House Finance Committee Chair French Hill, House Agriculture Committee Chair Glenn Thompson, and Speaker Mike Johnson stood proudly on Thursday to announce their plans to wade through a crypto market structure bill, a stablecoin bill, and of course, the ever-so-popular central bank digital currency (CBDC) bill. Truly, it’s the summer blockbuster you never asked for. 🍿
VICTORY: The One Big Beautiful Bill Passes U.S. Congress, Heads to President Trump’s Desk 🇺🇸🎉
As the market nears its final resolution, allegations of manipulation have shaken user confidence and exposed structural concerns in decentralized dispute systems. 😱
The legislation also gets practical with a new tax schedule for crypto miners and stakers. Instead of being taxed the moment they receive new tokens, they’ll only pay up when they actually sell the assets. This helps avoid those pesky bills on income that’s still just a twinkle in the blockchain’s eye. 🌟
Top analyst Axel Adler, who I’m sure is a real person and not just a name they made up, shared some data. Apparently, open interest (OI) has gone from -9% to +5% in the last 30 days. That’s like when I finally got around to cleaning my apartment after months of neglect. It’s a start, but it’s not exactly a party. 🎉
According to a recent Bloomberg report, the iShares Bitcoin Trust (IBIT) is now generating more annual fee revenue than BlackRock’s flagship iShares Core S&P 500 ETF (IVV), despite managing far fewer assets. It’s as if a small, scrappy theater troupe suddenly outdrew the grand opera. 🎭
The concern stems from reports that some crypto firms, including major exchanges, are seeking to launch tokenized versions of stocks using SEC no-action relief — a process where the agency agrees not to pursue enforcement without officially endorsing the activity. It’s like getting a wink and a nod from the principal without actually being called to the office.
For U.S. users, every sat spent on groceries currently demands a capital-gain calculation. That’s insane for a network that can split a Bitcoin into 100 million units. The bill’s $300 buffer borrows from the existing foreign-currency exemption, acknowledging that nobody tracks penny-level FX gains when they swipe a Visa in Paris. 🍷🌍
According to a report published by CNBC, the latest nonfarm payrolls report showed 147,000 jobs were added in June, beating expectations of 110,000 and exceeding the upwardly revised 144,000 from May. Meanwhile, the unemployment rate fell to 4.1%, defying forecasts for a rise to 4.3%, according to the Bureau of Labor Statistics.
Here’s the lark: while the ever-diligent SEC staff initially gave GDLC the thumbs up (very hush-hush, not a vote in sight), the commissioners suddenly fancied a closer look, calling “time out!” Faster than you can say “red tape!”, Grayscale and the New York Stock Exchange were left hanging in suspense—a kind of bureaucratic cliffhanger, if you will.
