Headlines
▌U.S. SEC releases statement on securities tokenization
The U.S. SEC issued a statement on securities tokenization, stating that blockchain technology has opened up a new model for issuing and trading securities in the form of "tokenization". Tokenization has the potential to promote capital formation and enhance investors' ability to use their assets as collateral. However, despite the great potential of blockchain technology, it does not have the "magic" to change the nature of the underlying assets. Tokenized securities are still securities. Therefore, market participants must carefully consider and comply with the relevant provisions of the federal securities laws when trading such instruments. Sometimes, issuers tokenize their own securities. Investors who purchase such third-party tokens may face some unique risks, such as counterparty risk. Issuers of tokenized securities must also consider their information disclosure obligations under federal securities laws and refer to the relevant staff statements recently issued by the U.S. Securities Regulatory Commission's Division of Corporation Finance. At the same time, market participants who issue, purchase and trade tokenized securities should also consider the attributes of these securities and the securities law compliance issues they raise. Although blockchain-based tokenization is an emerging technology, the act of "issuing financial instruments representing securities rights" itself is not new. Whether such instruments are issued on or off the chain, the applicable legal requirements are the same.
▌Bitcoin hits a record high of nearly $112,000
Bitcoin broke through the previous high set on May 22, setting a new record high of nearly $112,000 per coin.
Market
As of press time, according to CoinGecko data:
BTC price is $111,516, 24-hour increase or decrease+2.4%;
ETH price is $2,780.00, 24-hour increase or decrease+6.4%;
BNB price is $670.07, 24-hour increase or decrease+1.4%;
Policy
▌Head of the U.S. SEC Crypto Team: Stock Tokenization Still Falls within the Scope of Securities Regulation
Golden Finance reported that Hester Peirce, head of the U.S. Securities and Exchange Commission (SEC) Cryptocurrency Special Team and Commissioner, said that "tokenizing" stocks and other assets does not change their essence and still needs to comply with federal securities laws. Although Peirce has long supported crypto innovation, she emphasized that relevant market participants must strictly fulfill their regulatory obligations. This statement responds to the calls of some industry insiders to freely trade stocks and other assets on the blockchain, and reminds that digital assets are also subject to the regulatory framework.
▌US Congressman: CLARITY Act may allow listed companies such as Tesla and Meta to circumvent US SEC regulation
US Senator Elizabeth Warren has warned that if a bill aimed at regulating the cryptocurrency market becomes law, listed companies may bypass US securities law regulation. At a hearing on Wednesday by the Senate Banking Committee on legislation for crypto market structure, Warren, a senior member of the committee, said she supports digital asset regulation that will enhance the US financial system, but raised serious concerns about the Digital Asset Market Transparency Act (CLARITY Act) being considered by the House of Representatives. Warren pointed out that the bill could allow "non-crypto companies" to circumvent the regulation of the US Securities and Exchange Commission (SEC) through asset tokenization. Under the House bill, listed companies like Meta or Tesla can completely get rid of SEC regulation by simply putting their own stocks on the blockchain.
▌Trump sends tariff letters to 8 countries again, Brazil faces 50% tariff
On July 9, local time, US President Trump released letters to the leaders of 8 countries on the social media platform "Real Social" regarding the increase in tariffs, including: Brazil, the Philippines, Brunei, Moldova, Algeria, Iraq, Libya and Sri Lanka. Among them, Trump said that Brazil will be subject to a 50% tariff, Libya, Iraq, Algeria and Sri Lanka will be subject to a 30% tariff, Brunei and Moldova will be subject to a 25% tariff, and the Philippines will be subject to a 20% tariff. The new tariff will take effect on August 1. Trump has sent tariff letters to 22 countries.
Blockchain Applications
▌pump.fun: PUMP tokens will be launched through an initial token offering on July 12
pump.fun announced on the X platform that PUMP tokens will be launched through an initial token offering on July 12, and airdrops are coming soon.
▌Nvidia becomes the first company with a market value of $4 trillion
Nvidia's stock price has reached a milestone. Today, the stock price of this artificial intelligence computing AI company has once again set a record high, rising 2.5% to $163.9 per share during the day, with a total market value of $4 trillion, which exceeds the total market value of stocks in countries such as the UK, France, and Germany. Nvidia's stock price has risen 89% from its April low. Nvidia's stock price has benefited from the market's optimistic expectations for its leading position in artificial intelligence and the expectation of a surge in demand for its AI chips. Recently, Loop Capital analyst Ananda Baruah raised Nvidia's target price from $175 to $250, a level equivalent to a market value of about $6 trillion.
▌GMX suspected of being hacked, losing about $40 million
According to market news, GMX suspected of being hacked, losing about $40 million.
Cryptocurrency
▌The U.S. SEC postponed approval of the physical redemption method of BlackRock's spot Ethereum ETF
The U.S. Securities and Exchange Commission (SEC) has postponed approval of the physical redemption method of BlackRock's spot Ethereum ETF.
▌US SEC confirms amendments on physical redemption of Bitwise spot Bitcoin and Ethereum ETFs
The U.S. Securities and Exchange Commission (SEC) confirmed receipt of amendments on physical redemption methods for Bitwise spot Bitcoin and Ethereum ETFs.
