Daily News: Trump Extends Tariff Deadline to August 1, SBC to Hold Crypto Market Hearing on Wednesday, Hong Kong Proposes Enhanced Virtual Asset Regulation, and More

Trump Extends Tariff Deadline to August 1, Japan and South Korea Face Minimum 25% Rate

Trump signs an executive order to extend the effective date of reciprocal tariffs and the negotiation deadline from July 9 to August 1, according to Jin10 Data.

Additionally, he sent the first batch of tariff letters to 14 countries. Starting August 1, Japan and South Korea will face a 25% tariff, while Malaysia, Kazakhstan, and Tunisia will also be subjected to a 25% rate. South Africa will encounter a 30% tariff, and Laos and Myanmar will be charged 40%.

Other affected countries include Indonesia (32%), Bangladesh (35%), Thailand and Cambodia (36%), Bosnia and Herzegovina (30%), and Serbia (35%).

Furthermore, citing Politico, Jin10 reports that the U.S. has proposed a trade agreement plan to impose a 10% tariff on the EU, accompanied by restrictive clauses.

Senate Banking Committee to Hold Cryptocurrency Market Structure Hearing on Wednesday

The Senate Banking Committee plans to hold a hearing on cryptocurrency market structure this Wednesday and intends to release a discussion draft of a regulatory framework. The draft will integrate key elements from the 2023 Lummis-Gillibrand Act and the House CLARITY Act, aiming to finalize market structure legislation before the August recess.

Next week, the House will vote on three significant bills: the Senate's Stablecoin Act (GENIUS Act), the CLARITY Act, and the Anti-CBDC Surveillance Act. The GENIUS Act is expected to be submitted directly to President Trump for signing without amendments.

Meanwhile, the Trump administration's Digital Asset Market Task Force is expected to release its first major report on July 22, potentially including recommendations for establishing a Bitcoin strategic reserve and ensuring fair banking services for cryptocurrency companies.

Witnesses for the hearing include Ripple CEO Brad Garlinghouse, Blockchain Association CEO Summer Mersinger, Chainalysis CEO Jonathan Levin, and Paradigm Partner Dan Robinson.

SEC urges issuers to revise and resubmit spot Solana ETF applications by the end of July

The United States Securities and Exchange Commission (SEC) is urging issuers to revise and resubmit their spot Solana ETF applications by the end of July, signaling faster-than-expected approval timelines. REX-Osprey SOL and Staking ETFs had already gained automatic approval and began trading last week under different regulatory frameworks. This development indicates that the spot Solana ETF may soon join Bitcoin and Ether as the only approved spot cryptocurrency funds in the U.S., while applications for XRP, Dogecoin, and Litecoin remain under review.

Hong Kong Proposes Enhanced Regulation for Virtual Asset Services

Hong Kong's Financial Services and the Treasury Bureau and the SFC are conducting a two-month public consultation on the licensing system for virtual asset trading and custody service providers. The new system will designate the SFC as the primary regulator, while the Hong Kong Monetary Authority (HKMA) will oversee banking-related frontline regulatory work. Financial Secretary Xu Zhengyu stated that the initiative aims to centralize regulatory efforts to avoid regulatory arbitrage.

The new system mandates that all virtual asset trading service providers obtain licenses or registrations, including intermediaries, virtual asset trading platforms, and over-the-counter operators currently licensed or registered with the SFC. The consultation summaries are expected to be published in the first half of next year.

Suspected "Pump.fun Token Presale" Page Briefly Appeared on Gate This Morning and Has Now Been Removed

a suspected "Pump.fun Token Presale" page briefly appeared on Gate this morning and has now been removed.

According to the countdown information on the website, Pump.fun will launch its upcoming PUMP token on July 12. The platform will offer a total of 150 billion PUMP tokens, each priced at the equivalent of $0.04 USDT. This PUMP sale will last for 72 hours, during which the protocol will sell 15% of the total PUMP supply (1 trillion tokens).

Airwallex is forming a stablecoin platform team to build a global token settlement system

Airwallex, an Australian fintech startup, announced on July 7 that the company is forming a stablecoin platform team and has opened two engineering positions to develop stablecoin infrastructure.

