Crypto Morning News: U.S. House Passes "Too Big to Fail" Bill, WhiteRock Founder Arrested
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Crypto Morning News: U.S. House Passes "Too Big to Fail" Bill, WhiteRock Founder Arrested
The Open Platform, a development platform for the Telegram ecosystem, has completed a $28.5 million Series A funding round led by Ribbit Capital.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
U.S. House Passes "Big Beautiful" Bill
According to Xinhua News Agency, the U.S. House of Representatives passed President Trump’s "Big Beautiful" tax and spending bill on the afternoon of July 3 by a vote of 218 in favor and 214 opposed. The bill has been controversial due to federal aid cuts, increased long-term debt, and tax reductions for the wealthy and large corporations. Two Republican representatives voted against the bill during the session. The Senate had already approved the bill on July 1. The White House stated on the 3rd that Trump will sign the bill into law on the 4th—Independence Day in the United States.
U.S. Releases Weekly Initial Jobless Claims, June Non-Farm Payrolls, and Unemployment Rate
According to Jinshi Data, initial jobless claims in the U.S. for the week ending June 28 were 233,000, below the expected 240,000, with the prior figure revised upward from 236,000 to 237,000.
U.S. non-farm payrolls for June increased by 147,000, exceeding expectations of 110,000; the previous figure was revised from 139,000 to 144,000.
The U.S. unemployment rate for June was 4.1%, lower than the expected 4.3% and down from the previous 4.20%.
U.S. Treasury Secretary Beckwith: If Fed Doesn't Cut Rates This Time, September Cuts Could Be Larger
According to Jinshi Data, U.S. Treasury Secretary Beckwith said, “We are currently at very high real interest rates. If the Fed doesn’t cut rates at this meeting, the rate cuts in September might be larger.”
Next Week to Hold Full Committee Hearing on Crypto Market Structure, Ripple CEO Among Attendees
According to crypto journalist Eleanor Terrett, the Republican-led House Financial Services Committee will hold a full committee hearing on crypto market structure next week. The hearing will take place at 10:00 a.m. Eastern Time on Wednesday. Confirmed participants include:
Brad Garlinghouse, CEO of Ripple;
Kristin Smith, CEO of Blockchain Association;
Jonathan Levin, CEO of Chainalysis;
Dan Robinson, General Partner at Paradigm.
Senator Lummis Introduces Comprehensive Digital Asset Tax Bill, Including $300 De Minimis Exemption
According to Senator Cynthia Lummis’ office website, Senator Lummis has introduced a comprehensive digital asset tax bill aimed at providing clear tax frameworks for the digital asset industry.
The bill includes several key provisions: a $300 de minimis exemption for small transactions, an end to double taxation for digital asset miners and stakers, parity with other financial assets (including lending, wash sales, and mark-to-market treatment), and no valuation requirement for charitable donations.
The Joint Committee on Taxation estimates the bill would generate approximately $600 million in net revenue over the 2025–2034 budget window. Lummis stated the legislation aims to modernize tax laws for the digital economy and prevent stifling American innovation.
JupiterDAO Core Working Group Dissolves, 4.5M JUP Tokens to Be Fully Returned to DAO
According to an official announcement from JupiterDAO, the JupiterDAO Core Working Group (CWG) has officially dissolved and will return all 4.5 million JUP tokens allocated to it back to the DAO wallet.
The CWG stated that, given the DAO has entered a six-month voting pause and reset phase, they assessed their scope of work and concluded most tasks have been completed. The group was established about 18 months ago with an original four-year plan but determined the DAO has evolved beyond needing a core working group as initially envisioned.
CWG member Morten will join the Jupiter team full-time as an operations and quality control engineer, while Kemo will return to his project Radiants. The working group will collaborate with the team and other groups over the next two weeks to ensure all outstanding matters are properly resolved.
Binance Alpha ICNT Airdrop Claim Adds Pre-Check Step, Passing It Waives Face Verification for 30 Minutes
According to an official announcement, users can complete a pre-check within 15 minutes before the Binance Alpha ICNT airdrop claim begins. Those who pass the pre-check will be exempt from face verification for 30 minutes.
WhiteRock Finance Founder Arrested in UAE Over $30 Million Zkasino Scam
On-chain investigator ZachXBT revealed on social media that UAE authorities have detained Ildar Ilham, founder of decentralized finance protocol WhiteRock Finance, over allegations of a $30 million scam via the gambling platform ZKasino.
Details show ZKasino, launched in April 2024, promised native token airdrops to select users but failed to deliver more than a year later. In April, Dutch authorities arrested a 26-year-old individual (reportedly crypto figure Elham Nourzai) on charges including fraud, embezzlement, and money laundering.
ZachXBT noted Ilham’s arrest is linked to the investigation involving Nourzai and ZKasino, and extradition proceedings to the Netherlands are underway. Another suspected individual, Lior Ben Zakan, has not yet been mentioned.
Telegram Ecosystem Development Platform The Open Platform Raises $28.5M Series A Led by Ribbit Capital
According to Fortune, Telegram ecosystem development platform The Open Platform announced a $28.5 million Series A funding round, achieving a post-money valuation of $1 billion. Ribbit Capital led the round, with participation from crypto-focused venture firm Pantera Capital. The financing represents approximately 5% equity sold and does not include any cryptocurrency allocation.
The Open Platform has now raised over $70 million cumulatively. As the core developer behind Telegram’s official blockchain, The Open Network (TON), it has launched the “Telegram Wallet” available to users in Russia, Asia, and other regions. New funds will support expansion into compliant markets in Europe and North America and incubate blockchain gaming and AI applications built on TON.
YZi Labs Participates in Digital Asset’s $135M Series E Funding to Expand Canton Network Infrastructure
According to an official announcement, YZi Labs has joined the investment in blockchain technology company Digital Asset, participating in its previously announced $135 million Series E funding round on June 24. Key institutional investors in the round include DRW, Tradeweb, DTCC, Citadel Securities, and Goldman Sachs.
The funding will support the expansion of Canton Network infrastructure, accelerate institutional adoption, and enhance composability and interoperability required for bringing more real-world assets on-chain.
Robinhood CEO Says OpenAI and SpaceX “Stock Tokens” Are Derivatives, Not Equity
According to The Block, Robinhood CEO Vlad Tenev stated the company’s OpenAI and SpaceX “stock tokens” are derivatives rather than equity. Tenev clarified these tokens are financial derivative instruments tracking the valuation of the respective companies and do not represent direct ownership in these private firms.
Earlier, OpenAI denied authorizing Robinhood to launch tokenized shares related to the company.
Ondo Finance and Pantera Capital Plan $250M Investment into RWA Projects
According to Axios, Ondo Finance and Pantera Capital plan to invest $250 million into RWA (real-world asset) projects. Ian De Bode, Chief Strategy Officer at Ondo, said the capital will be used for both equity investments and project tokens.
The two firms aim to bridge traditional finance and digital assets more closely and enable 24/7 trading of RWAs. This new initiative will expand Ondo’s existing business in tokenized RWA. Earlier this year, Ondo Finance launched a platform offering on-chain access to U.S. securities such as stocks, bonds, and ETFs.
Market Movements
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How Did the Trump Family Make $620 Million in Crypto? “Picking Up Money” in the Industry?
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Arthur Hayes: The Real Stablecoin Game Isn’t Betting on Circle—Go Long Bitcoin and JPMorgan
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From DeFi to Memes: A Complete Overview of the Hyperliquid Chain Ecosystem
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