U.S. Senate Passes Stablecoin Bill, House Faces Pressure

The U.S. Senate recently passed the landmark “GENIUS Act”, marking the first time the Senate has approved significant cryptocurrency legislation. The bill aims to promote federal regulation of stablecoins and pressures the House of Representatives to plan the next steps for national regulation of digital assets.

The main sponsor of the bill, Republican Senator Bill Hagerty, expressed gratitude to his colleagues who supported the bill before the vote. Less than a week ago, lawmakers passed the bill by an overwhelming majority, making its final passage expected.

Next, the House needs to decide how to advance the relevant legislation. In April of this year, the House Financial Services Committee proposed its own stablecoin bill, the “Stablecoin Transparency and Accountability to Promote a Better Ledger Economy Act,” but the bill has not yet been submitted for a vote by the full House.

Trump comments on the situation in Iran

Trump posted on social media, making demands on Iran.

Cryptocurrency Market Trends

As of the time of writing, the prices of major cryptocurrencies are as follows:

• BTC: 104,691 USD, 24-hour change: -2.2%
• ETH: 2,516.29 USD, 24-hour change -2.0%
• BNB: 648.83 USD, 24-hour drop of 0.5%
• SOL: 148.20 USD, 24h Change -2.4%
• DOGE: 0.1701 USD, 24-hour change -2.4%
• XRP: 2.16 USD, 24-hour decline 4.4%
• TRX: 0.2718 USD, 24-hour decline of 1.4%

The Federal Reserve will discuss relaxing bank leverage requirements

The Federal Reserve announced that it will hold a board meeting on June 25 to discuss plans to amend the “supplementary leverage ratio.” This will be the first meeting after Federal Reserve Governor Bowman is confirmed as the top regulatory official.

Relaxing the leverage ratio requirements may be the first of several easing rule plans from the Federal Reserve, as Bowman aims to reform the way the Fed regulates and supervises some of the largest and most complex banks in the United States. Specific proposal details have not yet been released, but the banking industry has been calling for modifications to the supplementary leverage ratio for years, which could exempt traditionally safe assets or modify the formula used to calculate the leverage ratio.

Banks believe that supplementing leverage ratios may actually hinder their ability to enter the intermediate government bond market during times of stress.

Trump considers multiple options to respond to Iran

According to reports, Trump hopes to completely resolve the nuclear issue with Iran. Israel is expected not to slow down its actions against Iran.

On Tuesday, Trump met with senior advisors in the situation room, considering a range of options, including a possible attack on Iran by the United States. Officials stated that no decisions have been made yet. Trump wants to ensure that Iran cannot develop its own nuclear capabilities.

Thailand Approves Tax Exemption Policy for Cryptocurrency Sales Profits

The Thai cabinet has approved a five-year personal income tax exemption policy on profits from cryptocurrency sales.

JPMorgan Chase will pilot the issuance of the deposit token JPMD

JPMorgan Chase will launch a token pilot named JPMD, which represents its dollar deposits, indicating that the financial institution is further deepening its layout in the digital asset space.

The global co-head of JPMorgan’s blockchain division Kinexys stated that in the coming days, the bank will execute a transaction to transfer a certain amount of JPMD from the bank’s digital wallet to a cryptocurrency exchange.

A trading platform seeks regulatory approval to offer blockchain stocks

According to market news, a certain cryptocurrency exchange platform is seeking approval from the U.S. Securities and Exchange Commission to offer blockchain-based stock products.

Plasma Project Announces Deposit Limit

The stablecoin project Plasma officially stated that the deposit limit will no longer be increased, with a total cap of 1 billion USD. As the recharge channel closes, the system will continue to operate. Before the lock-up period begins, users can still withdraw at any time, but withdrawing or transferring voucher tokens will reduce the allocated shares.

A certain trading platform enters the German and Polish markets

A cryptocurrency exchange platform has announced the official launch of a fully compliant centralized trading platform in Germany and Poland, where local users can trade over 270 cryptocurrencies, including more than 60 cryptocurrency trading pairs with the euro.

