U.S. House of Representatives passed the Big and American Act, and U.S. non-farm data in June was higher than expected

Headlines

▌The "Big and Beautiful" bill was voted through by the U.S. House of Representatives

On July 3, local time, the U.S. House of Representatives held a final vote on President Trump's massive tax cut and spending bill, the so-called "Big and Beautiful" bill. The final voting results showed that there were 218 votes in favor and 214 votes against, so the bill was passed by the House of Representatives. It is expected that the bill will be sent to the White House and officially promulgated after being signed by U.S. President Trump.

▌The number of non-farm payrolls in the United States increased by 147,000 in June, higher than market expectations

The number of non-farm payrolls in the United States increased by 147,000 in June, which was estimated to increase by 110,000 and the previous value was an increase of 139,000.

Market

As of press time, according to CoinGecko data:

BTC price is $109,616, up or down +0.6% in 24 hours;

ETH price is $2,588.37, up or down +0.2% in 24 hours;

BNB price is $662.98, up or down +0.4% in 24 hours;

Policy

▌White House: Trump will sign the Big and Beautiful Act into law on July 4

According to CCTV International News, the White House said on July 3rd local time that US President Trump will sign the so-called "Big and Beautiful" bill, which has been passed by both the Senate and the House of Representatives, at 5 pm local time on July 4 (5 am Beijing time on July 5), making it a formal law.

▌US Treasury Secretary: Stablecoin legislation is expected to drive demand for US Treasuries

US Treasury Secretary Benson said that stablecoin legislation is expected to drive demand for US Treasuries.

▌U.S. Senator Cynthia Lummis proposes a comprehensive crypto tax reform bill

U.S. Senator Cynthia Lummis proposed a comprehensive digital asset tax bill to achieve several key outcomes for the crypto industry and is committed to creating a fair competitive environment for digital asset users across the United States. "To maintain America's competitive advantage, we must reform the tax code to adapt to the digital economy rather than impose burdens on digital asset users," said Cynthia Lummis. "The public is welcome to comment on this legislation and strive to get it to the president's desk as soon as possible." According to estimates by the Congressional Joint Committee on Taxation, the bill is expected to generate approximately $600 million in net revenue between fiscal years 2025 and 2034. The bill proposes reform proposals for a number of digital asset tax issues, including: tax exemption for small transactions: establishing a $300 minimum rule, eliminating double taxation of miners and pledgers, tax equality between digital assets and traditional financial assets (such as lending, wash sales, market value taxation, etc.), and no valuation report required for charitable donations.

▌U.S. Treasury Secretary warns that tariffs may rise back to April 2 levels

U.S. Treasury Secretary Bessant warned the United States' trading partners not to extend trade negotiations, saying that if no progress is made, tariffs may rise back to April 2 levels. Bessant revealed that he will meet with EU negotiators today. When asked about the outcome of the discussion, he simply said, "We will see what happens with the EU." On the issue of U.S. debt, Bessant expressed confidence in market demand. He said that "there is a lot of demand for U.S. Treasuries," and demand for U.S. Treasuries at home and abroad remains strong. He described the debt management process as "orderly." Bessant also commented on interest rates, suggesting that "two-year Treasury bonds tell you that overnight rates are too high" and that "inflation expectations should fall back." He criticized the Federal Reserve, saying that the committee's judgment "seems a little bit biased." Regarding the operation of the Federal Reserve, Bessant said that "it is good for the Federal Reserve to control spending" and he hopes to "see the Federal Reserve reasonably adjust the size of its budget." When asked if he wanted Federal Reserve Chairman Powell to resign, Bessant declined to give a specific response. He noted that there are "many strong candidates for Federal Reserve chairman" and mentioned the possibility of "filling two Federal Reserve board positions next year."

Blockchain application

▌OpenAI: No tokens have been issued and no cooperation with Robinhood

OpenAI issued a statement on X that it has no cooperation with Robinhood. "OpenAI tokens" are not OpenAI equity, and it is not involved in this matter, nor does it endorse it. Any transfer of OpenAI equity must be approved by us-we have not approved any transfer.

▌YZi Labs announced an investment in Digital Asset

YZi Labs announced an investment in Digital Asset, an enterprise-level tool platform for building compliance solutions for regulated markets. The investment is based on Digital Asset's $135 million Series E round announced on June 24, with participation from major financial institutions including DRW, Tradeweb, DTCC, Citadel Securities and Goldman Sachs.

