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This week, U.S. cryptocurrency policy has seen intensive progress. The Trump administration has pushed for new advancements in the CLARITY Act, the SEC has proposed a draft of regulatory rules for cryptocurrency assets for the first time, and the CFTC has stated that if congressional legislation stalls, it will promote the establishment of an independent regulatory framework for the cryptocurrency market. Trump met with leaders from several cryptocurrency companies at the White House this week and publicly called on Congress to pass a "fair version" of the CLARITY Act. Representatives from Coinbase, a16z, Ripple, Kraken, and other industry participants attended the meeting, focusing on the bill's impact on U.S. jobs, innovation, and attracting cryptocurrency companies back. Currently, the main obstacles to advancing the bill are concentrated on certain ethical clauses. Trump believes that the relevant provisions may target individuals, but industry insiders are pushing both sides to find a compromise to facilitate bipartisan support.CFTC Chairman Mike Selig stated that the CLARITY Act is key to avoiding regulatory uncertainty. If Congress continues to delay, the CFTC will use its existing authority to formulate regulatory rules for the cryptocurrency asset market. Meanwhile, the U.S. SEC has officially proposed a "Crypto Assets Rule Framework," planning to allow certain cryptocurrency financing to be exempt from full securities registration under specific conditions, including a cumulative financing cap of $5 million over four years or an annual limit of $75 million, and providing conditional safe harbor for certain token projects. Additionally, the SEC is considering limiting certain state securities registration requirements to provide a clearer compliance path for U.S. cryptocurrency companies. Market participants believe that recent actions by U.S. regulators indicate that Washington is shifting from a previous enforcement-based regulatory model to establishing a systematic regulatory framework for cryptocurrency assets.On the other hand, former Signature Bank Chairman Scott Shay has launched the N3XT Digital Dollar (NDD) digital dollar deposit project, attempting to challenge the stablecoin market. NDD operates on a public blockchain, enabling 24/7 dollar transfers, and is backed one-to-one by cash and short-term U.S. Treasury bonds. Shay stated that banks can leverage blockchain technology to create a payment system similar to stablecoins while maintaining the dollar credit advantage of the traditional financial system. The project is seen as a new attempt by banks to respond to the expansion of stablecoins. Additionally, the cryptocurrency investment market is entering a new cycle. Dragonfly partner Rob Hadick stated that although AI is attracting significant capital, cryptocurrency startup activity is still recovering, and future predictions of market, institutional applications, and improvements in U.S. regulation may drive new growth in the industry.

The American financial services company Synchrony announced a corporate partnership with OpenAI to deploy the GPT-5.6 Sol, Terra, and Luna models, and to launch ChatGPT plugins.

Synthetix tweeted that the previously passed SIP-423 proposal has achieved its main goals, including the deprecation of the native stablecoin sUSD, the restructuring of the Debt Jubilee, and the reform of the SNX staking mechanism. The new SNX will be minted at a 4:1 ratio with sUSD, with the conversion including a 1-year lock-up period and a 1-year unlocking period. The original supply was 344,939,867.56 SNX, with an additional minting of 236,464,356 SNX, bringing the new total supply to 581,404,223.56 SNX.Synthetix stated that SIP-423 is a "hard reset" that allows the protocol to break free from internal dependencies and focus on making Synthetix a perpetual contract trading venue on the Ethereum mainnet.

According to GoPlus monitoring, a Bitcoin holder just securely transferred assets from a Coldcard MK4 hardware wallet to a centralized exchange, avoiding the risk of the hardware wallet itself being stolen. However, within less than 12 hours after the transfer was completed, their Google account was hacked. Due to enabling Google verification cloud synchronization, the exchange account was logged into, and approximately $750,000 worth of Bitcoin was emptied.GoPlus pointed out that such attacks typically do not rely on brute force but are achieved through social engineering phishing and weak password cracking. Common methods include: phishing pages inducing the input of Google passwords, malicious browser plugins or cracking software stealing cookies and passwords, weak password reuse being cracked, and password resets after recovery email or phone number takeover.