Deutsche Bank plans to launch a tokenized platform

Deutsche Bank is preparing to launch a minimum viable product (MVP) for its blockchain-as-a-service platform in November 2025, aimed at reducing the upfront hardware and infrastructure costs for companies exploring tokenization. The platform will allow asset managers, wealth advisors, and other financial firms to create and distribute tokenized assets and support service tokenization.

Deutsche Bank has previously experimented with tokenized assets through its digital asset management platform Digital Asset Management Access 2.

VanEck will launch a digital asset fund

Asset management company VanEck has announced plans to launch a private digital asset fund called the VanEck PurposeBuilt Fund this month. The fund is expected to be managed by the VanEck digital asset Alpha Fund (DAAF) team, focusing on the Avalanche blockchain ecosystem and investing in tokenized Web3 projects in industries such as gaming, financial services, payments, and artificial intelligence, as well as projects that have long-term token utility during the token generation event (TGE) phase.

JD.com plans to apply for a global stablecoin license

Liu Qiangdong, Chairman of the Board of JD Group, stated that JD hopes to apply for stablecoin licenses in all major currency countries globally, and then achieve foreign exchange between global enterprises through stablecoin licenses, reducing global cross-border payment costs by 90% and improving efficiency to within 10 seconds.

Liu Qiangdong said: “Currently, it takes an average of 2 to 4 days for remittances between businesses, and the costs are quite high. After completing B-end payments, we will penetrate into C-end payments, hoping that one day everyone can use JD stablecoin for payments when consuming around the world.”

USDC Treasury destroys a large amount of USDC on the Solana chain

According to monitoring by on-chain data tracking services, USDC Treasury has destroyed over 130 million USDC on the Solana chain.

US SEC Delays Approval of XRP and Solana Spot ETFs

According to market news, the U.S. Securities and Exchange Commission has postponed the approval of the XRP spot ETF and the Solana spot ETF.

Ark Invest Reduces Holdings in Circle Stock

Ark Invest, led by Cathie Wood, reduced its holdings by 342,658 shares of Circle stock through its three ETFs, with a total value of $51.7 million. The price of Circle’s stock rose 13.1% on the same day, closing at a historical high of $151.06, nearly five times its IPO price of $31.

Interactive Strength completed financing and purchased FET coin

Interactive Strength Inc. announced the completion of its first round of $55 million in funding and has begun purchasing the AI token FET on the secondary market through BitGo. The company expects to become the largest cryptocurrency vault holder focused on AI tokens among publicly traded companies in the United States. This funding was provided by private equity firm ATW Partners and cryptocurrency market maker DWF Labs.

DDC Enterprise plans to raise funds to expand Bitcoin reserves

DDC Enterprise Limited, a company listed on the New York Stock Exchange, announced that it has signed three securities purchase agreements, expecting 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, with the raised funds to be used for expanding the company’s Bitcoin reserves.

Analysis of Federal Reserve Interest Rate Cut Expectations

Some analysts believe that if it weren’t for the risks that tariffs pose to prices, the Federal Reserve would have been ready to cut interest rates this week due to recent improvements in inflation. The past five years have changed people’s views on inflation and the potential scenarios that could occur.

CME “FedWatch” shows:

• July: Probability of maintaining interest rates unchanged is 85.5%, probability of a 25 basis point cut is 14.5%
• September: Probability of maintaining the interest rate unchanged is 32.8%, probability of a 25 basis points cut is 58.2%, and probability of a 50 basis points cut is 8.9%.
• December: Probability of maintaining interest rates unchanged is 5.5%, probability of a 25 basis point cut is 26.0%, probability of a 50 basis point cut is 41.3%, probability of a 75 basis point cut is 24.1%, probability of a 100 basis point cut is 3.0%

The Impact of 10-Year U.S. Treasury Yield on the Crypto Market

The changes in the yield of the 10-year U.S. Treasury bonds will trigger shocks globally, affecting investor behavior and subsequently impacting the cryptocurrency market. The U.S. dollar is the world’s reserve currency, and U.S. Treasuries are a global safe haven, and changes in their yields will have a significant impact on global financial markets.

For cryptocurrency investors, the rise in the 10-year Treasury yield may signal that cryptocurrency prices and yields will face a more challenging market environment, especially in the context of global market turbulence. Conversely, low yields often stimulate risk appetite, thereby boosting speculative assets such as cryptocurrencies.