The U.S. Senate passes the GENIUS Act, advancing stablecoin regulation

The U.S. Senate recently passed the significant "GENIUS Act," marking a key step for the federal government in the regulation of stablecoins. The passage of the Act also puts pressure on the House of Representatives to continue advancing the next phase of national digital asset regulation. This is the first time the Senate has passed such important cryptocurrency legislation.

One of the sponsors of the bill, Republican Senator Bill Hagerty, expressed gratitude to some colleagues before the formal vote. Just less than a week ago, lawmakers voted overwhelmingly in favor of the bill, and many anticipated that it would pass smoothly.

Next, the House of Representatives needs to decide how to advance the relevant legislative work. In April of this year, the House Financial Services Committee proposed its own stablecoin bill, the "Stablecoin Transparency and Accountability to Promote a Better Ledger Economy Act." However, this bill has not yet been submitted for a full vote in the House.

Trump comments on Iran nuclear issue

Former U.S. President Trump recently made statements on social media regarding the Iran nuclear issue. According to reports, Trump hopes to resolve the nuclear issue with Iran completely. There are reports that Trump is considering various options, including military action, but no decision has been made yet. Trump has consistently advocated for resolving the issue through diplomatic means, and he hopes to ensure that Iran cannot develop its own nuclear capabilities. It is expected that Israel will not slow down its actions against Iran.

Cryptocurrency Market Trends

As of the time of writing, the prices of major cryptocurrencies are as follows:

• BTC:104,691 USD, 24h change -2.2%
• ETH:2,516.29 USD, 24-hour change -2.0%
• BNB:648.83 USD, 24-hour drop 0.5%
• SOL:148.20 USD, 24-hour change -2.4%
• DOGE:0.1701 USD, 24-hour decrease of 2.4%
• XRP:2.16 USD, 24-hour change -4.4%
• TRX:0.2718, 24-hour decrease 1.4%

The Federal Reserve will discuss relaxing bank leverage requirements

The Federal Reserve announced that it will hold a board meeting on June 25 to discuss revising the supplementary leverage ratio requirements for large banks. This could be the first in a series of rule relaxation plans by the Federal Reserve aimed at reforming the way the largest and most complex banks in the United States are regulated.

The banking industry has been calling for changes to the supplementary leverage ratio for years, hoping to exempt traditionally safe assets or modify the formula for calculating the leverage ratio. Banks believe that the current supplementary leverage ratio may hinder their ability to enter the intermediate government bond market during times of stress.

Thailand Approves Tax Exemption Policy for Cryptocurrency Sales Profits

The Thai cabinet has approved a new policy that implements a five-year personal income tax exemption on profits from cryptocurrency sales. This move demonstrates the Thai government's more open attitude towards the cryptocurrency industry.

JPMorgan Chase to Pilot Issuance of Deposit Token JPMD

The world's largest bank, JPMorgan Chase, will launch a pilot project for a token called JPMD, which represents JPMorgan Chase's dollar deposits. This indicates that financial institutions are further deepening their involvement in the digital asset space.

According to executives from JPMorgan's blockchain division Kinexys, the bank will conduct a transaction in the coming days to transfer a certain amount of JPMD from the bank's digital wallet to a cryptocurrency exchange.

Other Important News

• A certain trading platform has officially announced its entry into the German and Polish markets, allowing users to trade over 270 types of cryptocurrencies.
• Deutsche Bank plans to launch an asset tokenization and services platform in November 2025.
• VanEck will launch a private digital asset fund called the VanEck PurposeBuilt Fund, focusing on the Avalanche ecosystem.
• Liu Qiangdong, Chairman of the Board of JD Group, stated that JD will apply for stablecoin licenses in major currency countries around the world.
• The U.S. Securities and Exchange Commission has delayed the approval of the Franklin XRP spot ETF and the Solana spot ETF.
• Cathie Wood's Ark Invest has reduced its stake in Circle stock worth $51.7 million.
• Interactive Strength Inc. completed a $55 million financing and began purchasing FET coins on the open market.
• DDC Enterprise Limited announced it will raise $528 million to expand its Bitcoin reserves.

Federal Reserve Policy Expectations

Market analysts believe that if it weren't for the risks posed by tariffs on prices, the Federal Reserve was originally prepared to cut interest rates this week due to recent improvements in inflation. CME's "FedWatch" shows that the market expects an 85.5% probability that the Federal Reserve will keep interest rates unchanged in July, a 58.2% probability of a cumulative 25 basis points cut in September, and a 41.3% probability of a cumulative 50 basis points cut in December.