Circle President: Will not compete with banks Trump's tax reform is expected to pass

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering weekly key news, mining information, project trends, technological progress and other industry trends. This article is one of the news weekly news magazines, which will take you to take a look at the major events in the blockchain industry this week.

Headlines

▌ Circle President: Will not compete with banks, listing is to show the openness of funds to banks and technology companies

Circle President and former CFTC Chairman Heath Tarbert said in a latest interview with Yahoo Finance that when Circle launched USDC from 2017 to 2018, it hoped to create a new base currency layer for the Internet that can circulate at the speed of the Internet and make it lasting. As a publicly traded American company, going public and allowing Circle to accept the highest standards of transparency and corporate governance requirements is an important part of itself and a next step that Circle believes is necessary. Compared with traditional financial institutions, Circle is a neutral platform, which has both the compliance genes of traditional financial services and the concept of Web3. Banks are Circle's ideal partner and will not compete with banks. Listing also shows banks and tech companies that their funds are now open and that they can do business with Circle in important ways, with the approval of regulators.

▌Trump tax reform is expected to pass in the US Senate, and Republican lawmakers no support for Musk

The U.S. Congressional Republicans chose to stand on Trump's side in the open dispute between Trump and Musk, which is seen as an optimistic signal that the tax reform bill will eventually pass. Most lawmakers followed Trump's instructions and firmly supported the $3 trillion bill. Musk had previously threatened to give primary assistance to any candidates who voted against the bill, but lawmakers believe that maintaining a good relationship with the president is a safer choice for political survival. House Speaker Johnson said: "There is no danger to the tax reform bill, we will definitely let it pass... I tell you - don't doubt, don't question, and don't challenge US President Donald Trump. He is the leader of the party and the most influential politician of our time."

▌Trump : Will "examine" Musk's government contract

Trump said he would "examine" Musk's government contract.

▌Trump 's crypto wallet battle ends with WLFI purchasing Meme coins

Eric Trump, son of U.S. President Donald Trump, said Friday that tensions between rival factions within the Trump crypto empire have cooled down and that his family's World Liberty Financial (WLFI) will buy "a large number of" Memecoin at the center of controversy. Eric said the company in charge of Trump Memecoin will not push forward digital wallet issuance, which has led to its disagreement with World Liberty Financial, a crypto company owned by part of the Trump family.

▌Musk deletes "Trump appears in Epstein's file" tweet

Musk has deleted the relevant tweets about "Trump appears in Epstein's documents". Previously, Musk posted, "It's time to drop a real big bomb: Trump appears in Epstein's documents. This is the reason why these documents are not disclosed. Have a wonderful day, DJT!" Note: Epstein was charged for sex trade and sexual assault on minors, and he was charged with running a sex trade network involving celebrities, wealthy and politicians. He committed suicide in prison in 2019, and the cause of his death is still controversial, triggering a large number of conspiracy theories.

policy

▌Europe is preparing to regulate DeFi in 2026

EU crypto policy experts revealed that Europe plans to start the formulation of a regulatory framework for decentralized finance (DeFi) in 2026. Although the Crypto Asset Market Regulation (MiCA) came into effect on December 30, 2024, the regulation did not clearly define "decentralization", causing the DeFi protocol to be in a regulatory vacuum. Vyara Savova, policy head of European crypto initiatives, said that the current MiCA regulations theoretically exclude "fully decentralized" protocols from regulatory scope, but the specific judgment criteria have not been clarified. The EU plans to begin legal definition of the concept of decentralization in mid-2026, and is currently revising regulations in specific areas such as stablecoins. It is worth noting that Marina Markezic, executive director of the EU Crypto Initiative, confirmed that the MiCA II framework advocated by ECB President Lagarde has been confirmed to not be promoted. It was also disclosed that the EU's new anti-money laundering rules for privacy coins and anonymous accounts will come into effect as planned in 2027.

▌Federal Vice Chairman of Regulation Bowman: Plan to reform and relax bank supervision

Bowman, the new top Fed’s regulatory official, has set an ambitious agenda to revisit and relax several banking rules and regulatory policies that she believes have become too heavy and unnecessary. Bowman said the Fed will rethink how it sets the rules and how it regulates some of the largest and most complex banks in the United States. She pointed out that a large number of rules introduced since the 2008 financial crisis deserve reconsideration. Bowman noted in particular that the Fed will consider revising its ratings for large banks, noting that two-thirds of large banks are still rated unsatisfied by Fed regulators even if they meet all capital and liquidity requirements. She said the proposed reform would address this strange mismatch by taking a more reasonable approach, namely, reducing some of the subjective rating weights of banks that have shown resilience. She also said the Fed will reconsider its rating framework for small banks to ensure it focuses on major risks rather than regulatory judgments. Bowman also said the Fed will strictly review what is called a “horizontal scrutiny,” which means that regulators conduct in-depth reviews of multiple banks on a particular issue. She believes that this approach actually leads to competition between banks and ignores their respective uniqueness when identifying defects.

