Summary
gm, Ripple and Circle applied for national banking licenses from the OCC, signaling a strategic push for regulatory legitimacy in the crypto space. The launch of the first-ever U.S. Solana staking ETF generated $12 million in first-day inflows, marking a milestone for yield-generating crypto investment vehicles. Meanwhile, Bitcoin surged above $110,000, approaching its all-time high amid increased futures open interest and substantial liquidation of short positions, while institutional players continued their push into tokenization with JPMorgan's Kinexys partnering with S&P Global to explore tokenized carbon credits and Peter Thiel backing a new crypto-friendly bank called Erebor.

News Headlines
⚖️ Judge Allows $4 Billion Celsius Lawsuit Against Tether to Proceed

  • A U.S. bankruptcy judge has permitted Celsius to advance its $4 billion lawsuit against Tether, alleging improper liquidation of 39,500 Bitcoin used as loan collateral without adhering to a contractually specified 10-hour waiting period.
  • Celsius claims that Tether's actions in 2022 led to significant financial losses during a market downturn, with the judge dismissing some motions but ruling the case could proceed despite Tether's dismissal of the lawsuit as "baseless."

💳 Coinbase Driving Adoption of USDC for Payments and Financial Services

  • Coinbase is positioning itself as a key driver of USDC adoption across payments and financial services by building infrastructure targeting e-commerce and small businesses, according to a Bernstein report.
  • The crypto exchange has forged strategic partnerships with companies like Stripe, Shopify, and Nodal Clear, turning stablecoins into a core revenue stream that now represents 42% of Coinbase's total revenue.

🔐 SEC Chair Atkins Backs Tokenization as Regulatory Shift

  • SEC Chair Paul Atkins described tokenization as an "innovation" that should be encouraged, marking a notable shift from the previous regulatory stance under Gary Gensler.
  • Atkins emphasized the need for the SEC to foster innovation rather than stifle progress through ambiguous regulations and enforcement-focused approaches.

🏦 Traditional Finance Group Opposes Tokenized Stock Relief

  • The Securities Industry and Financial Markets Association (SIFMA) is urging the SEC to reject requests from crypto firms seeking relief to offer tokenized stocks.
  • SIFMA argues that such exemptions could allow companies to provide securities outside established regulatory frameworks, potentially undermining investor protections.

📈 Bitcoin Price Target Sits Around $170K as Global M2 Supply Reaches Record High

  • Bitcoin is projected to reach $170,000 as the global M2 money supply hits a record high of $55.48 trillion, with Bitcoin typically responding to M2 supply changes with a 3-6 month lag.
  • The rising M2 indicates increasing capital flow into assets like cryptocurrencies, while the declining US dollar (down 10.8% in H1 2025) enhances Bitcoin's appeal as an alternative investment.

Market Metrics

Fundraising & VC
1. The Open Platform (Series A, $28M) - Infrastructure and tools for Web3 developers on TON Blockchain
2. Pipe Network (Public Token Sale, $7.5M) - Decentralized content delivery network
3. Crystalfall (Undisclosed, $2M) - Free‑to‑play, steampunk hack‑and‑slash action RPG

Regulatory
📝 Senator Lummis Introduces Standalone Crypto Tax Bill

  • Senator Cynthia Lummis has introduced a standalone bill to address crypto taxation, setting a $300 'de minimis' threshold for transactions below which users wouldn't need to track capital gains.
  • The bill aims to eliminate double taxation on staking and mining rewards while clarifying tax implications for lending, charitable giving, and dealer accounting.

🏛️ House GOP Announces "Crypto Week" for Major Legislation

  • House Republicans have scheduled "Crypto Week" starting July 14 to advance three significant crypto bills: the CLARITY Act, Anti-CBDC Surveillance State Act, and GENIUS Act.
  • The initiative aims to establish a clear regulatory framework for digital assets and prohibit the issuance of a U.S. central bank digital currency.

🌏 IMF Rejects Pakistan's Crypto Mining Subsidy Plan

  • The International Monetary Fund has rejected Pakistan's proposal to offer subsidized electricity for Bitcoin mining and other energy-intensive industries.
  • Pakistan intended to utilize 2,000 megawatts of surplus electricity to support crypto mining at a discounted rate, but the IMF raised concerns about market distortions.

⚖️ Bitstamp Secures Singapore License Amid Regulatory Push

  • The Monetary Authority of Singapore has granted crypto exchange Bitstamp a license to provide services to Singapore residents, supporting the company's Asia-Pacific expansion.
  • This development comes as Singapore positions itself as a significant crypto hub, with MAS approving twice as many crypto business applications compared to the previous year.

💻 Crypto-Stealing Firefox Extensions Target Wallet Users

  • Over 40 fake Firefox extensions impersonating popular crypto wallets including Coinbase, MetaMask, and Trust Wallet have been identified in a malware campaign targeting users' credentials.
  • The malicious extensions extract wallet credentials from targeted websites and send them to attacker-controlled servers, with some cloning open-source code from legitimate applications.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has given a positive signal from the rectangle formation by a break up through the resistance at 107710. Further rise to 115727 or more is signaled. The currency has marginally broken up through resistance at points 109000. An established break predicts a further rise. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum shows weak development in a falling trend channel in the short term. This signals increasing pessimism among investors and indicates further decline for Ethereum. The currency is between support at points 2490 and resistance at points 2770. A definitive break through of one of these levels predicts the new direction. The currency is assessed as technically slightly negative for the short term.