Bit Push's Weekly Web3 News Selection:
【Trump's Second Son Denies Taking a Position in the New Company to be Listed on TRON】
Eric Trump clarified in a post, saying, "I am the biggest fan of Tron and greatly admire Justin Sun - he is a good friend of mine and an iconic figure in the crypto field. That being said, the following information is not accurate - I have not taken any public position in this company."
The company Eric Trump mentioned is a newly established Tron Inc, which is set to be listed through a reverse merger with the NASDAQ-listed SRM Entertainment. Previously, the Financial Times cited sources suggesting that Eric Trump was expected to take a position in the new company.
【JPMorgan Submits JPMD Trademark Application, Listing Multiple Blockchain Use Cases】
JPMorgan has submitted a trademark application that appears to be for a new blockchain-based asset called JPMD. The trademark application describes a system for digital asset trading, exchange, transfer, and payment services. It also includes potential use cases for blockchain-based asset issuance, brokerage, and electronic fund transfers. According to the file submitted on Sunday, the application has been accepted by the US Patent and Trademark Office but has not yet been assigned an examiner.
Although the term "stablecoin" does not appear in the application file, it outlines "goods/services" covering almost every aspect of the digital asset ecosystem, from clearing to data transmission. Notably, the application mentions debt clearing and brokerage functions "using distributed ledger technology," indicating that the trademark may play a role in real-world asset domains.
This is not JPMorgan's first foray into the cryptocurrency industry. It was one of the first companies to deeply explore blockchain technology, previously launching Ethereum's permissioned fork product Kinexys (formerly Onyx) and its associated JPM Coin.
【Purpose XRP ETF Approved, Set to List on Toronto Stock Exchange on June 18】
Purpose Investments Inc.'s Purpose XRP ETF has received approval for its prospectus receipt from the Ontario Securities Commission (OSC). The ETF is expected to begin trading on the Toronto Stock Exchange on June 18 with the ticker XRPP. The ETF provides direct exposure to spot XRP. Following this approval, Purpose will continue to expand investors' access to digital assets through regulated and transparent investment tools.
【US Senate Passes GENIUS Stablecoin Bill, Focuses Shifts to House of Representatives】
The US Senate passed the milestone GENIUS Act on Tuesday, advancing federal government regulation of stablecoins and pressuring the House of Representatives to plan the next phase of national digital asset regulatory efforts.
This is the first time the Senate has passed significant cryptocurrency legislation. The bill's sponsor, Republican Senator Bill Hagerty, thanked some of his colleagues for their support before the formal vote. Less than a week ago, lawmakers overwhelmingly voted to pass the bill, with many expecting its passage.
Next, the House of Representatives needs to decide how to proceed. In April, the House Financial Services Committee proposed its own stablecoin legislation - the "Stablecoin Transparency and Accountability to Promote a Better Ledger Economy Act". However, the bill has not yet been submitted for a full House vote.
【JPMorgan to Pilot JPMD USD Deposit Token on Coinbase's Base Blockchain】
According to Bloomberg, JPMorgan will launch a token pilot project called JPMD, introducing a USD deposit token for institutional clients on Coinbase's Base platform. This will be the first such token on a public chain, supporting fast, secure, and round-the-clock fund flows between trusted parties, marking further depth of financial institutions in the digital asset realm.
Naveen Mallela, co-global head of JPMorgan's blockchain division Kinexys, stated in an interview that they expect to transfer a certain amount of JPMD from their digital wallet to Coinbase Global Inc., the largest US crypto exchange, in the coming days.
【SEC Delays Approval of Franklin XRP and Solana Spot ETFs】
According to market information, the US Securities and Exchange Commission (SEC) has delayed approval of Franklin's XRP and Solana spot ETFs.
【Musk's X Plans to Embed Trading and Investment Functions】
According to the Financial Times, X's CEO Linda Yaccarino stated that users will soon be able to invest or trade on the platform. The new features will cover investments and trading and may include a branded debit or credit card. The in-app service will first be launched in the US under the name X Money. X Money is a wallet launched in January this year in collaboration with Visa, aimed at enabling real-time transfers between bank accounts and in-app digital wallets.
Although Yaccarino did not specify asset classes or mention cryptocurrencies, the platform already supports tipping using the Bitcoin Lightning Network and displays real-time cryptocurrency prices via $Cashtags. Visa has also partnered with several crypto service providers to support payments, suggesting that X's latest product may include blockchain-based tokens.
【Fireblocks Report: 49% of Global Institutions Have Used Stablecoins for Payments】
Digital asset infrastructure provider Fireblocks' "State of Stablecoins 2025" report indicates that 49% of global institutions have used stablecoins for payments, and 41% of institutions are piloting or planning to use stablecoins.
【Telegram Founder Makes Will, Allocating $17.1 Billion to 6 Children and 100 Sperm Donation Offspring】
According to the New York Post, Telegram founder Pavel Durov stated that he wants his wealth to go to 100 children born through sperm donation.
The billionaire has made a will allocating his $17.1 billion fortune to six children born with three partners and 100 children born through sperm donation in 12 countries over the past 15 years, which Durov revealed in an interview with a French magazine on Thursday.
"They are all my children and have equal rights! I don't want them to tear each other apart after my death," said the 40-year-old Durov, who does not want his children to use his wealth within 30 years.
【Coinbase Obtains EU Crypto License and Moves EU Headquarters from Ireland to Luxembourg】
Crypto exchange Coinbase announced obtaining the MiCA license from Luxembourg's financial regulator CSSF, becoming the first US crypto trading platform fully authorized in the EU. The company simultaneously announced moving its EU headquarters from Ireland to Luxembourg, citing the latter's more forward-looking financial policy environment. Coinbase CEO Brian Armstrong stated: "Coinbase is fully committed to the European market. MiCA has set standards, and Luxembourg, with its business-friendly environment and prudent regulatory approach, is leading industry development."
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