According to the webpage description, this infrastructure will allow customers and internal systems to globally purchase, hold, send, and settle tokens, supporting nearly instantaneous global payments. It will also enable on-chain liquidity and seamless fiat-stablecoin conversions.

Earlier, Airwallex's CEO questioned the practicality of stablecoins, stating that they are unlikely to replace traditional cross-border payments.

Dubai Land Department and Crypto.com Sign Blockchain Real Estate Deal

Dubai Land Department signs a groundbreaking partnership with Crypto.com to leverage blockchain technology for real estate transactions. This collaboration aims to streamline processes, enhance transparency, and integrate digital payments within Dubai's property market, marking a significant step toward modernizing the industry.

BBVA Launches Crypto Trading Services for Retail Customers in Spain

BBVA has launched bitcoin and ether trading and custody services for retail customers through its mobile app, expanding its regulated digital asset offerings across Europe. The service allows customers to buy, sell, and hold crypto-assets directly within BBVA’s digital banking environment, complying with the EU’s Markets in Crypto-Assets (MiCA) regulation. This marks BBVA’s third market for digital asset services following Switzerland and Turkey, and the first targeting retail customers in its core market.

Strategy Releases 2025 Q2 Financial Report: Bitcoin Holdings Increase to 597,325, Achieving $14 Billion in Unrealized Gains

Strategy (NASDAQ: MSTR) released its financial report for the second quarter of 2025 on July 7. As of June 30, 2025, the company held a total of 597,325 bitcoins, with a total acquisition cost of $42.4 billion (average purchase price of $70,982 per bitcoin). This quarter, the company achieved $14.05 billion in unrealized gains from bitcoin holdings and incurred related deferred tax expenses of $404 million.

The report also noted that the company raised $6.8 billion through various financing channels, including the issuance of common and preferred stock. Furthermore, Strategy has adopted the new accounting standard ASU 2023-08, measuring bitcoin assets at fair value. As of the end of the quarter, the market value of the company's bitcoin holdings was approximately $64.4 billion.

Strategy Announces $4.2 Billion STRD Preferred Stock Offering Plan, Funds to Be Used for Bitcoin Acquisition

Strategy (NASDAQ: MSTR) announces on July 7 that it has signed a sales agreement to issue up to $4.2 billion worth of 10.00% Series A perpetual Stride preferred stock (STRD Stock). The company plans to sell these stocks in an orderly manner over an extended period based on market trading prices and volumes.

As the world's first and largest Bitcoin treasury company, Strategy stated that the proceeds will primarily be used for Bitcoin acquisition, operating funds, and dividend payments to existing preferred stockholders. The company has adopted Bitcoin as its primary reserve asset while continuing to provide AI-driven enterprise analytics software services.

The issued stocks will be sold through a "market offering" method in compliance with securities laws, and the related prospectus was submitted to the U.S. Securities and Exchange Commission on July 7.

Sinolink Securities Prepares to Apply for Virtual Asset Trading License

Sinolink Securities (600109.SH) revealed on its interactive platform that its subsidiary, Sinolink Securities Limited, is preparing to apply for a virtual asset-related trading license. The company has conducted multiple communications with relevant institutions in international and Hong Kong regions. Currently, Sinolink Securities Limited holds business licenses issued by the Hong Kong Securities and Futures Commission, including Type 1, Type 2, Type 4, Type 6, and Type 9 licenses, covering securities trading, futures trading, securities and corporate finance advisory, and asset management. The company plans to further enhance its service capabilities through overseas business expansion.

Twitter Co-Founder Jack Dorsey Introduces Decentralized Chat App Bitchat

Twitter co-founder announced the launch of a decentralized chat application called Bitchat on July 7th via social media: "my weekend project to learn about bluetooth mesh networks, relays and store and forward models, message encryption models, and a few other things. bitchat: bluetooth mesh chat...IRC vibes."

The application supports temporary encrypted message transmission, completely offline chatting, and offers communication capabilities resistant to censorship and network disruptions. Messages can be relayed through nodes, with a maximum transmission range exceeding 300 meters.