The U.S. Senate Passes Landmark Stablecoin Bill

The U.S. Senate on Tuesday approved the landmark GENIUS Act, advancing the federal government's efforts to regulate stablecoins. This marks the first time the Senate has passed significant cryptocurrency legislation. The bill's main sponsor expressed gratitude before the formal vote. Less than a week ago, lawmakers overwhelmingly supported the bill, with many anticipating its passage.

Next, the House of Representatives needs to decide how to proceed. In April of this year, the House Financial Services Committee proposed its own stablecoin bill, but it has not yet been submitted for a full vote.

Trump's Statement on the Situation in Iran

U.S. President Trump posted on social media expressing his views on the Iran issue. He stated that he hopes to completely resolve the nuclear issue with Iran, while considering a range of options, including the possibility of military action against Iran. A final decision has not yet been made. Trump wants to ensure that Iran cannot develop its own nuclear capabilities.

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, 24-hour change -2.4%
• DOGE: $0.1701, 24-hour decrease of 2.4%
• XRP: $2.16, 24-hour drop of 4.4%
• TRX: 0.2718 USD, 24-hour drop of 1.4%

Regulatory Dynamics

The Federal Reserve will discuss relaxing bank leverage requirements

The Federal Reserve will hold a meeting on June 25 to discuss changes to the "supplementary leverage ratio" requirements for large banks. This may be the first in a series of regulatory relaxation plans by the Federal Reserve. Banks have been asking for changes to this ratio for years, believing it may hinder their ability to enter the intermediate government bond market during times of stress.

Thailand Approves Cryptocurrency Tax Incentive Policy

The Thai cabinet has approved a five-year personal income tax exemption policy for profits from cryptocurrency sales. This decision aims to encourage the development of the cryptocurrency industry.

New Developments in Blockchain Applications

JPMorgan Chase Pilot Issues Deposit Token JPMD

JPMorgan Chase will pilot the issuance of a deposit token named JPMD on a certain blockchain network, representing the bank's dollar deposits. This indicates that financial institutions are further deepening their layout in the digital asset space.

Coinbase Seeks to Provide Blockchain Stock Services

A certain cryptocurrency exchange platform is seeking regulatory approval to offer blockchain-based stock services. This move could open new avenues for the integration of traditional financial assets with blockchain technology.

Deutsche Bank plans to launch an asset tokenization platform

Deutsche Bank plans to launch a minimum viable product for its asset tokenization and servicing platform in November 2025. The platform aims to reduce the costs for enterprises exploring tokenization, allowing financial institutions 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 called VanEck PurposeBuilt Fund this month. The fund will focus on a specific blockchain ecosystem, investing in Web3 projects in areas such as gaming, financial services, payments, and artificial intelligence.

Cryptocurrency Market Dynamics

Large-scale destruction of USDC on a certain public chain

According to on-chain data, USDC Treasury has burned over 130 million USDC on a certain public chain in two batches. This action may have an impact on the supply and price of USDC.

A certain investment company reduces its holdings of Circle stocks

A well-known investment company reduced its holdings of Circle shares by 342,658 shares through its three ETFs, with a total value of 51.7 million dollars. Circle's stock price rose by 13.1% that day, setting a new historical high.

Interactive Strength completed financing and purchased FET coin

Interactive Strength Inc. announced the completion of a $55 million financing and has begun purchasing the AI token FET on the secondary market. The company expects to become the largest cryptocurrency holder focused on AI tokens among publicly listed companies in the United States.

DDC Enterprise Fundraising to Expand 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. The funds raised will be used entirely to expand the company's Bitcoin reserves.

Economic Outlook

Federal Reserve Policy Expectations

Market analysts believe that, without considering the potential impact of tariffs on prices, the Federal Reserve might have been prepared to cut interest rates this week due to recent improvements in inflation. However, the past five years have changed people's perceptions of inflation.

According to market expectations, the probability of the Federal Reserve keeping interest rates unchanged in July is 85.5%, the probability of a 25 basis point rate cut in September is 58.2%, and the probability of a cumulative 50 basis point cut by December is 41.3%.

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

The changes in the yield of 10-year U.S. Treasury bonds have a profound impact on global financial markets, including the cryptocurrency market. Rising yields may signal a more challenging market environment for cryptocurrencies, while low yields could stimulate risk appetite and boost speculative assets like cryptocurrencies. Investors should closely monitor changes in this important economic indicator.