Crypto Morning News: Iranian Parliament Approves Closing Strait of Hormuz; Major Token Unlocks for BLAST, VENOM, SOON and Others This Week
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Crypto Morning News: Iranian Parliament Approves Closing Strait of Hormuz; Major Token Unlocks for BLAST, VENOM, SOON and Others This Week
Texas has become the third U.S. state to establish a bitcoin reserve.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Market News: Iranian Parliament Approves Closing Strait of Hormuz
According to Jinshi Data, the Iranian parliament has approved closing the Strait of Hormuz, though the final decision rests with the country’s highest security body.
Texas Becomes Third U.S. State to Establish Bitcoin Reserve
According to The Block, Texas Governor Greg Abbott signed SB 21 into law on June 21, officially authorizing the creation of a statewide strategic Bitcoin reserve. This makes Texas the third U.S. state—after Arizona and New Hampshire—to establish such a reserve.
The bill, introduced by State Senator Charles Schwertner, will be managed independently from the state treasury by Texas Comptroller Glenn Hegar. The chair of the Texas Blockchain Council expects the state to allocate “tens of millions of dollars” to purchase Bitcoin—considered a moderate amount for a state of Texas’s size.
Governor Abbott also signed HB 4488, ensuring the Bitcoin reserve is protected from periodic state budget sweeps and securing its legal standing.
Wyoming Stablecoin WYST to Launch on Mainnet August 20, Supporting Multiple Blockchains
According to The Block, the Wyoming Stablecoin Commission announced at its latest monthly meeting that the state-backed WYST stablecoin is scheduled to launch on mainnet on August 20. The commission has not yet finalized which blockchains will host WYST but has shortlisted 11 candidates: Aptos, Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, Sei, Solana, Stellar, and Sui.
WYST is a dollar-pegged stablecoin authorized under the 2023 Wyoming Stablecoin Act, part of the state’s broader efforts to lead in blockchain innovation. According to the updated timeline, the commission plans to migrate WYST smart contracts onto designated “candidate” blockchains and conduct production testing by purchasing a small amount of WYST using institutional funds, ensuring end-to-end functionality ahead of a public launch expected to coincide with the Wyoming Blockchain Symposium in August.
Reddit in Talks to Adopt Sam Altman’s Iris-Scanning Orb for User Verification
According to Semafor, sources reveal Reddit is in discussions to adopt Sam Altman’s iris-scanning Orb device for user authentication.
Pumpfun Token Auction and Launch Delayed Again
According to Wu Shuo, the previously scheduled end-of-June Pumpfun token auction and listing event has been postponed again, now expected around mid-July. Pumpfun’s current valuation for this token sale stands at $4 billion. The team is actively pitching token allocations to various funds.
South Korean Payment Giant Kakao Announces Official Launch of “KRW Stablecoin” Initiative
According to Seoul Economic Daily, South Korean payment giant Kakao Pay has officially launched its Korean won (KRW) stablecoin initiative. On June 17, the company filed 18 trademark applications with the Korean Intellectual Property Office, combining "KRW" with letters representing Kakao Pay such as "K" and "P"—including combinations like "KRWKP", "KWRP", and "KPKRW". These trademarks cover areas including virtual asset financial transactions, electronic transfers, and intermediary services.
Kakao Pay stated it has “not yet determined specific plans,” but emphasized these filings are “proactive registration of trademark rights for potential stablecoin operations.” Industry insiders interpret this move as a strategic effort to secure market positioning, especially amid political momentum behind South Korea’s proposed Digital Asset Basic Act, which would allow private companies to issue KRW-pegged stablecoins. On the same day, gaming firm Nexus told the Seoul Economic Daily it aims to become the first issuer of a KRW stablecoin.
LD Capital Founder Responds to “Highly Concentrated NEIRO” Allegations: “Only Buying, No Selling in Secondary Market”
JackYi, founder of LD Capital, responded on social media to analyst claims from Trend Research suggesting that entities linked to LD Capital may control 64.25% of the NEIRO (uppercase) token supply.
JackYi stated, “We’ve only bought and never sold in the secondary market—pure real-money purchases. It started during the MEME boom when we wanted to accumulate early at low valuations, hoping it could become a leading ETH ecosystem meme coin. We just kept buying more and ended up being a major holder. I don’t think buying outright on the open market is something shady. This project has existed for a long time.”
Coinbase Secures MiCA License in Luxembourg, Enabling Full Crypto Services Across EU
According to Coinbase’s official announcement, the exchange has obtained a Markets in Crypto-Assets (MiCA) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). This allows Coinbase to offer its full suite of cryptocurrency products and services to all 27 EU member states, reaching approximately 450 million people.
