Trump media applies for Bitcoin ETF, Senate Republicans push crypto tax bill

Headline

▌Trump Media Company Submits Bitcoin ETF Application, Plans to List on NYSE

Trump Media & Technology Group (DJT), a US-listed company, announced on Thursday that it has submitted the S-1 registration document for the issuance of the "Truth Social Bitcoin ETF" to the US Securities and Exchange Commission, and will be listed on the New York Stock Exchange after completing the approval process. The announcement stated that the ETF will directly hold Bitcoin and issue shares to investors, aiming to reflect the price performance of Bitcoin. Yorkville America Digital will serve as the fund sponsor and be responsible for regulatory compliance and operational management. Although the S-1 document does not have an approval deadline, the New York Stock Exchange has submitted the 19b-4 document for this ETF on Tuesday, and the US SEC needs to make a final approval decision within 240 days. Therefore, conservatively estimated, the Trump family industry's Bitcoin ETF will be listed before the beginning of next year.

▌US Senate Republicans push to include cryptocurrencies in tax and spending bills

According to Semafor, Wyoming Republican Senator Cynthia Lummis is pushing to add clauses to her party's tax and spending bill to reform the way the United States taxes cryptocurrencies. The core content includes extending the "wash sale rules" of securities transactions to the field of cryptocurrencies, which is expected to bring billions of dollars in tax revenue, while exempting Bitcoin miners from the obligation to report profits and losses. Lummis submitted a tax reform plan jointly drafted with Senator Kirsten Gillibrand to Senate Finance Committee Chairman Mike Crapo. Lummis emphasized that the current tax system has defects that need to be corrected, while Gillibrand believes that the time for legislation is not yet ripe. Members of the Finance Committee have consulted with President Trump on the content of the bill, and Louisiana Senator Bill Cassidy revealed that the president is concerned about the "work account benefits" clause. If passed, this proposal will become the first systematic crypto asset tax framework in the United States.

Market

As of press time, according to CoinGecko data:

BTC price is $101,642, up or down -3.0% in 24 hours;
ETH price is $2,420.45, up or down -7.3% in 24 hours;
BNB price is $633.39, up or down -4.4% in 24 hours;
SOL price is $144.18, up or down -5.8%；
DOGE price is $0.1719, 24-hour increase or decrease -8.7%；
XRP price is $2.1, 24-hour increase or decrease -4.8%。

Policy

▌New Federal Reserve Vice Chairman for Supervision Michelle Bowman will lead the direction of crypto regulatory policy

Earlier today, the U.S. Senate confirmed that Federal Reserve Board member Michelle Bowman was promoted to Vice Chairman for Supervision. The new vice chairman will have a say in both the banking access of cryptocurrencies and the issuance of stablecoins. The position of Vice President for Supervision was created after the 2008 global financial crisis to help the Fed focus on its regulatory duties, as distinct from its more well-known role managing U.S. monetary policy. Banking has been a pain point for the cryptocurrency industry, and the Fed and two other major banking regulators have previously taken a highly cautious approach to the crypto space, but in April this year they rescinded previous restrictions on banks providing services to the crypto industry. The Fed's potential regulatory role over stablecoin issuers remains unclear, and related regulatory legislation is still under discussion. Republican lawmakers have worked to exclude the Fed from stablecoin regulatory responsibilities, but the latest legislation under consideration still stipulates that the Fed will regulate stablecoins issued within banks and assess whether foreign regulators are competent enough to handle issuers outside the United States.

▌US congressman confirms Musk's remarks: congressmen did not know the contents of the bill until the night the bill was passed

US House of Representatives member Thomas Massie wrote, "The House has a 72-hour rule requiring bills to be published within 72 hours before they are passed. But the Speaker bypassed this rule through the 'Manager Amendment', which rewrote much of the bill and added important parts the night the bill passed the Rules Committee. The House of Representatives also has another rule that requires waiting at least one day after the Rules Committee amends a bill before voting. Can you believe it? The House of Representatives actually voted to suspend the so-called 'same-day rule'?! This means that the final text of the bill was not released until a few minutes before the debate began. The vote on the rule change and the vote on the bill took place in quick succession within a few hours. Musk is right that congressmen did not know the contents of the bill until the night the bill was passed. Several other members of Congress also made this clear."

Blockchain Applications

▌Bank of America: Robinhood is the best stock to join the S&P 500

Bank of America said that U.S. online brokerage Robinhood (HOOD.O) is the best stock to join the S&P 500. The index announced the results of its quarterly review on Friday, June 6.

▌Tether announced a strategic investment in African blockchain financial platform Shiga Digital

USDT issuer Tether announced a strategic investment in African blockchain financial platform Shiga Digital. The specific amount was not disclosed. Shiga Digital provides virtual accounts, over-the-counter trading services, fund management and foreign exchange (FX) services to African companies.

Cryptocurrency

▌Analysis: Bitfinex Bitcoin long positions fall to lowest level since December, may indicate bullish trend

According to TradingView data, BTC/USD leveraged long positions on Bitfinex have fallen to their lowest level since December last year. Historical data shows that this indicator usually has a reverse indication effect: long positions decrease during bull markets and increase during bear markets. For example, long positions increased significantly during the market decline in 2022 and the correction phase from $100,000 to $75,000 at the beginning of this year; while long positions continued to decline during the recent rebound from $75,000 to over $110,000. Crypto analysis company Alphractal pointed out that traders often misjudge the direction of the market, resulting in forced or voluntary liquidation, which drives the price to fluctuate in the opposite direction. The company's CEO João Wedson said: "As long as Bitfinex long positions continue to decline, the price of Bitcoin may continue to rise."

▌James Wynn: Close positions and accept failure, evil market makers beat Wynn 1-0

The whale James Wynn published a post admitting that the 40x long position on Bitcoin failed. He used limit orders to close positions in the continuous passive liquidation, and currently has no long positions. "I closed my position and accepted failure. The evil market maker defeated Wynn 1-0. ” The contract loss of its HyperLiquid account in the past 24 hours was about 1.655 million US dollars, the loss in the past 7 days was about 13.465 million US dollars, the loss in the past 30 days was about 28.06 million US dollars, and the total loss was about 21.79 million US dollars.

Important Economic Dynamics

▌The Chinese and US heads of state held a call: Both sides should make good use of the established economic and trade consultation mechanism and strive for a win-win result

The Chinese and US heads of state held a call. Xi Jinping pointed out that according to the proposal of the US side, the economic and trade leaders of the two countries held talks in Geneva, which was an important step in resolving economic and trade issues through dialogue and consultation. It was widely welcomed by all sectors of the two countries and the international community, and it also proved that dialogue and cooperation are the only correct choice. Both sides should make good use of the established economic and trade consultation mechanism, uphold an equal attitude, respect each other's concerns, and strive for a win-win result. In this regard, China is sincere and principled.

▌The number of first-time unemployment claims in the United States last week was 247,000 Higher than market expectations

The number of first-time unemployment claims in the United States last week was 247,000, with an estimate of 235,000. The previous value was revised from 240,000 to 239,000.

Golden Encyclopedia

▌What is market depth in cryptocurrency?

In cryptocurrency trading, market depth describes the market's ability to withstand a large number of orders without a noticeable impact on the price.

It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are often used to illustrate this data. It plots buy orders (bids) on one side and sell orders (asks) on the other side to reflect price levels.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.