Coinbase and Robinhood hit new highs as Trump signs GENIUS Act

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is the news weekly, taking you to a glance at the major events in the blockchain industry this week.

Headlines

▌Coinbase and Robinhood share prices hit record highs

Boosted by the U.S. House of Representatives' passage of the encryption bill, Coinbase and Robinhood share prices both hit record highs on Thursday. Coinbase closed up 3.2%, with a market value of more than $100 billion, Robinhood rose to more than $105, Galaxy's stock price rose more than 6%, and Circle closed at a three-week high.

▌Trump Signs GENIUS Act

US President Trump officially signed the "Guidance and Establishment of the United States Stablecoin National Innovation Act" (GENIUS Act) at the White House, marking the implementation of the US stablecoin regulatory legislation.

▌Galaxy Digital Executives: Investors' Hesitation in the Crypto Industry is Rapidly Dissipating

Galaxy Digital Executives: Focus on recruiting and retaining talent to support the company's growth. Investors' hesitation in the crypto industry is rapidly dissipating. As more and more companies accept cryptocurrencies, the company is experiencing rapid growth in demand.

▌Epstein case continues to heat up, Trump sues media tycoon Murdoch and Wall Street Journal reporters

US President Trump filed a defamation lawsuit against News Corporation, Dow Jones, media tycoon Rupert Murdoch and two Wall Street Journal reporters. The lawsuit documents have not yet been made public. It is reported that News Corporation owns printing and publishing products such as The Wall Street Journal, The New York Post and HarperCollins Publishers. Dow Jones is a subsidiary of News Corporation. (CCTV News) ▌BOC Securities Global Chief Economist: USD stablecoin is not legal tender of the United States, and it is not appropriate to mythologize or superstitious about stablecoins

According to Caixin.com, at a recent online seminar of the China Macroeconomic Forum (CMF), Guan Tao, Global Chief Economist of BOC Securities, said that USD stablecoin is not legal tender of the United States and lacks the guarantee of sovereign credit. We can take a "wait-and-see" attitude towards stablecoins, and there is no need to rush. There is no need to "mythologize" or "superstitious" stablecoins. We should maintain the strategic determination to develop digital currency and promote the internationalization of RMB. Guan Tao believes that the customer funds of third-party payment platforms such as WeChat and Alipay are fully entrusted to the People's Bank of China, which is similar to the 1:1 issuance of stablecoins. In reality, payment and settlement still use RMB.

Policy

▌Shanghai announces a case of illegal cross-border exchange of stablecoins, involving 6.5 billion yuan

On July 20, according to the China Times, the People's Court of Pudong New Area, Shanghai, recently announced a case of illegal cross-border exchange of stablecoins. Yang, Xu and others manipulated domestic shell company accounts to provide stablecoin services to customers to achieve cross-border transfer of funds, and illegally bought and sold foreign exchange amounted to 6.5 billion yuan in three years. The criminal gang used USDT as a medium and adopted a cross-border "counter-knocking" method to provide customers with illegal exchange services. Domestic customers pay RMB to designated accounts, and overseas gangs simultaneously transfer foreign exchange from overseas accounts to customers' overseas accounts, usually charging a handling fee ranging from 1% to 3%.

▌FTX creditor representative: The Bahamas may fall under the jurisdiction of UK/EU rules and require additional approval

FTX creditor representative Sunil tweeted that the FTX Bahamas claims process may fall under the jurisdiction of UK/EU rules and require additional approval.

▌Trump: The GENIUS Act will ensure the United States achieves "global dominance" in the field of encryption technology

On July 19, US President Trump said that the GENIUS Act will ensure the United States achieves "global dominance" in the field of encryption technology.

▌US SEC Chairman: Stablecoins fall within the scope of banking regulators

US SEC Chairman Atkins: The focus of the cryptocurrency working group is to develop clear regulatory rules, and stablecoins fall within the scope of banking regulators.

▌China Industrial Internet Research Institute holds a seminar on stablecoins and industrial digital assets

China Industrial Internet Research Institute recently held a seminar on stablecoins and industrial digital assets, focusing on core topics such as stablecoin policy supervision, industrial digital asset transformation, and the integrated development of RWA and industrial Internet, and held exchanges and discussions. Relevant comrades from the Information Technology Development Department of the Ministry of Industry and Information Technology attended the meeting for guidance. Representatives of experts from financial companies such as Guosen Securities Co., Ltd., SoftBank Asia Venture Capital, and Fosun Fortune International Holdings Co., Ltd. attended the meeting. (Jinshi)

Blockchain Application

▌Citi is exploring the possibility of issuing stablecoins

Citi's CEO said that Citi is exploring the possibility of issuing stablecoins.

