Group 1 - The Republican conservatives have abandoned their two-day blockade on cryptocurrency-related legislation, paving the way for a vote in the House of Representatives on measures supported by President Donald Trump [1] - The House leadership had to extend procedural voting for several hours to resolve a deadlock, breaking the longest voting record in House history [1] - A sufficient number of conservative members approved the procedural steps necessary to begin deliberating on cryptocurrency legislation, including the Senate-passed stablecoin legislation [1][2] Group 2 - The stablecoin legislation received broad bipartisan support in the Senate last month, and if passed in the House, it will be submitted for Trump's signature [2] - The legislation sets regulatory rules for dollar-backed stablecoins, requiring companies to hold short-term government bonds or other regulated products equivalent to the dollar as reserves [2] Group 3 - As of the report, Bitcoin has decreased by 1.12%, trading at $118,600 per coin [3]

Market Overview - The Hang Seng Index closed at 24,590, down 0.29% for the day but up 22.22% year-to-date[3] - The Hang Seng China Enterprises Index fell 0.18% to 8,877, with a year-to-date increase of 21.56%[3] - The Hang Seng Tech Index decreased by 0.24% to 5,431, maintaining a year-to-date rise of 21.27%[3] U.S. Market Performance - The Dow Jones Industrial Average rose 0.53% to 44,023, with a year-to-date increase of 4.02%[9] - The S&P 500 gained 0.32% to close at 6,244, reflecting a year-to-date growth of 6.50%[9] - The Nasdaq Composite increased by 0.25% to 20,678, with a year-to-date rise of 7.35%[9] Sector Highlights - Major tech stocks mostly declined, with Meituan down 1.66% and Netease down 1%[9] - Semiconductor stocks saw gains as Nvidia announced a resumption of chip sales to China, with shares of Nvidia up 0.38%[9] - Cryptocurrency-related stocks rebounded, with China San San Media surging over 70% in a single day and a cumulative increase of 350% for the month[9] Japanese Market Insights - The Nikkei 225 index fell 0.04% to 39,678, while the TSE index rose 0.21%[13] - The Japanese yen depreciated against the U.S. dollar, reaching a three-month low due to rising U.S. interest rates[13] - Japan's foreign tourist arrivals in the first half of 2025 reached 21.52 million, a 21% increase year-on-year[13] Economic Indicators - U.S. June PPI showed a year-on-year increase of 2.3%, below expectations, indicating a potential easing of inflationary pressures[13] - The Federal Reserve's Beige Book indicated cautious hiring and improved economic activity, but a neutral to slightly pessimistic outlook[13] - The probability of the Fed maintaining interest rates in July is at 95.3%, with a 4.7% chance of a 25 basis point cut[14]

Group 1 - Major U.S. banks, including Bank of America and Citigroup, are planning to launch stablecoins as the U.S. seeks to adopt more supportive cryptocurrency regulations [2][3] - Bank of America CEO Brian Moynihan indicated that the bank is working on stablecoin development, although specific timelines were not disclosed [2] - The demand for stablecoins is currently low, and the bank is assessing customer needs before launching [2] Group 2 - President Trump has pledged to become the "crypto president," promoting mainstream adoption of cryptocurrencies in the U.S. [3] - The U.S. Congress is expected to advance a series of favorable bills for the crypto industry, including a regulatory framework for stablecoins [3] - A bipartisan-supported stablecoin bill has passed the Senate and is awaiting a vote in the House, which could lead to Trump's approval [3] Group 3 - Morgan Stanley's CFO Sharon Yeshaya stated that the bank is closely monitoring the development of stablecoins and their potential uses for clients [4] - Citigroup CEO Jane Fraser expressed interest in issuing a stablecoin to enhance digital payments [4][5] - JPMorgan CEO Jamie Dimon, despite skepticism towards Bitcoin, confirmed the bank's participation in the stablecoin business [5]

Market Segmentation - Bitcoin is distinct from Ethereum and altcoins [1] - Bitcoin is no longer the leading indicator for the cryptocurrency market [2] - Ethereum is no longer the leading indicator for altcoin season [2] Market Participants - Exchanges have successfully navigated the current market conditions [2] - Ethereum has successfully navigated the current market conditions [2] - Stablecoins have successfully navigated the current market conditions [2] Future Outlook - Those who haven't succeeded in the current market may need to wait for future opportunities [3]

Group 1 - The Republican conservatives ended a two-day blockade on cryptocurrency legislation, paving the way for a vote on a series of bills supported by Trump [1] - The House passed the procedural steps needed to advance the cryptocurrency legislation with a vote of 217 in favor and 212 against, including a stablecoin bill previously passed by the Senate [1] - House Speaker Mike Johnson indicated that a bill prohibiting the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) would be included in the defense authorization bill later this year to persuade opponents to advance the stablecoin bill [1] Group 2 - A vote on the Senate-passed stablecoin bill, known as the GENIUS Act, is expected on Thursday, which sets regulatory rules for dollar-backed stablecoins [2] - The passage of the GENIUS Act in the House would mark the first major cryptocurrency legislation passed by Congress, representing a significant lobbying victory for the cryptocurrency industry [2] - The vote on the CLARITY Act, which will clarify whether assets are regulated by the SEC or the CFTC, may be delayed until next week [2]

