Crypto Morning News: SEC Chair Supports DeFi, Ethereum Breaks Above $2,800
TechFlow Selected TechFlow Selected
Crypto Morning News: SEC Chair Supports DeFi, Ethereum Breaks Above $2,800
60% of Fortune 500 companies are conducting blockchain projects.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
U.S. SEC Chair: Values of Economic Freedom, Private Property Rights, and Innovation Are in DeFi’s DNA
According to the DeFi Education Fund, the U.S. SEC Crypto Task Force hosted a roundtable discussion today on "DeFi and the American Spirit."
In his opening remarks, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated that America’s values of economic freedom, private property rights, and innovation are deeply embedded in the DeFi movement. Atkins emphasized that builders of neutral tools should not be held liable for third-party actions, and engineers should not fall under federal securities laws simply for publishing software code.
U.S. SEC Requests Potential Solana ETF Issuers to Update S-1 Filings, Approvals Could Come as Early as July
According to Blockworks, the U.S. Securities and Exchange Commission (SEC) has requested potential Solana ETF issuers to submit revised S-1 forms by next week. The SEC indicated it will respond within 30 days after submission.
Insiders revealed that the SEC asked issuers to clarify language around in-kind redemptions and how staking would be handled. Regulators appear open to including staking as part of a Solana ETF. One source estimated these updates could lead to approval within the next three to five weeks, potentially as early as July.
U.S. SEC Initiates Review Process for Bitwise Bitcoin and Ethereum ETF Listing Application
Per an official announcement, the U.S. Securities and Exchange Commission (SEC) on June 10, 2025, initiated proceedings to review a listing application submitted by NYSE Arca for the Bitwise Bitcoin and Ethereum ETF. This ETF plans to hold both Bitcoin and Ethereum, with asset allocation based on the relative market capitalization of the two cryptocurrencies (currently approximately 83% Bitcoin and 17% Ethereum).
Bitwise Investment Advisers, LLC is the sponsor of the trust, while Coinbase Custody Trust Company will serve as custodian of the digital assets. The ETF will determine its daily net asset value using CME CF Bitcoin and Ethereum reference rates and will allow authorized participants to subscribe or redeem shares in units of 10,000 via cash transactions.
Mint Green LABUBU Sells for 1.08 Million Yuan; Pop Mart’s Market Cap Soars to HK$347.6 Billion
According to Yicai Global, the world’s only mint green LABUBU was sold for 1.08 million yuan at the Poly Spring Auction 2025 on June 10. In the same auction, a brown LABUBU limited to 15 pieces fetched 820,000 yuan. Fueled by LABUBU’s breakout success, Pop Mart’s stock price has surged over tenfold since February 2024, reaching a total market capitalization of HK$347.6 billion. Foreign institutions including Deutsche Bank and JPMorgan have expressed strong confidence, raising their target prices. In 2024, Pop Mart achieved revenue of RMB 13.04 billion, up 106.9% year-on-year, with adjusted net profit increasing 185.9%.
Digital Asset Trading and Financial Services Platform Uphold Considering IPO with Valuation Over $1.5 Billion
According to The Block, Simon McLoughlin, CEO of digital asset trading and financial services platform Uphold, said the company’s board has appointed FT Partners to explore strategic options, including a potential initial public offering (IPO) in the United States or acquisition by a payments firm.
Insiders revealed that Uphold is seeking a valuation exceeding $1.5 billion. McLoughlin also noted the company is actively expanding into the U.S. consumer market interested in XRP. Uphold is a platform offering cryptocurrency trading and other financial services, supporting multiple digital assets including XRP.
Binance Wallet Launches MEET48 (IDOL) TGE on June 11
Per official announcement, Binance Wallet launched the MEET48 (IDOL) token generation event (TGE) on June 11. Subscription period: 4:00 PM to 6:00 PM UTC+8 on June 11, 2025. Eligible users must use Binance Alpha Points to participate.
Michael Saylor: Apple Should Buy Bitcoin
Financial show host Jim Cramer criticized Apple’s current share buyback program as “not working.” In response, Strategy创始人 Michael Saylor commented, “Apple should buy Bitcoin,” suggesting that allocating its cash reserves to BTC could be a more strategic move.
