Regulatory Landscape - Three crypto bills are under consideration, with one potentially heading to Trump's desk this week [1] - Republican members are concerned that prioritizing the stable coin bill could jeopardize the passage of a larger bill on digital asset market structure [2] - Disagreement exists regarding the optimal approach for passing these bills [2] Legislative Process - A key procedural vote failed due to opposition from approximately a dozen Republicans [1] - Republican leadership is currently regrouping and engaging with members, with a potential revote expected later this afternoon [2] - Concerns are rising that failure to resolve the procedural vote could impede progress on the actual bill votes later this week [3] Industry Impact - This week is considered a crucial period for the crypto industry and lawmakers advocating for these bills [3] - The industry is facing uncertainty as the progress of the crypto bills is being stalled [3]

Legislative Developments - A procedural vote on a rule that included crypto bills failed in the House, impacting plans for a "crypto week" [1][2] - The failure introduces uncertainty regarding the passage of stablecoin legislation and a broader market structure bill [4] - Concerns voiced by some lawmakers, like Congresswoman Marjorie Taylor Green, relate to the bills' insufficient prevention of a central bank digital currency [2][3] - Republican leaders may need to reassess their strategy to advance the crypto bills, potentially delaying them [4] - The market structure bill, defining digital assets as securities versus commodities, faces further hurdles in the Senate, with potential passage delayed until the fall [7][8] Market Reaction - Bitcoin experienced a slight sell-off following the news [5] - Robinhood's stock decreased by approximately 2% [5] - Coinbase's stock was significantly impacted, declining by 45% [10] Bill Details - One bill focused on stablecoins was expected to pass, with the White House planning a signing ceremony [6] - Another bill addresses market structure, aiming to clarify when a digital asset is a security versus a commodity [7]

Market Trends & Bitcoin Performance - Bitcoin hit a new all-time high, briefly crossing $123,000 [1] - Ether climbed more than 0.5% to $3,000, and XRP rose nearly 4% [2] - Bitcoin's rise is attributed to strong ETF inflows and US lawmakers' moves towards clearer regulation [2] - Bitcoin ETFs collectively hold over $140 billion, with BlackRock's fund nearing $90 billion in about a year [3] - The expiration of options contracts at the end of Q2 removed downward pressure on Bitcoin [4] - Short sellers being "blown out" contributed to Bitcoin's price discovery phase [5] Regulatory Landscape & Stablecoins - The House of Representatives is debating the Clarity Act, the Genius Act (stablecoin regulation), and the Anti-CBDC Surveillance State Act [7] - Some House Democrats are opposing the Clarity and Genius Acts, labeling this week "anti-cryptocorruption week" [8] - Circle's shares have increased by over 530% since its IPO on June 5th, driven by anticipation of stablecoin regulation in the US [10] - Stablecoins are expected to play a key role in the future of money movement, potentially reaching trillions of dollars in value [9] Crypto Treasury Strategies - Panta Capital launched a new fund focused on digital asset treasury-related investments [13] - Panta Capital has invested in Bitmine, which is pivoting to make ETH its primary treasury asset [14] - Panta Capital has received 70 to 80 pitches from teams pursuing digital asset treasury strategies in the last 3 months and has made six investments [21][23] - Institutional investors are primarily interested in Bitcoin, ETH, and Solana for digital asset treasury strategies [24] - A billion-dollar public float company is likely needed to tap the convertible debt market for digital asset treasuries [26]

Tariffs and Trade - The US President has increased tariffs by approximately $167 billion, a 60% increase from before [2] - The market views the tariffs as a way to pressure the EU and China to finalize trade deals before deadlines [3] - The US government needs to be cautious about tariffs, as excessive tariffs, such as $700 billion previously, can lead to backlash [4] - The US aims to secure deals with major countries before August 1st [5] Liquidity and Crypto - Raising the debt ceiling reduces liquidity, prompting the Treasury to adjust its financing strategies [6] - Treasury is delaying refilling the Treasury General Account, changing supplemental leverage ratio rules, increasing buybacks, and issuing more T-bills [7] - Stable coin legislation could create an additional $800 billion in T-bill demand [7] - Bitcoin serves as a means to circumvent capital controls in certain countries [8]

