The U.S. Senate passes stablecoin legislation, the House may advance regulation.

The Senate passed the landmark "GENIUS Act" this Tuesday, marking the first significant legislation by the U.S. federal government regarding the regulation of stablecoins. The passage of this bill lays the groundwork for national-level digital asset regulation and also exerts pressure on the House of Representatives to advance related legislation.

Republican Senator Bill Hagerty, as the bill's sponsor, expressed gratitude to his colleagues who supported the bill before the official vote. Less than a week ago, the senators had passed the bill with an overwhelming majority, so its final passage was not surprising.

Next, the House will need to decide how to advance stablecoin regulatory legislation. In April of this year, the House Financial Services Committee proposed 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 calls for Iran to surrender unconditionally

Recently, Trump posted on social media, calling for Iran to surrender unconditionally.

Market Trends

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

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

Policy Dynamics

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 could be the first step in a series of plans by the Federal Reserve to relax regulatory rules, aimed at reforming the oversight of large complex banks.

The specific details of the proposal have not yet been announced, but it may consider exempting some safe assets or modifying the leverage ratio calculation formula. The banking industry has been calling for changes to the supplementary leverage ratio for years, believing that the current regulations may hinder its ability to enter the government bond market during times of stress.

Trump considers various options to resolve the Iran nuclear issue

Recently, Trump met with senior advisors in the White House Situation Room to discuss several options, including the possibility of launching an attack on Iran. No final decision has been made yet, as Trump hopes to ensure that Iran cannot develop nuclear capabilities, while also considering diplomatic avenues to resolve the issue.

Thailand Approves Tax Exemption on Cryptocurrency Sales Profits

The Thai Cabinet has approved a five-year policy to implement personal income tax exemptions on profits from cryptocurrency sales.

Blockchain Applications

JPMorgan will pilot the issuance of deposit tokens on the Base network

JPMorgan Chase will launch a pilot token project called JPMD, which represents the bank's dollar deposits. The global co-head of JPMorgan's blockchain division Kinexys stated that a transaction will take place in the coming days to transfer a certain amount of JPMD from the bank's digital wallet to a cryptocurrency exchange platform.

Coinbase Seeks SEC Approval to Offer Blockchain-Based Stocks

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

Plasma stablecoin project sets a total cap of 1 billion USD

The stablecoin project Plasma announced that the deposit limit will no longer be increased, with a total cap set at $1 billion. After the recharge channel is closed, the system will continue to operate, and users can withdraw at any time before the lock-in period starts, but withdrawals or transfers of voucher tokens will reduce the allocated shares.

A trading platform enters the German and Polish markets

A cryptocurrency exchange platform has announced the official launch of fully compliant centralized trading services in Germany and Poland. Users in Germany and Poland can trade over 270 cryptocurrencies, including more than 60 trading pairs with the Euro.

Deutsche Bank plans to launch a tokenized platform in November 2025

Deutsche Bank plans to launch a minimum viable product for asset tokenization and services on its blockchain-as-a-service platform in November 2025, (MVP). The platform aims to reduce the costs for enterprises exploring tokenization, allowing asset managers, wealth advisors, and others to create, distribute tokenized assets and provide related services.

VanEck to Launch Digital Asset Fund

Asset management company VanEck plans to launch a private digital asset fund named VanEck PurposeBuilt Fund this month. The fund will be managed by the company's digital asset alpha fund (DAAF) team, focusing on the Avalanche ecosystem and investing in Web3 projects in areas such as gaming, financial services, payments, and artificial intelligence.

JD.com Plans to Apply for Global Stablecoin License

Jingdong Group Chairman Liu Qiangdong stated that Jingdong plans to apply for stablecoin licenses in major currency countries around the world, aiming to achieve efficient foreign exchange among global enterprises through stablecoins. This plan is expected to reduce cross-border payment costs by 90% and improve efficiency to complete transactions within 10 seconds. Liu Qiangdong also mentioned that in the future, stablecoin payment services may be extended to the personal consumption sector.

Cryptocurrency Dynamics

USDC Treasury destroys a large number of coins on the Solana chain

On the 17th, USDC Treasury destroyed a total of over 130 million USDC on the Solana chain, which includes 63,055,257 USDC destroyed around 2:07 PM and over 69 million USDC destroyed around 12:45 PM.

SEC delays approval of Franklin XRP and Solana ETFs

The U.S. Securities and Exchange Commission ( SEC ) has postponed its approval decision on the Franklin XRP spot ETF and the Solana spot ETF.

Ark Invest reduces its holdings in Circle stock

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

Interactive Strength has completed financing and started purchasing FET coins.

Interactive Strength Inc. announced the completion of a $55 million Series A funding round and has begun purchasing AI coin FET on the secondary market. The company is expected to become the largest holder of AI coins among publicly listed companies in the United States.

DDC Enterprise plans to raise $528 million to expand its Bitcoin reserves

DDC Enterprise Limited, a company listed on the New York Stock Exchange, has signed three securities purchase agreements, expected to raise up to $528 million. Investors include Anson Funds, Animoca Brands, Kenetic Capital, QCP Capital, and the raised funds will be used entirely to expand the company's Bitcoin reserves.

Important Economic Dynamics

The Federal Reserve May Delay Rate Cuts Due to Tariff Risks

Nick Timiraos, a spokesperson for the Federal Reserve, stated 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 the recent improvement in inflation. He believes that the past five years have changed people's perceptions of inflation.

CME predicts a 14.5% probability of the Federal Reserve cutting interest rates in July

CME's "FedWatch" shows that the market expects an 85.5% probability that the Federal Reserve will maintain interest rates in July, and a 14.5% probability of a 25 basis point cut. By September, the probability of a 25 basis point cut rises to 58.2%, and by December, the cumulative probability of a 50 basis point cut is 41.3%.

Golden Encyclopedia

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

The changes in the 10-year U.S. Treasury yield will have a global impact, thereby affecting the cryptocurrency market. As the world's reserve currency, the U.S. dollar and safe-haven asset of U.S. Treasuries, changes in their yields will influence investor behavior.

An increase in yields may indicate that cryptocurrencies will face a more severe market environment, especially during periods of global market turmoil. Conversely, a low yield environment often stimulates risk appetite, benefiting speculative assets such as cryptocurrencies. Therefore, cryptocurrency investors need to closely monitor changes in U.S. Treasury yields to assess the overall market risk appetite and potential capital flows.