Bitcoin hits a new record high of 116,888, and Altcoin celebrate

Here's the English translation: Before the earnings season arrives, optimistic corporate reports have driven the US stock market to new highs. Investors are rushing into risk assets, with Bitcoin once again setting a new historical record, reaching as high as $116,888 this morning. The top ten cryptocurrencies all showed good gains, with ETH rising over 6% in 24 hours, XRP up 5%, Solana up 4%, and Doge up 7%. Delta Air Lines' optimistic forecast supported market sentiment, while Tesla plans to expand its Robotaxi service to California and Arizona. Nvidia's market cap closed above $4 trillion for the first time, and reportedly, its CEO Jensen Huang will meet with Trump before his planned trip to China. iShares Americas Investment Strategy Head Kristy Akullian stated: "The resilience of US consumers and US businesses has been a highlight of the first half of the year. Entering the second-quarter earnings season, low expectations may provide additional boost to the stock market." Unemployment benefit claims declined, including the Independence Day holiday. For the week ending July 5, initial unemployment claims were 227,000, decreasing by 5,000 from the previous week. San Francisco Federal Reserve President Mary Daly still believes two rate cuts are possible this year. As Bitcoin broke through $116,000 for the first time, Deribit exchange's open interest has concentrated on call options with strike prices of $115,000 and $120,000. The top ten cryptocurrencies all showed good gains, with ETH rising over 6% in 24 hours, XRP up 5%, Solana up 4%, and Doge up 7%. The crypto market saw over $1 billion in liquidations within 24 hours, primarily in long positions for Bitcoin and ETH. Democratic Senator Elizabeth Warren highlighted at a Senate hearing that large tech companies like Meta and Tesla might potentially use the CLARITY Act's crypto market structure to circumvent SEC regulation through "asset tokenization".

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《CLARITY》and 《GENIUS》Both Questioned by Warren, Meta and Tesla Named Again

Warren stated that she supports establishing clearer regulatory guidelines for digital assets, but has concerns about the upcoming House review of the "Digital Asset Market Clarity Act" 《CLARITY Act》, believing the bill might allow non-crypto companies to circumvent securities laws through asset tokenization. She warned:

"With this bill, as long as large publicly traded companies like Meta or Tesla tokenize their stocks, they can immediately escape SEC oversight. This is a serious problem for our country!"

Warren again questioned Meta, as they previously launched their own stablecoin Diem, and may now potentially influence legislation and benefit themselves through the "Stablecoin Act" 《GENIUS Act》, creating a potential conflict of interest.

(Meta's Stablecoin Diem Becomes Focus of 《GENIUS Act》 Controversy, Democrat Warren: Zuckerberg Stepping Up)

Three Crypto Bills to Be Reviewed by House Before 7/14

It is now confirmed that the U.S. House of Representatives will simultaneously review three crypto bills starting from 7/14:

1. "Digital Asset Market Clarity Act" 《CLARITY Act》

2. "Stablecoin Act" 《GENIUS Act》

3. "CBDC Anti-Surveillance State Act"

These three bills are viewed as Republican "crypto reform" and have been questioned by Democratic members and policy experts

(Trump Urges: House Quickly Pass Stablecoin Act 《GENIUS Act》, No Delays!)

Ripple CEO Calls for Accelerated Regulatory Framework

During the hearing, Ripple CEO Brad Garlinghouse was also invited to provide testimony.

He stated that approximately 55 million people in the U.S. use cryptocurrencies, with a total market value of $3.4 trillion, and the crypto industry needs a smart and clear regulatory framework. He pointed out:

"To realize the potential future of cryptocurrencies, a market structure regulatory framework is indispensable. We have waited too long."

Former White House Chief Ethics Lawyer Also States Officials Should Not Hold Crypto and Legislate

Former White House Chief Ethics Lawyer Richard Painter, invited by Warren, emphasized:

"If you want to regulate the crypto industry, you should not simultaneously hold crypto assets."

Painter believes that conflicts of interest between officials and crypto assets would severely undermine the credibility of legislation and law enforcement.

Warren and Painter Call Out Trump for Loosening Legislation and Corruption in Crypto

Warren and Painter also publicly called out U.S. President Donald Trump in the meeting, accusing him of being closely connected to the crypto industry and stating that Republicans are "catering to crypto industry lobbying" by loosening legislation and not addressing Trump's corruption in the crypto space.

She specifically pointed out that Trump not only launched a personal meme coin TRUMP but is also involved in the crypto industry through his family business World Liberty Financial. According to a Bloomberg report on 7/2, the Trump family's assets have surged by $610 million through crypto investments in recent months, sparking intense discussions about "policy and property interest conflicts" within Congress.

(Democrats Might Collectively Walk Out! Protesting Trump's Pro-Crypto Policy, Crypto Hearing May Be Boycotted)