Daily News: US Senate Banking Committee Outlines Crypto Market Structure Principles, Trump Media Files for BTC & ETH ETF, Mastercard Partners with Chainlink, and More

Federal Reserve Chair Powell: Despite Increased Uncertainty, the Economy Remains Solid

Federal Reserve Chair Powell submitted semi-annual monetary policy testimony to Congress. Powell stated that the Federal Reserve remains focused on achieving its dual mandate goals of maximum employment and price stability to benefit the American people. Despite increased uncertainty, the economy remains solid. The unemployment rate is still very low, and the labor market is at or near maximum employment levels. Inflation has significantly declined but remains slightly above the Federal Reserve's long-term target of 2%. The Federal Reserve is mindful of the dual risks to its dual mandate.

Powell: Banks Can Provide Banking Services to the Cryptocurrency Industry

Federal Reserve Chairman said that banks can provide banking services and conduct related business with the cryptocurrency industry, provided that the safety and soundness of the financial system are ensured.

U.S. Senate Banking Committee Releases Principles for Crypto Market Structure

The U.S. Senate Banking, Housing, and Urban Affairs Committee released principles for crypto market structure, aiming to guide future cryptocurrency legislation.

On June 24, according to Eleanor Terrett, Committee Chairman Tim Scott, along with Senators Cynthia Lummis, Thom Tillis, and Bill Hagerty, outlined six key directions:

1. Legislation Should Clearly Define the Legal Status of Digital Assets

2. Jurisdiction Should Be Clearly Allocated Among Regulators

3. Regulation Should be Modernized to Foster Innovation

4. Regulation Should Protect Those Who Purchase or Trade Digital Assets

5. Illicit Finance Measures Should Be Targeted and Pro-Innovation

6. Federal Financial Regulators Should Welcome Responsible Innovation

The principles particularly emphasize protecting self-custody rights, distinguishing between centralized and decentralized platforms, and recognizing tokenization as an evolution of financial infrastructure rather than a fundamental transformation.

Trump's Media Company Files for Bitcoin, Ethereum ETF

Trump's social media firm filed a registration statement with the US Securities and Exchange Commission (SEC) for a Bitcoin and Ethereum exchange-traded fund (ETF). The ETF will allocate 75% of its assets to Bitcoin and 25% to Ethereum, aiming to reflect their price performance. Crypto.com will serve as the exclusive custodian, execution agent, and liquidity provider. The ETF launch is contingent on SEC approval, with plans to trade on the NYSE Arca stock exchange. This move has sparked controversy due to Trump's dual role in cryptocurrency business and politics.

Grayscale Officially Launches Space and Time Trust

Grayscale officially launches the Grayscale Space and Time Trust (code SXT), which is open to qualified eligible investors. As of the time of writing, the trust manages assets worth $14,687,181.81, with a net value per share of $7.34.

Mastercard Joins Stablecoin Consortium Global Dollar Network

Mastercard announced its entry into the stablecoin consortium Global Dollar Network, joining companies like Robinhood and Kraken. The consortium, launched by Paxos in 2024, allows members to mint the stablecoin USDG, backed by U.S. Treasuries. Mastercard also added support for PayPal’s PYUSD and Fiserv’s FIUSD, alongside its existing support for USDC. Additionally, the company is incorporating stablecoins into its cross-border payments network, Mastercard Move, as it continues to build out its Multi-Token Network for regulated crypto products.

Analyst: Detected Malware SparkKitty Stealing Wallet Mnemonics, Targeting Users in China and Southeast Asia

Kaspersky discovered a new type of malware called SparkKitty, which infects iOS and Android applications to steal all images in users' photo albums, aiming to locate screenshots of cryptocurrency wallet mnemonics.

Kaspersky analysts stated that two applications were found to spread this malware, including a cryptocurrency tracking app named "币coin" on the App Store and a communication app with "cryptocurrency trading features" named SOEX, which has been downloaded over 10,000 times on Google Play.

Researchers believe SparkKitty originates from the same source as SparkCat, malware discovered in January this year, as they share similar characteristics. The malware activity has reportedly been ongoing since early 2024, primarily targeting users in Southeast Asia and China, though technically capable of attacking users in any region. Kaspersky has notified Google, and the related applications have been removed from app stores.

CZ: Neither He Nor His Affiliates Participated in Nano Labs' Latest Financing Round

CZ stated in a tweet that Nano Labs Ltd (NASDAQ: NA) has become a publicly listed company holding only $BNB as its strategic reserve, injecting $500 million into BNB. He noted that Nano Labs' stock price has risen significantly as a result.

CZ also mentioned that neither he nor his affiliated entities participated in this round of financing, but he expressed "strong support" for this initiative.

Chainlink and Mastercard Announce Strategic Partnership to Enable On-Chain Cryptocurrency Purchases

Chainlink has announced a significant partnership with payment giant Mastercard on June 24, according to CoinDesk. This collaboration will allow over 3 billion Mastercard users worldwide to directly purchase cryptocurrencies on the blockchain, further advancing the mainstream adoption of crypto payments.

The service integrates multiple technological forces, including payment processor Shift4, crypto trading platform Zerohash, decentralized exchanges such as Uniswap, and XSwap. Chainlink's interoperability protocol will act as a bridge between traditional payment card networks and blockchain networks, ensuring seamless transmission of transaction data.

This partnership marks another major step for Mastercard in deepening its involvement in the crypto sector, following its previous collaborations with crypto companies like MoonPay and Kraken.

Former Coral Capital Executives Plan to Raise $100 Million to Establish BNB Reserve Company Build & Build Corporation

Former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger, and Johnathan Pasch plan to raise $100 million through their Nasdaq-listed holding company to establish a BNB reserve and rename the company Build & Build Corporation. Upon completion of the fundraising, the company will become the first publicly listed company with BNB as its core reserve asset.

Guotai Junan International Officially Approved to Provide Cryptocurrency and Virtual Asset Trading Services

Guotai Junan International has been approved by the Hong Kong Securities and Futures Commission on June 24 to upgrade its existing securities trading license to offer virtual asset trading services and related advice. After the upgrade, clients can directly trade cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like Tether on its platform.

Guotai Junan International has thus become the first Hong Kong-based Chinese brokerage to provide comprehensive virtual asset-related trading services, covering virtual asset trading, consultation, product issuance, and distribution. In recent years, the company has actively expanded its virtual asset business, including launching virtual asset ETF structured products, conducting trading agency services, and issuing digital bonds, contributing to Hong Kong's development as an international virtual asset hub.