Crypto Morning News: U.S. Senate Passes "Approved for America Act"; Linghang Medical Plans to Acquire All Equity of Conflux
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Crypto Morning News: U.S. Senate Passes "Approved for America Act"; Linghang Medical Plans to Acquire All Equity of Conflux
DDC Enterprise, a U.S.-listed company, announced the completion of its previously disclosed $528 million financing, which will be used to purchase bitcoin.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Market news: The U.S. Senate passes the "OBBBA" bill by a 51-50 vote, sending it to the House of Representatives
According to Jinshi Data, the U.S. Senate passed former President Trump’s large-scale tax reduction and spending bill (the “OBeautiful Before All” or OBBBA) by a 51–50 vote, advancing it to the House of Representatives.
U.S. Senate Rejects Anti-Crypto Corruption Amendment by 46–54 Vote
According to Ainvest, the U.S. Senate rejected the Anti-Crypto Corruption Amendment with 46 votes in favor and 54 against. Proposed by Senator Jeff Merkley, the amendment aimed to prohibit elected officials from leveraging their positions for personal gain in the cryptocurrency sector.
The amendment specifically targeted preventing public officials from obtaining "unfair profits" through promoting certain cryptocurrencies or engaging in "crypto schemes" for self-interest. Key measures included banning officials from publicly endorsing specific digital assets, strengthening crypto holdings disclosure requirements, restricting cryptocurrency trading during office tenure, and avoiding conflicts of interest.
Senator Merkley stated on social media platform X that the amendment failed primarily due to Republican opposition.
Fed Chair Powell: Need for stablecoin framework exists, progress being made
According to Jinshi Data, Federal Reserve Chair Jerome Powell said, “We believe a stablecoin regulatory framework is needed, and we are making progress.”
Trump’s Second Son Hints at Potential Presidential Run
Citing Britain’s Guardian and Agence France-Presse, Jinshi Data reports that Eric Trump, the second son of former U.S. President Donald Trump, recently hinted that he or another member of the Trump family might run for president after his father’s potential second term in the White House. The 41-year-old, currently serving as co-executive vice president of the Trump Organization, has largely stayed out of politics since his father first entered the White House in 2017, focusing instead on managing the family business. However, in an interview with the Financial Times, he suggested that if he chose to enter politics, “the political path would be easy.”
Linghang Pharma Biotech Plans Full Acquisition of Conflux to Enter Blockchain Sector
Hong Kong-listed Linghang Pharmaceutical Biotechnology Co., Ltd. (00399.HK) announced it has signed a memorandum of understanding (MoU) to acquire 100% equity of a target company, contingent upon the target completing its acquisition of blockchain-related assets from Conflux. The purchase consideration will be paid via cash, company shares, or convertible bonds, with the final amount yet to be determined. The MoU is valid for 12 months, during which the seller is prohibited from negotiating the target’s equity with third parties. This move aims to expand Linghang’s presence into blockchain technology, diversify its business, and identify new profit growth avenues. The transaction will only proceed upon signing of a definitive agreement.
Ethereum Community Foundation Launched to Promote ETH Value Growth
According to The Block, the Ethereum Community Foundation (ECF) has officially launched under the leadership of Zak Cole. The foundation has raised several million dollars worth of ETH, aiming to support institutional adoption of Ethereum infrastructure and ultimately boost the price of ETH. ECF will focus funding on "immutable and tokenless" projects—particularly real-world applications that promote ETH deflationary mechanisms, such as tokenizing stocks, bonds, and real estate. Funding decisions will be made through coin voting to ensure full transparency. The foundation’s first initiative is launching the “Ethereum Validator Association,” enabling network validators who stake ETH to participate in development governance.
Citibank Gives Circle a “Buy” Rating with $243 Price Target
According to CoinDesk, Wall Street bank Citigroup has assigned stablecoin issuer Circle (CRCL) a “Buy/High Risk” rating, setting a $243 price target.
Despite Circle’s significant post-IPO share price surge—from $31 to a record high of $299 last week—Citigroup analysts argue the company remains undervalued. They cite Circle’s benefits from “scarcity value, a ‘winner-takes-most’ market structure, a vast total addressable market, favorable legislative momentum, and substantial operating leverage potential.”
Citigroup emphasized Circle’s neutrality as a key competitive advantage, noting that “being the preferred choice” will be crucial in mitigating risks from stablecoin market fragmentation. In contrast, JPMorgan downgraded Circle to “Underweight” yesterday, citing valuation concerns.