▌South Korean President Lee Jae-ming and US President Trump agree to quickly resolve tariff negotiations

South Korean President Lee Jae-ming and U.S. President Trump agreed to quickly resolve tariff negotiations. (Yonghap News Agency)

▌Acting Chairman of the US CFTC: All-weather derivatives trading proposals are only for crypto assets

According to crypto journalist Eleanor Terrett, Caroline Pham, acting chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that all public comment proposals received by the agency regarding 24/7 derivatives and perpetual contract trading only involve crypto asset products, and there are no traditional commodities. In a speech this week, Pham noted that the CFTC believes that the potential benefits of trading around the clock include the ability to respond in real time to emergencies over the weekend, which means a lot to risk managers. She took Coinbase Derivatives’ recent 24/7 Bitcoin futures, as an example, saying its weekend trading volume is comparable to active working days. It is worth noting that CFTC is also considering using tokenized assets and stablecoins as collateral to solve the credit risk problem in the 24/7 market. Regarding perpetual contracts, the CFTC confirmed that they have been traded in the U.S. market, and Bitnomial launched Bitcoin perpetual futures in April. Some commentators hope more crypto-perpetual contracts can operate under U.S. regulation, citing higher efficiency and lower cost; but others warn that these contracts may not apply to physical goods due to lack of convergence and additional risks.

▌The Japanese Senate passed an amendment to the Fund Settlement Law to establish a new system for the crypto asset intermediary industry

On June 6, the Japanese Senate passed the amendment to the Fund Settlement Law, establishing a new system for "crypto asset intermediary" that allows companies to engage in matchmaking services without registering as crypto asset exchangers, aiming to lower the market entry threshold and promote crypto financial innovation. The amendment also added a new "domestic ownership order" clause, giving the government the power to order the platform to retain some user assets in Japan when necessary, to prevent asset outflow risks caused by FTX bankruptcy incidents. The new law is expected to be officially implemented within one year from the date of publication.

Blockchain application

▌Market News: Magic Eden and TRUMP Meme officially cooperate to develop TRUMP wallet

According to market news, the official website of TRUMP Wallet shows that Magic Eden and TRUMP Meme officially cooperated to jointly develop TRUMP crypto wallet.

▌Beijing North: The company has deep reserves in the underlying blockchain of stablecoin and basic technology of smart contracts

Beijing North said on the interactive platform that the company has deep reserves in the underlying blockchain and smart contract basic technologies of stablecoins, deeply participates in the IT infrastructure construction and application scenario pilot projects of domestic and Hong Kong and Macao digital currencies, and closely tracks supervision and the technical practice of financial institutions. (Jin Shi)

▌ CME CEO: The "ultimate use" of cryptocurrencies has not been discovered yet

The CEO of the Chicago Mercantile Exchange (CME) said the "ultimate use" of cryptocurrencies has not been discovered yet, and stablecoins pegged to the US dollar can eliminate friction between fiat currencies. Banks of systemic importance should have the ability to issue stablecoins.

▌ Sky has introduced stablecoin incentives for SKY staking

According to the official website page information, Sky (former Maker) has begun to provide stablecoin incentives for SKY token staking, and the incentives are issued in the form of USDS. The current APY for SKY pledge is 17.48%. Previously, the two whales extracted $5.4 million worth of MKR from Binance and pledged it.

▌ Tether announces strategic investment in Orionx

Tether announces investment in Orionx. Orionx is one of Chile's leading digital asset trading platforms and a financial infrastructure company focusing on cross-border payments.

Cryptocurrency

▌Polymarket becomes X 's official forecasting market partner

X announced that it will partner with Polymarket to become its official forecasting market partner.

▌ a16z Crypto: Stablecoins provide opportunities to get 1 billion people to participate in cryptocurrencies

a16z Crypto published a paper "Stablecoins: A 1+ billion-user onboarding opportunity", which pointed out that in the past 12 months, stablecoins have reached US$33 trillion, continuing to hit record highs, close to 20 times PayPal's transaction volume and 3 times Visa's transaction volume. Stablecoins have been integrated into these huge global payment networks that have existed for decades. The booming development of stablecoins has brought about the results of US$128 billion in US Treasury bonds held by stablecoins. This put them among the top 20 U.S. Treasury bond holders, even surpassing countries such as Saudi Arabia, South Korea, the UAE and Germany. Citibank recently predicts that by 2030, stablecoins will hold $3.7 trillion in U.S. Treasury bonds, making it the largest holder on the list. Stablecoins have long been criticized for being used only to settle speculative cryptocurrency transactions, but data suggest that is not the case.