According to CoinDesk, the privacy blockchain project Miden plans to launch the privacy stablecoin USDCx, which is natively issued on the Miden network based on Circle's xReserve infrastructure, maintaining a 1:1 peg with USDC. When users hold and transfer USDCx, their balances, counterparties, or transaction histories will not be publicly exposed, but selective information disclosure will be supported for compliance needs.The stablecoin is expected to launch in sync with the Miden mainnet, which is targeted to start at the end of this month. Miden views USDCx as the foundation of its "PriFi" privacy finance direction, covering scenarios such as institutional trading, B2B payments, payroll management, and cross-border payments, aiming to address the pain points of achieving both transparency and compliance in institutional finance on public blockchains. Previously, in April last year, it was reported that Miden completed a $25 million seed round of financing, led by a16z Crypto along with Hack VC and 1kx.

According to Binance spot market data, the market has experienced significant fluctuations. BICO has risen by 27.5% in the last 24 hours and is showing signs of a rebound after hitting a low.At the same time, SYN has dropped by 19.14% in the last 24 hours and is showing signs of a pullback after a rally. LA, OPG, and BEB have also shown signs of a pullback after a rally, with declines of 5.41%, 5.19%, and 6.93%, respectively. In addition, SKL has hit a new low for the week, with a decline of 5.64%.Among other tokens, EGLD, ACE, and ZBT have all seen slight declines, with changes of -3.92%, -3.61%, and -3.72%, respectively. HEI has seen a slight increase, with a rise of 3.03%.

According to monitoring by Lookonchain, BitMEX founder Arthur Hayes has just sold 6.16 million SYN (worth $658,000) and bought 3.05 million ENA (worth $248,000).

According to Blockaid monitoring, the trading price of MetronomeDAO's Synth USD (msUSD) on Ethereum, Base, and Optimism once dropped about 11% below the pegged value. Subsequently, MetronomeDAO released a post-mortem report stating that its synthetic asset swap module had insufficient collateral issues, resulting in a lack of adequate asset backing for approximately 6,367 msETH and 4.57 million msUSD, with the impact primarily concentrated on that module.The report pointed out that the problem stemmed from delays in the Chainlink price oracle during swap execution, and Metronome's fee design failed to adequately account for this variable, particularly on the Base chain where the situation was more severe. The team has deployed over $34 million in defensive positions and about $6.5 million in "last exit" liquidity, which could be used to repurchase and destroy sufficient assets to eliminate the gap if the peg deviates by about 30%. The team has increased the transaction fees for all synthetic trading pairs and upgraded the protocol to support a directionally isolated fee mechanism. Priority will be given to ensuring the treasury repurchases and destroys synthetic assets to restore 100% adequate collateral, while not affecting the rights of MET token holders, and the MET repurchase and distribution plan will proceed as usual.

According to Jinshi reports, the Federal Reserve reiterated in the FOMC statement that employment growth is in sync with the labor force.

According to monitoring by Catcher Predict, in the market prediction on Polymarket for the event "Dota 2: Team Syntax vs. Nemiga Gaming - EPL Masters Group A," the "Yes" option in the sub-market "Ends During the Day" has experienced a dramatic fluctuation in win rate, soaring from 50% an hour ago to the current 90.5% (a fluctuation of 40.5%). Please note the impact of relevant breaking news.

Libbitcoin developer @evoskuil stated that the latest version of Libbitcoin Server can complete the initial block download of a Bitcoin full node in 55 minutes and perform full verification. This speed improvement comes from a new GPU-based signature verification system that runs in parallel with conventional script verification, rather than as a separate step.The software does not pause execution to verify each ECDSA and Schnorr signature; instead, it captures signature checks, batches them, and processes them via GPU while the remaining verification continues. @evoskuil indicated that this method achieves about a 99.5% signature capture rate without blocking verification, thus eliminating the need for a second verification. If a batch signature check fails, the software traces it back to the corresponding block and marks that block as invalid. He also mentioned that this design can batch process an almost arbitrary number of signatures, keeping the GPU ahead of the remaining verification process and significantly shortening the full node synchronization time.

