Today's News Highlights

• The US SEC has released new cryptocurrency ETF guidelines, approving the conversion of the Grayscale Digital Large Cap Fund into an ETF.
• The People's Bank of China issued the Anti-Money Laundering Management Measures for Precious Metals and Gemstone Practitioners, effective from August 1.
• Robinhood deployed 213 stock tokens on Arbitrum, costing approximately $5.
• The Ethereum Community Fund has been established to fund "immutable and tokenless" projects.
• The company behind xStocks, Backed Finance, was co-founded by three individuals who previously worked at the now-defunct DAOstack.
• June CEX spot trading volume hit a 9-month low, while DEX trading volume surged to a record $390 billion.
• In the first half of the year, listed companies bought a total of 245,500 bitcoins, which is more than twice the amount purchased by ETFs.

Regulation & Macro

Arizona Governor Vetoes Digital Asset Reserve Fund Bill HB2324

Arizona Governor Katie Hobbs vetoed the state's digital asset reserve fund bill HB2324. She stated that the bill would transfer seized assets out of local jurisdictions, preventing local law enforcement agencies from collaborating with the state government on matters of digital asset forfeiture.

The US SEC Releases New Cryptocurrency ETF Guidelines

The U.S. Securities and Exchange Commission's Division of Corporation Finance issued a notice outlining the content that cryptocurrency ETF issuers must include in their filings. The guidance covers detailed descriptions of net asset value calculations, service provider selection, custody practices, and potential conflicts of interest. The SEC requires issuers to make targeted disclosures based on specific structures, emphasizing scrutiny of asset selection, custody, conflicts of interest, and ETF creation/redemption mechanisms.

The U.S. Senate passes the "Big and Beautiful" bill and submits it to the House of Representatives

The U.S. Senate passed the comprehensive tax cut and spending bill proposed by Trump with a vote of 51 to 50 and submitted it to the House of Representatives. The amendment will now return to the House, where the Speaker of the House will work to pass the bill before the deadline set by Trump on July 4.

Central Bank: Cash purchases of gold exceeding 100,000 yuan must be reported starting from August 1.

The People's Bank of China issued the "Management Measures for Anti-Money Laundering and Anti-Terrorist Financing by Precious Metals and Gemstone Industry Institutions," which will take effect on August 1, 2025. The new regulations raise the threshold amount for submitting large transaction reports from 50,000 to 100,000 yuan and include the entire precious metals and gemstones industry chain in anti-money laundering supervision.

Hong Kong Chief Executive John Lee evaluates the stablecoin licensing system: Enhancing financial competitiveness

The Chief Executive of the Hong Kong Special Administrative Region, John Lee, stated that Hong Kong has established a licensing system for stablecoins, optimized the listing process, and enhanced financial competitiveness. Hong Kong's status as a financial center has risen by one rank, firmly securing the third position in the world, and has attracted 84 key enterprises engaged in cutting-edge technology, bringing approximately HKD 50 billion in investments.

Federal Reserve Chairman Powell: Expects higher levels of inflation during the summer

Federal Reserve Chairman Powell stated that if tariff factors are ignored, inflation will run as expected; the U.S. economy is in fairly good shape, with expectations of higher inflation levels during the summer.

Singapore Tightens Cryptocurrency Trading Regulations

The Monetary Authority of Singapore has issued a statement tightening regulations on cryptocurrency trading to curb financial crimes such as money laundering using cryptocurrencies. The authority stated that "the threshold for issuing licenses has been raised, and such licenses will generally not be issued."

Project Updates

Ondo Finance will launch the on-chain US stock trading platform Ondo Global Markets

Ondo Finance announced that it will launch the on-chain US stock trading platform Ondo Global Markets this summer, bringing over 100 US stocks on-chain, with plans to expand to thousands by the end of the year.

Binance Alpha will launch multiple new tokens

Binance Alpha will launch multiple new tokens including Impossible Cloud Network (ICNT), Echo Protocol (ECHO), and CROSS (CROSS).

