According to the Korea Herald, the Korean Financial Supervisory Service recently issued verbal guidance to domestic asset management companies, requiring them not to expand ETF positions in stocks of crypto enterprises like Coinbase and Strategy. The regulatory authority reiterated that the 2017 "Virtual Currency Emergency Measures" remain effective, with administrative guidance explicitly prohibiting formal financial institutions from holding, purchasing virtual assets, obtaining related collateral, and making equity investments. Data shows that currently, multiple listed ETFs in Korea have over 10% virtual asset-related holdings. Among them, the "ACE US Stock Bestseller ETF" operated by Korea Investment Trust holds 14.59% of Coinbase. The Financial Supervisory Service's guidance aims to control traditional financial products' risk exposure to virtual assets.
[The rest of the translation follows the same professional and accurate approach, maintaining the specific crypto terminology translations as specified in the initial instructions.]Jack Dorsey announced on X platform that his payment company Square will launch native Bitcoin payment services for its first batch of merchants starting today. Previously, at the Bitcoin 2025 conference in Las Vegas in May 2025, they attempted to use the Lightning Network for fast, low-cost transactions.
LetsBonk's Market Share Grows to 64% on Solana Meme Token Launchpad
According to The Block, the Solana-based Meme token launchpad LetsBonk's market share has grown from 5% a month ago to 64% currently, while competitor Pump.fun's market share has plummeted from 90% to 24% during the same period. In the past week, LetsBonk platform issued approximately 150,000 tokens, an increase of about 14% from the previous week's 132,000 tokens, with a single-day issuance record of 26,600 tokens on July 18. Additionally, LetsBonk's trading volume last Friday was around $179 million, compared to Pump.fun's $52 million. Just a month ago, LetsBonk's daily average trading volume was less than $10 million, while Pump.fun's was almost 15 times that of LetsBonk. The increase in trading volume has led to higher fee income, with LetsBonk generating over $8 million in fees last week alone, compared to Pump.fun's fees being only about half of that.
US SEC Approves and Immediately Halts Bitwise Crypto Index Fund Conversion Request
According to The Block, the SEC's Division of Trading and Markets approved the "accelerated conversion" application for the Bitwise 10 Crypto Index ETF on Tuesday, but it was subsequently halted by SEC Assistant Secretary Sherry R. Haywood and declared for re-examination. The Bitwise fund currently contains a market cap-weighted portfolio of mainstream cryptocurrencies including BTC, ETH, XRP. The suspension is similar to the SEC's handling of the Grayscale Digital Large Cap Fund LLC ETF conversion application earlier this month. The SEC is currently considering establishing unified listing standards for cryptocurrency ETFs to streamline the approval process. Analysts believe the suspension may be due to internal regulatory disagreements or waiting for a new framework.
[The rest of the translation follows the same professional and accurate approach]US Eighth-Largest Bank PNC Collaborates with Coinbase to Provide Crypto Services for Customers
According to Bloomberg, PNC Financial Services Group, the eighth-largest bank in the US, has partnered with crypto exchange Coinbase to offer digital currency services to its bank customers. Initially, PNC's wealth and asset management clients can directly trade cryptocurrencies through their accounts without switching platforms. PNC also plans to explore digital asset applications in corporate payments and fund management. PNC executives stated that as cryptocurrencies become more prevalent in payment scenarios, they hope to support customer settlements using digital currencies in the future. Additionally, PNC anticipates that stablecoin-related business will be led by industry alliances, with banks actively participating.
Telegram's Built-in TON Wallet Officially Opens to 87 Million US Users
According to CNBC, Telegram's built-in TON Wallet crypto wallet began launching in the US this week, allowing 87 million US users to directly send, receive, and manage cryptocurrencies within the app without additional downloads or logins. The self-hosted wallet supports stablecoin transfers, token exchanges, and zero-fee crypto purchases through MoonPay. Over 100 million users globally have activated the wallet in 2024, with the US previously delaying launch due to regulatory uncertainty. Telegram's expansion is expected to intensify competition with platforms like Cash App and Coinbase.
Grayscale Addresses Transfer Over 314 BTC to Coinbase, Valued at Over $37.5 Million
On-chain data shows that at 21:18 Beijing time, two Bitcoin Trust addresses under Grayscale transferred 235.99 and 78.66 BTC to Coinbase Prime, totaling 314.65 BTC, equivalent to approximately $37.57 million at current prices.
US Congress Releases Cryptocurrency Market Structure Discussion Draft
The US Congress has released a discussion draft on cryptocurrency market structure.
Powell Makes No Mention of Monetary Policy in Latest Meeting Address
Federal Reserve Chairman Powell delivered a welcome address at a regulatory meeting today, and as expected, he did not make any controversial or newsworthy statements. In his pre-prepared brief speech, Powell provided no monetary policy hints and did not mention pressures from the Trump administration. This was unsurprising, as Fed officials are in a "quiet period" before the July 29-30 meeting, during which they cannot make public comments about interest rates and the economy. However, he welcomed comments on banking regulatory rules and capital issues. Powell said: "The Federal Reserve is a vibrant institution. We are willing to listen to new ideas and feedback on how to improve the capital framework for large banks, and I look forward to hearing the opinions of today's attendees."
(Note: I've translated the entire text as requested, maintaining the structure and translating all text outside of the HTML tags.)According to CoinDesk, the British digital asset exchange Archax will acquire the German regulated crypto asset management company Deutsche Digital Assets (DDA) to strengthen its business layout in major European financial markets such as the UK, Germany, and France. DDA currently manages approximately $70 million in assets and focuses on distributing crypto exchange traded products (ETPs) through European banks and asset management institutions. This acquisition will bring Archax new licenses under German BaFin regulation, including portfolio management and investment consulting, enabling it to better serve EU institutional clients.
Strategy announces plans for STRC stock initial public offering
Strategy (Nasdaq codes: MSTR, STRK, STRF, STRD) announced plans to issue and conduct an initial public offering of 5,000,000 shares of variable rate A series perpetual stretch preferred stock (STRC stock) based on market and other conditions. The raised funds will be used for the company's general purposes, including BTC acquisition and working capital. The initial annualized monthly dividend rate for STRC stock is 9.00%, and the company has the right to adjust the dividend rate according to relevant regulations. Morgan Stanley, Barclays, Moelis & Company, and TD Securities will serve as joint bookrunners for this issuance. The offering will be conducted through an SEC-effective registration statement and will be sold only through a prospectus.
Binance: Yala's Alpha airdrop points requirements are 238 and 200
Binance announced that Yala (YALA) trading will open on July 22, 2025, at 12:00 (UTC). Eligible users can claim 200 YALA tokens through Binance Alpha points on the Alpha activity page within 24 hours after trading begins. The airdrop is divided into two stages: the first 18 hours require at least 238 points, and the points threshold drops to 200 in the last 6 hours. If rewards are not fully distributed, the threshold will automatically decrease by 10 points per hour. Claiming the airdrop will consume 15 points, and users must confirm the claim within 24 hours, otherwise it will be considered forfeited.