▌Remixpoint raises 31.5 billion yen to increase its holdings of Bitcoin
Japanese listed company Remixpoint announced that it has raised approximately 31.5 billion yen (approximately US$215 million) through financing and plans to use all funds to purchase Bitcoin. The company currently holds 1,051 BTC, and its short-term goal is to increase its holdings to 3,000. The company said the move was based on a firm belief in the future of Bitcoin and the results of long-term internal discussions. Earlier news said that Japanese listed company Remixpoint will pay its CEO salary in full in Bitcoin.
▌BTCS, a US-listed company, raises its financing target to $225 million to increase its holdings of Ethereum
BTCS Inc. (NASDAQ: BTCS), a company focusing on blockchain technology, announced today that it has raised its financing target to $225 million to accelerate the company's hoarding strategy on Ethereum.
▌The market value of RLUSD stablecoin issued by Ripple exceeds $500 million
The circulation of the US dollar stablecoin RLUSD issued by Ripple has exceeded $500 million seven months after its launch. According to CoinGecko data, the product is issued on XRP Ledger and Ethereum and ranks among the top 20 US dollar stablecoins, with a daily trading volume of approximately $26 million. Ripple's RLUSD stablecoin was launched in December 2024. It is pegged 1:1 to the U.S. dollar and backed by cash, cash equivalents, and short-term U.S. Treasuries.
▌Ripple CEO to formally introduce XRP to the U.S. Senate
Ripple CEO Brad Garlinghouse will introduce XRP to the U.S. Senate later today, focusing on the token's technological advantages and utility. Garlinghouse shared a PDF link on the X platform yesterday, which contained his prepared remarks for the upcoming Senate hearing on cryptocurrency market structure. The testimony of the Ripple CEO revolved around the theme of "Building Tomorrow's Digital Asset Markets." His remarks began with greetings to members of the Senate Banking, Housing, and Urban Affairs Committee. He emphasized the company's global reach and its role in facilitating cross-border payments on behalf of financial institutions, including banks.
Important Economic Dynamics
▌Fed Minutes: Participants Diverge on Inflation Outlook
Golden Finance reported that the minutes of the Fed's June meeting showed that policymakers believed that there was "considerable uncertainty" in the timing, scale and duration of the potential inflationary impact of tariffs. They did not have a unified answer to how much impact tariffs would have on inflation, depending on how tariffs are transmitted to the economy and the progress of trade negotiations. Since the June meeting, Fed Governors Christopher Waller and Michelle Bowman have raised the possibility of a rate cut this month based on mild inflation data. The minutes showed that a "few" officials expressed willingness to consider a rate cut at the July 29-30 meeting. Most officials believed that a "modest reduction" in the policy rate this year might be appropriate. However, most officials still insisted that the stable economic performance of the United States gave them room to be patient in adjusting interest rates. In the minutes, policymakers evaluated economic growth as "robust" and believed that the unemployment rate was low. "Participants believed that despite the decline in uncertainty about inflation and the economic outlook, adjustments to monetary policy should remain prudent." ▌Federal Reserve Minutes: Some Participants Are Willing to Consider Rate Cuts at the Next Meeting The latest minutes of the Federal Reserve's June meeting show that when considering the outlook for monetary policy, participants generally believed that the committee was fully capable of waiting for a clearer outlook for inflation and economic activity, as economic growth and the labor market remained solid and the current monetary policy was moderately restrictive. Some participants noted that if the data develops in line with their expectations, they would be willing to consider lowering the target range for the policy rate at the next meeting. Some participants believed that the most likely appropriate monetary policy path was not to lower the target range for the federal funds rate this year, noting that recent inflation data continued to exceed the committee's 2% target. Several participants commented that the current target range for the federal funds rate may not be much higher than its neutral level.
▌JP Morgan Chase: Trump's new tariffs will raise the average US tariff rate to 14.6%
Jinse Finance reported that JP Morgan economists Michael Ferrio and Abel Reinhart released a latest research report, estimating that after including the tariffs announced by Trump this week on 14 countries to be imposed on August 1, the average US tariff rate will rise from the previous 13.4% to 14.6%. According to an independent analysis by Commerzbank, the new average tariff rate may exceed 18%. In addition, JP Morgan also pointed out that if Trump continues to promote other potential trade measures, such as restoring the reciprocal tariffs proposed in April against other countries, adding copper product tariffs or imposing tariffs on BRICS countries, the overall average US tariff rate may rise further by as much as 6 percentage points.
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 huge uncertainty into the economy. Will more tariffs be imposed next? Will other countries retaliate? This unpredictability can cause companies to postpone investments and hiring, while consumers may start spending less. This manifests as increased market volatility. Tariffs also hit cryptocurrencies, but the market recovered a few days later, reflecting the volatile and responsive nature of cryptocurrencies during times of global uncertainty. When uncertainty heightens—such as a sudden escalation in global trade tensions—investors tend to play it safe. This means investors will withdraw from more volatile assets, including cryptocurrencies, and hold assets that are seen as safer, such as cash or bonds. This is a classic "risk-off" strategy. But cryptocurrencies will not remain depressed for long. For many investors, despite their volatility, cryptocurrencies are increasingly seen as a valuable hedge tool that is not affected by any government or policy decisions.
Anais
Catherine
Weatherly
Kikyo