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According to Jinshi reports, D.A. Davidson's co-chief investment officer James Ragan stated that since the last Federal Reserve meeting, inflation data has been moderate and employment growth has been modest, but the escalation of military conflict between the U.S. and Iran in July has disrupted these positive trends. This means that the progress made in inflation in June may reverse, and the Federal Reserve needs to assess the persistence of core inflation trends.If it is determined that higher inflation expectations are forming, they should raise interest rates in July rather than wait until September, especially considering the political risks of the midterm elections.

According to South Korean media Maeil Business, data from the Financial Supervisory Service of Korea shows that during the first phase of the CBDC pilot project led by the Bank of Korea, financial authorities did not conduct any independent security verification, and only the participating banks conducted their own pre-security reviews.Before the project launched, only an IT vulnerability self-assessment was conducted for the participating banks, executed by the Financial Security Institute, SK Shields, and self-inspection teams from Woori Bank and NongHyup Bank, forming an evaluation model of "self-check by the regulated entities." The central bank acknowledged external doubts about the security of the deposit tokens in the pilot result report and responded that the pre-review was sufficient, but critics pointed out that this explanation was a self-assessment and not an independent third-party verification.

According to The Block, Trezor's Chief Business Officer Danny Sanders refuted recent criticisms of cryptocurrency hardware wallets made by blockchain investigator ZachXBT.Earlier this week, ZachXBT posted on Telegram, "All hardware wallets are complete garbage and I do not recommend using them for important tasks such as signing transactions or storing funds," and suggested that users use a dedicated iPhone to store funds and sign transactions.In response, Sanders acknowledged in an interview that firmware/software updates for hardware wallets can sometimes interfere with urgent or large transactions, and that the user experience can indeed be "clunky," understanding the users' frustration. However, he opposed ZachXBT's blanket statement: while hardware wallets may not be the best single solution for advanced users managing large amounts of funds, they are not garbage.He pointed out that compared to hardware wallets, the operating system and connectivity features of an iPhone present more "attack risks." For the average cryptocurrency user, hardware wallets remain the best self-custody option available.

According to Bitcoin.com, the European Parliament passed the resolution to advance the digital euro with 416 votes in favor, 169 against, and 22 abstentions, entering a critical phase of negotiations with member states. This currency was first proposed in 2023, aiming to maintain European monetary sovereignty and provide citizens with digital cash.Negotiation representative Fernando Navarrete Rojas emphasized that the digital euro will "complement rather than replace cash," and will provide free basic accounts and holding limits to protect the financial system. The European Central Bank has previously established partnerships with major European payment standard providers, using it as a tool to counter the growing influence of private currencies such as stablecoins. European Central Bank Executive Board member Piero Cipollone stated that the digital euro will "reduce Europe's dependence on external providers."

The founder of TRON, Justin Sun, stated that the milestone of 90 billion has finally arrived, marking a critical moment for both Tether and TRON. TRON remains one of the main networks for large-scale settlements of stablecoins.It is reported that with the issuance of TRC20-USDT exceeding 90 billion USD, the scale of stablecoins on the TRON network has reached a new historical level.

According to CoinDesk, the Clarity Act failed to be signed into law on July 4 as White House advisor Patrick Witt had hoped, and the time window for passing it through Congress before the midterm elections is narrowing.Three individuals familiar with the process stated that they remain optimistic about the bill passing this year, as relevant staff are still coordinating between the Senate Agriculture Committee and the Banking Committee versions. The Senate may only need a few days for public debate and voting, but if the bill fails to pass before the midterm elections, the post-election outlook remains uncertain. The next key date is August 7, 2026, which is the last session day before the Senate's summer recess and the campaign season.