According to The Block, the Tokenization platform Tradable, invested by ParaFi Capital, plans to migrate approximately $1 billion of private credit assets from the Ethereum Layer 2 ZKsync to the public blockchain Stellar. Tradable was established in 2024 and provides on-chain infrastructure for the full lifecycle management of private credit, compliance controls, and investor account opening. Last year, it tokenized approximately $1.7 billion and nearly 30 institutional-level private credit positions on ZKsync.This migration aims to leverage Stellar's user base and compliance and privacy features in the institutional tokenization field to provide high-quality on-chain private credit investment opportunities to traditional asset managers. Stellar has previously hosted RWA products and stablecoin pilots for Franklin Templeton, WisdomTree, Ondo Finance, Figure, and others.

According to Onchain Lens monitoring, BitMEX co-founder Arthur Hayes purchased 6.16 million SYN (2.2 million USD) from FlowDesk.

According to monitoring by Lookonchain, a newly created address on Aster has doubled its long position on 3.46 million SYN (worth 1.69 million USD). In less than 2 days, this position has increased by approximately 662,000 USD.

According to the official Lido blog, Lido DAO has revoked the "official" bridge endpoints for wstETH on nine networks: zkSync Era, Mode, Scroll, Mantle, Swell, Zircuit, Soneium, Polygon PoS, and Lisk, through a Snapshot vote.This move is a resource adjustment at the governance level and does not affect the technical operation of the related bridges and contracts. Users can still hold, transfer, or bridge back wstETH on the aforementioned networks to Ethereum. Lido will stop security monitoring, ecosystem, and market support for these networks, but no migration deadline will be set.

On June 23, according to WEEX TradFi data, precious metals and commodities overall weakened, and market risk aversion sentiment has temporarily eased. Among them, XAU fell 0.81% in 24 hours, GOLD (PAXG) fell 0.83% in 24 hours, and CRUDEOIL fell 2.08% in 24 hours.WEEX Labs believes that the recent decline in crude oil is mainly influenced by the easing situation in the Middle East and improved supply expectations, while gold prices are affected by the trend of the US dollar, real interest rates, and changes in ETF demand. This round of adjustment reflects a repricing of macro factors, with funds focusing on subsequent data and news changes. In the short term, attention should be paid to the impact of interest rate paths and geopolitical factors on the commodity market.

On June 12, Kain Warwick, the founder of Synthetix, and core contributors proposed SIP-423, which aims to freeze and deprecate the sUSD contract. This is the first time Synthetix has proposed to retire rather than fix sUSD. The current price of sUSD is approximately $0.25, deviating about 75% from the $1 target, having dropped about 61% in the past 30 days.According to the proposal, each sUSD will be compensated to holders at a face value of $1 with 4 SNX (valued at $0.25), with SNX having a one-year lock-up period and one year of linear vesting. The proposal also includes a conditional USDT pathway: if the protocol generates over $10 million in revenue during the two-year lock-up period, 25% can be distributed as USDT to sUSD holders who prefer cash.SIP-423 also aims to close the 420 Pool under SIP-420 and cancel the sUSD staking ratio requirement. The current status of the proposal is pending vote, and the technical implementation plan SIP-424 has not yet been released. According to DefiLlama data, the circulation of sUSD is approximately $17.5 million, and Synthetix's TVL is $32.5 million.

Last week, the cryptocurrency market was under pressure due to higher-than-expected CPI data and geopolitical tensions in the Middle East. However, as the market completed risk pricing, BTC, ETH, and the overall cryptocurrency market experienced a rebound after an initial decline. BTC rose approximately 4.2% for the week, while ETH increased about 2.1%. The ETF capital flows and derivatives market also showed signs of recovery.Gate TradFi Perp's daily trading volume repeatedly exceeded $500 million, peaking close to $700 million, reflecting a continued warming of institutional risk appetite and demand for multi-asset allocation. In terms of institutional business, Gate's institutional trading volume share increased by 7.5% month-on-month, with BTC and ETH spot market shares growing by 9.62%.