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According to The Block, a bipartisan group of lawmakers led by U.S. Senator Cynthia Lummis has written to the Treasury Department, requesting the maintenance of states' authority to regulate stablecoins under the GENIUS Act. The act allows stablecoin issuers with a market capitalization of no more than $10 billion to be regulated by states, provided that state-level rules are "substantially similar" to federal rules. The Treasury Department released proposed rules in April, suggesting broad principles for determining whether state systems are "substantially similar," but did not clarify the timeline and standards for state regulation. The senators stated in their letter that the lack of clarity "creates uncertainty for the states," and therefore requested the Treasury Department to issue guidance that clarifies the application, review, and certification processes for state systems. The New York State Department of Financial Services proposed formal rules last week to align its stablecoin framework with the GENIUS Act.

New York Attorney General Letitia James announced that the state has recovered over $5 million from the cryptocurrency platform Uphold due to its role in promoting a fraudulent investment product.The settlement primarily revolves around Uphold's promotional activities for the product CredEarn launched by Cred LLC and its CEO Daniel Schatt. Between January 2019 and October 2020, Uphold advertised CredEarn on its platform and mobile app as a safe, reliable savings product that offered attractive annual returns. However, the Attorney General's office pointed out in a statement that Uphold did not inform users that Cred actually obtained these returns by issuing small loans to low-income video game players, who typically have no credit history and cannot access services from traditional financial institutions.

According to Jin Shi reports, the U.S. Congress will hold a confirmation hearing for Federal Reserve Chair nominee Waller on Tuesday local time. Waller has pledged to maintain strict independence on interest rate issues. He stated that interest rate decisions must be independent of political considerations, monetary policy should not be a tool for short-term political goals, and emphasized that the credibility of the Federal Reserve comes from institutional constraints and policy discipline. Waller also warned against extending the central bank's functions into areas of fiscal policy or social policy where it lacks statutory authority.

As Bitcoin has plunged over 50% from its peak in October 2025, spot Bitcoin ETFs have still recorded about $1.5 billion in net inflows over the past five trading days, with nearly all major issuers seeing an influx of funds. Bloomberg Intelligence ETF expert Eric Balchunas exclaimed, "Even I am impressed," attributing this wave of buying to older "baby boomer" investors (born between 1946 and 1964), joking that they are "stepping in to save the market again."Analysts point out that the role of institutional investors is also significant. Data shows that among the top 25 Bitcoin ETF holders, 17 have continued to increase their positions since last October. Currently, the total holdings of Bitcoin ETFs exceed $107 billion, with institutions controlling about 12% of the total supply across the network. Nate Geraci, co-founder of the ETF Institute, stated, "ETF investors are clearly not fleeing in panic."

Binance Co-CEO He Yi posted that since Binance's launch over eight years ago, BNB has achieved a cumulative return of 5354 times. Many users have gained substantial profits within the Binance, BNB, and BNB Chain ecosystem, becoming the strongest fundamental force in the community. She especially thanked the long-term contributors, the "Binance Angels," noting that many volunteers have participated for over 5 to 8 years, contributing silently to the community without receiving salaries.He Yi emphasized that Binance adheres to the business philosophy of "harmony brings wealth," following the principle of equality in competition and cooperation: "If you treat me well, I will treat you well." They do not initiate trouble but are not afraid of challenges. She stated that while industry participants come and go, Binance will exist long-term, responding to market changes with game theory thinking in a relatively stable environment.Additionally, He Yi pointed out that Binance is committed to creating a platform that users can trust, but investment decisions still require users to do their own research (DYOR). She wished users good returns in the new year.

According to Financefeeds, T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), has made it clear that India will not adopt the U.S. "GENIUS Act" or any other G7 country's stablecoin regulatory framework. The RBI believes that dollar-pegged stablecoins pose a fundamental threat to India's monetary sovereignty, potentially leading to "dollarization" and undermining the effectiveness of domestic monetary policy.The Indian central bank emphasizes that there are already efficient digital payment systems in the country (UPI, RTGS, NEFT), and there is no need for private stablecoins. It will continue to advance its central bank digital currency (CBDC) pilot project for the electronic rupee as the preferred direction for the application of blockchain technology. Although the Ministry of Finance has hinted at possibly considering a stablecoin framework, the RBI remains committed to prioritizing domestic considerations.

According to Arkham data, at 17:43, 24,866,800 WLFI (worth approximately $3.8 million) was transferred from an anonymous address (starting with 0x1A9D...) to Uphold.

