Technology
Regulation
House passes motion to reconsider crypto package containing the GENIUS Act
The defeat means the measures must be repackaged or brought to the floor individually in a new legislative effort.
Technology
Coinbase and Ripple execs join California officials to streamline state operations
Separately, Coinbase is backing federal political efforts through Fairshake, contributing $25 million to mid-terms.
Deals
Cantor Fitzgerald SPAC nears $4B deal with Blockstream’s Adam Back to amass 30,000 Bitcoin
Combined with the Twenty One Capital SPAC, Cantor could accumulate nearly $10 billion in Bitcoin this year.
ETF
ProShares debuts 2x leveraged daily exposure to Solana and XRP in new ETFs
Both funds track futures contracts rather than holding the underlying tokens, mirroring the structure ProShares uses for its Bitcoin and Ethereum offerings.
Legislation
House rejects crypto rule package despite Trump’s call, push for second vote later today
Despite the rejection, a second vote on the proposals might happen later today.
Analysis
Exchange-run launchpads average 10x gains but face scrutiny over steep valuations, opaque models
Despite the double-digit returns, many launchpads list tokens at inflated fully diluted valuations while releasing only a small circulating supply, hurting retail traders' trust in the sector.
Stablecoins
JPMorgan to test stablecoin services alongside proprietary deposit token in bid to speed settlements
Jamie Dimon framed the decision as defensive, as fintech companies already design products that mimic checking accounts, payments networks, and loyalty platforms.
Legal
DOJ and CFTC end probes into Polymarket, clearing path for potential registration
Shayne Coplan said the platform “cooperated and engaged” with authorities and “has been cleared of any wrongdoing,” adding that “justice prevailed.”
Memecoins
PUMP debuts at $5.6B FDV, logs $34M volume within first 3 hours
The token slid 7.3% in the same period, briefly touching the $5 billion in fully diluted valuation.
Analysis
Retail accumulation absorbs fresh supply, propels Bitcoin to record highs
Despite heavy institutional buying after the $110,000 was breached, retail accumulation laid the groundwork by draining exchange balances for months.
Regulation
OCC, Fed, FDIC publish joint guidance for banks offering crypto custody
Regulators instructed boards and executives to view crypto custody as a service that relies on exclusive control of private keys and other sensitive data.
Analysis
Daily Bitcoin Ordinals sales volume soar to strongest level since December
Despite the volume increase, Bitcoin Ordinals are unlikely to close July above the $100 million threshold in with the rhythm displayed currently.