Headline
▌China-US economic and trade talks begin in Stockholm, Sweden
On July 28th local time, economic and trade delegations from China and the United States held China-US economic and trade talks in Stockholm, Sweden. (Xinhua)
▌TRON INC submits application to US SEC for $1 billion hybrid securities offering
TRON INC has submitted an application to the US Securities and Exchange Commission (SEC) for a mixed securities offering (Mixed Shelf), with a maximum amount of $1 billion.
Market
As of press time, according to CoinGecko data:
BTC price is $118,066, up or down -1.2% in the past 24 hours;
ETH price is $3,794.23, up or down -1.7% in the past 24 hours;
BNB price is $823.29, up or down -2.5% in the past 24 hours;
-2.6%; the price of DOGE is $0.2265, with a 24-hour increase or decrease of -6.0%; the price of XRP is $3.12, with a 24-hour increase or decrease of -3.5%. The price of TRX is $0.322, with a 24-hour increase or decrease of +0.6%. The Trump administration plans to further integrate crypto assets into the US economy, including including digital assets like Bitcoin in 401(k) retirement accounts and mortgage asset assessments. The Federal Housing Finance Agency has asked Fannie Mae and Freddie Mac to consider borrowers' crypto assets as collateral, sparking opposition from Democrats like Senator Elizabeth Warren, who worry that this move could destabilize the financial system. The White House will also release a major crypto asset strategy report on Wednesday and may sign an executive order to promote greater diversification of retirement investments, including cryptocurrencies. The market is also focused on whether the report will address Federal Reserve mechanisms such as the "Bitcoin Strategic Reserve." Earlier this month, Trump passed the "GENIUS Act," finalizing stablecoin regulation legislation. The House of Representatives has passed the relevant market structure bill, and the Senate is drafting a version, expecting to receive industry feedback by August 5th. Despite the congressional recess, the Trump administration has placed crypto on its agenda for the second half of this year. Confirmation of US CFTC Chairperson Quintenz Faces Another Delay, Uncertain of Crypto Regulatory Dominance. Trump's nominee for Commodity Futures Trading Commission (CFTC) Chairman, Brian Quintenz, has faced another delay in his confirmation by the Senate Agriculture Committee, marking the second time his nomination has been thwarted. The CFTC is seen as a key institution in the future of US cryptocurrency regulation. The vote, originally scheduled for Monday, was canceled without explanation. With the Senate about to enter its August recess, any further appointments will be delayed. If Quintenz is ultimately confirmed, the CFTC could be left with only one Democratic commissioner, raising concerns about the legality of regulatory decisions made by a "one-person commission." The US Congress is advancing new legislation that would empower the CFTC to regulate the crypto spot market, and the delay in Quintenz's confirmation may create uncertainty about the relevant legislative and regulatory framework. Bakkt Sells Loyalty Business for $11 Million, Transforming into a Pure Crypto Company and Raising Funds to Purchase Bitcoin. Nasdaq-listed technology platform Bakkt announced the sale of its loyalty business for $11 million, accelerating its transformation into a pure crypto infrastructure company. The transaction is expected to close in the third quarter of 2025. Bakkt also plans to publicly offer Class A shares and prepaid warrants to raise funds for Bitcoin purchases, working capital, and other corporate needs. The company disclosed second-quarter crypto revenue is expected to be between $568 million and $569 million. The timing and terms of the public offering will depend on market conditions. PayPal now allows US merchants to accept over 100 cryptocurrencies. According to Fortune, PayPal now allows US merchants to accept over 100 cryptocurrencies. Standard Chartered Bank's crypto trading platform, Zodia Markets, has secured $18.25 million in funding. Standard Chartered Bank's crypto trading platform, Zodia Markets, has secured $18.25 million in funding, led by New York venture capital firm Pharsalus Capital, with participation from Circle Ventures, Token Bay Capital, and XVC Tech. Following this round of funding, Standard Chartered Bank's stake in Zodia Markets has dropped from 84% to 60%. Zodia Markets, founded in 2021, provides over-the-counter cryptocurrency brokerage services. The new funds will be used to expand into East Asia, Latin America, and the US, as well as expand its stablecoin business. The company currently has a team of approximately 50 people and prioritizes profitability, avoiding reckless expansion. MARA Holdings Raises $950 Million in Convertible Bonds to Increase Bitcoin Holdings. According to official news, MARA Holdings successfully raised $950 million through the issuance of 0% convertible bonds to increase its Bitcoin holdings, repay $50 million in old bonds, and for general corporate purposes. Upexi Plans to Sign $500 Million Equity Facility Agreement to Increase SOL Holdings. Nasdaq-listed Upexi (NASDAQ: UPXI) announced an equity facility agreement with A.G.P./Alliance Global Partners. Under the terms of the agreement, Upexi may sell up to $500 million of the company's common stock at its sole discretion. No commitment fees were charged for the agreement, and the proceeds will be used for the company's general operating purposes and to expand its Solana asset reserve strategy.
