US Senate Releases Draft Cryptocurrency Law Guidelines
The draft Crypto Market Structure Principles, which will serve as guidelines for future cryptocurrency laws, was disclosed by Eleanor Terrett via X. These guidelines were signed by Tim Scott, chairman of the Senate Banking, Housing, and Urban Affairs Committee, along with Senators Cynthia Lummis, Thom Tillis, and Bill Hagerty. The draft includes clarifying the legal status of digital assets, determining regulatory agency responsibilities, refining outdated regulations, protecting digital asset traders' rights, developing anti-money laundering measures, and mandating clear guidelines from regulatory agencies.
US House Representative "Undecided on Stablecoin Bill Vote vs Senate Bill Acceptance"
Republican House Representative Steve Scalise stated that the House has not yet decided whether to vote on its own STABLE Act or accept the Senate bill (GENIUS) as desired by former President Donald Trump. However, he is leaning towards processing the Stablecoin Regulation Law and Crypto Market Structure Law (CLARITY) simultaneously, as planned by French Hill, chairman of the House Financial Services Committee. This post was reposted by Crypto in America host Eleanor Terrett, originally from CNBC Washington correspondent Emily Wilkins.
US CFTC Chairman "Key to Crypto Market Structure Bill is Bankruptcy Protection"
US Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that the most critical consumer protection element to be included in the Crypto Market Structure Bill (CLARITY) is bankruptcy protection.
Bank for International Settlements "Stablecoins are Not Money"
The Bank for International Settlements (BIS) stated that stablecoins are not money, as reported by The Block. In a report, the BIS assessed that stablecoins fail to meet core criteria of a sound monetary system, including ▲uniformity (trading at the same exchange rate) ▲elasticity (flexible issuance adjustment) ▲integrity (compliance with standardized guidelines to prevent crime). They also noted that stablecoins could potentially undermine government monetary sovereignty and encourage crime, posing risks to the global financial system.
Visa CEO "Developing Stablecoin Utilization Methods for Years"
Visa CEO Ryan McInerney appeared on CNBC and stated, "We have been preparing stablecoin utilization methods for years. The GENIUS stablecoin law has finally passed the Senate and is expected to pass smoothly in the House. We plan to introduce stablecoin innovation worldwide based on this." He emphasized, "If demand is sufficient, we could allow stablecoin use in the Visa payment network. If people worldwide want stablecoins, we will leverage all our infrastructure to implement them."
Turkey Introduces New Cryptocurrency Anti-Money Laundering Regulations
The Turkish Ministry of Finance has introduced new regulations for cryptocurrency anti-money laundering. Cryptocurrency transfers must now include a transfer purpose of at least 20 characters. Cryptocurrency service providers must also collect and report user transaction purposes to authorities. Transactions not meeting travel rule requirements will face withdrawal delays.
DeFi Infrastructure Firm Yield.xyz Raises $5 Million Investment
DeFi infrastructure firm Yield.xyz has secured a strategic $5 million investment from Multicoin Capital, as reported by Blockworks. The investment will be used for yield integration, with Yield.xyz planning to provide abstracted and automated yield strategies based on user risk preferences.
Robinhood CEO "Cryptocurrency Will Completely Replace Traditional Finance"
Robinhood co-founder and CEO Vlad Tenev appeared on CNBC and stated that "cryptocurrency will completely replace traditional finance," as reported by Watcher Guru.
Coinbase Credit Doubles Loan Limit for Hut 8
Bitcoin mining company Hut 8 announced a loan agreement with Coinbase Credit, doubling its existing credit trading limit. Hut 8 can now access a $130 million loan at a fixed rate of 9%, with the loan maturity extended to July next year.
DeFi Development to Operate WIF Validator Node
DeFi Development (formerly Genover) announced plans to operate a Dogwifhat (WIF) validator node on the Solana blockchain and share rewards with the community. After deducting community operational costs, they plan to share the validator node earnings.
