July 1 brought a flurry of policy and market updates across the crypto landscape. From hawkish Fed commentary to the SEC's ETF rule review, Trump's massive crypto disclosure, and stablecoin moves by major financial giants, here is today's comprehensive digest.
Fed's Hammack Signals Potential Rate Hike If Inflation Persists
Federal Reserve Governor Hammack remarked that the labor market is near full employment with strong growth prospects, but inflation remains too high, prompting consideration of a rate hike. She will attend future meetings with an open mind, not prejudging outcomes. This is a rare direct mention of rate hikes by a Fed official, stoking concerns over tightening liquidity. While the CME FedWatch tool still prices in rate cuts, Hammack's comment adds uncertainty to the policy outlook.
SEC Launches Public Consultation on 'New-Type' ETFs, Crypto ETF Expansion Accelerates
The SEC on Tuesday announced a request for public comments on the regulatory framework for 'new-type' ETFs, evaluating whether existing fund registration and listing processes need adjustments. This review comes amid rapid crypto ETF expansion – since Chairman Paul Atkins took office in April 2025, the SEC has approved multiple crypto ETFs tracking assets like SOL and DOGE. Atkins stated the commission seeks market input to ensure investor protection while fostering innovation. The review could pave the way for more crypto ETFs.
Trump Discloses Over $100M in BTC and ETH, World Liberty Financial Revenue Exceeds $500M
According to Bitcoin News, Trump's latest financial disclosure reveals holdings of over $100 million in BTC and ETH, with total income exceeding $1.4 billion for the 2025 reporting period. The documents show Trump received over $500 million from the crypto project World Liberty Financial (co-founded with his sons) and approximately $635 million from selling TRUMP Meme coins, plus over $80 million from a legal settlement with a media company. Reuters previously estimated that Trump family crypto ventures have generated at least $2.3 billion in profits since his return to the presidency. The disclosure highlights Trump's deep involvement in crypto, likely boosting market visibility.
Stablecoin News: Visa, Stripe, Mastercard, BlackRock Weigh Joint OUSD; MetaMask Launches Money Account
Market sources indicate that Visa, Stripe, Mastercard, BlackRock, and Coinbase are planning to jointly launch a new stablecoin called 'OUSD' under a multi-party cooperation model with shared revenue mechanisms. However, the specific structure, issuance timeline, and regulatory arrangements are still undisclosed. If realized, OUSD would be a major milestone for traditional finance giants entering the stablecoin arena.
Meanwhile, MetaMask announced a new self-custodial account, 'Money Account,' integrating stablecoin yields, payments, and trading into a single wallet. Built on the Monad blockchain with mUSD as the core asset, users can earn up to ~4% floating APY, with funds automatically deployed to lending protocols like Morpho, with Aave integration upcoming. This move further drives MetaMask's transformation into a comprehensive financial platform.
Regulatory and Legislative News: Massachusetts Sues Kalshi; Jefferies Warns on CLARITY Act
The Massachusetts Attorney General has obtained court approval to file an amended complaint against prediction market platform Kalshi, adding allegations that Kalshi marketed to users under 21 via social media and college campuses, and failed to effectively prevent their access. Kalshi allows users aged 18+ to create accounts and bet on sports events. The case started in September 2025, with the state accusing Kalshi of offering sports betting in violation of state law. The CFTC previously argued for exclusive jurisdiction over prediction markets, with Chairman Michael Selig stating that Congress granted the CFTC sole authority over commodity derivatives markets. Kalshi has not yet responded to requests for comment.
Investment bank Jefferies warned that although the Clarity Act passed the Senate Banking Committee by a 15:9 bipartisan vote, its subsequent legislative path faces major hurdles, with political uncertainty likely to increase crypto market volatility in the coming weeks. The bill aims to delineate the regulatory boundaries between the SEC and CFTC for digital assets, serving as the core legislative framework for U.S. crypto market structure. Jefferies noted that passage would significantly boost institutional participation, while delays would prolong regulatory uncertainty.
Market Views and Industry Dynamics: Peter Schiff Questions BTC, Jiang Zhuor Warns 'Big Moves Coming'
Economist and gold proponent Peter Schiff questioned the consensus that Bitcoin 'almost certainly cannot' drop to $20,000. He noted that Bitcoin fell below $20,000 just ~3.5 years ago, and significant drawdowns within short cycles are not uncommon in financial markets, warning against underestimating downside risk.
On the other hand, analyst Jiang Zhuor pointed to sustained ETF outflows, a significant discount on Coinbase prices (back to levels seen before the January and late-May corrections), positive funding rates combined with high open interest – all signs pointing to 'something big coming' – potentially a heightened volatility event.
Industry updates: Hyperliquid Strategies (PURR) was added to the Russell 3000 and Russell 2000 indices; AI chip startup Etched raised ~$800 million from investors including Jane Street and TSMC-affiliated VCs; OKX launched OKX.AI, an AI Agent platform supporting task assignment, payment, and arbitration between agents; Pump.fun announced it will stop supporting Tokenized Agent issuance, shifting focus to optimizing the retail trading experience.