Crypto Market & Decentralized Exchanges - Atlas Merchant Capital is combining with Sonnet Biootherapeutics to form Hyperliquid Strategies, focusing on building a large reserve of Hype tokens for the Hyperliquid blockchain [1][2] - Hyperliquid is a non-custodial, user-owned decentralized exchange with its own layer 1 blockchain, designed to address problems seen in FTX by allowing users to control their own wallets [3][4] - Decentralized exchanges allow users to trade with their own wallets, maintaining custody of their assets, unlike custodial exchanges like Coinbase where users give up custody [4][5] - The crypto world is still evolving, and the market is offering alternatives regarding custody of assets, with debates on whether decentralized or custodial solutions are safer [7] Regulation & Stablecoins - Strong firms in the crypto space desire strong regulation, similar to how strong banks want strong regulation [10] - Circle is highlighted as a remarkable performer due to its commitment to being regulated and safe, with Jeremy Air's vision for the company emphasized [11][12] - The private sector, such as Circle, is expected to develop stablecoin technology, which will then be highly regulated, similar to the evolution of Fed wire [15] Hyperliquid Strategies & Future Plans - Hyperliquid Strategies is adding Eric Rosen, former president of the Boston Fed, to its board; Rosen was responsible for the Fed's white paper on digital currencies [14]

Market Trends & Regulatory Landscape - Bitcoin reached a new all-time high and is on track for its highest weekly close [1] - Anticipation for the market structure bill, expected this week, is driving the crypto rally [2][3] - The market structure bill aims to provide basic definitions for crypto, regulate the market, and encourage institutional investment [3] - The bill establishes a clear exemption pathway for digital commodity projects and supports secondary market trading [5] - The US Bitcoin ETFs bought over 23,000 Bitcoin last week, while only 3,150 were mined, indicating ETFs are absorbing available Bitcoin and pushing prices up [6] - The industry believes the market structure bill and stable coin bill could have a bigger impact than Bitcoin ETF approvals [5] Regulatory Uncertainty & Potential Clarity - Currently, there is no federal framework for digital assets, leading to uncertainty and discouraging innovation in the US [4] - The SEC and CFTC lack clear jurisdictional boundaries over digital assets [4] - The market structure bill aims to provide clarity on whether Ethereum and other cryptocurrencies are securities or commodities [8][10] - Lack of regulatory clarity prevents large institutions from investing in cryptocurrencies like Ethereum [8] Bitcoin Valuation & Comparison - Bitcoin's market cap is at 2362 trillion USD, approaching Amazon's at 2388 trillion USD [15] - Bitcoin is considered digital gold, with mathematical scarcity, making it potentially undervalued compared to gold [15][16] - Bitcoin's value proposition is based on its scarcity and role as good money, rather than cash flow [26] - Holding wealth in Bitcoin is seen as a better alternative to holding fiat currencies due to inflation and shrinking cash flows from traditional assets [24][25]

Today, Ether climbs after it was revealed US payrolls increased more than expected last month. As the crypto elite flocked to Khan for ETHC, we explore how Ethereum is quietly becoming Wall Street's backend. And Michael Anderson of Framework Ventures breaks down how VCs are thinking about the stable coin space.Welcome to CNBC's Crypto World. I'm Talia Kaplan. Crypto prices and stocks on the rise as of midday after job growth proved better than expected last month, boosted by government hiring.The labor mark ...

Today, Circle resumes its post IPO rally. A federal judge, pushes back on a settlement between the SEC and Ripple, and Zack Abrams, co-founder of Bridge, discusses the wave of stable coin interest on Wall Street. Welcome to CNBC's Crypto World.I'm Talia Kaplan. Major cryptocurrencies in the green along with stocks as the S&P 500 continued its march toward the all-time high set earlier in the year. Some factors for the rise include the potential for lower interest rates later this year, a calming tariff envi ...

You're watching shares of Circle coming off a nearly 11% slide yesterday. The stable coin provider has plummeted nearly 25% over the last two days, but got to put that in context. It's still up about 500% since going public earlier this month.Circle's recent woes not hitting the other stable coin players. Coinbase gaining more than 15% over the last two days. Oppenheimer today raising the target of the company to 395.You see right now it's trading at about 357. Also, Fiver up more than 4% so far this week a ...

Partnerships and Product Expansion - Coinbase is expanding into payment infrastructure and consumer finance [2] - Coinbase launched a credit card with AMX offering up to 4% cash back in Bitcoin [4] - Coinbase announced a partnership with Shopify to bring USDC payments to Shopify merchants [4] - Coinbase launched payment APIs and a new product for startups and medium-sized businesses [5] Crypto's Use Cases - Bitcoin is seen as digital gold and a check against runaway deficit spending [6] - Stablecoins are bringing a medium of exchange to the crypto market [7] - A new smart contract replicates credit card functionality for e-commerce, enabling authorization, capture, void, and refund processes on-chain [8][9] Market Performance - Bitcoin is up 55% since President Trump was elected [1] - Coinbase is up nearly 25% [1]