Headline
▌The U.S. Senate passed the "Big and Beautiful" bill
According to CCTV News, on July 1, local time, the U.S. Senate passed a comprehensive tax cut and spending bill and submitted it to the House of Representatives. The U.S. Senate passed the comprehensive tax cut and spending bill proposed by U.S. President Trump with a vote of 51 to 50 that morning. During this period, senators voted on dozens of proposed legislative amendments. Republican Vice President Vance, who also serves as Senate President, cast a "deadlock-breaking" vote in the "tie" of 50 votes in favor and 50 votes against, and the amendment was passed with a vote of 51 to 50. The revised bill, which Trump called "big and beautiful", will now return to the House of Representatives, and House Speaker Mike Johnson will strive to pass the bill before the July 4 deadline set by Trump.
▌The U.S. SEC approved the conversion of the Grayscale "Digital Large Cap Fund" into an ETF
The U.S. Securities and Exchange Commission (SEC) approved the amendment to convert the Grayscale "Digital Large Cap Fund" into an ETF (covering BTC, ETH, XRP, SOL, ADA). Grayscale's "Digital Large Cap Fund" (Grayscale Digital Large Cap Fund, code GDLC) is a hybrid crypto fund of Bitcoin, Ethereum, Solana, XRP and Avalanche, currently traded over the counter. The fund is mainly composed of BTC (nearly 75%) and ETH (about 19%), and the rest is composed of SOL, XRP and AVAX.
Market
As of press time, according to CoinGecko data:
BTC price is $105,548, 24-hour increase or decrease -1.5%;
ETH price is $2,399.99, 24-hour increase or decrease -3.5%;
BNB price is $645.95, 24-hour increase or decrease -1.7%;
-5.3%; the price of DOGE is 0.1575 US dollars, with a 24-hour increase or decrease of -4.7%; the price of XRP is 2.17 US dollars, with a 24-hour increase or decrease of -3.1%. The price of TRX is 0.2787 US dollars, with a 24-hour increase or decrease of -0.5%.
Policy
▌Crypto Tax Benefits Fail to Be Included in Trump’s Big Beautiful Bill
The U.S. Senate narrowly passed President Donald Trump’s Big Beautiful Bill on Tuesday, but to the disappointment of crypto industry leaders, the bill failed to include a key tax amendment for crypto users that they had previously pushed for. In the final hours of intense negotiations before the bill’s passage, pro-crypto lawmakers and industry policy leaders, led by Sen. Cynthia Lummis (R-Wyo.), had worked to attach an amendment to the bill that included multiple crypto-related tax benefits for crypto miners, stakers, businesses holding large amounts of cryptocurrency, and ordinary digital asset users. However, time ran out and the amendment failed to make it to the Senate floor. One crypto policy leader called the outcome a “missed opportunity” and said they “just ran out of time.”
▌New York Attorney General writes to Congress: GENIUS Stablecoin Act lacks investor protection
New York Attorney General Letitia James warned Congress that the 2025 United States Stablecoin National Innovation Guidance and Establishment Act (GENIUS Act), passed by the U.S. Senate, "lacks the necessary guardrails to protect the American people." In an eight-page letter, James urged Congress to slow down the stablecoin legislation process and "take the time to draft a bill that will promote innovation while protecting our globally envied banking system." In the latest letter, James proposed a comprehensive revision of the bill, starting with regulating stablecoin issuers as banks and disqualifying non-bank issuers. She also required stablecoin issuers to be registered in the United States.
▌The U.S. SEC's Division of Corporation Finance issued new guidance on disclosure requirements for crypto exchange-traded products (ETPs) on July 1, 2025. The move is intended to provide greater clarity on the application of federal securities laws to crypto assets. The guidance details the specific content that issuers of crypto ETPs need to disclose in offering and registration documents. Crypto ETPs are defined as investment products listed and traded on national securities exchanges, and are typically structured as trusts that hold spot crypto assets or derivative instruments that reference crypto assets. According to the guidance, issuers of these ETPs must register their offerings and securities categories under the Securities Act of 1933 and the Securities Exchange Act of 1934, respectively. In addition, issuers of crypto ETPs are also subject to the anti-fraud provisions of federal securities laws.
▌Trump says he is willing to postpone the deadline for the passage of the "big and beautiful" bill
U.S. President Trump said on the same day that he was willing to postpone the deadline for his domestic policy bill and promised not to be "too crazy" in cutting spending. Trump said he hopes to pass the "big and beautiful" tax and spending bill before July 4, but he thinks it will be difficult to do so, so it may be passed around July 4. When asked whether some of the proposed amendments were too radical, Trump said he did not want to be "too crazy" in cutting spending, and that it was a large bill, and that a smaller bill would be easy to pass, but he did not think the effect would be so good.
▌Powell: A stable currency framework needs to be established
Federal Reserve Chairman Powell said that we believe a stable currency framework needs to be established and progress is being made.
▌Pakistan plans to deploy Bitcoin reserves to DeFi protocols to earn profits
Bilal Bin Saqib, chief adviser to the Pakistan Cryptocurrency Council, said that Pakistan's national Bitcoin reserves will be deployed to DeFi protocols to earn profits in the future. The Pakistan Cryptocurrency Council submitted a draft legal framework for national Bitcoin reserves on June 6, and the Ministry of Finance agreed to speed up the approval process. The government hopes to lead the global South in the development and adoption of digital assets. Bilal Bin Saqib was appointed chief adviser to the Pakistan Cryptocurrency Council in March 2025, responsible for guiding Pakistan to integrate cryptocurrency and blockchain technology into its financial ecosystem and ensure the development of a regulatory framework that meets global best practices. Michael Saylor will also serve as an advisor to help Pakistan establish Bitcoin reserves.
