hopes to completely resolve the nuclear issue with Iran. Israel is not expected to slow down its actions against Iran.
▌US attack on Iran is one of the options Trump is considering
According to the Wall Street Journal, US government officials said that Trump was considering a range of options, including the possibility of a US attack on Iran, when he met with senior advisers in the Situation Room on Tuesday. Officials said no decision has been made yet. The officials said that Trump, who has been urging a diplomatic solution to the problem, wants to ensure that Iran cannot develop its own nuclear capabilities.
▌Thai Cabinet approves five-year personal income tax exemption for profits from cryptocurrency sales
According to Bitcoin Magazine, the Thai cabinet approved a five-year personal income tax exemption for profits from cryptocurrency sales.
Blockchain Application
▌JPMorgan Chase will pilot the issuance of deposit tokens JPMD on the Base network
JPMorgan Chase & Co. will launch a token pilot called JPMD, which represents the U.S. dollar deposits of the world's largest bank, indicating that financial institutions are further deepening their layout in the field of digital assets. The deposit token JPMD will be piloted on the blockchain associated with Coinbase. According to Naveen Mallela, global co-head of Kinexys, JPMorgan Chase's blockchain division, in an interview, the bank will conduct a transaction in the next few days to transfer a certain amount of JPMD from the bank's digital wallet to Coinbase Global Inc., the largest cryptocurrency trading platform in the United States. Coinbase seeks approval from the U.S. SEC to offer blockchain-based stocks According to market news, Coinbase is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stocks.
▌Plasma: The deposit limit will no longer be increased, and the total limit is 1 billion US dollars. The official statement of the stablecoin project Plasma stated, "The deposit limit will no longer be increased, and the total limit is 1 billion US dollars. As the recharge channel is closed, the system will continue to operate. Before the lock-up period begins, users can still withdraw at any time, but withdrawals or transfers of voucher tokens will reduce the allocated share."
▌OKX announced its official entry into the German and Polish markets
According to the official announcement, OKX announced that it has officially launched a fully compliant centralized cryptocurrency trading platform in Germany and Poland. Users in Germany or Poland can trade more than 270 cryptocurrencies, including more than 60 cryptocurrencies and the euro. Trading pairs.
▌Deutsche Bank plans to launch a tokenization platform in November
Deutsche Bank is preparing to launch a minimum viable product (MVP) for asset tokenization and services for its blockchain-as-a-service platform in November 2025, aiming to reduce the initial hardware and infrastructure costs of companies exploring tokenization. The platform will allow asset managers, wealth advisors and other financial companies to create, distribute tokenized assets and support service tokenization. It is reported that Deutsche Bank has previously experimented with tokenized assets through its digital asset management platform Digital Asset Management Access 2 (Dama 2).
▌VanEck to launch digital asset fund VanEck PurposeBuilt Fund
Asset management company VanEck announced plans to launch a private digital asset fund called VanEck PurposeBuilt Fund this month. The fund is expected to be managed by VanEck's Digital Asset Alpha Fund (DAAF) team and will focus on the Avalanche blockchain ecosystem, investing in tokenized Web3 projects in industries such as gaming, financial services, payments and artificial intelligence, as well as investing in projects with long-term token utility during the Token Generation Event (TGE) stage.
▌Liu Qiangdong: JD.com will apply for stablecoin licenses in major currency countries around the world
JD.com Group Chairman Liu Qiangdong said in a sharing session that JD.com hopes to apply for stablecoin licenses in all major currency countries around the world, and then use the stablecoin license to achieve exchange between global companies, reducing global cross-border payment costs by 90% and increasing efficiency to within 10 seconds. "Now it takes an average of 2 to 4 days for companies to remit money, and the cost is quite high. After the B-end payment is completed, we will penetrate into the C-end payment. I hope that one day everyone can use JD.com stablecoin to pay when consuming around the world." Liu Qiangdong said.
