Headline

The U.S. Senate has passed the landmark "GENIUS Act," marking the first time the Senate has approved significant cryptocurrency legislation. The bill advances the federal government's efforts to regulate stablecoins and puts pressure on the House of Representatives to plan the next phase of national regulation of digital assets. Republican Senator Bill Hagerty thanked some of his Senate colleagues for their support before the formal vote.

Next, the focus will shift to the House of Representatives. In April this year, the House Financial Services Committee introduced its own stablecoin legislation - the "Stablecoin Transparency and Accountability to Promote a Better Ledger Economy Act." However, this bill has not yet been submitted for a full House vote.

On the other hand, Trump posted on social media, calling for Iran to surrender unconditionally.

Market

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

The price of BTC is $104,691, with a 24-hour decline of 2.2%; The price of ETH is $2,516.29, with a 24-hour decline of 2.0%; The price of SOL is $148.20, with a 24-hour decline of 2.4%; The price of DOGE is $0.1701, with a 24-hour decline of 2.4%; The price of XRP is $2.16, with a 24-hour decline of 4.4%; The TRX price is $0.2718, with a 24-hour drop of 1.4%.

Policy

The Federal Reserve will hold a Board meeting on June 25 to discuss plans to modify the "supplementary leverage ratio." This could be the first step in a broader plan by the Federal Reserve to ease banking regulations. Relaxing leverage ratio requirements could exempt traditionally safe assets or modify the formula used to calculate leverage ratios. Banks believe that the supplementary leverage ratio may hinder their ability to enter the intermediate Treasury market during times of stress.

Trump hopes to resolve the nuclear issue with Iran once and for all. According to reports, the U.S. government is considering a range of options, including a possible attack on Iran. Trump wants to ensure that Iran cannot develop its own nuclear capability.

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

Blockchain Applications

A large bank will pilot the issuance of a deposit token JPMD on a blockchain related to Coinbase. This token represents the bank's dollar deposits, indicating that financial institutions are further deepening their engagement in the digital asset space.

A certain cryptocurrency exchange platform is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stocks.

The stablecoin project Plasma announced that the deposit limit will no longer be increased, with a total cap of $1 billion. Users can still withdraw at any time before the lock-up period begins, but withdrawing or transferring voucher tokens will reduce the allocated share.

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

Deutsche Bank plans to launch a minimum viable product (MVP) for its blockchain as a service platform for asset tokenization and services in November 2025. The platform aims to reduce the upfront hardware and infrastructure costs for companies exploring tokenization.

Asset management company VanEck plans to launch a private digital asset fund named VanEck PurposeBuilt Fund this month, focusing on the Avalanche blockchain ecosystem and investing in tokenized Web3 projects in industries such as gaming, financial services, payments, and artificial intelligence.

Liu Qiangdong, Chairman of the Board of JD Group, stated that JD hopes to apply for stablecoin licenses in all major currency countries worldwide to facilitate foreign exchange among global enterprises, reduce cross-border payment costs by 90%, and improve efficiency to within 10 seconds.

Cryptocurrency

USDC Treasury has burned over 130 million USDC on the Solana chain.

The U.S. Securities and Exchange Commission (SEC) has delayed the approval of a certain company's XRP spot ETF and Solana spot ETF.

Ark Invest, led by Cathie Wood, reduced its holdings of 342,658 shares of Circle stock through its three ETFs, totaling a value of 51.7 million dollars. Circle's stock price rose by 13.1% on the day, closing at a historic high of 151.06 dollars.

Interactive Strength Inc. announced the completion of its first round of financing totaling $55 million and has begun acquiring the AI token FET on the secondary market through BitGo. The company is expected to become the largest cryptocurrency vault holder focused on AI tokens among publicly listed companies in the United States.

DDC Enterprise Limited announced that it has signed three securities purchase agreements, expecting to raise up to $528 million, with the funds raised to be used to expand the company's Bitcoin reserves.

Important Economic Dynamics

"Fed Whisperer" Nick Timiraos stated that the Federal Reserve was prepared to cut interest rates this week if it weren't for the risks posed by tariffs on prices, as inflation has recently improved.

CME's "Fed Watch" shows: the probability that the Federal Reserve will keep interest rates unchanged in July is 85.5%, the probability of a cumulative rate cut of 25 basis points is 14.5%; the probability of a cumulative rate cut of 25 basis points by September is 58.2%; the probability of a cumulative rate cut of 50 basis points by December is 41.3%.

Golden Encyclopedia

The changes in the 10-year U.S. Treasury yield can trigger shocks globally, impacting the cryptocurrency market. Rising yields may indicate that cryptocurrency prices and yields will face a tougher market environment, especially in times of global market turmoil. Conversely, low yields often stimulate risk appetite, thereby boosting speculative assets like cryptocurrencies. For cryptocurrency investors, paying attention to the changes in the 10-year U.S. Treasury yield helps to understand how the broader financial environment affects the crypto market.