The company plans to establish its European crypto hub in Luxembourg, which has already enacted four blockchain-related policies. Over recent years, Coinbase secured licenses in Germany, France, Ireland, Italy, the Netherlands, and Spain—all of which will now be consolidated under the unified MiCA framework.
ARK Sells Total of 1.25 Million Circle Shares in Past Week, Raising ~$243 Million
According to Cointelegraph, ARK Invest continued selling Circle shares following a nearly 250% surge in CRCL stock price. On Friday, it sold 609,000 shares worth $146 million, bringing its total sales over the week to 1.25 million shares and approximately $243 million in proceeds. Despite the sales, ARK remains the eighth-largest shareholder in Circle, holding shares valued at $750 million.
Michael Saylor Reshared Tracker Info, Likely to Disclose Next BTC Acquisition Next Week
Michael Saylor, CEO and Executive Chairman of Strategy, reshared the company’s tracker information, signaling a likely disclosure of new Bitcoin purchases next week.
Based on prior patterns, Strategy typically announces new Bitcoin acquisitions the day after completing the purchase.
This Week, BLAST, VENOM, SOON, YGG, and Others Face Large Token Unlocks Worth Over $50 Million
Data from Token Unlocks shows multiple cryptocurrency projects face significant token unlocks this week, totaling over $50 million. Specifically:
BLAST will unlock 10.5 billion tokens on June 26, worth ~$21.6 million, accounting for 34.97% of circulating supply;
VENOM will unlock 59.26 million tokens on June 25, worth ~$9.95 million, or 2.84% of circulating supply;
SOON will unlock 41.88 million tokens on June 23, worth ~$8.11 million, or 22.41% of circulating supply;
ALT will unlock 240.1 million tokens on June 25, worth ~$6.52 million, or 6.83% of circulating supply;
UDS will unlock 2.15 million tokens on June 26, worth ~$2.31 million, or 2.13% of circulating supply;
IOTA will unlock 15.16 million tokens on June 25, worth ~$2.17 million, or 0.39% of circulating supply;
VELO will unlock 182.8 million tokens on June 26, worth ~$2.01 million, or 2.47% of circulating supply;
YGG will unlock 14.08 million tokens on June 27, worth ~$1.85 million, or 2.68% of circulating supply;
FET will unlock 3.1 million tokens on June 28, worth ~$1.8 million, or 0.12% of circulating supply;
AGIX will unlock 7.15 million tokens on June 28, worth ~$1.79 million, or 2.38% of circulating supply;
EIGEN will unlock 1.29 million tokens on June 24, worth ~$1.3 million, or 0.42% of circulating supply.
Market Update
Suggested Reading
McKinley: How He Changed Pop Mart and Bitcoin
This article discusses McKinley as a unique investor who not only helped build pop culture giant Pop Mart but also played a significant role in the Bitcoin and cryptocurrency space. Through angel investing and personal influence, he connected key figures across industries and drove transformative change.
This article explores the nature and characteristics of Bitcoin and its role in the global monetary system, analyzing how Bitcoin simulates an ideal currency, its technological advantages, decentralization, and potential geopolitical implications. It also examines Bitcoin’s viability as a new form of money and its challenges to the existing financial order.
Reviewing SEC Staff Changes in the Past Six Months: Is the ‘New’ SEC Really More Crypto-Friendly?
This article covers the U.S. Securities and Exchange Commission’s (SEC) major personnel shifts and policy changes in the first half of 2025, including leadership turnover, over 500 staff departures, and restructuring of core departments. New Chair Paul Atkins has adopted a more crypto-friendly regulatory stance, promoting innovation and reducing enforcement pressure. Additionally, the SEC has clarified compliance pathways for staking through roundtables and policy statements and accelerated approval processes for crypto ETFs, offering clearer regulatory guidance for the industry.
How Are U.S. States Choosing Public Chains for Stablecoin Issuance?
This article discusses Wyoming’s plan to issue a state-level stablecoin (WYST) and its use of a public scoring mechanism to select suitable blockchains. The evaluation framework includes core metrics, additional advantages, and risk deductions, resulting in a shortlist of candidate chains. The article also touches on other regional stablecoin initiatives and provides technical details and timelines for Wyoming’s project.
Fair Valuation at $700 Million? Is Buying PUMP Public Sale a Guaranteed Win?
This article analyzes Pump.fun’s valuation, token sale strategy, and market impact. A Messari research report estimates its fully diluted valuation (FDV) could reach $7 billion, while emphasizing the importance of transparent tokenomics for market confidence. The article also highlights PumpSwap’s growing market share within the Solana ecosystem and Pump.fun’s future revenue and valuation potential.
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