Aptos Labs and Jump Crypto Launch Cloud-Based Storage Network
Aptos (APT) Labs and Jump Crypto have launched Shelby, a cloud-based storage network, as reported by Cointelegraph. Shelby operates on Aptos and is compatible with major blockchains like Ethereum and Solana. The companies explained that it can be used in challenging implementation areas such as streaming video, artificial intelligence, and decentralized physical infrastructure (DePIN).
MatterLabs Unveils RISC-V Based Prover
ZK development company Matterlabs unveiled a new prover called Airbender, as reported by CoinDesk. Airbender is built on RISC-V, an open-source interface supporting computer software-hardware communication, and can reportedly prove Ethereum blocks in 35 seconds using a single GPU.
Nobitex, Victim of Hacking, Plans Phased Service Resumption
Iran's largest cryptocurrency exchange, Nobitex, which recently suffered a hacking incident, announced via X that it will resume services in phases starting June 25 (local time). Deposit, withdrawal, and trading functions will be restored from the 30th.
Coinbase Lists NEWT
Coinbase officially announced through X that it will list Newton (NEWT). Trading will commence once liquidity conditions are met.
Flashnet-Brale Launch Bitcoin-Based Dollar Stablecoin USDB
Decrypt reported that decentralized exchange Flashnet has launched USDB, a Bitcoin-based dollar-pegged stablecoin, in collaboration with stablecoin developer Brale. USDB is issued on the Bitcoin Layer 2 network Spark and is backed by US bonds. Flashnet explained that USDB is designed to provide dollar liquidity to Bitcoin without wrapped assets, synthetic structures, or bridges.
Nasdaq-Listed Synaptogenix Purchases First TAO
Nasdaq-listed Synaptogenix (SNPX) announced through its official website that it purchased TAO as part of its cryptocurrency financial strategy. Additionally, it selected Bit as its custody, staking, and trading service provider. Previously, Synaptogenix had reported plans to invest up to $10 million in TAO.
US Stock Indices Close Higher
US stock indices closed with gains.
S&P500: +1.11%
Nasdaq: +1.53%
Dow: +1.19%
Fed President "Rate Cut Possible if Labor Market Deteriorates"
Neil Kashkari, President of the Minneapolis Federal Reserve, stated that "if the labor market seriously deteriorates, the Fed could cut rates even if inflation levels remain high".
Powell "Fed Cannot Purchase Cryptocurrencies"
According to Wall Street Bloomberg, Jerome Powell, Chair of the Federal Reserve, said during the semi-annual monetary policy report hearing at the US Senate Banking Committee that "the Fed cannot legally purchase cryptocurrencies and does not intend to acquire such authority".
US SEC Again Extends Review Deadline for 21Shares DOT Spot ETF
According to foreign media, the US Securities and Exchange Commission (SEC) has again extended the review deadline for 21Shares' Polkadot (DOT) spot ETF.
$250 Million USDC Newly Issued
According to Whale Alert, $250 million USDC was newly issued from the USDC Treasury address.
Analysis: "ETH Investors Still Cautious Despite Price Recovery"
An analysis suggests that investors remain cautious despite ETH's price recovery. Cointelegraph reported that the ETH monthly futures premium dropped to a weak range of 3%. Investors have been avoiding long positions since December 12, when ETH failed to maintain the $2,700 level. This appears to be due to slow investor sentiment recovery caused by low fees relative to total locked-in value and intensifying dApp competition. However, the options market skew at 2% indicates a neutral stance and some expectation of a bullish turn.
US Defense Intelligence Agency "Iran Airstrike Failed to Destroy Nuclear Facilities"
CNN reported an initial assessment that the US airstrike did not destroy Iranian nuclear facilities. The Defense Intelligence Agency (DIA) evaluated that the US airstrike did not destroy core elements of Iran's nuclear program, merely delaying it by a few months. Previously, former US President Donald Trump had claimed to have successfully attacked three Iranian nuclear facilities and completely destroyed them.
BTC Surpasses $106,000
According to Coinness market monitoring, BTC has surpassed $106,000. On Binance USDT market, BTC is trading at $106,000.
