Headlines
▌US Senate Passes "Big and Beautiful" Bill
According to CCTV News, on July 1st local time, the US Senate passed a comprehensive tax reduction and spending bill and submitted it to the House of Representatives. The Senate passed the bill proposed by President Trump with a vote of 51 to 50. During this period, senators voted on dozens of proposed legislative amendments. The Republican Vice President, who also serves as the Senate President, cast the tie-breaking vote in a 50-50 split, allowing the amendment to pass with a 51-50 vote. This amendment, which Trump called "big and beautiful," will now return to the House of Representatives, where Speaker Mike Johnson will seek to pass it before Trump's July 4th deadline.
▌US SEC Approves Conversion of Grayscale "Digital Large Cap Fund" to ETF
The US Securities and Exchange Commission (SEC) approved the amendment to convert Grayscale's "Digital Large Cap Fund" to an ETF (covering BTC, ETH, XRP, SOL, ADA). The Grayscale Digital Large Cap Fund (GDLC) is a mixed crypto fund for Bitcoin, Ethereum, Solana, XRP, and Avalanche, currently traded over-the-counter. The fund is primarily composed of BTC (nearly 75%) and ETH (about 19%), with the remainder consisting of SOL, XRP, and AVAX.
Market
As of publication, according to CoinGecko data:
BTC price is $105,548, 24-hour change -1.5%;
ETH price is $2,399.99, 24-hour change -3.5%;
BNB price is $645.95, 24-hour change -1.7%;
SOL price is $146.76, 24-hour change -5.3%;
DOGE price is $0.1575, 24-hour change -4.7%;
XRP price is $2.17, 24-hour change -3.1%.
TRX price is $0.2787, 24-hour change -0.5%.
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and terminology.]According to crypto journalist Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) is collaborating with trading platforms to develop a universal listing standard for cryptocurrency ETFs, which is currently in the early stages. If a cryptocurrency meets the standards, issuers can skip the 19b-4 process and directly submit S-1 documents, with platforms able to list them after 75 days. This approach can save issuers and the SEC significant paperwork and consultation time. The specific rules for cryptocurrency ETF universal listing standards are not yet clear, with market speculation focusing on market capitalization, trading volume, and liquidity. The SEC spokesperson declined to comment.
▌DDC Enterprise Completes $528 Million Financing, Net Proceeds to Be Used for Bitcoin Purchases
NYSE-listed DDC Enterprise Limited announced the completion of previously announced financing, totaling $528 million, with investors including Anson Funds. This financing is expected to provide immediate funds for DDC's corporate Bitcoin accumulation strategy. Maxim Group LLC served as the exclusive financial advisor for the transaction. The company plans to use the net proceeds from this issuance to purchase Bitcoin.
▌Deutsche Bank Plans to Launch Crypto Asset Custody Service in 2026
According to informed sources, Deutsche Bank plans to launch its digital asset custody service next year and has invited Bitpanda's technology department to assist in building the service. Sources say the bank's corporate banking division had publicly announced custody business plans as early as 2022 and continues to collaborate with Swiss technology service provider Taurus SA. Previously, Deutsche Bank had stated that it is exploring stablecoins and various forms of tokenized deposits, including issuing its own tokens or joining industry alliances. Additionally, the bank is evaluating the development of its own tokenized deposit solutions for payment purposes.
▌Guoxiong Capital: Investing 200 Million to Deploy in Web3.0 and Crypto Asset Sector
Guoxiong Capital Limited announced a comprehensive entry into the Web3.0 and cryptocurrency asset domain. Chairman Yao Shangkun stated that the company is optimistic about the long-term strategic value of Bitcoin and crypto assets, believing the sector aligns with global financial development trends and harbors enormous growth potential. The company has been approved for a special budget of 200 million yuan to develop related businesses and invest in crypto assets over the next three years.
▌Figma Discloses Nearly $70 Million in Bitcoin ETF, Approved to Purchase Additional $30 Million BTC
According to documents published by Bitcoin Magazine, the renowned design software company Figma recently disclosed holding nearly $70 million in Bitcoin Exchange Traded Funds (ETF). Furthermore, the company has been approved to purchase an additional $30 million in Bitcoin, demonstrating Figma's continued interest and commitment to cryptocurrency in its asset allocation.
▌DeFi Development Plans to Privately Issue $100 Million Convertible Notes, Including for SOL Accumulation
U.S. listed company DeFi Development Corp. (NASDAQ: DFDV) announced plans to privately issue convertible preferred notes totaling $100 million, maturing in 2030. The raised funds will be partially used to repurchase company common shares through forward contracts, with remaining funds intended for general corporate purposes, including accumulating Solana (SOL).
Important Economic Developments
▌Powell: Most Fed Members Expect Rate Cut Later This Year
Federal Reserve Chairman Powell stated that most Fed members anticipate a rate cut later this year. He observed that the labor market is gradually cooling down.
▌Powell: U.S. Federal Fiscal Path Unsustainable, Must Be Addressed Early
Federal Reserve Chairman Powell stated that the U.S. federal fiscal path is unsustainable, though debt levels are sustainable, the growth path is not. Due to the unsustainable debt growth path, it must be addressed early.
Golden Encyclopedia
▌What's the Difference Between Gold-Backed and USD-Backed Stablecoins?
Gold-backed and USD-backed tokens are both stablecoins, but they differ in several aspects. The primary difference lies in the collateral supporting their value. Gold-backed stablecoins are pegged to physical gold, typically at a fixed ratio, while some USD-backed stablecoins are supported by U.S. dollars, short-term, and cash deposit reserves. Gold-backed stablecoins' value fluctuates with gold market prices, which may experience short-term volatility but often appreciate long-term. USD-backed stablecoins maintain a 1:1 peg with the U.S. dollar, ensuring more predictable short-term stability. Unless regulatory changes or poor reserve management affect the exchange rate, their value remains stable. USD-backed stablecoins have higher liquidity and are widely accepted in the crypto ecosystem, including exchanges, payment systems, and DeFi applications. They are frequently used for trading and lending. Gold-backed stablecoins, while helpful for value preservation, are rarely integrated into DeFi protocols due to liquidity concerns. Gold-backed stablecoins can hedge against inflation, attracting investors seeking growth. USD-backed stablecoins appeal to investors seeking stability and value storage.