▌US SEC Delays Review of Truth Social and Grayscale Cryptocurrency ETF Applications
According to market news: The U.S. Securities and Exchange Commission (SEC) announced a delay in its review of two cryptocurrency ETF applications: Truth Social's spot Bitcoin ETF application; and Grayscale's spot Solana ETF application.
▌US-listed medical company Liminatus Pharma plans to raise $500 million to invest in BNB
▌Liminatus Pharma, Inc. (NASDAQ: LIMN), a preclinical-stage biopharmaceutical company, today announced plans to strategically expand into the cryptocurrency and blockchain sectors. The company plans to establish a subsidiary, "American BNB Strategy," to lead its digital asset investment and management initiatives. Through this platform, Liminatus plans to raise and deploy up to $500 million in phases, aiming to make strategic, long-term investments in BNB. ARK Invest and SOL Strategies Enter Exclusive Staking Partnership Cathie Wood's ARK Invest has announced that it has selected Canada-based SOL Strategies as the exclusive Solana staking partner for its "Digital Asset Fund." Under the agreement, ARK Invest will migrate its validator node operations to SOL Strategies' staking infrastructure.
▌Cboe submits applications for Canary's pledged INJ fund and Invesco's spot Solana ETF
Cboe BZX Exchange submitted two crypto ETF applications to the SEC on Monday, namely the pledged INJ fund initiated by Canary and the Solana spot ETF jointly developed by Invesco and Galaxy. Both applications are the first step in the SEC's approval process. The Canary Fund tracks Injective's native asset INJ and introduces a pledge mechanism. Currently, the SEC's review atmosphere has become more relaxed under the leadership of the Trump administration, and it is simultaneously evaluating a number of fund proposals including DOGE, SOL, XRP, etc. Previously, the SEC's Corporate Finance Division hinted that some pledge activities do not constitute securities issuance, sending a positive signal for pledged ETFs.
▌Tether minted 1 billion USDT on the Tron network
According to WhaleAlert monitoring, Tether Treasury minted 1 billion USDT on the Tron network at 16:13:42 yesterday.