According to CoinDesk, researchers from the blockchain security company Hexens have discovered a "stale cache" type obfuscation vulnerability in the Aptos blockchain Move virtual machine. Attackers only need about $3,000 in server costs to launch an attack in a simulated environment with nearly a 90% success rate, without requiring validator permissions or insider knowledge.In simulated tests, researchers ran about 20 attacks, successfully executing 17-18 times, and verified the potential control over cross-chain protocol management permissions such as LayerZero, Wormhole, and USDC CCTP.Hexens assesses that this vulnerability directly threatens DeFi, stablecoins, and liquid staking protocols on the Aptos chain, involving low single-digit billion-dollar assets; if spread through cross-chain bridges, stablecoin minting, and centralized exchanges, the systemic risk exposure could reach up to $70 billion. The Aptos team completed the fix and deployed it to the mainnet within hours of receiving the vulnerability report on February 25, and currently, no user funds have been compromised.

According to CoinDesk, investment bank Jefferies stated in its latest report that the U.S. CLARITY Act still faces significant legislative hurdles in the Senate, and related legislative progress in the coming weeks may exacerbate volatility in the cryptocurrency market.Jefferies pointed out that although the bill previously passed the Senate Banking Committee with a bipartisan vote of 15 to 9, there are only about 20 legislative days left before the August congressional recess. The Senate still needs to complete the bill's consolidation, procedural voting, coordination with the House version, and submission for presidential signature, making the timeline very tight.Polymarket data shows that the probability of the bill passing by the end of 2026 has dropped from 70% in mid-May to 48%. Jefferies believes that if the bill passes smoothly, it will establish a clear regulatory framework for digital assets, prompting banks, asset management institutions, and exchanges to accelerate their layout in tokenized assets, custody, staking, lending, and other businesses, as well as facilitate more cryptocurrency ETFs and IPOs of cryptocurrency infrastructure companies. If the legislation is delayed, it may prolong regulatory uncertainty, causing traditional financial institutions to slow down their blockchain business advancement.The report predicts that the progress of the bill will continue to affect the market performance of cryptocurrency concept stocks such as Circle (CRCL), Coinbase (COIN), Bullish (BLSH), and some cryptocurrency assets.Jefferies also noted that in the long term, compared to regulatory changes, the greater challenge faced by stablecoin issuer Circle still comes from competition with banks, fintech, and payment companies.

According to Crypto in America, the U.S. Senate will recess until July 13, and the advancement of the CLARITY Act depends on the progress of behind-the-scenes coordination over the next two weeks. Staff from both parties, government officials, and industry stakeholders are working to resolve remaining differences, including reconciling text discrepancies between the Banking Committee and the Agriculture Committee, as well as reaching consensus on ethical standards and provisions to combat illegal financial activities.The bill requires the support of at least 60 senators to pass. Even if all 53 Republican votes are in favor, at least 7 Democratic senators will need to join; the support of the majority of Democrats may depend on whether the White House can agree to establish a strong ethical framework regarding issues related to Trump's cryptocurrency business. According to Reuters, since Trump's return to the White House, his cryptocurrency business has generated over $2 billion in new wealth for him.Additionally, major law enforcement groups still oppose the inclusion of provisions from the Blockchain Regulatory Certainty Act in the bill, arguing that it would increase the difficulty of investigating and prosecuting on-chain crimes. Remaining discrepancies in the Agriculture Committee's text include issues such as the prioritization of federal law over state law, management of conflicts of interest in exchanges, and restrictions on related-party transactions. Sources indicate that the parties have not yet reached a final agreement, and there remains uncertainty about whether the Senate vote can be completed before the August recess.

According to the official announcement, Gate has optimized and upgraded the VIP level evaluation rules. Starting today, Polymarket trading volume and asset holdings will officially be included in the VIP level evaluation system. This adjustment further broadens the VIP upgrade path, allowing Polymarket trading users to fully enjoy the level growth and exclusive rights brought by trading activities and asset holdings.It is reported that Gate continues to improve the VIP exclusive rights ecosystem, creating a high-end service system around multiple dimensions such as trading, wealth management, and lifestyle. Recently, the platform has successively launched VIP exclusive airdrop activities for whiskey, gold jewelry, and more, as well as providing exclusive financial products, higher-level income rights, and diversified benefits such as sports event viewing and invitations to offline activities.Gate will continue to organize VIP users to watch events at Inter Milan and F1 venues, experiencing exclusive hospitality and the atmosphere of top-tier events, creating a richer exclusive experience for high-level users.

