Many major events occurred in the cryptocurrency sector this week. With the passage of the Big Beautiful Bill, another conflict arose between Elon Musk and Trump. Robinhood revealed tokenized stocks and other ambitious goals.
The first Solana Staking ETF began trading in the US market, but the SEC delayed Grayscale's altcoin basket product. All these stories and more can be found on BeInCrypto.
Trump Signs Bill
This week, an important regulation that will significantly impact cryptocurrency was passed. Trump's Big Beautiful Bill passed through the Senate and House. Many cryptocurrency and AI-related provisions were not included in the final version, but the bill will still have a major impact.
This morning, on July 4th, Trump signed the $3.3 trillion bill.
Donald J. Trump Truth Social 07.03.25 07:13 PM EST
โ Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) July 4, 2025
Great job by the Speaker of the House, Mike Johnson, who spearheaded the drive in Congress for the approval of the "ONE BIG BEAUTIFUL BILL ACT." He has Great Strength and Wisdom, and will go down as one of the most successfulโฆ
Among the many issues the Big Beautiful Bill addresses, massive tax cuts are most prominent for the cryptocurrency ecosystem. These cuts not only encourage domestic cryptocurrency investment but could also significantly weaken the dollar.
By increasing deficit and fiscal instability, this bill could encourage using Bitcoin as a store of value.
Trump, Musk Conflict Again
Of course, the cryptocurrency community was not unified about the Big Beautiful Bill. This week, Elon Musk shocked the cryptocurrency market by warning about its major potential drawbacks.
Musk is very concerned about the US deficit, which he proved through his time with D.O.G.E. He repeatedly warned that this bill could lead to a recession.
Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!
โ Elon Musk (@elonmusk) June 30, 2025
And they will lose their primary next year if it is the last thing I do on this Earth.
In the past few days, Musk declared he would create a new party if the Big Beautiful Bill passes. This could represent a more permanent political divorce from Trump and could especially impact the meme coin market.
So far, Musk is conducting an SNS vote about this third party, and it remains uncertain whether his plan will actually materialize.
Solana Staking ETF Begins Trading
In lighter cryptocurrency news, the first US Solana Staking ETF began trading early this week. The SEC showed positive signals about potential approval a few days ago, and this product is now trading on regulated exchanges.
This represents a significant breakthrough in the cryptocurrency ETF sector.
Now trading: The REX-Ospreyโข SOL + Staking ETF, $SSK! ๐๐
โ REX Shares (@REXShares) July 2, 2025
The first U.S.-listed ETF offering native Solana staking rewards.
โ SOL Exposure.
โ Assets actively staked.
โ 100% of staking rewards passed through, paid monthly.
Solana exposure with staking rewards, deliveredโฆ pic.twitter.com/qYAOjUF31H
Unfortunately, the cryptocurrency ETF subsector also received bad news this week. The SEC approved Grayscale's new basket ETF but soon started another delay.
The committee's final approval deadline was July 2nd, but this abnormal strategy might have bought some additional time.
It's unclear why the SEC took this stance. They are also working on a simplified ETF application process, which could help explain the situation. There are already dozens of active proposals, and no one knows how they will interact with this new mechanism.
Robinhood Launches Tokenized Stocks
This week, Robinhood revealed its long-term expansion plans in the cryptocurrency industry. The company has been exploring this market for over a year but recently detailed very ambitious goals at EthCC 2025.
Robinhood plans to tokenize over 200 stocks and ETFs for US and European markets. This will transform their cryptocurrency app into an all-in-one investment platform.
Let's tokenize.
โ Robinhood (@RobinhoodApp) June 30, 2025
Starting today, European investors get exposure to U.S. stocks and ETFs, powered by our new blockchain-based tokenization technology.#RobinhoodPresents https://t.co/g2tVe86dUu pic.twitter.com/2KD1uVRoUz
The company also announced several goals, including its own layer-2 blockchain, perpetual futures contracts for EU users, and token Staking for the US market.
If these goals are achieved, Robinhood could establish itself as a major player in the cryptocurrency industry.
Dedicated to Acquiring 'Solana's MicroStrategy'
In the final cryptocurrency news of the week, DeFi development announced a $100 million stock sale dedicated to acquiring Solana.
Many companies are purchasing Bitcoin, and concerns about a bubble are being raised. However, DeFi development is the only company that has attempted a SOL financial plan. The stock price plummeted after this sale announcement but recovered during the week.
Whatever happens, companies in DeFi development will provide valuable information about market demand. As corporate financial plans in the MicroStrategy style dominate the Bitcoin sector, attempts to acquire altcoins could shake everything up.
These stories are just some of the major events that occurred in cryptocurrency this week. As always, BeInCrypto is ready to continue keeping you informed about all market developments.