ChainCatcher news, according to Jinshi reports, the U.S. Senate Banking Committee will hold a hearing on Thursday morning local time for Stephen Moore, the Federal Reserve Board nominee nominated by Trump. In his hearing remarks, Moore stated that the independence of the central bank is a key factor for success and promised to faithfully fulfill his duties to maintain the independence of the Federal Reserve. He also questioned the Fed's regulatory activities, particularly regarding the composition of the central bank's balance sheet.

ChainCatcher news, according to Coindesk, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs have jointly announced the official end of their four-year legal battle. The two parties submitted a joint statement to the Second Circuit Court of Appeals on Thursday, announcing their voluntary withdrawal of the appeal against the first-instance ruling from July 2023.It is reported that both parties will bear their own litigation costs and maintain the original ruling by District Court Judge Analisa Torres, which states:Ripple's sale of XRP to institutional investors constitutes a violation of securities lawsA fine of $125 millionA permanent injunction prohibiting future violationsPreviously, in 2020, the SEC, under former Chairman Jay Clayton (now the U.S. Attorney for the Southern District of New York), sued Ripple, accusing it of violating securities laws by selling XRP tokens.

ChainCatcher news, according to The Block, the digital asset trading platform Uphold is considering an initial public offering (IPO) or a sale. Its CEO Simon McLoughlin revealed that the board has appointed FT Partners to explore strategic options, including an IPO in the U.S. or a sale to another company. He stated that there are currently several banks and financial institutions interested in Uphold, and a merger or acquisition is also one of the options. Although McLoughlin did not disclose the valuation, sources say it exceeds $1.5 billion.

ChainCatcher news, according to Cointelegraph, the cryptocurrency trading platform Uphold has announced the relaunch of its staking services in the United States, citing a shift in regulatory policies and a more favorable stance towards digital assets as the reasons for this decision.After restoring cryptocurrency staking functionality in the UK in early February 2025, Uphold has now relaunched the service in the United States.Starting from March 3, 2025, Uphold users in the United States can once again stake 19 different cryptocurrencies and earn rewards, including ETH, ATOM, and DOT, with rewards distributed weekly in the same staked cryptocurrency.

ChainCatcher News: The U.S. Supreme Court has made a decision on the TikTok "sell or be banned" bill: the relevant provisions do not violate the petitioner's First Amendment rights. The Supreme Court supports this bill, requiring TikTok to divest from its parent company ByteDance by the 19th, or face a nationwide ban in the U.S.Previously, there were reports that U.S. President-elect Trump is considering issuing an executive order to suspend the enforcement of the TikTok ban for 60 to 90 days. (Yicai)

ChainCatcher news, according to The Block, the cryptocurrency trading platform Uphold is launching dollar interest accounts with an annual interest rate of up to 5%.The company's CEO Simon McLoughlin stated that this move aims to attract new customers and incentivize users to hold more capital on the platform. Uphold mentioned that by partnering with Atomic Brokerage, the interest accounts can offer an annual interest rate of up to 5%.

ChainCatcher news, according to The Block, Uphold CEO Simon McLoughlin stated in a recent interview with The Block that he is optimistic about the long-term prospects of cryptocurrency but is frustrated by the "fraudulent nature" of certain parts.He pointed out that 7,000 new memecoins are created every day, which is frustrating. Nevertheless, Uphold offers a product called "Meme Basket" that allows customers to invest in a selection of popular memecoins through its app, including tokens like DOGE, FLOKI, PEPE, and BONK.

ChainCatcher news, the AI project GM.ai announced the launch of the GM Foundation, stating that the foundation's sole mission is to reliably develop, integrate, and scale gmAI models in consumer applications. With the launch of the GM token, the official team looks forward to being the first to build Solana-native AI applications and empower the community with ownership and governance.The future goals of the foundation include more gmAI-based applications, multi-chain expansion, GM Airdrop Season 3, and accelerating gmINFRA. The official team stated that the next round of airdrop activities will embody the spirit of Label to Earn, providing users with new opportunities to interact with the platform and earn rewards.

ChainCatcher news, according to Crypto Briefing, the New York cryptocurrency exchange Uphold announced that due to the upcoming implementation of the Markets in Crypto-Assets (MiCA) regulation in the European Economic Area (EEA) on June 30, the platform will stop supporting multiple stablecoins starting July 1.The affected stablecoins reportedly include Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD). Uphold advises users to convert their relevant stablecoins before June 27 to avoid automatic conversion to USDC on June 28.

ChainCatcher news, according to Cointelegraph, former U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christian Giancarlo emphasized the necessity of CBDCs and stablecoins ensuring privacy and censorship resistance in his keynote speech at the FT Live Cryptocurrency and Digital Assets Summit.He stressed that by encoding personal economic privacy into their very architecture, CBDCs and stablecoins should become ideal tools for people around the world who yearn for financial autonomy and inclusivity, aligning with fundamental human rights and civic values.