The United States is building a strategic BTC reserve facility, and the crypto market structural bill will be completed by the end of September.

Headlines

▌White House Digital Asset Policy Advisor: The U.S. is working on building the infrastructure for a strategic Bitcoin reserve

FOX Business reporter Eleanor Terrett stated that White House digital asset policy advisor Bo Hines confirmed that the U.S. is working on building the infrastructure for a strategic Bitcoin reserve. He noted that although the executive order issued by Trump in March this year did not mandate the Treasury to disclose the current holdings of Bitcoin (BTC) by the U.S. government, the U.S. government may choose to publicly release it. He also added that the U.S. government is “very inclined” to increase Bitcoin holdings in a budget-neutral manner.

▌Chairman of the U.S. Senate Banking Committee: The crypto market structure bill will be completed before September 30

Tim Scott, the chairman of the U.S. Senate Banking Committee, stated that the cryptocurrency market structure bill will be completed by September 30, which has surpassed the August deadline previously set by Trump.

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $107,047, with a 24-hour change of -0.2%;

The price of ETH is $2,415.77, with a 24-hour change of -0.1%;

The price of BNB is $642.31, with a 24-hour change of -0.5%;

The price of SOL is $139.14, with a 24-hour change of -3.0%;

The price of DOGE is $0.16, with a 24-hour change of -2.8%;

The price of XRP is $2.11, with a 24-hour change of -3.5%.

The price of TRX is $0.2709, with a 24-hour change of -0.8%.

Policy

▌The U.S. House of Representatives passed a bill directing the Department of Commerce to promote blockchain technology

According to Bitcoin Laws, the U.S. House of Representatives has passed a bill directing the Department of Commerce to promote blockchain technology. The bill, titled the “Deploying American Blockchains Act,” requires the Department of Commerce to: 1. Develop policies to enhance the competitiveness of the United States; 2. Coordinate the adoption of blockchain technology across agencies; 3. Publish relevant guidelines; 4. Support the development of open-source infrastructure.

▌The Federal Housing Finance Agency, Fannie Mae, and Freddie Mac jointly established the American Financial Technology LLC

The Federal Housing Finance Agency, Fannie Mae, and Freddie Mac have jointly established the American Financial Technology LLC. Previously reported, the U.S. housing regulator required the “two giants” to prepare for using cryptocurrency as mortgage collateral.

▌Canadian banking regulators: Ready to regulate stablecoins, developing regulatory framework

Canadian banking regulators have stated that they are ready to regulate stablecoins, and a regulatory framework is being developed.

▌The Central Bank of Brazil will launch a consultation on accounting rules for digital assets

The Central Bank of Brazil will launch a public consultation on digital asset accounting rules on August 24, aiming to update the accounting treatment for enterprises holding digital assets. The new regulations will establish different accounting standards based on the source of the assets (such as purchases, staking rewards, or airdrops), requiring a monthly reassessment at fair value.

Blockchain Applications

▌Galaxy completes $175 million first external fundraising venture fund

Crypto giant Galaxy has announced the completion of its first venture capital fund raising, totaling $175 million, exceeding the original target of $150 million. This fund marks Galaxy’s first introduction of external capital, focusing on investments in stablecoins, decentralized finance, and other areas at the intersection of traditional finance and blockchain. Galaxy has deployed approximately $50 million into projects such as Monad and Ethena.

▌Ripple integrates XRP Ledger with Wormhole to enhance multi-chain interoperability

Ripple has enhanced multi-chain interoperability by integrating the XRP Ledger with Wormhole and its EVM-compatible sidechains. This integration allows crypto assets, stablecoins, and tokenized RWAs to move seamlessly across more than 35 blockchain networks, including Ethereum, Solana, and Avalanche. Ripple’s CTO David Schwartz stated, “Interoperability is crucial for achieving true mass adoption.”

▌Cryptocurrency payroll platform Niural completes $31 million Series A funding

The crypto payroll platform Niural recently completed a $31 million Series A funding round, led by Marathon Management Partners. The company focuses on developing a global PEO ( professional employer organization ) and payment platform, integrating AI technology with a proprietary tax engine.

Cryptocurrency

▌Bakkt updates investment policy and announces a $1 billion securities offering plan aimed at incorporating digital assets like Bitcoin into the company’s treasury

According to a document released by Bitcoin Magazine, the publicly traded company Bakkt, focused on the digital asset space, has updated its investment policy and announced a $1 billion securities issuance plan aimed at incorporating digital assets into its corporate treasury. A screenshot of the document shows that to support this new strategy and provide funding flexibility for potential digital asset acquisitions, Bakkt has submitted a mixed securities issuance plan of up to $1 billion. This plan covers various types of securities, including Class A common stock, preferred stock, debt securities, warrants, and units. The company stated that in the future, it can use the proceeds from the issuance, excess cash, or existing capital sources to acquire digital assets, but must comply with the restrictions outlined in the investment policy. Additionally, Bakkt also plans to explore other opportunistic financing options, including issuing convertible notes, bonds, or other debt instruments, for the purpose of purchasing digital assets or for other purposes that comply with its investment policy.

