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.
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.
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.
US SEC releases new cryptocurrency ETF guidance
According to Cryptonews, the U.S. Securities and Exchange Commission's Division of Corporation Finance outlined in a notice released on July 1 what crypto ETF issuers must include in their documents. 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 stated 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.
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 "immutable and token-free" projects. 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.
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.
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 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.
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.
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.
According to crypto journalist Eleanor Terrett, the SEC is reportedly working with exchanges to develop universal listing standards for token-based ETFs, which is still in the early stages. According to relevant sources, according to this idea, if a token meets the established standards, the issuer can skip the 19b-4 application process and directly submit an S-1 registration statement, wait 75 days, and then the exchange can list it. This method can save a lot of document exchanges and feedback for issuers and the SEC. It is not clear what these listing standards are, but some speculate that factors such as market value, trading volume and liquidity are all taken into consideration. The SEC declined to comment through a spokesperson.
Lummis’ crypto tax proposal may have missed the deadline for submission to the U.S. Senate
According to crypto journalist Eleanor Terrett, the U.S. Senate revision process has lasted for more than 24 hours, but Senator Lummis's cryptocurrency tax proposal is still nowhere to be seen. As it stands, the time to submit the proposal to the Senate for deliberation may have been missed.
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.
Binance founder CZ 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."
Robinhood rose nearly 5%, setting a new record high and rising 163% this year
According to Cailianshe, Robinhood rose nearly 5%, setting a new record high, and soared 163% this year. On the news front, Robinhood announced on Monday that it would launch a blockchain version of US stock trading services in Europe, providing tokenized US stock trading to 150,000 customers in 30 countries around the world.
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, with block time shortened from 10 minutes to 5 seconds and average transaction fees of only about $0.02. Now, users can trade, borrow, pledge, pay, make markets, leverage, short, and long with BTC on the Bitcoin network, while managing their finances stably. The entire ecosystem is composed of native Bitcoin applications and is continuing to expand. In addition, the retro-futuristic video game "Bitcoin 2100" was released today. Players can explore and earn Bitcoin in a virtual world built on Bitcoin.
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.
HKSAR Government appoints members to Task Force on Third Generation Internet Development
The Hong Kong Special Administrative Region Government announced on June 30 the appointment and reappointment of 20 non-official members of the Task Force on Development of Third Generation Internet (Task Force) for a two-year term starting from July 1, 2025. A government spokesman said: "Since its establishment in 2023, the Task Force has provided valuable advice on the development potential and direction of Hong Kong in the third generation Internet, which is both innovative and pragmatic. The appointed and reappointed non-official members are all industry leaders and professionals. With the recent release of the Hong Kong Digital Asset Development Policy Statement 2.0, their expertise and experience will help promote the continued vigorous development of Hong Kong's digital asset ecosystem and build Hong Kong into a world-leading digital asset hub." The non-official members of the Task Force from July 1, 2025 are Cai Wensheng, Chen Delin, Qiu Dagen, Zhu Chengyu, Kong Jianping, Guo Yanlin, Lin Huizhen, Lin Junjie, Lin Chen, Lu Zhihong, Ma Zhitao, Wu Jiezhuang, Professor Pan Shizheng, Alessio Quaglini, Elizabeth Quat, Xiao Yi, Chen Wenli, 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.
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.
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.
According to on-chain analyst @ai_9684xtpa, the "ETH IC0 1 million ETH whale" has sold 356,600 ETH in the past year, with a total value of up to $892 million, an average selling price of $2,501, and a cost as low as $0.31. The whale just sold 1,000 ETH on the chain 1 hour ago, and currently still holds 24,619 ETH in his wallet.
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.
