Fed Rate Hike Signal and SEC ETF Review: Regulatory Expectations Shape Market
Federal Reserve Governor Hammack stated that the labor market is near full employment and inflation remains too high, suggesting that the Fed may need to consider raising interest rates. She will approach the next meeting with an open mind and will not prejudge the outcome. This hawkish comment pressures the crypto market, as higher rates typically dampen risk appetite. Simultaneously, the U.S. SEC announced on Tuesday that it is seeking public comments on the regulatory framework for “novel ETFs,” evaluating whether current fund registration and listing procedures need adjustments. SEC Chairman Paul Atkins emphasized the desire to hear market opinions to ensure the ETF market serves investors effectively while continuing to grow and innovate. Since Atkins took office in April 2025, the SEC has approved multiple crypto ETFs beyond Bitcoin and Ethereum, including those tracking SOL, DOGE, and other assets. This review could further expand the range of crypto ETFs.
Trump's Crypto Holdings Revealed and Prediction Market Legal Disputes: Policy Risks Intensify
Bitcoin News reported that Trump disclosed holding over $100 million worth of BTC and ETH in his latest financial filing, with income exceeding $1.4 billion during the 2025 filing period. This includes over $500 million from World Liberty Financial, a crypto project co-founded with his son, approximately $635 million from selling TRUMP Meme coins, and over $80 million from media legal settlements. The filing has been submitted to the U.S. Office of Government Ethics. Reuters estimates that Trump family crypto ventures have generated at least $2.3 billion in profits from investors since his return to the presidency. Separately, the Massachusetts Attorney General received court approval to file an amended complaint against prediction market platform Kalshi, alleging that it markets to users under 21 via social media and college campuses and fails to prevent their use. Kalshi allows users aged 18 and older to create accounts and bet on sports events. The case began in September 2025. The CFTC previously filed an amicus brief in Massachusetts asserting exclusive jurisdiction over prediction markets, with Chairman Michael Selig stating that Congress granted the CFTC sole authority to regulate commodity derivatives markets. Kalshi has not yet responded to requests for comment.
Crypto Industry Developments: Stablecoin OUSD, Pump.fun Adjustment, MetaMask Money Account
Market sources indicate that multiple financial and crypto institutions, including Visa, Stripe, Mastercard, BlackRock, and Coinbase, are planning to jointly launch a new stablecoin called “OUSD.” It will adopt a multi-party collaboration model with shared revenue mechanisms among participating institutions. Specific structure, launch timeline, and regulatory arrangements have not been disclosed. Pump.fun announced it will stop supporting its Tokenized Agent (tokenized AI agent) issuance feature, though existing tokens that enabled it at launch will remain unaffected. The platform will shift focus to issuance models that “significantly improve retail trading experience.” MetaMask launched a new self-custody account called “Money Account,” built on the Monad blockchain with a USD-pegged stablecoin mUSD as its core asset. Users can earn up to approximately 4% variable annualized yield on holdings, with funds automatically allocated to decentralized lending protocols like Morpho, with Aave integration planned. Additionally, predict.fun partnered with Binance Wallet to launch a Prediction Markets trading incentive: from June 30 to July 6 (UTC), users who complete a single Buy transaction over 50 USDT via Binance Wallet will receive 5 Binance Alpha Points.
Market Views and Index Dynamics: Jefferies Warns on CLARITY Act Uncertainty
Investment bank Jefferies released a report warning that the U.S. Clarity Act, despite passing the Senate Banking Committee with a 15:9 bipartisan vote, faces significant hurdles in subsequent legislative stages. Political uncertainty could exacerbate crypto market volatility in the coming weeks. The bill aims to clarify the regulatory boundary between the SEC and CFTC over digital assets and is considered a core legislative framework for U.S. crypto market structure. If passed smoothly, it would significantly boost institutional participation; delays would prolong regulatory uncertainty. Economist Peter Schiff questioned the common belief that Bitcoin falling to $20,000 is “almost impossible,” noting that BTC dropped below that level about 3.5 years ago, and such a sharp decline is not unusual for highly volatile assets. Jiang Zhuor, a well-known Chinese commentator, pointed to persistent ETF outflows, widening Coinbase premium discounts, positive funding rates alongside high open interest, and concluded that “something big is coming.” On the index front, Hyperliquid Strategies (ticker: PURR) has been added to the Russell 3000 and Russell 2000 indices, following its earlier inclusion in the S&P Global BMI Index. AI chip startup Etched completed approximately $800 million in funding, with investors including quantitative trading giant Jane Street and venture capital firms affiliated with Taiwan Semiconductor Manufacturing Company (TSMC). It has signed sales contracts totaling around $1 billion, though specific clients were not disclosed.