Datagram Announces $4 Million Pre-Seed Funding Led by Blizzard (Avalanche Fund)
DePIN hyper-converged network Datagram announced on June 30 the completion of a $4 million Pre-Seed funding round led by Blizzard (the Avalanche ecosystem fund). Participating investors include Animoca Brands, Cointelegraph, Amber Group, Aquanow, Arche Fund, DePIN X Capital, ISKRA, JDI Ventures, Yellow Capital, and multiple angel investors from leading infrastructure and blockchain institutions.
Funds will be used to launch a dedicated Layer 1 blockchain within the Avalanche ecosystem, deploy node networks, expand strategic partnerships, and advance mainnet launch. Datagram is an AI-driven global Hyper-Fabric network designed to aggregate idle computing power, bandwidth, and storage worldwide, building a high-performance DePIN network supporting gaming, AI, and communications. It currently serves over 200 enterprises and more than 1 million users globally.
Datagram has now launched its Alpha testnet, allowing users to run nodes and earn $DGRAM rewards.
GMGN Partners with xStocks to Enable U.S. Stock Trading on Solana
Official sources report that GMGN has partnered with xStocks, a tokenization platform created by Backed, enabling users to trade U.S. equities on the Solana blockchain.
U.S.-listed DDC Enterprise Completes Previously Announced $528 Million Financing for Bitcoin Purchases
U.S.-listed DDC Enterprise Limited announced the successful completion of its previously disclosed financing, raising a total of $528 million from investors including Anson Funds. The funds will be used to execute its corporate strategy of increasing Bitcoin holdings.
Earlier in mid-June, the company announced plans to raise $528 million to expand its Bitcoin reserves.
U.S.-Listed Webus International Signs $100 Million Equity Investment Agreement with Ripple Strategy Holdings
According to GlobeNewswire, Nasdaq-listed mobility service provider Webus International announced it has signed a conditional securities purchase agreement with Ripple Strategy Holdings, securing up to $100 million in preferred equity financing.
The proceeds are expected to support the development of Webus’s XRP financial strategy, including crypto payments, blockchain-based loyalty programs, and other initiatives tied to its global expansion.
Prior news indicated that Chinese firm Webus International plans to establish a $300 million XRP strategic reserve.
Market Movements
Suggested Reading
Another Wave of Tokenized U.S. Stocks – I Miss That Summer of 2020
This article explores the theme of “tokenized U.S. equities,” revisiting the failed attempts at tokenization during DeFi Summer 2020 and analyzing how technological advances, compliance frameworks, and market conditions have evolved ahead of a new wave in 2025. It compares old and new tokenization models and outlines factors that could lead to future success.
Can Meme Coins Sense Market Recovery? A Quick Overview of Recent Hot Meme Tokens
This article discusses the gradual recovery in the crypto market, with meme coins regaining attention. It analyzes recent performance and trends across various popular meme tokens on Solana and Ethereum, along with updates from platforms like Bonk.fun and Moonshot Create. Despite high volatility and investment risk, strong performances from select tokens have drawn market interest.
$3.3T Tax Cuts, $5T Debt Ceiling, Musk Angry: Decoding Trump’s 'OBeautiful Before All' Bill
This article breaks down the core components, controversies, and potential impacts of former President Trump’s proposed “OBeautiful Before All” (OBBBA) legislation. Covering tax reform, healthcare, immigration, defense, and five other areas, the bill seeks to stimulate economic growth through tax cuts and spending adjustments—but raises concerns around inequality, debt sustainability, and partisan division. The piece also examines possible implications for the crypto industry.
Upcoming Token Unlock: Analyzing WLFI’s Business, Background, Token Model, and Valuation Outlook
This article provides a detailed look at World Liberty Financial (WLFI), a decentralized finance platform co-founded by members of the Trump family. It covers WLFI’s current operations, project background, tokenomics, and valuation outlook, analyzing the performance of its USD1 stablecoin, team credentials, token distribution, and future potential.
a16z Internal Review: AI Social Products Might Not Work at All
This article dives deep into the application and future trends of AI in consumer products, social networks, voice interfaces, and companion apps. Key insights include how AI may redefine user identity, replace traditional social interactions, drive high subscription rates for AI-powered services, and enhance human connection. The article also explores AI’s potential in hardware form factors and vertical-specific applications.
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