After the US dollar stablecoin boom, South Korea lifted the 14-year ban on "Kimchi bonds"
According to the Financial Times, South Korea has lifted a 14-year ban on domestic financial institutions buying "Kimchi bonds" (foreign currency bonds issued onshore and intended to be exchanged for won) in order to attract hedging capital inflows, due to the speculative boom in US dollar stablecoins. Previously, the Bank of Korea banned local investment in such bonds in 2011 due to concerns about currency mismatch risks. Now, retail investors have poured 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 has adjusted its policy. The Bank of Korea said that this move will improve foreign currency liquidity, ease the pressure on the won to depreciate, and solve the imbalance between foreign exchange supply and demand. On Monday, the won exchange rate rose to its highest level in eight months. South Korea's foreign exchange reserves fell to a five-year low in May, the latest move by the government to relax foreign exchange controls and promote foreign currency inflows. The government has also raised hedging limits and relaxed restrictions on foreign currency loans. Analysts expect more domestic companies to issue "Kimchi bonds". Although the government hopes to appreciate its currency and open up the market, domestic companies will not rush to issue "Kimchi bonds" considering that the cost of US dollar financing is higher than that of won.
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." The authority said in the statement: "The risk of money laundering in this type of business model is higher. If a large amount of regulated activities (of cryptocurrency service providers that only serve overseas customers) are conducted outside Singapore, the Monetary Authority of Singapore cannot effectively supervise these people."
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.
US amendment bill to end corruption in crypto failed to pass
U.S. Senator Jeff Merkley said on the X platform that his proposed amendment to "Ending Corruption in Crypto" was not passed due to opposition from Republicans. The bill aims to prohibit elected officials from promoting cryptocurrencies for improper benefits. The bill was rejected with 46 votes in favor and 54 votes against. Merkley complained that "no elected official should be able to use cryptocurrency plans to sell influence and enrich themselves."
Paxos follows MiCA framework to launch stablecoin USDG for EU users
According to The Block, on Tuesday, Paxos launched the stablecoin USDG for users across the European Union, a stablecoin pegged to the US dollar supported by a consortium including Robinhood, Kraken, Galaxy Digital and Anchorage Digital. USDG is issued by Paxos' European entity Paxos Issuance Europe OY, which is regulated by the Finnish Financial Supervisory Authority and follows the EU's Crypto Asset Market Regulation framework. Paxos deposits part of its cash reserves in European banks and promises 1:1 redemption to meet MiCA's asset reserve and audit requirements. Despite the tightening of EU crypto regulation, the market demand for US dollar stablecoins has increased significantly. Walter Hessert, Paxos' head of strategy, said that the stablecoin issued by Paxos can be traded on platforms such as Kraken, Gate, CoinsPaid and Zodia Custody, and circulates on Ethereum, Ink and Solana blockchains, providing 450 million EU residents with a compliant US dollar stablecoin.
Upbit Partners with South Korean Search Engine Giant Naver on Won-Based Stablecoin Payment Project
According to KBS, South Korean crypto exchage Upbit has reached a cooperation with local search engine giant Naver to jointly develop a stablecoin payment system based on the Korean won. Dunamu, the operator of Upbit, will cooperate with Naver's payment platform Npay on the project. A Dunamu spokesperson said that the project is expected to be led by Npay, with Dunamu playing a supporting role. The two companies intend to formally finalize the specific details and scope of the cooperation after the regulatory framework is formed.
According to Decrypt, Australian crypto exchage Swyftx will acquire boutique digital asset brokerage Caleb & Brown, which is regarded as the largest cryptocurrency acquisition in Australia and New Zealand to date. The deal was disclosed to employees last week and is expected to significantly expand Swyftx's business in the United States, as Caleb & Brown has accumulated a client base of high-net-worth cryptocurrency investors in the United States. According to anonymous sources, the acquisition deal is worth more than 100 million Australian dollars (about 65.8 million US dollars). Three months ago, Swyftx also agreed to acquire Easy Crypto, the largest cryptocurrency exchange in New Zealand. After the transaction is completed, its geographical coverage will be the widest and the team members will be close to 300. Caleb & Brown was founded in 2016 and custody more than $1.2 billion in digital assets. Swyftx intends to expand Caleb & Brown's team of relationship managers and position the merged group as an alternative for wealthy investors seeking customized, around-the-clock support.
