Today's News Tips
US SEC releases new cryptocurrency ETF guidance
SEC approves amendment to convert Grayscale Digital Large Cap Fund into ETF
Robinhood has deployed more than 213 stock tokens on Arbitrum, spending a total of about $5
Regulation & Macro
Arizona Governor Vetoes Digital Asset Reserve Fund Bill HB2324
According to Cointelegraph, Arizona Governor Katie Hobbs vetoed the state's digital asset reserve fund bill HB2324. She claimed that the bill would transfer seized assets away from local jurisdictions, thereby preventing local law enforcement from cooperating with the state government on digital asset confiscation. Earlier news, Arizona passed the "Bitcoin Reserve" bill HB2324. The bill established a reserve fund to confiscate assets obtained through criminal asset confiscation. If signed by Governor Hobbs, this would be the second reserve bill passed in the state.
US SEC releases new cryptocurrency ETF guidance
According to Cryptonews, the U.S. Securities and Exchange Commission's Division of Corporation Finance outlined what crypto ETF issuers must include in their documents in a notice released on July 1. The guidelines cover everything from how to calculate net asset value and how to select service providers to detailed descriptions of custody practices and potential conflicts of interest. The SEC said that issuers must make targeted disclosures based on their specific structure, emphasizing the review of asset selection, custody, conflicts of interest and ETF creation/redemption mechanisms. On the same day, the SEC approved Grayscale's request to convert its digital large-cap fund into a spot ETF. Earlier news, according to crypto journalist Eleanor Terrett, the U.S. Securities and Exchange Commission is said to be working with exchanges to develop universal listing standards for token-based ETFs, which are still in the early stages. Relevant sources revealed that according to this idea, if a token meets the established standards, the issuer can skip the 19b-4 application process, directly submit an S-1 registration statement, wait 75 days, and then the exchange can list it.
U.S. Senate passes "Big and Beautiful" bill and sends it to the House
According to Cailian Press, on July 1 local time, the U.S. Senate passed a comprehensive tax cut and spending bill and submitted it to the House of Representatives. The U.S. Senate passed the comprehensive tax cut and spending bill proposed by U.S. President Trump with a vote of 51 to 50 that morning. During this period, senators voted on dozens of proposed legislative amendments. Republican Vice President Vance, who also serves as Senate President, cast a "deadlock-breaking" vote in a "tie" of 50 votes in favor and 50 votes against, and the amendment was passed with a vote of 51 to 50. The revised bill, which Trump called "big and beautiful", will now return to the House of Representatives, and House Speaker Mike Johnson will strive to pass the bill before the July 4 deadline set by Trump.
According to previous news, Lummis's crypto tax proposal may have missed the opportunity to be submitted to the US Senate for deliberation .
SEC approves amendment to convert Grayscale Digital Large Cap Fund into ETF
According to The block, the U.S. Securities and Exchange Commission (SEC) approved the rule change proposal put forward by the New York Stock Exchange Arca in an "accelerated" manner to allow the shares of Grayscale Digital Large Cap Fund LLC to be listed and traded. The SEC stated that in accordance with Section 19(b)(2) of the Exchange Act, it now orders the accelerated approval of the proposed rule change (SR-NYSEARCA-2024-87) (as amended by Amendment No. 1). The fund is currently traded over the counter for qualified investors and is mainly composed of Bitcoin, accounting for nearly 80%, followed by Ethereum, accounting for about 11%, and Solana, Cardano and XRP are also included, accounting for single digits.
According to Beijing Business Daily, the People's Bank of China issued the "Anti-money laundering and anti-terrorist financing management measures for precious metals and gemstones practitioners" (hereinafter referred to as the "Management Measures") on June 30, which will come into effect on August 1, 2025. The "Management Measures" were publicly solicited for comments from the public from April 3 to April 16, 2025. Compared with the anti-money laundering requirements for the precious metals industry put forward by the regulatory authorities earlier, this "Management Measures" clearly stipulates the applicable objects, starting amount, specific circumstances of customer due diligence, etc., and includes the entire precious metals and gemstone industry chain in anti-money laundering supervision. From the perspective of changes, the "Management Measures" will increase the starting amount for submitting large transaction reports from 50,000 yuan to 100,000 yuan, and a large number of precious metals and gemstone business stores should also be included. In terms of the scope of practitioners, according to the "Management Measures", practitioners subject to the new regulations refer to traders who engage in spot transactions of precious metals and gemstones in accordance with the law within the territory of the People's Republic of China. Practitioners should perform their anti-money laundering obligations in accordance with regulations, accept anti-money laundering supervision and management, and cooperate with anti-money laundering investigations.
