Progress in US encryption regulation as Senate passes the GENIUS Act

The U.S. Senate recently passed the milestone "GENIUS Act," marking the first time the Senate has passed significant encryption legislation. The bill advances the federal government's efforts to regulate stablecoins and shifts the focus to the House of Representatives, looking forward to its planning of the next steps for national digital asset regulation.

The bill's sponsor, Republican Senator Bill Hagerty, thanked some of his colleagues before the formal vote. Less than a week ago, lawmakers passed the bill with an overwhelming majority, and its approval was expected.

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

Trump Comments on Iran Issues

Former U.S. President Trump posted on social media, mentioning the Iran issue.

Cryptocurrency Market Trends

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 drop of 2.0%; The price of BNB is $648.83, with a 24-hour decline of 0.5%; The price of SOL is $148.20, with a 24-hour decrease 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 price of TRX is $0.2718, with a 24-hour decline of 1.4%.

The Federal Reserve will discuss relaxing bank leverage ratio requirements

The Federal Reserve announced that it will hold a board meeting on June 25 to discuss amendments to the supplementary leverage ratio. This will be the first meeting under the new top regulator, Bowman. Easing the leverage ratio requirements may be the first in a series of plans by the Federal Reserve to relax rules aimed at reforming the regulation and supervision of large, complex U.S. banks.

The banking industry has long been calling for modifications to the supplementary leverage ratio, hoping to exempt traditional safe assets or modify the calculation formula. Banks believe that the current supplementary leverage ratio may hinder their access to the intermediate government bond market during times of stress.

Trump Considers Multiple Options to Resolve the Iran Issue

According to media reports, Trump is considering a range of options, including a possible attack on Iran. No decisions have been made yet. Trump wants to ensure that Iran cannot develop nuclear capabilities, but he has also consistently leaned towards resolving the issue through diplomatic means.

Thailand Approves Cryptocurrency Tax Incentive Policy

The Thai Cabinet has approved a personal income tax exemption policy for cryptocurrency sales profits for a period of five years.

Financial institutions deepen their layout in digital assets

JPMorgan Chase will pilot the issuance of a deposit token, JPMD, on the blockchain related to Coinbase, representing the bank's dollar deposits. In the coming days, JPMorgan Chase will conduct a transaction to transfer a certain amount of JPMD from the bank's digital wallet to Coinbase.

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

Asset management company VanEck will launch the private digital asset fund VanEck PurposeBuilt Fund this month, focusing on the Avalanche ecosystem and investing in Web3 projects in areas such as gaming, financial services, payments, and artificial intelligence.

Stablecoin project Plasma limits deposit cap

Plasma officially announced that the deposit limit will no longer increase, with a total cap of $1 billion. The system will continue to operate after the recharge channel is closed. Users can withdraw at any time before the lock-up period begins, but withdrawing or transferring voucher tokens will reduce the allocation share.

Cryptocurrency Trading Platform Expansion

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

Over 130 million USDC destroyed on the Solana chain

On-chain data shows that USDC Treasury has burned over 130 million USDC on the Solana chain, including two large burns of 63 million and 69 million.

The SEC delays approval of some cryptocurrency ETFs

The U.S. Securities and Exchange Commission has delayed the approval of the Franklin XRP spot ETF and the Solana spot ETF.

Institutional Investment Trends

Ark Invest reduced its holdings of 342,658 shares of Circle stock through its three ETFs on Monday, with a total value of $51.7 million. Circle's stock price rose 13.1% that day, reaching a historical high of $151.06.

Interactive Strength Inc. completed a $55 million financing and began purchasing the AI token FET on the secondary market. The company is expected to become the largest holder of AI tokens among publicly listed companies in the United States.

DDC Enterprise Limited announced that it has signed an agreement, expecting to raise up to $528 million to expand the company's Bitcoin reserves. Investors include Anson Funds, Animoca Brands, Kenetic Capital, QCP Capital, and others.

Federal Reserve Interest Rate Cut Expectations

Market analysts believe that if tariffs are not taken into account, the Federal Reserve may be prepared to cut interest rates this week due to recent improvements in inflation. The past five years have changed people's perceptions of inflation.

CME data shows that the market expects an 85.5% probability that the Federal Reserve will keep interest rates unchanged in July, a 58.2% probability of a 25 basis point rate cut in September, and a 41.3% probability of a cumulative 50 basis point rate cut by December.

The Impact of 10-Year U.S. Treasury Yield on encryption

The changes in the 10-year U.S. Treasury yield will have a global impact, subsequently affecting the cryptocurrency market. Rising yields may indicate that cryptocurrencies face a more challenging market environment, while low yields often stimulate risk appetite, boosting speculative assets such as cryptocurrencies.