Crypto Morning Brief: U.S. House passes three cryptocurrency bills unanimously, S&P 500, Nasdaq, and NVIDIA hit record highs
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Crypto Morning Brief: U.S. House passes three cryptocurrency bills unanimously, S&P 500, Nasdaq, and NVIDIA hit record highs
The Trump administration supports de minimis tax exemptions for cryptocurrency to make crypto payments more convenient and efficient.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Market Updates Yesterday
U.S. House Passes Three Cryptocurrency Bills
On Thursday, local time, the U.S. House of Representatives passed three cryptocurrency-related legislative bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. The CLARITY Act and the Anti-CBDC Surveillance State Act will be sent to the Senate for review. The GENIUS Act is expected to be signed into law by President Trump on Friday, local time.
U.S. Initial Jobless Claims for the Week Ending July 12: 221,000, vs. Forecast of 235,000
According to Jin10 News, initial jobless claims in the U.S. for the week ending July 12 came in at 221,000, below the forecast of 235,000. The previous figure was revised upward from 227,000 to 228,000.
Trump Administration Supports De Minimis Tax Exemption for Crypto to Facilitate Easier Payments
According to The Block, White House Press Secretary Karoline Leavitt stated on July 17 that the Trump administration will continue supporting a "de minimis tax exemption" for cryptocurrency transactions to make crypto payments more convenient and efficient. This exemption would relieve users from tax reporting obligations for small daily purchases (e.g., "buying a cup of coffee"). Although the relevant amendment failed to pass in the previously signed "One Big Beautiful Bill Act" on July 4, the government plans to explore new legislative solutions. Leavitt also revealed that the Trump administration intends to hold a signing ceremony for the upcoming stablecoin "GENIUS Act," aiming to establish the U.S. as the "crypto capital of the world."
Trump Plans Executive Order to Allow Cryptocurrency in 401(k) Retirement Plans
According to the Financial Times, President Trump plans to issue an executive order allowing alternative investments such as cryptocurrencies, gold, and private equity to be included in 401(k) retirement plans. The order will require regulators to review existing barriers and pave the way for these assets to enter professionally managed retirement funds. The U.S. Department of Labor withdrew its prior warning against including cryptocurrencies in investment strategies in May. As of March this year, the total value of U.S. 401(k) retirement funds was approximately $8.7 trillion. Several states have already taken action—Michigan holds about $6.6 million in Bitcoin ETFs and $10 million in Ethereum ETFs within its retirement system, while Wisconsin holds $163 million worth of Bitcoin ETFs.
U.S. Stock Close: S&P 500, Nasdaq, and Nvidia Hit Record Highs
Market data shows that on Thursday, the Dow Jones Industrial Average rose 0.52%, the S&P 500 gained 0.54%, and the Nasdaq climbed 0.75%, with the latter two indices reaching all-time highs. Nvidia (NVDA.O) rose nearly 1%, closing with a market cap exceeding $4.2 trillion, another record high. Coinbase rose 3.15% to $410.75.
Coinbase Announces Launch of All-in-One Base App to Replace Coinbase Wallet
According to The Block, Coinbase announced on Wednesday the launch of its "everything app"—the "Base App"—aimed at attracting more users into the crypto economy. This new app, which replaces Coinbase Wallet, integrates wallet, trading, and payment functions, along with social media, instant messaging, and mini-program support—all running on its proprietary Ethereum Layer 2 network, Base. For Coinbase, this move aims to expand beyond its core crypto trading business and reach a broader user base.
Sonic to Launch AI-Powered Development Platform Spark, Enabling No-Code Full-Stack dApp Creation
According to an official announcement, Sonic has announced the upcoming launch of Spark, an AI-powered development platform that allows users to build and deploy full-stack decentralized applications without coding. Powered by Google's Gemini large language model, Spark features no-code full-stack development, self-debugging, built-in security logic, and context-aware interfaces. Spark is still under development, with early access coming soon.
Binance Alpha: Will Crack Down on Violations, Severe Cases Face Permanent Suspension
According to an official announcement, Binance Alpha will introduce several optimization measures—including advance notifications and streamlined processes—to enhance fairness and accessibility for airdrop participation.
In response to user reports of violations, the platform has launched multidimensional investigations. Users found violating event rules will face corresponding actions, with severe cases potentially resulting in permanent suspension.
Yala Releases Tokenomics Model: Total Supply of 1 Billion, 3.4% Allocated to Airdrop
According to an official announcement, Yala has unveiled its tokenomics structure, with a total supply of 1 billion YALA tokens.
The token distribution includes: 15.98% for investors, 20% for ecosystem and community, 29.12% for foundation and treasury, 10% for marketing, 20% for the team, 3.4% for airdrops, and 1.5% for market makers. The airdrop portion will be fully unlocked at TGE (Token Generation Event), while team and investor tokens will have a 1-year lock-up period.
Publicly Listed Bit Origin Secures $500 Million Funding, Plans Dogecoin Treasury Initiative
According to Globenewswire, NASDAQ-listed Bit Origin (NASDAQ: BTOG) announced agreements with multiple qualified investors to launch a DOGE treasury reserve, raising up to $500 million in total funding, including $400 million in equity financing and $100 million in convertible debt.
The company plans to hold DOGE as a core long-term asset, aiming to become one of the largest publicly listed holders of DOGE and drive long-term value growth through "increasing coin holdings per share."
Bit Origin stated that DOGE, with its fast settlement speed, massive community, and growing merchant adoption, is playing an increasingly important role in peer-to-peer payments and e-commerce. The company hopes DOGE can become a key component of Elon Musk's X platform's "X Money" payment system.
BTCT Announces Strategic Shift to Ethereum, Converting Entire Bitcoin Holdings to ETH
According to PRNewswire, U.S.-listed blockchain technology company BTC Digital Ltd. (Nasdaq: BTCT) announced today a strategic pivot, fully adopting Ethereum (ETH) as its core asset and operational foundation. As part of this plan, BTCT completed $6 million in financing and added a $1 million ETH position.
BTCT CEO Siguang Peng stated that Ethereum has become the preferred platform for decentralized finance, real-world asset tokenization, and scalable smart contract innovation.
Market Data
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DeFi Godfather Takes Control of Public Company for $2.03M, Management Fights Back
This article details how Compound founder Robert Leshner acquired a 56.9% controlling stake in LQR House for $2.03 million, planning to push for strategic transformation by replacing the board. In response, LQR House management deployed a "poison pill" and initiated shareholder litigation, sparking a battle for control. Leshner may use LQR House as a showcase platform for Superstate’s on-chain fund, exploring integration between DeFi and traditional finance.
Jensen Huang: After 30 Years of Financial Freedom, I Have No Dreams
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First Look: What’s New in the Upgraded Coinbase Wallet?
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Wall Street Chases Crypto, Ethereum Shines
This article discusses Wall Street’s renewed focus on cryptocurrencies, with Ethereum taking center stage. As traditional finance struggles with stagnant growth, crypto assets are regaining attention—especially Ethereum’s investment potential. Wall Street investors are primarily interested in Ethereum’s market performance and upcoming catalysts. Despite challenges, Ethereum is attracting fresh capital inflows, potentially driving price increases.
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