According to a news release from the Hong Kong Special Administrative Region Government, Hong Kong Chief Executive John Lee said in his speech at the reception for the 28th anniversary of the establishment of the Hong Kong Special Administrative Region that Hong Kong has strengthened connectivity, formulated a stable currency licensing system, optimized listing procedures, and enhanced financial competitiveness. Hong Kong's status as a financial center has risen one place and remains the third in the world. Hong Kong has introduced 84 key companies engaged in cutting-edge technology, bringing in about HK$50 billion in investment.
HKSAR Government appoints members to Task Force on Third Generation Internet Development
The Hong Kong SAR Government announced on June 30 the appointment and reappointment of 20 non-official members of the Task Force on Third Generation Internet Development (Task Force) for a two-year term effective from July 1, 2025. The non-official members of the Task Force from July 1, 2025 are Cai Wensheng, Norman Chan, David Chiu, Chu Chengyu, Kong Jianping, Kwok Yin-lin, Lin Huizhen, JJ Lin, Lin Chen, Lui Chi-hong, Ma Zhitao, Wu Jiezhuang, Pan Shizheng, Alessio Quaglini, Elizabeth Quat, Siu Yat, Chan Man-li, Wang Jiachao and Xiao Feng.
Fed Chairman Powell: Expect higher inflation during the summer
According to Jinshi, Federal Reserve Chairman Powell said that if we ignore the tariff factor, inflation will run as expected and expected; the US economy is in a fairly good condition and we expect higher inflation levels during the summer.
Trump: Department of Government Efficiency (DOGE) will focus on Musk
According to Jinshi, US President Trump said that the Department of Government Efficiency (DOGE) will pay attention to Musk and is not worried about Musk’s criticism of the tax bill; if the Department of Government Efficiency (DOGE) pays attention to Musk, we will save a lot of wealth.
After the US dollar stablecoin boom, South Korea lifted the 14-year ban on "Kimchi bonds"
According to the Financial Times, affected by the speculative craze of US dollar stablecoins, in order to attract hedging capital inflows, South Korea lifted the 14-year ban on domestic financial institutions buying "Kimchi bonds" (foreign currency bonds issued onshore and intended to be exchanged for won). Previously, the Bank of Korea banned local investment in such bonds in 2011 due to concerns about currency mismatch risks. Now, retail investors are pouring into overseas stock markets and US dollar stablecoin markets, causing the won to weaken and foreign currency liquidity to be insufficient, so the Bank of Korea adjusted its policy.
Singapore has tightened regulations on cryptocurrency trading
According to Xinhua News Agency, the Monetary Authority of Singapore issued a statement on June 30 to tighten regulatory measures on cryptocurrency transactions to curb financial crimes such as money laundering using cryptocurrency. The Monetary Authority of Singapore issued regulations last month that after June 30, digital token service providers that only serve overseas customers must obtain a license from the authority to continue operating in Singapore. If they do not have a license, they must close their trading platforms. On June 30, the authority issued a supplementary statement saying that it "has raised the threshold for issuing licenses and generally will not issue such licenses."
Project News
Ondo Finance to launch Ondo Global Markets, an on-chain US stock trading platform, this summer
According to the official announcement, Ondo Finance announced that it will launch the on-chain U.S. stock trading platform Ondo Global Markets this summer. With the launch of the platform, more than 100 U.S. stocks will be introduced on the chain, and it is planned to expand to thousands by the end of the year.
Impossible Cloud Network (ICNT) to be Listed on Binance Alpha and Binance Futures
According to the official announcement, Binance Alpha will launch and open Impossible Cloud Network (ICNT) trading at 18:00 (ET) on July 3. In addition, Binance Futures will launch ICNTUSDT perpetual contracts at 21:00 (ET) on July 3, with a maximum leverage of 50x.
According to the official announcement, Binance Alpha will launch Echo Protocol (ECHO), and trading will start at 18:00 (UTC+8) on July 2. Eligible Binance users can use Binance Alpha points to claim 625 ECHO tokens airdrop on the Alpha event page within 24 hours after trading starts. Binance Alpha airdrops will adopt a first-come, first-served model. Users with at least 170 Alpha points can participate in the airdrop on a first-come, first-served basis until the airdrop pool is full or the event ends. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours, otherwise they will be deemed to have given up the airdrop.
