Crypto Morning Brief: Powell says economy remains on solid footing, former Coral Capital executive plans to establish BNB reserve company
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Crypto Morning Brief: Powell says economy remains on solid footing, former Coral Capital executive plans to establish BNB reserve company
Guotai Junan International has officially been approved to provide virtual asset trading services, including cryptocurrency.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Fed Chair Powell: Despite rising uncertainty, economy remains on solid footing
According to Jin10 News, Federal Reserve Chair Jerome Powell delivered testimony before Congress on the Fed’s semi-annual monetary policy report. Powell emphasized that the Fed remains focused on achieving its dual mandate of maximum employment and price stability for the benefit of the American people. Despite growing uncertainties, the economy is on solid ground. Unemployment remains low, and the labor market is at or near maximum employment. Inflation has declined significantly but remains slightly above the Fed’s 2% long-term target. The Fed continues to monitor risks in both directions related to its dual mandate.
Powell: Banks can provide banking services to crypto industry if safety and soundness are ensured
Jerome Powell stated that banks may offer banking services and conduct business with the cryptocurrency sector, provided that the safety and soundness of the financial system are maintained.
U.S. Senate Banking Committee releases principles for crypto market structure
As disclosed by Eleanor Terrett, U.S. Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott, along with Senators Cynthia Lummis, Thom Tillis, and Bill Hagerty, jointly released a set of principles for cryptocurrency market structure to guide future legislation. The framework highlights six key priorities:
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Clearly define the legal status of digital assets, distinguishing between digital asset securities and commodities
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Clearly assign regulatory responsibilities, avoiding the emergence of a single all-powerful regulator
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Modernize regulations to promote innovation, including new exemptions from the SEC for digital asset fundraising
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Protect digital asset investors by implementing innovation-friendly registration requirements for centralized intermediaries
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Establish targeted anti-money laundering measures that support innovation
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Federal financial regulators should welcome responsible innovation and provide clear guidance
The principles specifically emphasize protecting self-custody rights, differentiating between centralized and decentralized platforms, and recognizing tokenization as an evolution—not a fundamental transformation—of financial infrastructure.
Grayscale officially launches Space and Time Trust
According to its official website, Grayscale has officially launched the Grayscale Space and Time Trust (ticker: SXT), now open to qualified eligible investors. As of publication, the trust manages $14,687,181.81 in assets under management, with a net asset value of $7.34 per share.
Mastercard joins stablecoin alliance Global Dollar Network
As reported by Fortune, Mastercard announced it has joined the stablecoin alliance Global Dollar Network, initiated by Paxos and others. Through this partnership, Mastercard can co-issue and share interest income from USDG, a stablecoin backed by U.S. Treasuries. Additionally, Mastercard will support PayPal’s PYUSD and Fiserv’s FIUSD stablecoins, integrating them into its Mastercard Move cross-border payment network.
Analyst: Malware SparkKitty detected stealing wallet recovery phrases, primarily targeting users in China and Southeast Asia
According to Cointelegraph, cybersecurity firm Kaspersky has discovered a new malware named SparkKitty that infects apps on iOS and Android devices, scanning and exfiltrating all images from user photo galleries in search of screenshots containing cryptocurrency wallet recovery phrases.
Kaspersky analysts identified two apps used to distribute the malware: “Bicoin,” a cryptocurrency information tracking app available on the App Store, and SOEX, a messaging app on Google Play with over 10,000 downloads that claims to have “cryptocurrency trading functionality.”
Researchers believe SparkKitty shares origins with SparkCat, another malware discovered in January, exhibiting similar technical characteristics. The campaign has been active since early 2024, primarily targeting users in Southeast Asia and China, though capable of affecting users globally. Kaspersky has notified Google, and the malicious apps have since been removed from app stores.
CZ: Neither I nor my affiliated entities participated in Nano Labs’ latest funding round
CZ (Changpeng Zhao) tweeted that Nano Labs Ltd (Nasdaq: NA) has become a publicly listed company holding $BNB as a strategic reserve, injecting $500 million worth of BNB into the company, which led to a significant surge in its stock price.
CZ clarified that neither he nor any of his affiliated entities participated in this funding round, though he expressed strong support for the initiative.
Chainlink partners with Mastercard to enable on-chain cryptocurrency purchases
According to CoinDesk, Chainlink and payments giant Mastercard have announced a strategic collaboration enabling over 3 billion Mastercard users worldwide to directly purchase cryptocurrencies on blockchain networks, further advancing mainstream adoption of crypto payments.
The service integrates multiple technologies, including payment processor Shift4, crypto platform zerohash, decentralized exchanges Uniswap and XSwap. Chainlink’s interoperability protocols will bridge traditional card networks with blockchain systems, enabling seamless transaction data transfer.
This marks another major step by Mastercard into the crypto space, following prior partnerships with companies like MoonPay and Kraken.
Former Coral Capital executives plan to raise $100M to establish BNB reserve firm Build & Build Corporation
As reported by Bloomberg, former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger, and Johnathan Pasch plan to raise $100 million through their Nasdaq-listed entity to build a BNB reserve, renaming the company Build & Build Corporation. Upon completion, the firm will become the first public company with BNB as its core reserve asset.
Group of crypto entrepreneurs plans to raise $125M to launch SuiStrategy, a firm focused on SUI treasury strategy
As disclosed by KOL "Wu Wei," several prominent crypto entrepreneurs plan to raise $125 million via bond issuance to acquire SUI tokens and establish a new company called SuiStrategy.
The company’s operations will center around SUI, including holding tokens on its balance sheet, earning staking yields, building real-world asset (RWA) and derivatives products, and eventually exiting via IPO, equity sale, or acquisition.
The initiative is backed by Matthew Morgan (Web3 advisor at WLF), Julian Bharti (Managing Partner at Delano Capital), Alex Dulub (Founder of Web3 Antivirus), and attorney Eric Galen. The project has received support from the SUI community, aiming to establish a comprehensive treasury strategy ecosystem around SUI.
CITIC Securities International Hong Kong approved to offer virtual asset trading services
CITIC Securities International Hong Kong (1788.HK) officially received approval from the Hong Kong Securities and Futures Commission (SFC) on June 24 to upgrade its existing securities trading license to include virtual asset trading services and related advisory. Following the upgrade, clients can directly trade cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like USDT, on its platform. This makes CITIC Securities International the first Chinese-owned broker in Hong Kong to offer comprehensive virtual asset trading services, covering trading, advisory, product issuance, and distribution. In recent years, the firm has actively expanded its virtual asset offerings, including launching virtual asset ETF-linked structured products, acting as a platform agent, and issuing digital bonds, contributing to Hong Kong’s development as an international virtual asset hub.
Market Data
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