Crypto Assets industry latest developments

Macroeconomics and Regulation

• Kazakhstan plans to establish a national Crypto Assets reserve, funded by seized digital assets from cases and tokens mined from state-owned mines.
• The U.S. "Ending Corruption in the Crypto Space" amendment was not passed, which aimed to prohibit elected officials from promoting Crypto Assets for improper benefits.
• The Securities Commission of Malaysia plans to comprehensively reform Crypto Assets trading rules, allowing certain digital assets to be listed without prior approval.
• The US Treasury Secretary stated that stablecoin legislation may be completed by mid-July.
• The U.S. Supreme Court rejected a request to protect Coinbase user data from IRS scrutiny.
• The SEC has postponed its decision on Bitwise's Ethereum ETF staking proposal and initiated a new round of review.

Project Dynamics

• Robinhood plans to launch its own blockchain and introduce "stock tokens" in the EU.
• The XRP Ledger has launched an EVM sidechain on the mainnet, supporting developers to build Ethereum-compatible applications.
• The Katana mainnet is officially launched, and a 1 billion KAT token incentive program has been initiated.
• Circle applied for a U.S. banking license to custody USDC reserves.
• Coinbase international site will launch Sahara AI and Maple Finance perpetual contracts.
• Paxos launched the stablecoin USDG for EU users, complying with the MiCA framework.

Institutional Dynamics

• London-listed company Anemoi has increased its Bitcoin investment ratio from 30% to approximately 40%.
• Japanese game company CyberStep plans to invest 1 billion yen in Crypto Assets investment.
• Strategy invested approximately $531.9 million last week to increase its holdings by 4,980 coins of Bitcoin.
• BitMine announces a private placement of $250 million and launches its Ethereum financial strategy.

Market Analysis

• The Bitfinex Alpha report states that BTC typically performs weakly in Q3, with an average return rate of 6%.
• Goldman Sachs expects the Federal Reserve to start cutting interest rates in September and to lower them three times in total.
• The 24-hour trading volume of USD1 has surpassed USDC for the first time, reaching a historic high of $3.37 billion.
• The Bitcoin mining difficulty has been reduced by 7.48% to 116.96 T as of yesterday.