Binance Alpha to List CROSS(CROSS)
Binance Alpha will list CROSS (CROSS). Trading will be open on July 4, and the specific time will be announced separately. Eligible users can go to the Alpha event page after Alpha trading is open and use Binance Alpha points to claim the airdrop. Details will be announced on July 4.
Binance Alpha Now Listed EGL1 (EGL1)
ECHO is now available on Binance Alpha
Coinbase will list Wormhole (W)
According to the official announcement, Coinbase will launch Wormhole (W) on the Solana network; users are warned not to send W through unsupported networks to avoid fund loss. If liquidity conditions are met, trading will begin on or after 9:00 a.m. Pacific Time on July 2, 2025. Once the supply of the asset is sufficient, trading of the W-USD trading pair will be launched in phases. Support for W may be limited in some supported jurisdictions.
Robinhood has deployed more than 213 stock tokens on Arbitrum, spending a total of about $5
According to a screenshot shared by Tom Wan, data director at Entropy Advisors, by tracking the contract deployment address, more than 213 stock tokens have been deployed by Robinhood on Arbitrum, costing only $5 (0.00233 ETH) in total, with an average transaction cost of $0.03. Earlier news, Robinhood plans to launch its own blockchain and launch "stock tokens" in the European Union.
According to The Block, Ethereum core developer Zak Cole announced the establishment of the Ethereum Community Foundation (ECF), whose mission is to support institutional adoption of Ethereum infrastructure and ultimately push up the price of ETH. The organization has raised millions of dollars worth of ETH to date, which will be allocated to projects building trusted neutral technology. ECF will focus on funding projects that are tamper-proof and token-free. In particular, the foundation is seeking to support real-world asset applications that put stocks, bonds, real estate and other assets on the chain. It will also focus on projects that contribute to "public goods", including fixing mispriced blob space. The foundation uses token voting to determine grant allocations, and all funding decisions and discussions are fully transparent. ECF's first project will be the "Ethereum Validator Association," which aims to give network validators a "voice in development" and express their preferences by staking ETH.
According to LinkedIn data, the three co-founders of Backed Finance, the company behind the stock tokenization platform xStocks, namely Adam Levi Ph.D., Yehonatan Goldman, and Roberto Klein, have all been confirmed to have worked at the bankrupt DAOstack. Among them, Adam Levi Ph.D. was a co-founder of DAOstack, Yehonatan Goldman was the COO of DAOstack, and Roberto Klein was in charge of legal and regulatory work at DAOstack. According to ICO Drops data, DAOstack raised a total of approximately US$30 million in multiple rounds of financing from the fourth quarter of 2017 to May 2018, and closed at the end of 2022 due to exhaustion of funds.
Plume becomes strategic multi-chain partner for World Liberty Financial’s stablecoin USD1
According to PR Newswire, Plume Network, an EVM-compatible chain focusing on real-world assets (RWA), has reached a strategic cooperation with World Liberty Financial (WLFI), the Trump family's decentralized financial platform, to promote the multi-chain expansion of the stablecoin USD1. According to the agreement, USD1 will serve as a reserve asset for the stablecoin pUSD on the Plume chain and provide underlying support for its RWA financial ecosystem (RWAfi). This cooperation marks the first cross-chain deployment of USD1 outside of Binance Smart Chain, aiming to open up the interactive channel between institutional capital and DeFi.
Binance founder Zhao Changpeng disclosed on the X platform: "In addition to the investment in YZiLabs, a few months ago I donated $10 million in the form of BNB to Vitalik personally to support his 'open source' biotechnology project. Recently, I have also donated privately to several other charities, and achieved good results. I will share some relevant results soon. I am just doing my part. The best way to attract mission-driven talents is to have a firm belief yourself. Like-minded people will naturally come together."
According to Chainwire, the Boba Governance Foundation announced that it has received a $70 million funding commitment from the Awaken Foundation and LDA Capital to provide financial support for the continued development and ecological expansion of the Boba network. In addition, the Boba Governance Foundation has signed an agreement with the FTX Recovery Trust, and all BOBA tokens held by the trust have been transferred to the foundation. In addition to other considerations and mutual waivers of claims, the FTX Recovery Trust has also obtained the right to purchase up to approximately 29.4 million BOBA tokens from the Boba Governance Foundation at a price of $0.09 per token over the next 18 months.
