Macro Policy & Regulatory Landscape
Federal Reserve Governor Hammack stated that the labor market is near full employment with good growth prospects, but inflation remains too high, making a rate hike possible. She will approach the next FOMC meeting with an open mind, refraining from prejudging outcomes. This hawkish remark has injected rate hike expectations into the market. Concurrently, the SEC announced on Tuesday that it is seeking public comments on how to regulate 'novel ETFs,' aiming to assess whether existing fund registration and listing processes need adjustments. SEC Chairman Paul Atkins emphasized the importance of market input to ensure the U.S. ETF market can effectively serve investors amid continued growth and innovation. Since Atkins took office in April 2025, the SEC has approved multiple crypto ETFs beyond Bitcoin and Ethereum, including products tracking SOL and DOGE.
Investment bank Jefferies released a report warning that legislative uncertainty surrounding the CLARITY Act could amplify crypto market volatility in the coming weeks. The bill passed the Senate Banking Committee with a 15:9 bipartisan vote but faces significant hurdles in the legislative process. The act seeks to clarify the regulatory boundaries between the SEC and CFTC regarding digital assets, positioning it as a core legislative framework for U.S. crypto market structure. Jefferies noted that smooth passage would markedly boost institutional participation, while delays would prolong regulatory ambiguity. In another enforcement development, the Massachusetts Attorney General obtained court approval to file an amended complaint against prediction market platform Kalshi, adding allegations that Kalshi markets sports betting to users under 21 via social media and college campus campaigns. Kalshi allows users aged 18 and above to create accounts and place bets on sports events. The CFTC submitted a brief arguing for exclusive jurisdiction over prediction markets, with Chairman Michael Selig stating that Congress granted the CFTC sole authority to regulate commodity derivatives markets.
Market Personalities & Key Opinions
In his latest financial disclosure, Trump revealed holdings of over $100 million in BTC and ETH, along with income exceeding $1.4 billion during the 2025 reporting period. The filing shows Trump earned more than $500 million from World Liberty Financial, a crypto venture co-founded with his son; approximately $635 million from sales of the TRUMP meme coin; and over $80 million from a legal settlement with a media company. Reuters estimates that Trump family crypto businesses have generated at least $2.3 billion in profits from investors since his return to the presidency. On the opposite side, economist and gold advocate Peter Schiff questioned market optimism about Bitcoin. He argued that Bitcoin fell below $20,000 about 3.5 years ago, a period not distant enough to rule out a repeat. Schiff noted that significant asset drawdowns within short cycles are not uncommon in financial markets and, given Bitcoin's higher volatility compared to most stocks, a similar decline in response to macro or liquidity changes is 'entirely reasonable.'
Chinese crypto commentator Jiang Zhuocr posted on X that ETFs continue to exhibit net selling, with multiple institutional products reducing positions concurrently. Coinbase prices show a notable discount (contango), with levels returning to the range seen before the sharp corrections at the end of January and late May. Funding rates remain positive, and open interest is high, indicating concentrated leveraged positions. He concluded, 'Everything points to something big is coming,' hinting at potential market turbulence.
Industry & Institutional Developments
In the stablecoin space, market sources indicate that Visa, Stripe, Mastercard, BlackRock, and Coinbase are planning to jointly launch a new stablecoin called 'OUSD.' The project is expected to adopt a multi-party collaboration model with shared revenue mechanisms among participating institutions. However, the specific structure, launch timeline, and regulatory arrangements have not yet been publicly disclosed. Separately, Hyperliquid Strategies (stock ticker: PURR), the treasury company of HYPE, has been officially included in the Russell 3000 and Russell 2000 indices, following its earlier inclusion in the S&P Global BMI index. Pump.fun announced a strategic adjustment, discontinuing support for its Tokenized Agent (tokenized AI agent) launch feature, though existing tokens that enabled the feature at launch will remain unaffected. The platform stated it will refocus on launch mechanisms that 'significantly enhance the retail trading experience,' optimizing the overall interaction and trading process for users during the token launch phase.
In the wallet sector, MetaMask launched a new self-custodial account called 'Money Account,' integrating stablecoin yields, payments, and trading into a single wallet system. The product, released by Consensys, is built on the Monad blockchain and uses the USD-pegged stablecoin mUSD as its core asset. Users can earn a floating annualized yield of up to approximately 4% on their holdings, with funds automatically allocated to decentralized lending protocols such as Morpho, with future integration into Aave planned. AI chip startup Etched completed approximately $800 million in funding from investors including quantitative trading giant Jane Street and a venture capital firm affiliated with Taiwan Semiconductor Manufacturing Company (TSMC). The company is currently testing its AI inference chip product, plans to ship to some customers this summer, and has signed sales contracts worth a total of approximately $1 billion (specific customers undisclosed). Additionally, OKX officially launched OKX.AI, a decentralized platform aimed at the agent economy, supporting AI agents in issuing tasks, accepting tasks, making payments, evaluating, and arbitrating. OKX Founder and CEO Star stated that while the past two decades revolved around apps, the next decade will revolve around agents, where humans will focus on imagination, judgment, and unique value.
In promotional activities, predict.fun partnered with Binance Wallet to launch a Prediction Markets trading incentive campaign. From June 30, 00:00 to July 6, 23:59 (UTC), users who complete a single Buy transaction exceeding 50 USDT via Binance Wallet Prediction will receive 5 Binance Alpha Points. Each user is eligible for one reward, provided their Alpha Points balance is greater than 0 on the task completion day; rewards will be credited within 24 hours.
Market Data Snapshot
On CEXs, the top 10 gainers over 24 hours (source: OKX) were: BASED +29.75%, AI +25.19%, DYDX +14.22%, XLM +10.31%, XCH +9.86%, BIO +8.72%, GLM +7.62%, ZENT +6.33%, OL +6.01%, and NMR +5.67%. Stock-crypto paired gainers (source: msx.com) were also tracked. On-chain hot memes (source: GMGN) were noted but not detailed. Overall, multiple sectors show structural activity, with regulatory and macroeconomic signals collectively driving market sentiment.