Group 1 - Pop Mart expects a revenue growth of no less than 200% and a profit increase of no less than 350% for the first half of 2025 compared to the same period in 2024 [1] - Roma's operational team remains intact, and the company assures that product recall and after-sales service will continue effectively despite recent challenges [2] - Elon Musk has launched an AI chatbot service called Grok, which features a virtual girlfriend for a subscription fee of $30 per month, indicating a shift towards monetizing virtual emotional experiences [3][4] Group 2 - Sichuan Changhong anticipates a decrease in net profit for the first half of 2025, with estimates ranging from 138 million to 182 million yuan, marking the first negative growth since 2021, partly due to competition from Xiaomi's new factory [5] - The Trump administration has ended investigations into the cryptocurrency betting platform Polymarket, signaling a potential shift in regulatory stance towards the crypto gambling industry [6][7] - Nvidia's CEO Jensen Huang noted rapid advancements in China's chip industry, expressing strong demand for the H20 chip in the Chinese market [8][9] Group 3 - The China National Automotive Research Institute's executive stated that Level 4 and below driving systems should be classified as assisted driving, highlighting challenges faced by traditional automakers in integrating AI [9] - Zhiyuan Robotics has secured strategic investment from Charoen Pokphand Group, marking a new phase in its global expansion efforts in various sectors [10] - JPMorgan reported Q2 2025 revenue of $44.912 billion, which fell short of expectations, with non-interest income at $22.4 billion and total assets under management at $4.3 trillion [11] - Geely has signed a merger agreement with Zeekr, allowing shareholders to choose between cash or shares of Geely as compensation [12][13] - JD Health has opened its first self-operated medical beauty clinic in Beijing, indicating its expansion into the medical beauty sector [14][15] - Yingfang Microelectronics denied rumors regarding the establishment of a new base in Jiangyin and collaboration with Changxin Storage on LPDDR5 products [16]

Group 1: Legislative Developments - The U.S. House of Representatives successfully passed a key procedural vote for multiple cryptocurrency-related bills, marking a significant victory for the digital asset industry, aided by Trump's intervention [1] - The Hong Kong Securities and Futures Commission extended the time for visiting professionals to provide virtual asset services from 30 days to 45 days, facilitating more flexible operations in the region [3] Group 2: Market Trends and Performance - Despite a favorable market environment, cryptocurrency spot trading volume fell by 22% in Q2 2025, from $4.6 trillion in Q1 to $3.6 trillion, primarily due to decreased altcoin trading activity and liquidity [2] - The total trading volume for cryptocurrency derivatives in Q2 was $20.2 trillion, only slightly down by 3.6%, indicating resilience in this segment amid broader market adjustments [2] - Bitcoin's price momentum has paused after breaking $120,000, with a potential local bottom at $114,000, suggesting that a pullback to around $110,000 could solidify the current bullish trend [3] Group 3: Innovations and Initiatives - French lawmakers proposed a pilot program to use surplus nuclear power for Bitcoin mining, potentially generating annual revenues of $100 million to $150 million, while also addressing maintenance costs and energy waste [4] - Citigroup is exploring the issuance of a stablecoin for cross-border payments, joining other major banks in considering stablecoin projects [8] - Bank of America is preparing to launch a stablecoin, awaiting legal clarity, indicating a cautious approach to entering the cryptocurrency space [9] Group 4: Investment Strategies and Market Sentiment - ARK Invest sold $8.7 million worth of Bitcoin ETF shares, possibly to capitalize on recent market momentum and reduce risk exposure ahead of the Consumer Price Index (CPI) release [10] - The founder of LD Capital expressed a cautious stance in the current market, opting to wait for clearer conditions before making further moves, while maintaining a long-term bullish outlook on the crypto market [12] - Momentum 6's partner indicated that altcoins may experience a strong rally in the next 1 to 2 months, with Bitcoin potentially targeting $150,000, suggesting a favorable environment for market rotation [13] Group 5: Regulatory Concerns - UK lawmakers are calling for a ban on cryptocurrency political donations due to concerns over traceability and potential foreign interference, highlighting the need for updated legislation [6]

智通财经7月17日电，美国众议院获足够票数推进加密货币相关立法，投票仍在进行中。 ...

美国众议院议长约翰逊：共和党同意推动加密货币立法。 ...

Core Viewpoint - Several major U.S. banks, including Bank of America and Citigroup, are planning to launch stablecoins amid the U.S. government's push for more favorable cryptocurrency regulations [1] Group 1: Bank Initiatives - Bank of America CEO Brian Moynihan indicated that the bank is advancing its stablecoin launch plans, although no specific timeline was provided [1] - Citigroup CEO Jane Fraser mentioned the possibility of issuing a Citigroup stablecoin to enhance digital payments, describing it as a good opportunity for the bank [1] - JPMorgan CEO Jamie Dimon, traditionally skeptical of Bitcoin, stated that the bank will enter the stablecoin business but did not disclose further details [1]