▌The US SEC invites public comment on whether to approve Cboe's listing of the Franklin Templeton XRP spot ETF
According to crypto journalist Eleanor Terrett, the US SEC has again invited public comment on whether to approve or reject Cboe's proposal to list the Franklin Templeton XRP spot ETF. The deadline for comments and rebuttals is the end of July. Mill City Ventures III, Ltd. Announces $450 Million Private Placement to Launch Sui Financial Strategy According to Businesswire, Mill City Ventures III, Ltd. (NASDAQ:MCVT), a non-bank lender and financial company, announced that it has signed a securities purchase agreement to invest in public equity through a private investment, purchasing and selling 83,025,830 shares of common stock at a price of $5.42 per share, for expected gross proceeds of approximately $450 million (after deducting placement agent fees and other offering expenses). Hedge fund Karatage led the investment, with the Sui Foundation providing an equal investment. The offering is expected to close on or about July 31, 2025. The company plans to use approximately 98% of the net proceeds from the private placement to acquire SUI, the native token of the Sui blockchain, and approximately 2% to support its short-term lending business. SUI will serve as the company's primary financial reserve asset. Qubic's Plan to Control 51% of Monero's Hashrate Raises Security Concerns and May Lead to Network Transaction Disruptions. Qubic, a blockchain project led by IOTA co-founder Sergey Ivancheglo (CFB), has already controlled over 20% of Monero's hashrate using the "Useful Proof-of-Work" (upoW) mining method. The project aims to achieve over 51% control between August 2nd and 31st as a demonstration of its technological prowess. Qubic rewards miners for participating in Monero CPU mining, rapidly amassing significant computing power. Qubic also uses the Monero tokens it mines for stablecoins and supports the buyback and burn of its own tokens, creating an economic incentive mechanism. This move has raised serious concerns within the Monero community regarding the network's decentralization and security. If Qubic controls more than half of the hashrate, it could reject valid blocks from other mining pools, leading to orphaned blocks and transaction delays, seriously disrupting the network's operations. Qubic plans to stop publishing hash rate data starting August 2nd, aiming to alert the public to the risk of a 51% attack. Analysts point out that Monero spends approximately $130,000 daily on network security, but it's possible to gain control of a majority of the hash rate with an investment of only $7,000 to $10,000 per day, exposing potential weaknesses in the incentive structure of proof-of-work (PoW) networks. This incident represents a crisis not only for Monero but also serves as a wake-up call for all PoW blockchains.
Important Economic Developments
Trump: Global Tariffs to be Between 15% and 20%
US President Trump said he expects the United States to impose tariffs of 15% to 20% on countries that have not reached trade agreements with Washington. "I think it's going to be between 15% and 20%," Trump told reporters after meeting with British Prime Minister Starmer at his golf resort in Turnbury, Scotland. "It's probably going to be one of those two numbers." Trump said the United States will soon send letters to approximately 200 countries informing them of the expected tariff rates on US exports. Trump imposed an additional 10% tariff on most countries starting in April, and tariffs on many other countries will increase on August 1st. U.S. Commerce Secretary Lutnick stated that Trump will make tariff decisions on other countries this week. Trump will consider several agreements this week and then determine tariff rates. For those countries that offer access, our negotiating table is ready. Is BTC a safe haven during trade wars? Bitcoin's growing resilience stems from its maturing market, growing institutional adoption, and its appeal as a non-sovereign, transferable hedge during times of financial or geopolitical stress. While it's not yet the ultimate safe haven, it has clearly transcended its speculative roots and is gaining ground. This growing momentum stems in part from structural factors. Over the past few years, the Bitcoin market has matured. Institutional adoption has increased. Spot Bitcoin ETFs are now available on major markets. Custody solutions are also more established. Perhaps most importantly, there's a broader understanding of Bitcoin's significance. Bitcoin is no longer simply a speculative currency. It's a tool for asserting financial sovereignty, hedging against fiat currency debasement, and pushing the boundaries of politicized financial infrastructure. Furthermore, Bitcoin is completely non-sovereign. In the context of a trade war, where fiat currencies can be weaponized and capital controls are imposing, Bitcoin is extremely attractive to those seeking to move funds across borders without interference. It's portable, permissionless, and increasingly liquid—three qualities people crave in times of crisis. This doesn't mean Bitcoin is now the undisputed king of safe-haven assets. Gold still plays that role for most conservative investors globally. The US dollar remains the default choice for liquidity in crises. Bitcoin's price volatility can still make people nervous. But you'll see it mature amidst market turmoil. It is no longer as marginalized as it once was.
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