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The U.S. Senate is striving to advance the cryptocurrency bill in July, but agendas such as the housing bill may squeeze the time window

The U.S. Senate is trying to advance the cryptocurrency market structure bill, the "Clarity Act," in July, but the time window for the bill's passage is narrowing due to a backlog of priority agendas such as the defense authorization bill, the agriculture bill extension, and housing legislation. The Senate's schedule is tight in the coming weeks. In addition to the annual defense and agriculture bills, Trump stated on Wednesday that he would not support a major housing bill unless Congress first passes a bill requiring federal election voters to provide proof of citizenship. This housing bill also includes provisions to prohibit central bank digital currencies.As members of Congress will leave Washington before the August recess, if the relevant bills do not advance before then, the political focus will shift to the November elections when they return, further reducing the available floor time for cryptocurrency legislation. Republican Senator Cynthia Lummis indicated that a new version of the text is expected to be released around July 4 for final review by lawmakers, with a vote planned for July. A Senate aide also mentioned that the "Clarity Act" will become one of the bipartisan priorities when the Senate reconvenes in July. However, the bill still faces multiple uncertainties, including the level of Democratic support, controversies over Trump's related cryptocurrency conflicts of interest, the priority of other significant bills, and the Senate's limited scheduling.

Gate Ventures: Market sentiment continues to be weak, stablecoin payments and RWA infrastructure construction are accelerating

According to the latest weekly report from Gate Ventures, market risk appetite continues to be under pressure, and the overall cryptocurrency market is experiencing a pullback. BTC fell 3.7% over the week, ETH fell 1.2%, and the total market capitalization of cryptocurrencies declined by 3.1%, with the Fear and Greed Index remaining in the "Extreme Fear" range. In terms of capital flow, digital asset investment products continued to see net outflows, with the spot BTC ETF experiencing a net outflow of $226.8 million in a single week, and the spot ETH ETF seeing a net outflow of $10 million, reflecting ongoing market hesitation. Meanwhile, STRC under Strategy has traded below par for the fifth consecutive week, and the market continues to pay attention to its subsequent capital operations and yield adjustment space.In terms of industry development, stablecoin payments and RWA infrastructure construction are being continuously advanced. Trace Finance has completed $32 million in financing to expand its compliant stablecoin payment network and cross-border settlement infrastructure; Philippine regulators have released positive signals supporting the development of RWA tokenization, with related explorations further deepening. In terms of investment and financing, four financing transactions were disclosed last week, with a total financing amount of $39.5 million, of which the DeFi sector accounted for the majority. Overall, although the market is still in a correction phase in the short term, stablecoin payments, RWA, and underlying infrastructure construction remain important directions of ongoing industry focus.

Bank of New York Mellon: FOMO sentiment is driving asset management companies to accelerate their layout of tokenized ETFs

According to The Block, Ben Slavin, the global ETF head at Bank of New York Mellon (BNY), stated that asset managers are accelerating their tokenized ETF plans, driven mainly by investor demand and the FOMO sentiment of fearing to miss early opportunities in blockchain finance. Slavin revealed that BNY has multiple tokenized ETF projects underway, and although the regulatory environment and infrastructure are not yet fully ready, many clients wish to launch products as soon as possible. He believes that blockchain networks are expected to become a new distribution channel for traditional investment products, enabling around-the-clock holding and transfer of fund shares, shortening settlement times, and expanding coverage for global investors.Slavin also pointed out that currently, hundreds of well-known ETFs are trading in tokenized form in unregulated markets, and most of these have not been directly authorized by the fund sponsors, which poses reputational risks. This topic has become a focal point for discussions among BNY's asset management clients. Although the industry is still exploring core issues such as the integration of tokenized funds with existing infrastructure, secondary trading mechanisms, and regulatory frameworks, Slavin stated that asset managers are increasingly inclined to believe that "getting in early" in this field is more important than "waiting for clarity."
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