The U.S. Senate passes the stablecoin regulatory bill,推动 Crypto Assets legislation process

The U.S. Senate recently passed the landmark GENIUS Act, marking the first time the Senate has approved significant legislation regarding Crypto Assets. The act aims to advance the federal government's regulatory efforts on stablecoins and lays the groundwork for a national regulatory framework for digital assets.

The passage of the bill marks significant progress in the regulation of Crypto Assets in the United States. Republican Senator Bill Hagerty, as the bill's sponsor, expressed gratitude to colleagues who supported the bill before the official vote. However, whether the bill can ultimately become law still requires approval from the House of Representatives.

Currently, the House Financial Services Committee has proposed its own stablecoin legislation in April of this year, named the "Stablecoin Transparency and Accountability to Promote Better Ledger Economy Act." However, the bill has not yet been submitted for a vote by the full House.

Next, the House of Representatives will face the decision on how to advance relevant legislation. Industry insiders generally believe that reaching a consensus between the two chambers on stablecoin regulation is crucial for the development of the US Crypto Assets industry.

Trump Calls for Iran's Unconditional Surrender, U.S. Considers Military Options

Recently, Trump posted on social media, calling for Iran to surrender unconditionally. Meanwhile, according to media reports, the U.S. government is considering a range of options to respond to Iran, including the possibility of military strikes.

Government officials have revealed that Trump discussed various options during a meeting with senior advisors, including military action against Iran. However, no final decision has been made yet.

Trump has consistently advocated for resolving issues through diplomatic means, but at the same time hopes to ensure that Iran cannot develop nuclear capabilities. Analysts believe that the U.S. action aims to pressure Iran into making concessions on nuclear issues.

In addition, Trump also expressed hope to completely resolve the nuclear issue with Iran. It is expected that Israel will not slow down its actions against Iran as a result.

Crypto Assets Market Trends

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

• BTC:104,691 USD, 24-hour decline of 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, 24-hour decline 2.4%
• DOGE:0.1701, 24-hour decline of 2.4%
• XRP:2.16 USD, 24-hour drop 4.4%
• TRX:0.2718 USD, 24-hour change -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 so-called "supplementary leverage ratio." This will be the first meeting held after the appointment of the new top regulatory official of the Federal Reserve, Bowman.

Relaxing leverage requirements may be the first step in a series of easing rule plans by the Federal Reserve. Bowman’s move aims to reform the way the Federal Reserve regulates and supervises large, complex banks in the United States.

Specific proposal details have not yet been released, but the banking industry has long been calling for modifications to the supplementary leverage ratio, which may exempt traditionally safe assets or modify the calculation formula. Banks believe that the current supplementary leverage ratio may hinder their access to the intermediate Treasury market during times of stress.

Analysts believe that this move marks the Federal Reserve's beginning to reconsider banking regulatory rules, which may lead to a series of adjustments in regulatory policies.

Thailand Implements Tax Incentives on Crypto Assets Sales Profits

The Thai cabinet has approved a five-year personal income tax exemption policy on profits from the sale of Crypto Assets. This decision demonstrates the Thai government's supportive attitude towards the Crypto Assets industry.

Analysts believe that this tax incentive policy will help attract more investors to Thailand's Crypto Assets market and promote industry development. It also reflects the Thai government's intention to maintain competitiveness in the digital assets sector.

JPMorgan Chase to Pilot Issuance of Deposit Token JPMD

The world's largest bank, JPMorgan Chase, announced that it will launch a pilot project for a token called JPMD. This token represents JPMorgan Chase's dollar deposits and will be piloted on a blockchain associated with Coinbase.

According to Naveen Mallela, the global co-head of Kinexys, the blockchain department of JPMorgan, the bank will conduct a transaction in the coming days to transfer a certain amount of JPMD from the bank's digital wallet to Coinbase.

This move indicates that traditional financial institutions are further deepening their layout in the digital asset field. Industry insiders believe that JPMorgan's action may encourage more large banks to enter the Crypto Assets and blockchain field.

Coinbase Seeks to Offer Blockchain-Based Stocks

According to market news, Coinbase is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stocks. This initiative aims to combine traditional financial assets with blockchain technology.

If approved, Coinbase will become one of the first Crypto Assets exchanges to offer such services. This could open new avenues for the tokenization of traditional financial assets, providing investors with more options.

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 for asset tokenization and services in November 2025. The platform aims to reduce the initial hardware and infrastructure costs for companies exploring tokenization.

The platform will allow asset managers, wealth advisors, and other financial companies to create and distribute tokenized assets and support services for tokenization. It is reported that Deutsche Bank has previously experimented with tokenized assets through its digital asset management platform Digital Asset Management Access 2 (Dama 2).