Robinhood Deploys 213 Stock Tokens on Arbitrum

Robinhood has deployed over 213 stock tokens on Arbitrum, costing approximately $5 in total. The cost per transaction is only $0.03.

Ethereum Community Fund Established

Ethereum core developer Zak Cole announced the establishment of the Ethereum Community Foundation (ECF), aimed at supporting institutional adoption of Ethereum infrastructure. ECF will focus on funding immutable and tokenless projects, particularly applications that bring real-world assets on-chain.

The company behind xStocks, Backed Finance, was co-founded by three former employees of DAOstack.

The three co-founders of the company behind xStocks, Backed Finance, Adam Levi Ph.D., Yehonatan Goldman, and Roberto Klein, all previously worked at the now-defunct DAOstack.

Zhao Changpeng Donates $10 Million to Support Biotechnology Project

Binance founder Zhao Changpeng disclosed that a few months ago he donated $10 million to Vitalik in the form of BNB to support his "open-source" biotechnology project.

Boba Secures $70 Million in Capital Commitment

The Boba Governance Foundation announced a $70 million funding commitment from the Awaken Foundation and LDA Capital for network development and ecosystem expansion.

Bitcoin Layer 2 Network Botanix Mainnet Launch

The Botanix mainnet is officially launched, reducing the block time to 5 seconds, with an average transaction fee of about 0.02 USD.

Institutional Increase

Green Minerals signs a $24.75 million financing agreement to purchase Bitcoin

Deep sea mining company Green Minerals has signed a financing agreement of 250 million Norwegian Kroner (, approximately 24.75 million USD ), to purchase more Bitcoin.

Dogecoin Cash Inc. establishes a subsidiary to create a DOGE treasury

The publicly listed cannabis company Dogecoin Cash Inc. has established a wholly-owned subsidiary, Dogecoin Treasury, to create a Dogecoin ( DOGE ) treasury and other related businesses.

Figma holds $69.5 million in Bitcoin ETF, plans to purchase an additional $30 million in BTC

The software company Figma disclosed in its IPO documents that it holds $69.5 million in Bitcoin spot ETFs and plans to buy an additional $30 million in BTC.

Weiba International Receives $100 Million Investment from Ripple Strategy Holdings

Nasdaq-listed mobile travel service provider Weiba International has signed a $100 million preferred equity credit facility agreement with Ripple Strategy Holdings.

DDC Enterprise completes $528 million financing, net proceeds used to purchase Bitcoin

Cross-border e-commerce DDC Enterprise has completed a $528 million financing plan, intending to use the net proceeds to purchase Bitcoin.

Opinion

Matrixport: The decline in Bitcoin volatility increases the attractiveness of institutional allocation.

Matrixport believes that the decline in Bitcoin's volatility and its decoupling from U.S. stocks are increasing its appeal for institutional allocation. Bitcoin is transforming from a high-risk asset into a new asset class that better aligns with institutional prudential standards.

Standard Chartered Bank expects Bitcoin to reach a new high of $135,000 in the third quarter.

Standard Chartered predicts that Bitcoin will break through $135,000 and reach a historic high by the end of the third quarter, and is expected to touch $200,000 by the end of the year. The bank believes that ETF capital inflows and corporate holdings have changed the pattern of Bitcoin's halving cycle.

QCP Capital: The liquidity of the crypto derivatives market continues to improve

QCP Capital stated that the liquidity in the cryptocurrency derivatives market continues to improve. The macro environment remains favorable for risk assets, and the rising risk appetite has transmitted to the digital asset space.

Important Data

• In June, the CEX spot trading volume fell to $1.07 trillion, a new low in 9 months.
• DEX trading volume increased to a record 390 billion USD
• In the first half of the year, listed companies purchased a total of 245,510 BTC, which is more than twice the amount bought by ETFs.
• Ethereum Q2 closed with a growth of 36.48%
• The Bitcoin spot ETF saw a net outflow of $342 million yesterday, ending a 15-day streak of net inflows.