Blockchain Applications
▌Circle announces the launch of Circle Gateway, a developer service
Circle announced the launch of Circle Gateway, a developer service, with the goal of achieving unified USDC balances, instant cross-chain liquidity and other functions. There is no need for cross-chain pre-funding or rebalancing. Only one integration is needed to meet the needs of multiple chains. Users retain full control and can withdraw without permission. Test networks such as Base and Ethereum will be launched this month.
▌Boba receives $70 million capital commitment and reaches a token transfer agreement with FTX Recovery Trust
The Layer2 blockchain Boba Governance Foundation announced that it has received a $70 million capital commitment from the Awaken Foundation and LDA Capital to fund the continued development of the Boba Network and the expansion of the ecosystem. In addition, the Boba Governance Foundation has signed an agreement with the FTX Recovery Trust, and all BOBA tokens held by the trust have been transferred to the Foundation. In addition to other considerations and mutual waivers of claims, the FTX Recovery Trust has also obtained the right to purchase up to approximately 29.4 million BOBA tokens from the Boba Governance Foundation at a price of $0.09 each over the next 18 months.
▌Robinhood: Crypto tax service Crypto Lots has been promoted to cover all users
Robinhood announced on the X platform that the crypto tax service Crypto Lots has been promoted to cover all users (including users in the US market). It is reported that the service involves tax batches, allowing users to view and sell specific tax batches of cryptocurrency transactions. Users can strategically select the batches to be sold to facilitate users' crypto tax management, but Robinhood clarified that the company does not provide tax advice. If you have specific questions, you still need to consult a tax professional.
Cryptocurrency
▌The US SEC may be working on developing universal listing standards for cryptocurrency ETFs
According to Eleanor Terrett, a crypto journalist, the US Securities and Exchange Commission (SEC) is working with various trading platforms to develop universal listing standards for cryptocurrency ETFs, which is still in the early stages. If the cryptocurrency meets the standards, the issuer can skip the 19b-4 process and submit the S-1 document directly, and wait 75 days for the trading platform to put it online. This method can save the issuer and the SEC a lot of paperwork and time for repeated comments. The specific rules for the universal listing standards for cryptocurrency ETFs have not yet been clarified, and the market speculates that market value, trading volume and liquidity are all under consideration. A spokesperson for the US Securities and Exchange Commission (SEC) declined to comment.
▌DDC Enterprise has completed $528 million in financing, and the net proceeds will be used to purchase Bitcoin
DDC Enterprise Limited, a NYSE-listed company, announced that the previously announced financing has been completed, with a total financing amount of $528 million, and investors include Anson Funds. The financing is expected to provide DDC with immediate funds to implement its corporate Bitcoin accumulation strategy. Maxim Group LLC served as the exclusive financial advisor for the transaction. The company plans to use the net proceeds of the offering to purchase Bitcoin.
▌Deutsche Bank plans to launch crypto asset custody service in 2026
Deutsche Bank plans to launch its digital asset custody service next year and has invited the technology department of cryptocurrency exchange Bitpanda to help build the service, according to people familiar with the matter. According to people familiar with the matter, the bank's corporate banking department had publicly announced its custody business plan as early as 2022, and will continue to work with Swiss technology service provider Taurus SA to advance this project. Earlier, Deutsche Bank said it was studying stablecoins and various forms of tokenized deposits, including issuing its own tokens or joining industry alliances. In addition, the bank is also evaluating whether to develop its own tokenized deposit solutions for the payment field.
▌Guoxiong Capital: Investing 200 million yuan in Web3.0 and cryptocurrency assets
Guoxiong Capital Co., Ltd. announced that it will fully enter the Web3.0 and cryptocurrency assets field. Yao Shangkun, chairman of Guoxiong Capital, said that he is optimistic about the long-term strategic value of Bitcoin and crypto assets, and believes that this field is in line with the global financial development trend and has huge growth potential. The company has been approved a special budget of 200 million yuan to develop related businesses and invest in crypto assets in the next three years.
▌Figma discloses holdings of nearly $70 million in Bitcoin ETFs and is approved to purchase another $30 million in BTC
According to documents released by Bitcoin Magzine, the well-known design software company Figma recently disclosed that it has held nearly $70 million in Bitcoin exchange-traded funds (ETFs). In addition, the company has also been approved to purchase another $30 million in Bitcoin. This move shows Figma's continued interest and investment in cryptocurrencies in asset allocation.
▌DeFi Development plans to privately issue $100 million in convertible notes, including for increasing holdings of SOL
The U.S. listed company DeFi Development Corp. (NASDAQ: DFDV) announced plans to privately issue convertible senior notes with a total amount of $100 million and due in 2030. The proceeds will be used in part to repurchase the company's common stock through forward contracts, and the remaining funds are intended to be used for general corporate purposes, including increasing holdings of Solana (SOL).
Important Economic Dynamics
▌Powell: The vast majority of Fed members expect a rate cut later this year
Federal Reserve Chairman Powell said that the vast majority of Federal Reserve members expect a rate cut later this year. Seeing that the labor market is gradually cooling down.
▌Powell: The U.S. federal fiscal path is unsustainable and must be resolved as soon as possible
Federal Reserve Chairman Powell said that the U.S. federal fiscal path is unsustainable. Although the debt level is sustainable, the path is unsustainable. Because the debt growth path is unsustainable, it must be resolved as soon as possible.
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 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 fluctuations but tends 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.
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