This move demonstrates the increasing attention of traditional financial institutions to blockchain technology and tokenized assets, which is expected to promote the digital transformation of the financial industry.

VanEck to launch digital asset fund

Asset management company VanEck announced plans to launch a private digital asset fund named VanEck PurposeBuilt Fund this month. The fund is expected to be managed by the VanEck Digital Assets Alpha Fund (DAAF) team.

The fund will focus on the Avalanche blockchain ecosystem, investing in tokenized Web3 projects in industries such as gaming, financial services, payments, and artificial intelligence, as well as projects with long-term token utility during the token generation event (TGE) phase.

VanEck's move reflects the continued interest of traditional asset management companies in the digital asset space, promising to provide investors with more opportunities to participate in Crypto Assets and blockchain projects.

JD 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, achieving currency exchange between global enterprises through stablecoins, reducing cross-border payment costs by 90% and increasing efficiency to within 10 seconds.

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

This plan demonstrates the ambitions of Chinese tech giants in the global payment market, promising to bring new competition to the fields of cross-border payments and digital currency.

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

According to on-chain data tracking service Whale Alert, USDC Treasury has burned over 130 million USDC on the Solana chain. Specifically, this includes 63,055,257 USDC burned around 2:07 PM on June 17, and more than 69 million USDC burned around 12:45 PM on the same day.

This large-scale destruction has attracted market attention. Analysts believe that it may be related to the liquidity management strategy of USDC issuer Circle, or reflect changes in the market demand for USDC on the Solana chain.

The SEC Delays Approval of Franklin's XRP and Solana Spot ETFs

According to market news, the U.S. Securities and Exchange Commission (SEC) has delayed its approval decision regarding the Franklin XRP spot ETF and the Solana spot ETF. This decision aligns with the SEC's consistent cautious approach, but it has also sparked discussions in the market about the prospects of Crypto Assets ETFs.

Analysts believe that the SEC's attitude will continue to influence the development process of Crypto Assets ETFs. The market currently generally expects that the Bitcoin spot ETF may be approved first, while the approval process for other Crypto Assets ETFs may be more prolonged.

Ark Invest reduces Circle stock holdings

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

Ark Invest's reduction in holdings has attracted market attention. Some analysts believe this may be due to considerations of portfolio rebalancing, or it may reflect a cautious attitude towards Circle's short-term valuation.

Interactive Strength completed financing and purchased FET coin

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

This financing was provided by the private equity firm ATW Partners and the Crypto Assets market maker DWF Labs. This move demonstrates traditional public companies' interest in AI tokens and may signal more institutional investors entering this field.

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, anticipating to raise up to $528 million. The funds raised will be used entirely to expand the company's Bitcoin reserves.

Investors include Anson Funds, Animoca Brands, Kenetic Capital, QCP Capital, and a network of leading institutional funds and individual Bitcoin investors. This move reflects the continued interest of institutional investors in Bitcoin, which may have a positive impact on the Bitcoin market.

The Federal Reserve may face pressure to cut interest rates

Nick Timiraos, a spokesperson for the Federal Reserve, stated that if it weren't for the risks posed by tariffs on prices, the Federal Reserve would have been prepared to cut interest rates this week due to recent improvements in inflation. He believes that the past five years have changed people's perceptions of inflation and the possible scenarios that could occur.

CME's "Fed Watch" data shows that the market expects a 14.5% probability of the Federal Reserve lowering interest rates in July, a 58.2% probability of a 25 basis point cut in September, and a 41.3% probability of a cumulative 50 basis point cut by December.

This information indicates that, although inflationary pressures have eased, the Federal Reserve still faces multiple factors influencing its decision on interest rate cuts, needing to weigh considerations such as inflation, employment, and economic growth.

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

The changes in the 10-year US Treasury yield will trigger shocks globally, thereby affecting the Crypto Assets market. As the world's reserve currency, the US dollar, and US Treasuries are seen as a global safe haven, changes in their yields will influence investor behavior.

For Crypto Assets investors, the rise in the yield of 10-year government bonds may indicate that the prices and yields of Crypto Assets will face a more severe market environment, especially in the context of global market turbulence. Conversely, a low yield environment often stimulates risk appetite, thereby boosting the performance of speculative assets such as Crypto Assets.

Therefore, closely monitoring the trend of the 10-year U.S. Treasury yield is of great significance for grasping the direction of the Crypto Assets market. Investors need to incorporate this macroeconomic indicator into their considerations when making investment decisions.