According to The Block, investment bank Benchmark pointed out in its latest research report that the U.S. Securities and Exchange Commission (SEC) proposed to repeal Rule 611 and Rule 610(e) of Regulation NMS, which could become the "most decisive regulatory change" affecting the market structure of cryptocurrencies and tokenized assets in 2026.The proposal was announced on June 11 and aims to eliminate trading protection and quote constraint rules that have been in place for nearly 20 years in the U.S. stock market. The SEC stated that this move is intended to reduce trading costs and provide greater space for market competition and technological innovation.Benchmark's analysis believes that the current Rule 611 (order protection rule) requires trades to adhere to the National Best Bid and Offer (NBBO), while Rule 610(e) restricts "locked/crossed quotes." These mechanisms are effective in traditional matching systems but create structural constraints for automated market maker (AMM) models in decentralized finance (DeFi).The report pointed out that if the relevant rules are repealed, it will significantly lower the compliance barriers for tokenized stocks and on-chain trading systems, making AMM-based trading models easier to access the U.S. capital market system.In terms of potential beneficiaries, Benchmark specifically mentioned Securitize, believing that it will benefit most directly as a provider of tokenized securities infrastructure, while Coinbase and Galaxy Digital will also benefit from the expansion of trading, market-making, and custody infrastructure. However, the report also emphasized that the rule adjustments do not address all core issues, such as the exchange registration system, custody and clearing framework, and the legal positioning of DeFi-native trading still needs further clarification.The industry generally expects that the subsequent "innovation exemption mechanism" will become a key supporting policy. The SEC has currently opened a 60-day public comment period on the proposal, and the market anticipates that the final vote may take place in early 2027.

According to the on-chain analysis platform CryptoQuant, the Bitcoin "Profit Supply Percentage" indicator is approaching the critical threshold of 45%. Historical data shows that this level is usually associated with periods of high market pressure and significant capitulation risk. In contrast, during bull market peaks, this indicator often exceeds 90%. Current data indicates that a large number of Bitcoin holdings have shifted from profit to loss, and the market is undergoing a deep expectation reset rather than being in an exuberant phase.From an on-chain perspective, profit compression often drives the chips to migrate from weak hands to long-term holders, which may exacerbate short-term volatility. However, historically, such redistribution processes help form a healthier market structure, and long-term accumulation opportunities may be emerging.

According to a report titled "Stablecoins: Waiting for Regulation" released by the UK House of Lords Financial Services Regulatory Committee, the global market capitalization of stablecoins has exceeded $310 billion, but the UK pound stablecoin market is still in its infancy, and the construction of the regulatory framework is clearly lagging behind the United States (GENIUS Act) and the European Union (MiCAR).The report criticizes several aspects of the current regulatory proposals from the UK Financial Conduct Authority (FCA) and the Bank of England, focusing on:• The Bank of England's requirement for systemic stablecoin issuers to deposit at least 40% of reserve assets in non-interest-bearing central bank deposits, which the industry believes will severely harm issuers' profitability and the international competitiveness of the UK market;• The proposed holding limits (individual £20,000, corporate £10 million) are considered extremely difficult to implement and may stifle the development of the pound stablecoin market;• The T+1 redemption requirement will impose a significant operational burden on issuers;• The Prudential Regulation Authority (PRA) restrictions on deposit-taking institutions issuing stablecoins under independent brands are deemed overly stringent.The report also acknowledges the liquidity support loan mechanism proposed by the Bank of England, considering it an innovative regulatory measure that surpasses other major jurisdictions. The committee calls on regulatory agencies to strictly adhere to the established timeline, ensuring that the complete regulatory framework comes into effect as scheduled on October 25, 2027, and recommends adopting a principle-based, technology-neutral regulatory approach to achieve a reasonable balance between financial stability and market innovation.