▌California Governor launches "Breakthrough Project", invites senior executives from Ripple, Coinbase and other crypto companies to participate in government-enterprise collaboration reform

FOX Business reporter Eleanor Terrett said that California Governor Gavin Newsom announced the launch of the "California Breakthrough Project" and invited senior leaders from technology and crypto companies such as Ripple, Coinbase, and MoonPay to participate in the project, aiming to provide advice and support for improving California government efficiency and cross-departmental collaboration. The project working group held its first meeting at Ripple's headquarters in San Francisco on June 6. Other participants include executives from Instacart, Snapchat, Anduril Technologies, and well-known angel investor Ron Conway.

▌Stablecoin Bank Dakota Completes US$12.5 Million Series A Financing

Dakota, a stablecoin bank founded by former Coinbase executives, announced the completion of a US$12.5 million Series A financing round led by crypto venture capital firm CoinFund, with participation from 6th Man Ventures, Digital Currency Group (DCG) and Kraken’s venture capital arm Triton Ventures.

▌Vitalik: The best way to build L2 is to borrow more from the functions of L1

Ethereum co-founder Vitalik Buterin said that the best way to build L2 is to rely more on the functions provided by L1 (security, censorship resistance, proof, data availability, etc.) and simplify the logic to only act as a sequencer and prover above the core execution layer (if based on the Base network, only as a prover). Vitalik believes that this is a perfect combination of trust minimization and making L2 not require hard forks, which helps prevent risks and create a healthy ecosystem.

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

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

Cryptocurrency

▌CFX broke through $0.145, with a 24-hour increase of 39.77%

The market shows that CFX broke through $0.145 and is now quoted at $0.1468, with a 24-hour increase of 39.77%. The market fluctuates greatly, so please do a good job of risk control.

▌Charles Schwab CEO: Continue to expand digital asset business

Charles Schwab CEO RICK WURSTER: Continue to expand digital asset business, which will include spot trading of Bitcoin and Ethereum.

▌The total market value of cryptocurrency exceeds 4 trillion US dollars

According to coingecko data, the total market value of cryptocurrency has exceeded 4 trillion US dollars, now reporting 4.0031 trillion US dollars.

▌WLFI spent $3 million to increase its holdings of 861 ETH

According to Lookonchain monitoring, the Trump family encryption project WLFI spent 3 million USDC 3 hours ago to increase its holdings of 861 ETH.

▌BlackRock Ethereum ETF received $560 million in inflows

According to AggrNews, BlackRock Ethereum ETF received $560 million in inflows.

Important Economic Dynamics

▌Fed Goolsbee: If uncertainty is eliminated, rate cuts are possible

Fed Goolsbee: Some consensus needs to be reached on tariffs to better understand their impact on inflation. The continued announcements about tariffs mean that tariffs cannot be interpreted as a one-time price increase. Any factor that increases the difficulty of judging whether we have achieved our 2% inflation target will extend the timeline for rate cuts. We still need to wait and see. I would feel more comfortable if inflation remains mild for several months. If uncertainty is eliminated, rate cuts are possible. If we start to see a deterioration in the labor market, this will become an important factor in my policy considerations.

▌The initial forecast for the one-year inflation rate in the United States in July is 4.4%, and the expected value is 5.00%.

The initial forecast for the one-year inflation rate in the United States in July is 4.4%, and the expected value is 5.00%, and the previous value is 5.00%. (Jinshi)

▌Federal Reserve Board Governor Waller: If the Federal Reserve waits another six weeks to cut interest rates, it may not be a big problem, but there is no reason to delay it any further

Federal Reserve Board Governor Waller: If the Federal Reserve waits another six weeks to cut interest rates, it may not be a big problem, but there is no reason to delay it any further. (Jinshi)

▌Bank of America: It is expected that the Bank of England will cut interest rates twice this year, in August and November

Bank of America Global Research: It is expected that the Bank of England will cut interest rates twice this year, in August and November, which is an adjustment from the previous forecast of three rate cuts in August, September and November. (Jinshi)

▌The US Department of Commerce announced the imposition of a 93.5% anti-dumping duty on China's anode-grade graphite, and the Ministry of Foreign Affairs responded

According to Reuters and other media reports, the US Department of Commerce determined on July 17 local time that China's imported graphite had unfair subsidies and decided to impose a preliminary anti-dumping duty of 93.5% on China's anode-grade graphite. Graphite is a key material for electric vehicle batteries. At the regular press conference of the Chinese Ministry of Foreign Affairs held on July 18, Foreign Ministry spokesman Lin Jian asked questions and said that it is recommended to ask the relevant Chinese authorities about the specific issues you mentioned. What I want to point out here is that the essence of Sino-US economic and trade cooperation is mutual benefit and win-win results. I hope that the US side will earnestly abide by the rules of the market economy and maintain the healthy and stable development of Sino-US economic and trade relations. (Global Network)