Bank of America plans to launch stablecoins, the U.S. House of Representatives passes the crypto bill procedure

Headlines

▌Bank of America plans to launch stablecoin and is waiting for legal clarity

Bank of America CEO Brian Moynihan said the bank is preparing to launch stablecoins, and investors can expect Bank of America to take action in the cryptocurrency field, but Brian Moynihan did not provide a specific timetable. Moynihan said, "As the second largest bank in the United States, Bank of America believes that both the industry and itself will take action. We have done a lot of work and are still trying to figure out the scale of stablecoins because the scale of capital flows in some areas is not large. Bank of America is trying to understand customer needs and will launch stablecoins at the right time, possibly in cooperation with other institutions. Banks are still waiting for legal clarity, which is why progress is slower than some investors expected." Morgan Stanley Chief Financial Officer Sharon Yeshaya also said today that she is paying close attention to the development of stablecoins. "We are looking at the market and the potential uses of stablecoins for our customer base, but it is too early."

▌The U.S. House of Representatives passed a procedural vote on the cryptocurrency bill

The U.S. House of Representatives passed a procedural vote on the cryptocurrency bill, establishing the rules of procedure for the GENIUS Act, the CLARITY Act, and the Anti-Central Bank Digital Currency (Anti-CBDC) Act, and the final vote is expected to take place this week. The vote passed by a narrow margin of 215 to 211. Note: This procedural vote is not a direct vote on the GENIUS, CLARITY and Anti-CBDC bills themselves, but rather determines the process and rules for formal debate and voting on these bills in the House of Representatives, which is the so-called "procedure" or "clause of procedure" vote.

Market

As of press time, according to CoinGecko data:

BTC price is $118,718, up 1.0% in 24 hours;

ETH price is $3,365.85.02, up 7.6% in 24 hours;

BNB price is $708.62, up 2.3% in 24 hours;

Policy

▌Procedural voting on the crypto bill in the US House of Representatives is deadlocked, and the CBDC position has become a key point of disagreement

During the legislative advancement of "Crypto Week", the procedural voting on the second round of crypto bills in the US House of Representatives has stalled, and some Republican lawmakers insisted on adding a clause prohibiting central bank digital currency (CBDC), which caused disagreements. Although the first round of voting has advanced the bill process, including key bills such as the "GENIUS Stablecoin Act", the wording on CBDC has become a focus of controversy, making the prospects for subsequent voting unclear. Trump originally planned to sign the bill this week, but the current situation is called "complete chaos."

▌Chairman of the US House of Representatives Financial Services Committee: We have enough votes to promote the stablecoin bill

Hill, Chairman of the US House of Representatives Financial Services Committee: We have enough votes to promote the stablecoin bill. The House of Representatives has the votes to promote three cryptocurrency measures.

▌Trump: Conservative on firing Powell, unless there is fraud in the renovation of the Federal Reserve

Trump: Discussed the "concept of firing (Federal Reserve Chairman Powell)" with the Republicans. (Regarding the statement of not firing Powell) Unless there is fraud in the renovation process. The federal government's renovation project may involve fraud. Republicans are pushing for the firing of Powell, and my position is more conservative. I think Powell is already under investigation. (Regarding Powell's investigation on suspected fraud) I think he has some problems. Powell spent more money than expected.

Blockchain Application

▌OpenAI will extract a certain percentage of revenue from ChatGPT shopping sales

According to the Financial Times: OpenAI will extract a certain percentage of revenue from ChatGPT shopping sales to increase revenue. OpenAI plans to integrate the checkout system into ChatGPT. ▌Talos acquires Coin Metrics for over $100 million New York-based digital asset trading infrastructure developer Talos announced that it has acquired blockchain data provider Coin Metrics. According to a person familiar with the matter, the transaction amount exceeded $100 million. Talos was founded in 2018 by Wall Street veteran Katz and Ethan Feldman, the company's chief technology officer, and its software helps institutional investors such as hedge funds and asset management companies trade digital assets such as Bitcoin and Ethereum.

Cryptocurrency

▌CME considers implementing 24/7 cryptocurrency trading, explicitly excluding Meme coin products

The world's largest derivatives exchange, CME Group, is evaluating the implementation of a year-round cryptocurrency trading mechanism to fill the weekend market gap. However, CME has made it clear that it will not launch derivatives related to Meme coins, citing the lack of practical application value. The group has now expanded to Solana and XRP futures, with cumulative trading volumes of nearly $5 billion and $2 billion, respectively, and will continue to focus on tokens with blockchain infrastructure significance in the future.

▌Tether Treasury mints 2 billion USDT on the Ethereum chain

According to Whale Alert, Tether Treasury minted a total of 2 billion USDT in two transactions on the Ethereum chain.