Coinbase Survey: 60% of Fortune 500 Companies Are Running Blockchain Projects
According to Coinbase’s latest "State of Crypto" report, about 60% of Fortune 500 executives say their companies are currently “running blockchain initiatives.” Additionally, crypto adoption among small and medium-sized enterprises is accelerating, with many reporting that blockchain helps address specific financial challenges. Moreover, over four-fifths of institutional investors plan to increase their cryptocurrency investments this year.
Pyth Announces Support for Real-Time ETF Price Data, Unlocking New Use Cases in DeFi and RWA
Decentralized oracle solution Pyth Network announced support for real-time ETF price data, bringing live market prices from traditional trading venues directly onto blockchains. The data feeds cover U.S. equities and global indices, gold, treasury bonds, real estate investment trusts (REITs), dividend- and yield-focused portfolios, and more. These streams unlock new use cases across DeFi protocols, real-world assets (RWA), and asset tokenization, providing developers with the foundational data layer behind institutional portfolios and further integrating traditional assets into programmable finance to enable more sophisticated and precise applications.
Notably, Pyth Network already supports over 100 blockchains and delivers more than 1,500 real-time price feeds. Under its vision of becoming a “global universal pricing layer,” Pyth aims to bring all prices on-chain with advantages in decentralization, timeliness, accuracy, security, transparency, and low cost, positioning itself as a key force driving transformation in the global financial system.
Deutsche Bank and Ant International Form Strategic Partnership to Advance Tokenized Deposits and Stablecoins
According to ePort News, Deutsche Bank and Ant International today announced a strategic partnership to jointly develop innovative cross-border payment solutions for businesses in Europe and Asia. The collaboration includes launching tokenized deposits, stablecoins, and AI-powered foreign exchange models based on Temporal Sequence Transformer (TST). Deutsche Bank will become the first German bank to connect to Ant International’s blockchain technology platform, enabling instant fund transfers and enhancing global treasury management efficiency. The partnership will also deepen cooperation with Ant Group’s payment service providers to expand operations in Europe, the Middle East, and Africa.
Forbes Billionaires List: CZ Reclaims Title as Richest Ethnic Chinese with $65.7 Billion Net Worth
According to Forbes data, Changpeng Zhao (CZ) has once again become the wealthiest ethnic Chinese individual, with a net worth of $65.7 billion.
Market Overview
Suggested Reading
Full Text of SEC Chair’s Roundtable Speech: DeFi and the American Spirit
This article focuses on the speech delivered by Paul Atkins, the newly appointed chair of the U.S. Securities and Exchange Commission (SEC), exploring the relationship between decentralized finance (DeFi) and core American values, as well as the potential of blockchain technology in innovation and regulation. Atkins proposes promoting the U.S. as a global hub for crypto capital through an “innovation exemption” and emphasizes the importance of adaptive regulation tailored to on-chain technologies and financial systems.
Trump Proposes Universal Investment Plan: $1,000 Stock Account for Every Newborn
This article discusses the Trump administration’s launch of a universal investment initiative called the “Trump Account,” which provides a $1,000 investment account for every American newborn between January 2025 and January 2029, allocated to index fund investments. Parents or private entities can contribute up to $5,000 annually. Funds can be partially withdrawn when the child turns 18 and fully accessed at age 30. The plan aims to improve middle-class household finances, though limited tax incentives have sparked some controversy.
From Hype to Maturity: The Evolution of Crypto Venture Capital
This article examines the evolution of venture capital in the cryptocurrency space—from speculative frenzy to rational maturity—highlighting the industry’s shift from speculation-driven models to fundamentals-based business development. It notes that while overall funding volumes have declined, capital is increasingly concentrated in infrastructure and enterprise-grade solutions.
The Battle for Omnichain Stablecoins: Circle, Tether, and Frax in the Digital Dollar Race
This article delves into the competitive landscape of omnichain stablecoins, analyzing the rivalry among Tether’s USDT, Circle’s USDC, and Frax’s FRAX in the race for dominance in digital dollars. It highlights differences in technology, market positioning, and strategy, and discusses how omnichain capabilities may shape the future of stablecoins.
Exploring DeAI Composability: When Will AI Layer1 Ecosystems Achieve Synergistic Breakout?
This article explores the current state and challenges of the DeAI sector and AI Layer1 platforms, while covering recent trends and developments across cryptocurrency, DeFi, Bitcoin, and Ethereum. It suggests that a synergistic breakout moment for AI Layer1 ecosystems may require establishing de facto standards or inter-protocol agreements.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
深潮TechFlow
