Daily News: All Three Crypto Bills Passed, Stock Markets and Bitcoin Hit Record Highs, 401k to Include Crypto Assets, and More

U.S. House of Representatives Passes All Three Crypto Bills

The U.S. House of Representatives unanimously passed three cryptocurrency-related bills on Thursday, including the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. The CLARITY Act and the Anti-CBDC Surveillance State Act will proceed to the Senate for review, while the GENIUS Act is expected to be signed into law by former President Trump on Friday.

U.S. Weekly Jobless Claims Fall to 221,000 in Mid-July

Initial jobless claims fell to 221,000 in the week ending July 12, 2025, marking a decrease of 7,000 from the previous week and remaining well below market expectations of 235,000. This represents the lowest level since April, indicating a historically strong labor market despite a slower hiring pace since the start of the year. Outstanding claims remained stable at 1,956,000, below forecasts of 1,970,000, while claims by federal employees rose to 596, the highest in seven weeks.

U.S. Stock Market Closes with S&P 500, Nasdaq, and Nvidia Hitting Record Highs

The U.S. stock market closed on Thursday with the Dow Jones up 0.52%, the S&P 500 rising 0.54%, and the Nasdaq gaining 0.75%, with the latter two reaching all-time highs. Nvidia (NVDA.O) climbed nearly 1%, closing with a market cap exceeding $4.2 trillion, setting another record. Coinbase rose 3.15% to $410.75.

Trump Administration Backs Crypto Micro-Tax Exemption

The Trump administration supports the implementation of a "de minimis exemption" policy on cryptocurrency transactions to make crypto payments more convenient and efficient, according to White House Press Secretary Karoline Leavitt on July 17. This exemption would waive tax reporting obligations for small daily purchases, such as "buying a cup of coffee." Although a related amendment was not passed in the "One Big Beautiful Bill Act" signed on July 4, the administration plans to explore new legislative solutions. Leavitt also revealed plans for a signing ceremony for the stablecoin-focused GENIUS Act, aiming to position the U.S. As "the crypto capital of the planet".

Trump Plans Executive Order to Include Cryptocurrency in 401(k) Retirement Plans

President Trump plans to issue an executive order allowing "alternative investments" such as cryptocurrency, gold, and private equity to be included in 401(k) retirement plans, according to the Financial Times. The order will direct regulators to review existing barriers and pave the way for these assets to enter professionally managed retirement funds. The U.S. Department of Labor had already withdrawn its warning against incorporating cryptocurrency into investment strategies in May. As of March, U.S. 401(k) retirement funds totaled approximately $8.7 trillion. Several states have taken action, with Michigan holding around $6.6 million in Bitcoin ETFs and $10 million in Ethereum ETFs, while Wisconsin holds $163 million worth of Bitcoin ETFs.

US Imposes 93.5% Duty on Chinese Battery Material

The US Commerce Department imposes preliminary anti-dumping duties of 93.5% on Chinese graphite imports, citing unfair subsidies. This decision raises the effective tariff to 160%, potentially disrupting the global electric vehicle supply chain and increasing battery costs. While North American and Asia-Pacific graphite producers saw stock surges, companies like Tesla and Panasonic opposed the tariffs, arguing domestic graphite production lacks the necessary quality and volume.

BlackRock’s Ethereum ETF ETHA Records $545 Million Net Inflow, Hits New High

BlackRock records a new milestone for its Ethereum ETF ($ETHA), with a net inflow of 158,875 ETH (approximately $545 million) on July 18, according to Trader T monitoring. The ETF also reported a trading volume of $1.5 billion yesterday.

Nasdaq Submits Proposal to Allow iShares Ethereum Trust to Stake ETH

Nasdaq Stock Exchange has submitted a proposed rule change (SR-NASDAQ-2025-053) to the U.S. Securities and Exchange Commission (SEC), seeking approval for iShares Ethereum Trust, sponsored by a BlackRock subsidiary, to stake part or all of its Ethereum assets.

Coinbase Announces "Base App" to Replace Coinbase Wallet

Coinbase announced on Wednesday the launch of the "everything app"—Base App, aimed at attracting more users into the crypto economy. The new app replaces Coinbase Wallet and integrates wallet, trading, and payment functionalities, while also incorporating social media, instant messaging, and mini-app support, all operating on its proprietary Ethereum Layer 2 network, Base. For Coinbase, this move seeks to go beyond its core crypto trading business and reach a broader potential user base.

Sonic Announces AI-Driven Spark Platform for No-Code Full-Stack Decentralized App Development

Sonic has announced the launch of Spark, an AI-driven development platform that allows users to build and deploy full-stack decentralized applications without the need for programming. Powered by Google's Gemini large language model, Spark offers key features such as no-code full-stack development, self-debugging, built-in security logic, and context-aware interfaces. The platform is still under development, with early access expected to open soon.

Binance Alpha: Strengthening Measures Against Violations, Severe Cases May Face Permanent Bans

Binance Alpha has announced the implementation of various optimization measures, including advanced notifications and streamlined processes, aimed at improving the fairness and convenience of airdrop participation. In response to feedback regarding violations from some users, the platform has initiated a multi-dimensional investigation. If any users are found to have violated activity rules, appropriate actions will be taken, with severe cases potentially resulting in permanent bans.

Yala Announces Tokenomics Model: 3.4% Allocated to Airdrop

Yala announces its tokenomics model, revealing a total supply of 1 billion YALA tokens. The allocation includes 15.98% for investors, 20% for ecosystem and community, 29.12% for foundation and treasury, 10% for marketing, 20% for the team, 3.4% for airdrops, and 1.5% for market makers. Notably, the airdrop portion will be fully unlocked during the Token Generation Event (TGE), while team and investor tokens will have a one-year lock-up period.

Bit Origin Secures $500 Million Financing, Plans to Launch DOGE Treasury Program

Bit Origin announces a $500 million financing agreement with qualified investors, according to Globenewswire. The Nasdaq-listed company (NASDAQ: BTOG) will allocate $400 million to equity financing and $100 million to convertible debt financing to establish a DOGE treasury reserve. The company aims to hold DOGE as a core asset for the long term, aspiring to become one of the largest publicly listed DOGE holders globally and enhance long-term value through "per-share coin growth." Bit Origin highlighted DOGE's rapid settlement speed, vast community base, and increasing merchant acceptance, emphasizing its growing role in peer-to-peer payments and e-commerce. The company hopes DOGE will become a key component of Elon Musk’s X platform "X Money" payment system.

BTCT Announces Strategic Shift to Ethereum, Converts Entire Bitcoin Reserve to ETH

BTC Digital Ltd. (NASDAQ: BTCT) announces a strategic pivot to fully adopt Ethereum (ETH) as its core asset and operational foundation, according to PRNewswire. The Nasdaq-listed blockchain technology company (NASDAQ: BTCT) has secured $6 million in financing and added $1 million in new ETH holdings as part of this transition. BTCT CEO Siguang Peng stated that Ethereum has emerged as the preferred platform for decentralized finance, tokenization of physical assets, and scalable smart contract innovation.