Cryptocurrency

▌Grayscale insists on moving forward after SEC suspends conversion of its cryptocurrency ETF

The U.S. Securities and Exchange Commission (SEC) decided to suspend the listing of Grayscale Digital Large Cap Fund LLC one day after approving its transformation 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. The fund's assets are approximately 80% Bitcoin, 11% Ethereum, and also include Solana, Cardano and XRP. The suspension was interpreted as the SEC developing a more complete framework for the listing of crypto ETFs. Analysts point out that once the rules are clear, more single spot crypto ETFs (such as XRP, SOL, ADA, etc.) may be approved.

▌Tether issues 1 billion USDT on the Ethereum network

According to Whale Alert monitoring, Tether issued 1 billion USDT on the Ethereum network at around 04:09 Beijing time today.

▌Circle issues $250 million USDC on the Solana chain

According to the on-chain analyst Onchain Lens, Circle has issued an additional $250 million USDC stablecoin on the Solana blockchain. Data shows that Circle has issued a total of 17.25 billion USDC in the Solana ecosystem so far in 2025.

▌New York law firm files class action lawsuit against Strategy, accusing it of false disclosure of Bitcoin investment information

According to The Block, the New York Pomerantz Law Firm recently filed a class action lawsuit against Strategy (formerly MicroStrategy), led by Michael Saylor, accusing the company of violating federal securities laws by making false and misleading statements about the profitability of its Bitcoin investment strategy. The lawsuit, filed in the Eastern District Court of Virginia, represents Strategy investors between April 30, 2024 and April 4, 2025. Other investors can join the class action by July 15. The main points of the lawsuit include that Strategy exaggerated the profitability of its Bitcoin investment strategy and fund management business, downplayed the volatility risk of Bitcoin, and failed to fully disclose the impact of adopting the new accounting standards (ASU 2023-08) on financial statements. Specifically, in the first quarter of 2025, due to the adoption of the new standard, Strategy reported an unrealized loss of $5.9 billion in digital assets, causing its stock price to fall by more than 8% at the time. Pomerantz accused the company of only emphasizing Bitcoin gains while concealing the significant losses that may occur under fair value measurement.

▌Nano Labs purchases 74,315 BNBs, 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 BNBs 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.

▌Data: 99% of Bitcoin holders are currently in a profitable state

Sentora (formerly IntoTheBlock) posted on the social platform that as the price of Bitcoin gradually approaches its historical high, 99% of currency holders are currently in a profitable state.

Important Economic Dynamics

▌The number of first-time unemployment claims in the United States last week was 233,000

The number of first-time unemployment claims in the United States last week was 233,000, the estimate was 241,000, and the previous value was 236,000.

▌The U.S. job market is stable, and the Fed may postpone restarting rate cuts until September

The U.S. job market performed solidly in June, with non-farm payrolls increasing by 147,000, higher than the revised 144,000 in May; the unemployment rate unexpectedly fell to 4.1%, while economists had expected a slight increase to 4.3%. The report shows that the labor market remains stable, which may allow the Fed to postpone the resumption of rate cuts until September. Although job growth exceeded expectations, the growth rate is slowing, mainly reflecting weak hiring activities. Layoffs remain quite low, and employers generally hoarded workers during and after the new crown pandemic because they had difficulty finding labor. Several indicators, including the number of first-time unemployment claims and the number of people receiving unemployment benefits, show that the labor market is showing signs of fatigue after a strong performance that protected the economy from recession. At that time, the Federal Reserve tightened monetary policy sharply to fight high inflation.

▌Traders abandon bets on a July Fed rate cut

The market currently has about an 80% probability of a Fed rate cut in September, down from 98% before the release of the non-farm payrolls report. Traders abandon bets on a July Fed rate cut.

Golden Encyclopedia

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

Gold-backed tokens and dollar-backed tokens are both 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 reserves of U.S. dollars, short-term, and cash deposits. The value of gold-backed stablecoins fluctuates based on the market price of gold, which may experience short-term volatility but tends to appreciate in the long run. USD-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. While gold-backed stablecoins help to preserve value, they 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 value storage.