▌“A giant whale with 80,000 BTC in silence for 14 years” transferred 10,000 BTC

According to Arkham data, the “giant whale with 80,000 BTC in silence for 14 years” transferred 10,000 BTC (about 1.16 billion US dollars) to the address starting with bc1qklv in the early hours of yesterday morning.

▌Strategy’s market value hits a record high of 128.4 billion US dollars

The Strategy company (formerly known as MicroStrategy), led by Michael Saylor, reached a market value of 128.4 billion US dollars at the close of Wednesday this week, and the price of Bitcoin exceeded 122,000 US dollars in the same week. Strategy currently holds 601,550 Bitcoins, with a market value of over 73 billion US dollars, accounting for 2.86% of the total supply of Bitcoin. The company's average purchase price was $71,270 per coin, and its stock price has risen 36% in the past three months, and 174% this year. Vanguard Group has become its largest shareholder, despite once calling Bitcoin an "immature asset."

▌The U.S. Marshals Service holds only about 29,000 bitcoins, far below outside expectations

According to documents obtained by independent crypto journalist L0la L33tz through the Freedom of Information Act, as of March this year, the U.S. Marshals Service held only 28,988 bitcoins, equivalent to about $3.4 billion, far lower than the size of its holdings that the market generally believed. It was previously estimated that the U.S. government's overall crypto asset holdings were as high as $25 billion. The Trump administration has ordered the transfer of bitcoins held by federal agencies to the Treasury Department for management and the establishment of a "strategic bitcoin reserve."

▌The Trump family crypto project "WLFI tokens can be traded" proposal vote has passed

According to the relevant page information, the Trump family crypto project "WLFI tokens can be traded" proposal has ended voting and passed at 1:38 Beijing time. The goals of the proposal are as follows: Make WLFI tokens tradable, thereby achieving broader community governance participation through peer-to-peer transactions or secondary markets; Promote the transition of the WLFI ecosystem from closed participation to open participation; Improve the practicality and scope of use of tokens; Launch the next stage of community ownership and interaction; Align long-term token incentives with the adoption and success of the protocol.

▌Trump-themed Meme coin TRUMP is suspected of preparing to launch a game project

According to the information leaked from the website, Trump-themed Meme coin TRUMP is suspected of preparing to launch a game project.

Important Economic Dynamics

▌Fed Williams: Current interest rate stance remains "entirely appropriate"

Fed Williams hinted at a reluctance to support rate cuts ahead of this month's FOMC meeting. He believes that tariffs could further push up inflation. Williams said price data already show that new trade barriers set up by the Trump administration are raising the cost of some consumer goods. Williams expects there may be more price increases in the future. "For goods that are more vulnerable to high tariffs...price increases so far this year have far exceeded expectations based on past trends." Williams is referring to products such as household appliances, musical instruments and luggage. Williams said that given the risk of accelerating inflation in the remainder of 2025, the Fed should be cautious about lowering its benchmark interest rate for now. "It is entirely appropriate to maintain this moderately restrictive monetary policy stance," Williams said. He also expects unemployment to rise to 4.5% by the end of 2025, inflation to be as high as 3.5%, and economic growth this year to be around 1%, a significant slowdown from last year.

▌Fed Williams: The U.S. economy is expected to grow by about 1% this year

Fed Williams: The U.S. economy is expected to grow by about 1% this year, and the unemployment rate is expected to rise to 4.5% by the end of the year. The overall inflation rate in June may be 2.5%, and the core inflation rate may be 2.75%.

▌Fed Beige Book: Economic outlook is neutral to slightly pessimistic

Fed Beige Book: Economic activity has increased slightly from the end of May to the beginning of July. The economic outlook is neutral to slightly pessimistic, with only two regions expecting economic activity to grow, while other regions expect economic activity to remain flat or slightly weaken.

Golden Encyclopedia

▌How does the trade war affect the stock and crypto markets? Tariffs raise the cost of imported goods, squeezing profit margins for companies that rely on international supply chains. When automakers or electronics brands have to pay higher costs for parts, those costs can either eat into profits or be passed on to consumers. In either case, that’s bad news for earnings, which is what determines stock valuations. There’s also the fear factor. The trade war injects a huge amount of uncertainty into the economy. Will more tariffs be imposed next? Will other countries retaliate? That unpredictability can cause companies to hold off on investments and hiring, while consumers may start spending less. That manifests itself as heightened market volatility. The tariffs also hit cryptocurrencies, but markets recovered after a few days, reflecting their volatile and responsive nature during times of global uncertainty. When uncertainty heightens — such as when global trade tensions suddenly escalate — investors tend to play it safe. That means investors pull out of more volatile assets, including cryptocurrencies, and move into assets seen as safer, like cash or bonds. It’s a classic “risk-off” strategy. But cryptocurrencies don’t stay down for long. For many investors, cryptocurrencies are also increasingly seen as a valuable hedge, despite their volatility, that is not affected by any government or policy decisions.