Bitcoin Layer2 network Botanix mainnet launched, reducing block time to 5 seconds
According to official news, Botanix Labs, the development team of Botanix, announced today that its Bitcoin native blockchain project Botanix mainnet has been officially launched. The mainnet has now integrated applications such as GMX and Dolomite, and has been connected to ecological partners such as Chainlink and Fireblocks. At the same time, a number of native projects focusing on building applications on the Botanix network have also been launched simultaneously, including Arch, Bitzy, Palladium and Rover. With the launch of the Botanix mainnet, users' trading experience will be greatly improved, the block time will be shortened from 10 minutes to 5 seconds, and the average transaction fee will be only about US$0.02.
UniCredit to offer BlackRock Bitcoin ETF-linked products to some clients
As European banks seek new ways to meet market demand for digital assets, Italy's UniCredit SpA will launch a structured product for its professional clients linked to BlackRock Inc.'s iShares Bitcoin Trust ETF with full loss protection, according to Bloomberg. The bank plans to issue a five-year, U.S. dollar-denominated investment certificate linked to the iShares Bitcoin Trust ETF, which will provide 100% principal protection at maturity, according to an internal memo.
Bloomberg: Deutsche Bank plans to launch cryptocurrency custody service in 2026
According to Bloomberg, people familiar with the matter revealed that Deutsche Bank AG plans to launch a digital asset custody service next year and has invited Bitpanda Technology Solutions, the technology department of the cryptocurrency exchange Bitpanda, to help build the service. People familiar with the matter said that Deutsche Bank's corporate banking department first announced its custody plan in 2022, and the department will continue to cooperate with Swiss technology provider Taurus SA on the service.
Financing News
British cloud mining platform TWL Miner completes $95 million Series B financing
According to Globenewswire, British cloud mining platform TWL Miner successfully completed its Series B financing and received $95 million, which will be used to support the integration of artificial intelligence technology and cloud mining business. The company said that this round of financing attracted a number of professional investment institutions in the fields of blockchain and sustainable technology, but did not disclose the specific participating institutions. The new funds will be used to strengthen the construction of a global renewable energy data center network and develop an artificial intelligence mining system to dynamically manage computing resources, predict the best mining time, reduce energy consumption, and improve the success rate of block verification and operational stability. According to reports, TWL Miner currently operates more than 60 data centers powered by wind and solar energy in many countries, in line with its sustainable mining strategy. The platform has served more than 7 million users in 180 countries and regions around the world.
Institutional holdings
According to an official announcement, deep-sea mineral mining company Green Minerals (which previously purchased 4 Bitcoins) announced the signing of a structured financing agreement worth 250 million Norwegian kroner (about 24.75 million US dollars) to purchase more Bitcoins.
According to Decrypt, a publicly traded cannabis and telemedicine company called Dogecoin Cash Inc. is embracing Dogecoin (DOGE). The company has established a wholly-owned subsidiary called Dogecoin Treasury to build a treasury and other related businesses for Dogecoin (DOGE). The company, formerly known as Cannabis Sativia, Inc., changed its name to Dogecoin Cash in November and began to expand its business from cannabis telemedicine and other cannabis products to cryptocurrency and blockchain projects. Dogecoin Cash Inc. has previously accumulated about $6 million worth of its eponymous derivative meme coin on the BNB chain.
According to market news, according to IPO documents submitted to the U.S. Securities and Exchange Commission, cloud-based collaborative design software company Figma revealed that it has approximately $69.5 million in Bitcoin spot ETFs, and the board of directors approved the purchase of an additional $30 million in BTC through USDC.
Microbus International and Ripple Strategy Holdings reach $100 million equity investment agreement
According to Globenewswire, Nasdaq-listed mobile travel service provider Webus International announced that it has signed a conditional securities purchase agreement with Ripple Strategy Holdings to obtain a preferred equity credit line of up to $100 million. The proceeds are expected to support the development of Webus' XRP financial strategy, including encrypted payments, blockchain-based loyalty programs, and other initiatives related to its global expansion. Earlier, Webus signed a $300 million XRP funding agreement with SamaraAlpha.
According to Businesswire, cross-border e-commerce company DDC Enterprise (NYSE: DDC) announced the completion of a financing plan totaling US$528 million, with investors including Anson Funds. The financing is expected to provide DDC with funds to implement its corporate Bitcoin accumulation strategy, and the company plans to use the net proceeds from this issuance to purchase Bitcoin.