▌Paypal CEO: Truly Creating Stablecoin Use Cases for Customers

The CEO of Paypal stated that they are creating real stablecoin use cases for customers.

▌Genius Group Board Approves Future Legal Victory Revenue Distribution and Bitcoin Purchase Plan

Genius Group (NYSE: GNS) Board has approved a distribution plan for future legal victory proceeds, averaging net proceeds for special dividends to shareholders and purchasing Bitcoin. The company is currently involved in two significant lawsuits, one being a RICO lawsuit against LZGI International executives, claiming over $750 million; the other is a lawsuit regarding naked short selling, with preliminary estimated losses of about $250 million. CEO Roger Hamilton stated that these lawsuits are intended to compensate shareholders for losses, so all proceeds will be directly distributed or reinvested for the benefit of shareholders. The company emphasized that all distributions will comply with the relevant regulations of the SEC, NYSE, and Singapore law.

▌Coinbase will launch US perpetual futures products on July 21

Coinbase Derivatives announced that it will launch US Perpetual-Style Futures products on July 21, making it one of the first of its kind in the United States. This product will comply with CFTC regulations and provide a leveraged trading experience that closely tracks the spot price. The initial contracts will include nano Bitcoin perpetual futures (0.01 BTC) and nano Ethereum perpetual futures (0.10 ETH). These products utilize a funding rate mechanism to keep the futures price aligned with the spot market, and offer 24/7 trading along with long-term contracts designed to expire in 5 years.

▌Bitwise submits amended S-1 form for spot DOGE and Aptos ETF to the SEC

Bloomberg analyst Eric Balchunas posted on the X platform that Bitwise has submitted a revised S-1 form for a spot DOGE and Aptos ETF to the U.S. SEC.

▌Coinbase’s stock price hits a new all-time closing high, soaring 40% in the past month

Coinbase (stock code: COIN) closed on Thursday at its highest level since its listing in April 2021. According to The Block’s COIN price data, the stock closed at $375.07 per share, up 5.5%. Coinbase’s stock price has recently soared, rising nearly 24% in just the past five trading days and 40% over the past month. The company’s previous all-time closing high was $357.39, set in November 2021. The company’s market capitalization has surged to $89 billion.

▌New York Judge Again Rejects SEC and Ripple Settlement Request

U.S. District Judge Analisa Torres in the Southern District of New York has rejected the SEC’s and Ripple’s proposed settlement for the second time. The proposal aimed to reduce the fine to $50 million and lift the permanent injunction, but the judge believes that Ripple still has the potential to violate the law again, and the injunction must be maintained. Judge Analisa Torres of the Southern District of New York stated that the key point is the proposal to lift the permanent injunction, rather than the $50 million civil fine (which is a reduction from the initial $125 million imposed by the court last year). In her ruling on Thursday, she wrote that, as the SEC suggested at the time, the permanent injunction prohibits further violations of federal securities laws, “because Ripple profited immensely during its violations, and Ripple has the motive to continue violating the law, so it is necessary to issue this injunction.”

Important Economic Trends

▌Federal Reserve’s Collins: July rate cut may be too early

Boston Federal Reserve President Collins stated that a rate cut in July may be premature, and the baseline outlook is for a return to rate cuts later this year, as the Federal Reserve has time to carefully assess incoming information.

▌The probability of the Federal Reserve keeping interest rates unchanged in July is 79.3%

According to CME’s “FedWatch”: The probability of the Federal Reserve keeping interest rates unchanged in July is 79.3%, and the probability of a 25 basis point rate cut is 20.7%. The probability of the Federal Reserve keeping interest rates unchanged in September is 6%, the cumulative probability of a 25 basis point rate cut is 74.9%, and the cumulative probability of a 50 basis point rate cut is 19.1%.

Golden Encyclopedia

▌What is the difference between gold-backed stablecoins and USD-backed stablecoins?

Gold-backed tokens and dollar-backed tokens are both stablecoins, but they differ in several aspects. The main difference between gold-backed stablecoins and dollar-backed stablecoins lies in the collateral that supports their value. Gold-backed stablecoins are pegged to physical gold, usually at a fixed ratio, while some dollar-backed stablecoins are supported by reserves of dollars, short-term instruments, and cash deposits. The value of gold-backed stablecoins fluctuates according to the market price of gold, which may experience short-term volatility but tends to appreciate in the long run. Dollar-backed stablecoins maintain a 1:1 peg with the dollar, ensuring more predictable short-term stability. Their value remains stable unless affected by external factors such as regulatory changes or poor reserve management that impact the peg rate. Dollar-backed stablecoins have stronger liquidity and are widely accepted in the crypto ecosystem, including exchanges, payment systems, and DeFi applications. They are often used for trading and lending. Gold-backed stablecoins, while helpful for value preservation, are rarely integrated into DeFi protocols due to concerns about low liquidity. Gold-backed stablecoins can hedge against inflation, attracting investors seeking growth. Dollar-backed stablecoins are favored by investors looking for stability and value storage.