▌ether.fi : Discord platform issues have been controlled and are being actively monitored

ether.fi released an update on the Discord hacker attack incident on the X platform, revealing that the relevant issues have been controlled and are actively monitoring the Discord channel situation. If users find any suspicious behavior, they can mark it in time. Once the problem is confirmed, more details will be released.

▌ Cetus announced that it will restart at 9:00 today, with the liquidity pool recovery rate between 85% and 99%.

On June 8, Sui's ecological liquidity platform Cetus officially announced that it will restart UTC+8 at 9:00 today. Users will be able to access all Cetus features, including trading, managing liquidity positions, adding/removing liquidity, and claiming fees and rewards, with liquidity recovery rates in affected pools ranging from 85% to 99%. Cetus will allocate 15% of the token supply to compensate the contract, of which 5% will be collected immediately upon restart and 10% will be unlocked linearly within 12 months from June 10, 2025. The Cetus team said it has invested approximately $7 million in all available cash reserves and received a loan from the Sui Foundation of 30 million USDC to support the recovery. At the same time, the team is taking legal action to recover the remaining stolen funds in multiple jurisdictions.

▌ Whale, which bought 500 BTC for $27,400 2 years ago, increased its holdings of 250 BTC

According to on-chain analyst Ember Monitor, whales that stocked up 500 BTC for $27,400 two years ago, continue to increase their holdings of 250 BTC ($26.37 million) today. He proposed 500 BTC from Gemini 2 years ago (5/17/2023). The BTC was priced at $27,400, and has been stored in the address since then and has not moved. Then until today he once again increased his holdings of 250 BTC through Gemini. Now, he holds a total of 750 BTC. The average comprehensive cost price is US$53,426, and the floating profit is US$39.14 million.

Important economic trends

▌ "Federal Message Bottle": Looking at it in amplified, the US unemployment rate is actually rising

"Federal Mickey Bottle" Nick Timiraos said that judging from unrounded data, the unemployment rate in May rose to 4.244% from 4.187% in April. The highest unemployment rate last year occurred in November 2024, at 4.231%. It can be said that the U.S. unemployment rate in May was the highest level since October 2021 (at the time of 4.500%).

▌Institutions : The Federal Reserve is expected to restart interest rate cuts in July

Jamie Cox, managing partner of Harris Financial Group, said the U.S. labor market remains strong but is gradually cooling down. Given the sharp correction of the previous value of this non-farm report, I expect the Fed to restart its interest rate cut mode in July. The current salary level is still stable, but it is likely to change in the next few months. The biggest variable in the job market lies in the real estate market - the property market has shown early risk signals, and the cooling of the labor market will exacerbate this trend.

▌S & P 500 index breaks through 6,000 points for the first time since February

The market shows that the S&P 500 index has exceeded 6,000 points for the first time since February.

▌U.S. Treasury Department imposes a new round of sanctions on Iran

The US Treasury Department website released a message saying that the United States imposed a new round of sanctions on Iran, with 10 individuals and 27 entities targeting sanctions. The sanctions are also targeting some entities in the UAE and Asia as U.S. President Donald Trump’s administration works to reach a new nuclear deal with Iran. (Jin Shi)

▌Next week's macro outlook: US May CPI data released on Wednesday

The important macro data release nodes next week are as follows: Monday 22:00, the monthly rate of wholesale sales in the United States in April; Monday 23:00, the 1-year inflation expectation of the New York Fed in May; Wednesday 20:30, the US May CPI data; Wednesday 22:30, the US EIA crude oil inventories, Cushing crude oil inventories, and strategic oil reserve inventory in the week from the United States to June 6; Thursday 20:30, the number of people who requested unemployment benefits in the week from the United States to June 7, and the US May PPI; Friday 22:00, the initial value of the expected one-year inflation rate in the United States, and the initial value of the University of Michigan Consumer Confidence Index in June. The U.S. May CPI report released next Wednesday will test market optimism about rate cuts as it may show a stagnation in the recent downward trend of inflation. According to the Cleveland Fed's Nowcast model forecast, the overall CPI is expected to grow 2.4% year-on-year in May, up from 2.3% last month; the core CPI is expected to grow 2.8% year-on-year, the same as last month. Analysts expect the three- month annualized inflation rate of core commodities to peak early this fall (4%-5%), slightly lower and delayed from forecasts before the suspension of "peer-to-peer tariffs" on May 8.