Headlines
Arkham: Vitalik’s ETH holdings are worth more than $800 million
Arkham officially published a statement on X, saying that the team had written a report on the personal wealth tracking of Ethereum co-founder Vitalik Buterin at the beginning of the year. At that time, the total value of Vitalik's ETH holdings was about US$500 million. With the rise of ETH, the total value of his ETH holdings has now exceeded US$800 million.
Justin Sun: This year's goal is to achieve TRON's protocol revenue of $1 billion
Justin Sun, founder of TRON and member of Huobi HTX Global Advisory Committee, posted on the X platform that he has set a goal this year to increase TRON's protocol revenue to $1 billion.
The SEC has returned the S-1 form to the ETH spot ETF issuer and requires a revised resubmission by July 8
According to a source at one of the issuers, the SEC has returned the S-1 form to the potential Ethereum spot ETF issuer with a few comments. The issuer was asked to address the comments and resubmit by July 8. This means that at least one more round of filings is required before the ETF can finally start trading.
Bloomberg analyst: Ethereum spot ETF approval is expected to be delayed until after July 8
Bloomberg ETF analyst Eric Balchunas said in an article on X that he expects the approval of the Ethereum spot ETF to be postponed until after the holiday. It seems that the SEC took extra time this week to respond to major ETF issuers (although only made minor adjustments). According to the current information, everything needs to wait until the holiday ends on July 8, the approval process will resume, and it will be approved for launch soon after.
JPMorgan Chase: Trump's election will lead to a surge in US inflation, and the market is not ready yet
JPMorgan analysts say another Donald Trump presidency appears to be a path toward inflation that markets may not be ready for.
“Markets appear to have yet to price in the risk premium on the inflationary impact of the Trump campaign’s main policies,” JPMorgan analysts said in a note to clients.
JPMorgan Chase listed statements from the Trump campaign that proposed the following policy goals: plans to extend the 2017 tax cuts, severely restrict immigration through a deportation program for illegal immigrants, and impose tariffs on imported goods. The report believes that these measures may lead to inflation.
Analysts pointed out that Trump also plans to replace Federal Reserve Chairman Jerome Powell after his term ends and is "talking about" amending the law to reduce the Fed's independence. But at the same time, they added that even if Republicans control both the House and the Senate, amending the Federal Reserve Act to weaken the Fed's independence seems unlikely to gain sufficient support in Congress.
The report, released ahead of the presidential debate, concluded that "Trump's policies, taken together, are likely to imply significant upside risks to inflation, inflation expectations, and U.S. Treasury issuance."
Market News: 21 Shares has filed S-1 filing for SOLANA ETF
According to market news, 21 Shares has submitted the S-1 application for SOLANA ETF.
Industry News
Many institutions are optimistic about TON's performance. TON is the largest number of tokens held by Kingsway Capital to date.
Manuel Stotz, founder and CEO of Kingsway Capital, revealed that the largest token held by Kingsway Capital to date is TON, and it began purchasing TON more than two years ago.
Not only that, many investment institutions are also optimistic about TON. Ryze Labs (formerly Sino Global Capital) has also invested heavily in TON tokens. Its founding and managing partner Matthew Graham said that Ryze Labs has always been a "big buyer" of TON; in addition, Yat Siu of Animoca Brands said that he had purchased the token when the price of TON was less than $1, and then continued to buy it at $1, $1.5 and $2; Will Nuelle, general partner of Galaxy Ventures, also expressed long-term bullish sentiment on TON tokens, saying that it has the potential to facilitate payments between a large user base and future financial applications through the Telegram application.
Christian 2022.eth denies buying CRV from Curve founder and dumping it
In response to the previous on-chain analyst pointing out that he bought $400,000 of CRV from the founder of Curve and sold it the next day, NextGen Digital Venture partner Cchristian 2022.eth posted on the X platform: "The 400,000 Us were not used to buy CRV, but to buy locked CVX; the CRV received was purchased before; there was no market crash, and it was impossible to sell that much. The decline was caused by other whales transferring tens of millions into the exchange, and the transfer into the exchange was to repay the collateral."
Earlier news, according to X platform user @maid_crypto, on-chain analysts pointed out that the suspected @Christianeth address purchased CRV worth 400,000 USDT from the founder of Curve at an over-the-counter price of 0.107 USDT on June 21, and sold all of it at a unit price of 0.333 USDT the next day, causing the CRV market to fall by 5%. On June 28, it received the same amount of CRV from the founder of Curve again.
The previous online rumor that ZKsync’s average daily transaction volume is only over 100 is false information. It refers to the ZKsync cross-chain bridge, not the ZKsync network.
The previous online rumor that ZKsync has only 100 transactions per day is false information, referring to the ZKsync cross-chain bridge, not the ZKsync network. According to the official data panel of Matter Labs, the number of transactions per day on the ZKsync Era network is 360,000.
Project News
ether.fi: ether.fi Foundation’s new proposal was successfully passed, and 25 million ETHFI will be allocated in the third quarter
ether.fi posted on social media that the new proposal of ether.fi Foundation was successfully passed. We will allocate 25,000,000 ETHFI tokens for the third quarter.
Jupiter Lianchuang: PPP Meme coin experiment has ended and the analysis process has started
Jupiter co-founder Meow posted on the X platform that the PPP Meme coin experiment has ended and the analysis process has begun, which may take quite a long time because there are too many responses and it is necessary to figure out which ones are robots/users/real CT contributors. The complexity of the analysis that can be performed at present will depend on the various limitations I face when using the Twitter API, so if there are considerable limitations and I end up with quite a lot of false positives/negatives, I apologize to the community in advance. In addition, Meow also revealed that the first project will be announced soon.