Cryptocurrency
▌USDC Treasury destroyed more than 130 million USDC on the Solana chain
According to the on-chain data tracking service Whale Alert, at around 2:07 pm Beijing time on the 17th, USDC Treasury destroyed 63,055,257 USDC on the Solana chain. In addition, at around 12:45 noon on the 17th, USDC Treasury destroyed more than 69 million USDC on Solana.
▌US SEC postpones approval of Franklin XRP and Solana spot ETFs
According to market news, the U.S. Securities and Exchange Commission (SEC) has postponed approval of Franklin XRP spot ETF and Solana spot ETF.
▌Ark Invest Reduces $51.7 Million in Circle Stock
Cathie Wood's Ark Invest reduced its holdings of 342,658 shares of Circle through its three ETFs on Monday, with a total value of $51.7 million. Circle's stock price rose 13.1% on the day, closing at a record high of $151.06, nearly five times its $31 IPO price.
▌Interactive Strength Completes First Round of $55 Million Financing and Begins Purchasing FET Tokens on the Open Market
Interactive Strength Inc. (NASDAQ: TRNR) announced the completion of its first $55 million financing and has begun purchasing AI tokens FET on the secondary market through BitGo. The company expects to become the largest cryptocurrency vault holder focused on AI tokens among U.S. listed companies. The financing was provided by private equity firm ATW Partners and cryptocurrency market maker DWF Labs.
▌DDC Enterprise intends to raise $528 million to expand its Bitcoin reserves
DDC Enterprise Limited, a New York Stock Exchange-listed company, announced that it has signed three securities purchase agreements, which are expected to raise up to $528 million after deducting placement agent fees and issuance expenses. Investors include Anson Funds, Animoca Brands, Kenetic Capital, QCP Capital and a network of leading institutional funds and individual Bitcoin investors. The funds raised will be used to expand the company's Bitcoin reserves.
Important Economic Dynamics
▌Fed Mouthpiece: If it weren't for the risk posed by tariffs on prices, the Fed would be ready to cut interest rates this week
"Fed Mouthpiece" Nick Timiraos: There is good reason to think that if it weren't for the risk posed by tariffs on prices, the Fed would have been ready to cut interest rates this week because of the recent improvement in inflation. I think the past five years have changed people's views on inflation and what might happen.
▌CME "Federal Reserve Watch": The probability of the Federal Reserve cutting interest rates in July is 14.5%
CME "Federal Reserve Watch" shows: The probability of the Federal Reserve keeping interest rates unchanged in July is 85.5%, the probability of a cumulative interest rate cut of 25 basis points is 14.5%, and the probability of a cumulative interest rate cut of 50 basis points is 0%; The probability of keeping interest rates unchanged by September is 32.8%, the probability of a cumulative interest rate cut of 25 basis points is 58.2%, and the probability of a cumulative interest rate cut of 50 basis points is 8.9%; The probability of keeping interest rates unchanged by December is 5.5%, the probability of a cumulative interest rate cut of 25 basis points is 26.0%, the probability of a cumulative interest rate cut of 50 basis points is 41.3%, the probability of a cumulative interest rate cut of 75 basis points is 24.1%, and the probability of a cumulative interest rate cut of 100 basis points is 3.0%.
Golden Encyclopedia
▌How does the 10-year Treasury yield affect crypto?
Cryptocurrency yields and stablecoins are part of the broader financial world, and the 10-year Treasury yield affects investor behavior, which in turn affects the cryptocurrency market. The US dollar is the world's reserve currency, and US bonds are a global safe haven. Changes in the 10-year US Treasury yield will cause shocks around the world. For cryptocurrency investors, this global impact sets the backdrop. Rising 10-year Treasury yields may portend a tougher market environment for cryptocurrency prices and yields, especially amid global market turmoil. Conversely, low yields tend to stimulate risk appetite, boosting speculative assets such as cryptocurrencies.