Daily News: Robinhood to Launch Native Blockchain for On-chain Stock Tokens, Circle Applies for National Trust Bank License, Solana Advisor Joins X, and More

Musk: If the Big and Beautiful Bill Passes, a New Political Party Will Be Established the Next Day

Elon Musk posted on social platform X, stating that if the current " insane spending bill" ("Big and Beautiful Bill") is passed, he will establish the "America Party" the next day to protest against the bill. He said: "Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE."

U.S. Supreme Court Declines to Hear Cryptocurrency User Data Privacy Case

The U.S. Supreme Court refused to hear the Harper v. Faulkender case on Monday, which could have reconsidered whether cryptocurrency exchanges must provide customer data to the government. This decision dealt a blow to companies like Coinbase, which had hoped the court would create a privacy exception for blockchain data similar to that for phone records.

The case involves the "third-party doctrine," a longstanding principle that allows the government to obtain customer records from service providers such as banks. The case centers on James Harper, a Coinbase customer whose personal transaction data was obtained by the IRS during a large-scale investigation. As part of this investigation, the IRS requested information on more than 14,000 cryptocurrency accounts.

South Korea's Central Bank Halts CBDC Project, Banks Shift to Stablecoin Business

South Korea's central bank halts the second phase of its Central Bank Digital Currency (CBDC) project. According to Maeil Business Newspaper on June 30, the decision was made due to numerous opinions from participating banks, as well as increasing discussions in Congress and the private sector regarding Korean won stablecoins.

With the project on hold, nine banks, including KB Kookmin, Shinhan, and Hana, are actively exploring stablecoin business through open blockchain and DIDIA (OBDIA) platforms. Busan Bank, Gyeongnam Bank, and Toss Bank are also considering joining.

As the ruling party's push for the "Basic Law on Virtual Assets" significantly lowers private sector entry barriers, collaboration between banks and non-bank enterprises is accelerating. Reportedly, South Korea's largest blockchain investment firm, Hashed, has been in discussions with several major banks regarding stablecoin business.

Trump Official Merchandise Store Now Accepts TRUMP Tokens

According to official news, as of July 1, Trump's official merchandise store has supported TRUMP token payments.

Robinhood Expands Crypto Offerings with Blockchain-Based Stock Tokens, While Onboarding ETH & SOL Staking Services

Robinhood announced its plans to launch blockchain-based stock tokens in the European Union, allowing users to trade U.S. stocks and ETFs in a crypto wrapper with zero commission fees. The tokens, issued on the Arbitrum blockchain, will represent over 200 companies, including private firms like OpenAI and SpaceX, and will enable 24/5 trading. Robinhood also revealed further crypto expansion efforts, including perpetual futures trading in Europe, staking options for Ethereum and Solana in the U.S., and acquisitions of WonderFi and Bitstamp to solidify its position in the crypto market.

Also, Robinhood is set to onboard Ethereum (ETH) and Solana (SOL) staking, allowing users to participate in blockchain ecosystems and earn rewards. In addition to staking, the platform introduced features like crypto deposit boosts, credit card rewards, AI-powered insights, advanced trading tools, and perpetual futures for EU customers. These updates aim to make crypto more accessible and integrate it further into global financial systems.

Solana Advisor Nikita Bier Joins Elon Musk's X Platform

Nikita Bier announced on July 1 that he has joined the X platform as Head of Product. Bier will focus on integrating X's AI chatbot, Grok, and his cryptocurrency background has fueled market expectations that X may incorporate digital assets like Dogecoin or Solana.

Since 2023, X has obtained money transmission licenses in over ten U.S. states, including Arizona, Georgia, and Michigan, paving the way for its payment functionality.

Previously, Elon Musk announced that users would be able to make payments using a native currency called "X Money." CEO Linda Yaccarino also revealed that the platform plans to support in-app investment and trading features, further advancing X's transformation into Musk's envisioned "everything app."

Stablecoin Issuer Circle Applies for National Trust Bank License

Circle announced on July 1 that it has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank named "First National Digital Currency Bank, N.A." The bank will oversee and manage USDC reserves. Currently, USDC has a market capitalization of over $61 billion, making it the second-largest stablecoin in the market.

Circle CEO Jeremy Allaire stated: "Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible." He added that this move will align Circle with emerging U.S. stablecoin regulations, including the recently Senate-passed GENIUS Act.

Kraken: xStocks Now Available on Kraken Platform, 60 US Stocks Tokenized

Kraken announced that Wall Street has officially entered the on-chain era, as xStocks are now available on the Kraken platform. Sixty US stocks have been tokenized and can be traded 24/5. More stocks will be added soon. It is worth noting that this service is not available to individuals or entities within the United States due to regional restrictions.

BitMine Announces $250 Million Private Placement to Launch Ethereum Reserve Strategy

BitMine announced via Prnewswire on June 30 that it is conducting a $250 million private placement to launch its Ethereum reserve strategy. The transaction is led by MOZAYYX, with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. The issuance is expected to close around July 3, subject to customary closing conditions, including but not limited to the approval of a supplemental listing application by the NYSE American division. The company plans to use the net proceeds from this issuance to acquire Ethereum and integrate ETH into its financial operations.

A-Share Listed Company Sansec Technology Announces Participation in Virtual Currency and Stablecoin Business in Hong Kong

Sansec Technology Co., Ltd. (688489.SH) stated on the interactive platform that applications related to Web3.0, including stablecoin business, are currently key focus areas for the company. Stablecoins, as a form of digital currency, are widely used in scenarios such as cross-border payments. Cryptography, as an underlying supporting technology, will also play a very important role. As a provider of cryptography infrastructure, the company has participated in virtual currency and stablecoin-related businesses in Hong Kong. Leveraging its long-term accumulation of cryptography technology and project delivery experience, the company provides security assurance for these businesses.