Viewpoint
Matrixport analyzed in its latest report that in the eyes of Wall Street, Bitcoin is ideally positioned as a "non-correlated asset" that can be used to hedge against the volatility of traditional assets and can be recommended to institutions as an asset allocation with peace of mind. However, in reality, its correlation with US stocks is still as high as 72%. Although there are signs of decoupling between the two assets recently, the background is that US stocks have repeatedly hit new highs, while Bitcoin has underperformed the S&P 500. On the other hand, Bitcoin's volatility continues to decline, which has attracted more institutional attention. For institutional investors with limited risk appetite, stability is often more important than gains-only when the risk of an asset is sufficiently controllable can it be included in the asset portfolio. Declining volatility and decoupling from US stocks are increasing the attractiveness of Bitcoin's institutional allocation. Driven by these two structural changes, Bitcoin is gradually transforming from a high-risk asset to a new asset class that is more in line with institutional prudential standards.
Standard Chartered Bank predicts Bitcoin will hit a new high of $135,000 in the third quarter
According to Cointelegraph, Standard Chartered Bank's latest report predicts that Bitcoin will break through $135,000 and hit a record high by the end of the third quarter, and is expected to reach $200,000 by the end of the year. Geoff Kendrick, head of digital asset research at the bank, pointed out that strong ETF inflows and corporate holdings have changed the Bitcoin halving cycle, and the price decline trend 18 months after the traditional halving (September-October 2025) may become invalid. The report emphasizes that the new ETF and corporate allocation demand in the current cycle (which did not appear in the first two rounds of halving) will support the continued upward trend of prices, but fluctuations from the end of the third quarter to the beginning of the fourth quarter are still not ruled out. Standard Chartered Bank maintains its long-term bullish outlook for Bitcoin, and expects the unit price to reach $500,000 in 2028.
QCP Capital, a Singapore-based crypto investment firm, said in a statement that Bitcoin showed its resilience in the end-of-quarter capital flows, and listed companies continued to increase their spot holdings. Companies have purchased more BTC than ETFs for three consecutive quarters. The SEC has taken frequent actions, approving pledged Ethereum and Solana ETFs, Grayscale's large funds have transformed into ETFs, and is also planning to formulate universal standards to simplify and accelerate the approval process for token ETFs. Corporate crypto asset allocation is accelerating, with Bitmine raising $20 million in private placements to increase its holdings of Ethereum, and DeFi Development raising $100 million to acquire Solana and repurchase shares. In the infrastructure sector, Circle applied for a US license, Robinhood launched new business in Europe, and Trump's crypto mining project raised $220 million.
Market structure shows that the liquidity of the cryptocurrency derivatives market continues to improve. CME's Solana futures open interest reached a record high of 1.75 million contracts, and XRP futures trading volume exceeded US$500 million in the first month. BTC's market share remained at a multi-year high of 65%-66%. The market's attention has now turned to the third and fourth quarters, and the position data suggests that the volatility mechanism may be transformed. The macro environment continues to be favorable for risky assets. Trump confirmed that the Senate passed the "Big America" Act, criticized Powell and hinted at a replacement; the market pricing rate cut exceeded the Fed's expectations, and the Treasury Secretary also released a signal of easing. The trend of rising risk appetite has been transmitted to the digital asset field, but the sentiment of the altcoin market is still lagging.
Important data
According to The block, CEX spot trading volume fell to $1.07 trillion in June, a nine-month low, while DEX trading volume continued to rise. DEX monthly trading volume grew to a record $390 billion in June. After hitting a local high in January, DEX trading volume began to shrink and began to recover in May and continued into June. Presto Research analyst Min Jung believes that the current cryptocurrency market cycle is mainly driven by institutional Bitcoin accumulation rather than retail investment, which has affected CEX trading volume.
According to Cryptoslate, in the first half of this year, public companies purchased 245,510 BTC, more than double the 118,424 BTC purchased by ETFs in the same period. The year-to-date figure is up 375% from the 51,653 BTC purchased by companies in the first half of 2024. In contrast, the number of BTC purchased by ETFs was 56% lower than the same period last year. This may indicate that companies now view Bitcoin less as a speculative investment and more as a working capital reserve or long-term financial asset. The board cited inflation hedging, cross-border liquidity, and brand fit with digital finance as reasons for buying Bitcoin.
Data: Ethereum Q2 ended with a 36.48% increase
A whale withdraws $2.09 million of AAVE from Binance after 7 months of inactivity
