Daily News: One Big Beautiful Bill Clears Senate, Hong Kong Listed Biotech Company to Acquire Conflux, Citibank Assigns "Buy" Rating to Circle, and More

Senate Narrowly Passes 'One Big Beautiful Bill' with A 51-50 Vote

The US Senate passed President Trump's "One Big Beautiful Bill" on Tuesday with a 51-50 vote, relying on Vice President J.D. Vance's tie-breaking vote. The bill includes extended tax cuts, new tax breaks, and significant reductions to SNAP food aid and Medicaid programs. It now returns to the House of Representatives for reconciliation between the chambers' versions before being sent to the President for final approval.

U.S. Senate Rejects Anti-Cryptocurrency Corruption Amendment with 46-54 Vote

The U.S. Senate rejected an anti-cryptocurrency corruption amendment with a vote of 46 in favor and 54 against on July 1, according to Ainvest. The amendment, proposed by Senator Jeff Merkley, aimed to prohibit elected officials from leveraging their positions for personal gains in the cryptocurrency sector.

The primary goal of the amendment was to prevent public officials from obtaining "unfair profits" through the promotion of specific cryptocurrencies or benefiting from "cryptocurrency schemes" for personal interests. Specific measures included banning officials from publicly endorsing particular cryptocurrencies, enhancing disclosure requirements for cryptocurrency holdings, restricting cryptocurrency asset trading during their tenure, and preventing conflicts of interest.

Senator Merkley stated on social media platform X that the amendment's failure was mainly due to opposition from Republican members.

Fed Chairman Powell Advocates for Stablecoin Framework at ECB Forum

Federal Reserve Chairman Jerome Powell underscored the necessity of creating a stablecoin framework, emphasizing significant progress in regulatory efforts, while giving a speech at ECB Forum. The framework aims to legitimize stablecoins by mandating sufficient reserves and facilitating their integration into the financial system. Similar initiatives are underway in the European Union through MiCA, reflecting global efforts to provide clear guidelines for the digital asset ecosystem.

Eric Trump Hints at Running for U.S. Presidency

Eric Trump hinted via The Guardian that he 0.or another member of the Trump family might run for U.S. President after his father’s second term in the White House. The 41-year-old Eric, who serves as the Executive Vice President of the Trump Organization, has largely stayed out of politics since his father first entered the White House in 2017, focusing instead on the family business. However, in an interview with the Financial Times, he stated that if he decided to enter politics, "would be an easy one."

SEC Approves Grayscale Crypto ETF Holding Multiple Assets

The US Securities and Exchange Commission (SEC) has approved the conversion of Grayscale’s Digital Large Cap Fund into an ETF holding BTC, ETH, XRP, SOL, and ADA. This marks a significant step for institutional crypto adoption, with the SEC potentially considering a streamlined process for launching crypto ETFs in the future.

Deutsche Bank to Launch Crypto Custody Service in 2026

Deutsche Bank plans to introduce a crypto custody service in partnership with Bitpanda and Taurus by 2026, aiming to address the growing demand for secure digital asset storage among institutional investors. The German banking giant is also exploring stablecoins, tokenized deposits, and developing an Ethereum layer 2 network using ZKsync technology for enhanced compliance and efficiency.

Hong Kong Government Announces Appointments to Task Force on Promoting Web3 Development

Hong Kong Government announced the appointments and reappointments of 20 non-official members to the Task Force on Promoting Web3 Development for a two-year term starting July 1, 2025. The Task Force, established in 2023, aims to provide innovative and practical advice on Web3 development in Hong Kong.

The Task Force is chaired by the Financial Secretary and includes non-official members from relevant sectors, alongside key government officials and financial regulators. Newly appointed members include Mr. Cai Wensheng, Mr. Kwock Yin-lun, Mr. Marco Lim Jun-kit, Mr. Henry Ma Chi-to, and Mr. Alessio Quaglini.

Innovative Pharmaceutical Biotech Limited Plans to Acquire Full Stake in Conflux to Enter Blockchain Sector

Innovative Pharmaceutical Biotech Limited (HKG: 0399) announced the signing of a memorandum of understanding (MOU) on July 1 to acquire the full stake of a target company, contingent on the target company’s acquisition of Conflux blockchain-related assets. The acquisition consideration will be paid in cash, company shares, or convertible bonds, with the exact amount yet to be determined.

