Summary
gm, The U.S. Senate approved the stablecoin GENIUS Act, creating positive momentum for companies like Coinbase, whose stock reached a new all-time closing high of $369.21, up nearly 40% for the month. Meanwhile, major financial institutions continued to embrace cryptocurrency, with Kraken securing a MiCA license in Ireland allowing expansion across 30 European countries, SoFi announcing its return to crypto services after a two-year hiatus, and reports that Fannie Mae and Freddie Mac will begin counting cryptocurrencies as assets in mortgage risk assessments. On the investment front, World Liberty Financial received a $100 million investment from UAE-based Aqua1 Foundation, Galaxy Digital closed a $175 million venture fund for crypto startups, and Japan's Metaplanet increased its Bitcoin holdings to surpass Tesla, now holding 12,345 BTC valued at over $1.3 billion. As Bitcoin trades steadily around $107,000 ahead of a major options expiry, these developments signal growing institutional adoption and regulatory clarity in the crypto ecosystem.

News Headlines
🔄 Corporate Bitcoin Adoption Raises Concerns About Sustainability

  • Over 130 companies have now added Bitcoin to their financial strategies, with Strategy (formerly MicroStrategy) leading with over 590,000 BTC worth more than $60 billion.
  • These corporations are following a pattern of raising capital, purchasing Bitcoin, and benefiting from stock price increases, but concerns are growing about potential vulnerabilities this creates within the crypto ecosystem.

🎮 Gaming-Focused Chain Sei Surges 85% on the Week

  • Sei, a layer 1 blockchain launched in August 2023, has seen its native SEI token surge by 85% over the past week due to multiple positive developments.
  • The Wyoming Stable Token Commission selected Sei as a top candidate for its stablecoin pilot, while the chain now holds 34% of the Web3 gaming market share with prominent games like World of Dypians and Archer Hunter.

📆 SEC Faces Key Deadline for Multi-Token ETF Decision

  • The SEC faces a July 2 deadline regarding Grayscale's proposal to convert its Digital Large Cap Fund (GDLC) into an ETF, which manages approximately $730 million in bitcoin, ether, and other tokens like XRP and Solana.
  • Analysts suggest the SEC may approve these index products based on small allocations of alternative tokens, with Grayscale ETF head David LaValle anticipating that a multi-token ETF will be the next crypto ETF to market.

💻 Zama Raises $57M at $1B Valuation for Blockchain Confidentiality

  • Confidentiality startup Zama has raised $57 million in Series B funding, achieving a valuation exceeding $1 billion for its fully homomorphic encryption technology for blockchain.
  • The company's technology enables encrypted data processing without requiring decryption, maintaining transaction transparency while hiding transaction details, with initial launch planned on Ethereum followed by expansion to other EVM-compatible chains.

📱 Kraken Launches "Krak" Global Money App for Crypto and Fiat

  • Kraken has launched Krak, a blockchain-powered global money app enabling instant peer-to-peer transactions across 110 countries using over 300 assets including cryptocurrencies, stablecoins, and fiat currencies.
  • Users can earn up to 4.1% rewards on stablecoin holdings and opportunities to earn up to 10% on more than 20 digital assets, without needing bank details or crypto wallet addresses.

Market Metrics

Fundraising & VC
1. Kalshi (Series C, $185M) - CFTC‑regulated prediction market exchange
2. World Liberty Financial (Strategic, $100M) - DeFi platform
3. Inference Labs (Undisclosed, $3M) - AI hyperscale on decentralized networks

Regulatory
🏛️ Judge Rejects Ripple and SEC's Request to Reduce Penalty

  • Federal Judge Analisa Torres denied a joint request from Ripple and the SEC to reduce the $125 million penalty for XRP institutional sales to $50 million.
  • The judge emphasized that private settlements cannot override significant court decisions concerning violations of federal securities laws.

🏦 Barclays to Block Crypto Transactions on Credit Cards

  • Barclays will prohibit cryptocurrency transactions on its Barclaycard credit cards starting June 27, citing concerns about volatility and lack of regulatory protections.
  • The bank emphasized that crypto price downturns could lead customers into unmanageable debt, as purchases are not covered by financial protection schemes.

🌏 Hong Kong Unveils New Stablecoin Rules and Tokenization Plans

  • Hong Kong has introduced the LEAP framework for digital assets, focusing on legal clarity, ecosystem growth, practical applications, and talent development.
  • Starting August 1, a licensing regime for stablecoin issuers will be established, while the SFC will oversee licensing for digital asset providers.

⚠️ Coinme Pays $300K in California's First Crypto Kiosk Fine

  • Seattle-based crypto ATM operator Coinme has agreed to a $300,000 penalty for violating California's crypto ATM transaction limits of $1,000 per customer per day.
  • The penalty includes $51,700 in restitution for an elderly resident who reported being scammed, highlighting growing concerns about crypto ATM-related fraud.

🌐 EU Softens Stance on Foreign Stablecoins Despite ECB Concerns

  • The European Commission has dismissed the European Central Bank's concerns about stablecoins causing bank runs, stating such risks are "highly unlikely."
  • The Commission indicated that existing regulations discourage large foreign issuers from entering the European market but suggested joint stablecoin issuance could be permitted.

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 is moving within a rectangle formation between support at 100928 and resistance at 108198. A decisive break through one of these levels indicates the new direction for the currency. The currency is approacing resistance at 110000 points, which may give a negative reaction. However, a break upwards through 110000 points will be a positive signal. The currency is overall assessed as technically slightly negative for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency is testing resistance at points 2490. This could give a negative reaction, but an upward breakthrough of points 2490 means a positive signal. Volume has previously been high at price tops and low at price bottoms. This strengthens the currency and indicates increased chance of a break up. The currency is overall assessed as technically neutral for the short term.