The Zcash Foundation announced the release of the Zebra 4.5.1 version update to fix a consensus-level security vulnerability and strongly recommends that all node operators upgrade immediately.The vulnerability, identified as GHSA-2prc-cj5x-4443, involves a sigop (signature operation count) statistical error in P2SH transactions, which could lead to potential consensus fork risks. This fix corrects the incomplete patch issue from the previous 4.5.0 version, which was just released yesterday.The Zcash development team stated that the problem originated from discrepancies in sigop counting logic across different implementations, which could cause nodes to produce different results when validating transactions, thereby affecting on-chain consensus consistency. The fix was implemented by reverting and adjusting the Rust implementation logic to ensure alignment with the expected behavior of the protocol.The Zcash Foundation emphasizes that there is currently no workaround for this issue, and upgrading to 4.5.1 is the only way to ensure that nodes remain on the correct chain and avoid potential fork risks.

According to BIT analysis, Bitcoin has fallen 16% year-to-date and is entering a historically weak seasonal window for returns. Over the past decade, the average return for Bitcoin in June has only been +0.7%, and summer months typically feature choppy consolidation. However, this year's trend may not fully adhere to historical patterns. May is usually one of the stronger months for Bitcoin, but this year's gains are significantly below the historical average, thus increasing the probability of a seasonal reversal.Meanwhile, several important catalysts are about to materialize, including regulated U.S. crypto perpetual futures products and the NasdaqCME crypto index futures set to launch on June 8. Although seasonal pressures remain, from a tactical perspective, Bitcoin may be nearing a short-term bottom. If these catalysts bring new buying support, Bitcoin is expected to see a rebound.

According to BBX data, the global competition between crypto compliance infrastructure and traditional financial capital entered a heated stage yesterday, with brokerage giants and old money on Wall Street clashing over the advancement of legislation. The core dynamics are as follows:Coinbase receives CFTC 16-page no-action letter authorization: Coinbase Global, Inc. (NASDAQ: $COIN) officially announced that the Commodity Futures Trading Commission (CFTC) has issued a 16-page "no-action letter" to its subsidiary CFM. This authorizes CFM to officially offer perpetual contracts and options for "digital commodities" such as BTC, ETH, SOL, and DOGE to U.S. institutional clients through the foreign exchange Deribit FZE, which it previously acquired for $2.9 billion. The letter also allows clients to directly transfer digital assets and stablecoins to Deribit FZE as collateral.Dimon publicly declares war on the CLARITY Act: Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE: $JPM), publicly expressed strong opposition to the CLARITY Act currently advancing in the Senate during a Fox Business program. Dimon warned that the act allows crypto companies to pay users "yield rewards" in stablecoins, effectively bypassing the capital and compliance standards of traditional banking. He formed a coalition with the American Bankers Association, publicly committing to "fight to the end" against this legislation.

Michael van de Poppe, founder of MN Trading Capital, posted on platform X, stating, "Bitcoin is at a critical price level, and if it cannot hold, it will drop below $65,000." However, he believes that a new low will not occur. In that case, Bitcoin would fall below $61,000, where the 200-day moving average is located. Further declines would be meaningless, as this would not yield good results in any market cycle. However, this structure is different from the decline in February. The reason is that the resistance level in February failed to convert into a support level.Currently, the $71,000 area remains a key support level. Poppe believes that this support must hold to prevent further pullbacks. If it can hold, then the $61,000-$65,000 range will be an excellent buying opportunity for Bitcoin in the coming years. If this support holds, then the second phase target is to break through $76,600. If this price level is breached, a new high is imminent, and a strong altcoin summer rally is likely to be seen.

According to Coindesk, JPMorgan CEO Jamie Dimon has once again harshly criticized Coinbase CEO Brian Armstrong and warned that if lawmakers do not address traditional banks' concerns about stablecoin regulation, the latest version of the Digital Asset Market Clarity Act may ultimately fail. Dimon believes that the bill would allow stablecoin issuers to effectively pay interest on deposits without bank-like protections and predicts that if adopted as is, the bill "will ultimately fail."