Folius Ventures: Catizen is expected to become a gaming platform on Telegram similar to Steam or Animoca
In the research report released by Folius Ventures, the potential of Telegram and Catizen projects was analyzed, and Catizen has the potential to become a gaming platform on Telegram similar to Steam or Animoca to realize traffic monetization. At the same time, the report also pointed out the areas that the TON ecosystem needs to improve, such as Telegram's HTML 5 infrastructure, advertising positioning and application center distribution.
Farcaster Launches In-App USDC Payments for Warpcast
Farcaster co-founder Dan Romero announced the launch of a new in-app payment feature at X. Built for the Farcaster client Warpcast, this feature allows users to pay others with USDC, without having to look up or remember addresses, with almost instant confirmation and zero fees.
Romero added that the feature will initially only support the Base chain, and support for other chains may be added later.
Blast: There will be points and gold points in the second phase, but the distribution mechanism will be different from the first phase. The details will be released next week.
Blast posted on the X platform that it has received a lot of questions about the second phase plan, how users and teams can participate, and how it works in general. In response, Blast said that there will still be points and gold points in the second phase, but based on the lessons learned from the first phase, the distribution mechanism will be different, and the details will be released next week.
Regulatory trends
The U.S. Internal Revenue Service has determined new rules for taxing cryptocurrencies. Starting in 2026, crypto platforms will have to report transactions to the IRS.
The U.S. Internal Revenue Service has determined new rules for taxing cryptocurrencies. Starting in 2026, crypto platforms will have to report transactions to the IRS, but decentralized platforms that do not hold assets themselves will be exempt.
These are the main contents of the new rules finalized by the IRS and the U.S. Treasury Department on Friday 1, which essentially implements a provision of the Infrastructure Investment and Jobs Act passed by the Biden administration in 2021.
Even without these new rules, cryptocurrency holders will need to pay taxes; however, there is no real standardization on how to report these holdings to the government and individual investors. Starting in 2026 (covering transactions in 2025), cryptocurrency platforms must provide a standard 1099 form, similar to the forms sent by banks and traditional brokerage firms. In addition to simplifying the tax process for cryptocurrencies, the IRS has also stated that it is working to combat tax evasion.
Hong Kong Financial Services License Allows Cryptocurrency and STO Trading
Lu Tingkuang, co-founder and chief strategy officer of HKbitEX, believes that Hong Kong's cryptocurrency licensing system is more convenient than places like Singapore and the United States. According to Lu Tingkuang, Hong Kong's crypto asset license allows holders to provide trading services for cryptocurrencies and security tokens (STOs).
At the same time, the fintech expert stressed that regulators in other countries offer licenses for only one asset class, rather than for both. As an example, he cited the US-listed Coinbase, whose license allows trading only crypto assets.
Character Voice
OKX Star: Inquiring about the source of funds for suspicious transactions is a requirement for the platform to comply with global anti-money laundering regulations
OKX CEO Star said on social media: "For deposits or withdrawals that trigger suspicious transaction monitoring, OKX's inquiry into the source of funds is a common compliance control practice, which is an obligation that financial institutions must fulfill under the anti-money laundering laws and regulations of countries around the world."
Vitalik Buterin: Crypto regulation has created "anarchic tyranny" and honest crypto developers are forced into a desperate situation
Vitalik Buterin said in response to a user on the Warpcast platform that the current regulatory work has basically forced honest cryptocurrency developers into a corner. The main challenge of cryptocurrency regulation (especially in the United States) has always been this phenomenon. If you do something useless, or you ask people to give you money in exchange for a vague mention of potential returns, then you are free and innocent, but if you try to clearly explain to your customers where the returns come from and promise them what rights they have, then you are finished because you are a "security." The incentive gradient created by this "anarchic tyranny" will ultimately be worse than pure anarchy or pure tyranny.
Judging from the anarchy, social media and sharing platforms are home to a seemingly endless supply of bad actors, scammers and unfounded hype. Buterin previously put forward three proposals that he claimed could address the problem of "useless" cryptocurrency products and services, including limiting leverage, requiring audits and transparency, and controlling usage through knowledge tests.
Former SEC official: The burden of proof always lies with the SEC to prove a product is a security
In response to a recent U.S. judge’s dismissal of the SEC’s allegations regarding Binance’s BNB secondary sales and Simple Earn, John Reed Stark, former director of the U.S. SEC’s Office of Internet Enforcement, wrote on the X platform that the burden of proof always lies with the SEC to prove that a product is a security.
He pointed out that the judge only asked the SEC to prove that people who buy Binance products are "investors" who buy Binance products because they hope the price will rise, rather than "customers" who buy Binance products because the products provide some kind of utility. (such as transaction discounts). According to the judge, a digital asset security “ceases to be a security” if it somehow transforms into a utility instrument rather than a vehicle for investment speculation. Notably, the judge explicitly rejected the puzzling finding in the Ripple ruling that some kind of contractual relationship must exist between investors and issuers in the secondary market to trigger registration requirements, something no other district court has done Conclusions that are supported by any form of adoption or even citation. Considering Binance’s main business line, I don’t think this decision will have any benefit to Binance, any positive impact on the digital asset industry, or any benefit to digital asset investors.