The MOU will remain valid for 12 months, during which the seller is restricted from negotiating the target company’s equity with third parties. This move aims to help Innovative Pharmaceutical Biotech Limited expand into blockchain technology, diversify its business, and explore new profit growth opportunities. The transaction will only be finalized upon the signing of a formal agreement.

Ethereum Community Foundation Established to Boost ETH Value

The Ethereum Community Foundation (ECF) announced its official establishment on July 2, according to The Block. Led by Zak Cole, the foundation has raised millions of dollars in ETH to support institutional adoption of Ethereum infrastructure and ultimately enhance the value of ETH.

ECF will focus on funding “immutable and tokenless” projects, particularly those that promote the application of Ethereum’s deflationary mechanisms, including real-world use cases like tokenizing stocks, bonds, and real estate. The foundation employs a coin-voting mechanism to determine fund allocation, ensuring full transparency in all funding decisions.

The first initiative of ECF is to establish the “Ethereum Validator Association,” enabling network validators to participate in development decisions through ETH staking.

Citibank Assigns "Buy" Rating to Circle with a Target Price of $243

Citibank assigned a "Buy/High Risk" rating to stablecoin issuer Circle (CRCL) on July 1, with a target price of $243, CoinDesk reports. Although Circle's stock price has surged significantly since its IPO (rising from $31 to last week's all-time high of $299), Citibank analysts believe its valuation is not overstated. Analysts highlighted that Circle benefits from "scarcity value, a 'winner-takes-all' market structure, a vast target market, legislative momentum, and significant operational leverage potential."

Citibank emphasized that Circle's key competitive advantage lies in its neutrality, and "becoming the best choice" will be critical for the company to address the risks of fragmentation in the stablecoin market. In contrast, JPMorgan yesterday gave Circle an "Underweight" rating, citing concerns about its valuation.

Datagram Announces Completion of $4 Million Pre-Seed Funding Led by Blizzard (Avalanche Fund)

Datagram announced on June 30 that it had completed a $4 million Pre-Seed funding round led by Blizzard (Avalanche Fund). Participants in the round included Animoca Brands, Cointelegraph, Amber Group, Aquanow, Arche Fund, DePIN X Capital, ISKRA, JDI Ventures, Yellow Capital, and several angel investors from top infrastructure and blockchain institutions.

The funds will be used to launch a dedicated Layer 1 blockchain within the Avalanche ecosystem, deploy a node network, expand strategic partnerships, and advance the mainnet launch. Datagram is an AI-driven global Hyper-Fabric network dedicated to integrating idle global computing power, bandwidth, and storage to create a high-performance DePIN network supporting gaming, AI, communication, and other scenarios. It currently serves over 200 enterprises and more than one million users worldwide.

Datagram has officially launched its Alpha testnet, allowing users to participate in node operations and earn $DGRAM rewards.

GMGN Partners with xStocks to Enable Trading of U.S. Stocks on Solana

GMGN announced on July 2 that it has partnered with the tokenization platform xStocks created by Backed to support users in trading U.S. stocks on the Solana blockchain.

DDC Enterprise Announces Closing of $528 Million Financing

DDC Enterprise (NYSE: DDC) announced the successful initial closing of its $528 million financing with Anson Funds and other investors to support its Bitcoin treasury strategy. The financing includes a $26 million PIPE investment, $25 million from the first tranche of convertible notes, and $2 million in a private placement, along with a $200 million equity line of credit. The proceeds will be used to purchase Bitcoin, positioning DDC as a leading corporate Bitcoin holder.

Webus International Secures $100 Million Equity Line

Webus International (NASDAQ: WETO) announced that it has signed a conditional Securities Purchase Agreement with Ripple Strategy Holdings for a senior equity line of up to $100 million. The facility, available over 24 months upon meeting regulatory conditions, is designed to support the company’s XRP treasury strategy, including crypto-enabled payments and blockchain-based loyalty programs, while aiding its global expansion in North America and Asia-Pacific.

Bitget Wallet Partners with Mastercard to Launch Crypto Payment Card in the UK and EU

Bitget Wallet announces a collaboration with payment giant Mastercard and Web3 payment infrastructure provider Immersve to launch the Bitget Wallet Card, a crypto payment card, in the UK and EU. Users can apply for the card and use crypto assets for payments and purchases at over 150 million merchants worldwide.

The Bitget Wallet crypto payment card now serves more than 30 countries and regions, offering a more convenient and secure daily payment tool for global users. This partnership with Mastercard marks a significant milestone in Bitget Wallet's "crypto payment" strategy.