Trump media bids for Bitcoin ETF, Senate Republicans pushes crypto tax bill
Reprinted from jinse
06/06/2025·14DHeadlines
▌Trump Media submitted a Bitcoin ETF application and plans to be listed on the New York Stock Exchange
Trump Media and Technology Group (DJT), a listed US stock company, issued an announcement on Thursday local time stating that it has submitted S-1 registration documents for issuing the "Truth Social Bitcoin ETF" to the US Securities and Exchange Commission, and will be listed on the New York Stock Exchange after completing the approval process. The announcement stated that the ETF will hold Bitcoin directly and issue shares to investors, aiming to reflect the price performance of Bitcoin. Yorkville America Digital will serve as the fund sponsor, responsible for regulatory compliance and operational management. Although the S-1 document does not have an approval deadline, the New York Stock Exchange has submitted the ETF's 19b-4 document on Tuesday, and the US SEC needs to make a final approval decision within 240 days. So conservatively estimated that the Bitcoin ETF of the Trump family industry will be listed by early next year.
▌U.S. Senate Republicans push for inclusion of cryptocurrencies in tax and expenditure bill
Senator Cynthia Lummis, a Republican of Wyoming, is pushing to add clauses to his party’s tax and spending bill to reform how the U.S. taxes on cryptocurrencies, Semafor reported. The core content includes extending the "washing rules" of securities trading to the cryptocurrency sector, which is expected to bring billions of dollars in tax revenue, and exempting Bitcoin miners from their obligation to declare profit and loss. Lummis submitted a tax reform plan jointly formulated with Senator Kirsten Gillibrand to Senate Finance Committee Chairman Mike Crapo. Lummis emphasized that there are flaws in the current tax system that need to be revised, while Gillibrand believes that the time for legislation is not yet ripe. Members of the Finance Committee have consulted with President Trump on the content of the bill, and Louisiana Senator Bill Cassidy revealed that the president is concerned about the "work account benefits" clause. If passed, the proposal will become the first systematic crypto asset tax framework in the United States.
Quotes
As of press time, according to CoinGecko data:
The price of BTC is US$101,642, with a 24-hour ups and downs of -3.0 %
;
The ETH price is US$2,420.45, with a 24-hour ups and downs of -7.3 % ;
The price of BNB is US$633.39, with a 24-hour ups and downs of -4.4 % ;
The SOL price is US$144.18, with a 24-hour ups and downs of -5.8%;
DOGE price is US$0.1719, with a 24-hour ups and downs of -8.7 % ;
XRP price is US$2.1, with a 24-hour ups and downs of -4.8 % .
policy
▌Michelle Bowman, the new vice chairman of the Federal Reserve, will lead the direction of cryptocurrency regulatory policies
Earlier today, the US Senate confirmed that Federal Reserve Director Michelle Bowman was promoted to vice chairman of regulation. Whether it is banking access to cryptocurrencies or the issuance of stablecoins, the new vice chairman will have the right to speak. The position of Vice Chairman of Regulation was established after the 2008 global financial crisis to help the Federal Reserve focus on its regulatory responsibilities, distinguishing it from its better-known US monetary policy management responsibilities. The banking industry has been a pain point in the cryptocurrency industry, after the Federal Reserve and two other major bank regulators took a high degree of caution in the crypto sector, but in April this year lifted previous restrictions on banks' services to the crypto industry. The Fed's potential regulatory role for stablecoin issuers is still unclear, and relevant regulatory legislation is still under discussion. Republican lawmakers have worked hard to exclude the Fed from its stablecoin regulatory responsibilities, but the latest legislation currently under consideration still stipulates that the Fed will regulate stablecoins issued within banks and assess whether foreign regulators are competent to handle issuers outside the United States.
▌U.S. lawmakers confirm Musk 's remarks: Congressmen didn't know the content of the bill until the night the bill was passed
U.S. House Representative Thomas Massie posted a statement saying, "The House has a 72-hour rule that requires the bill to be published within 72 hours before it is passed. But the Speaker passed the 'Agency Amendment', which rewritten most of the bill and added important parts on the night the bill passed the Rules Committee. The House also has another rule that requires at least one day to wait for the vote after the Rules Committee amends the bill. Can you believe it? The House actually voted to suspend the so-called 'Same- day Rules'?! This means that the final text of the bill was not released minutes before the debate began. The votes for the rule change and the voting for the bill took place one after another within a few hours. Musk is right, and members of Congress didn't know what the bill was about until the night the bill was passed. Several other members made it clear."
Blockchain application
▌Bank of America: Robinhood is the best stock to join the S &P 500
Bank of America said that American online broker Robinhood (HOOD.O) is the best stock to join the S&P 500 index. The index announced its quarterly inspection results on Friday, June 6.
▌Tether announces strategic investment in African blockchain financial platform Shiga Digital
USDT publisher Tether announced a strategic investment in the African blockchain financial platform Shiga Digital, with the specific amount not disclosed. Shiga Digital provides virtual accounts, over-the-counter trading services, fund management and Forex (FX) services to African businesses.
Cryptocurrency
▌Analysis: Bitfinex Bitcoin long positions fell to their lowest level since December last year, which may indicate a bullish trend
According to TradingView data, BTC/USD leveraged long positions on Bitfinex have fallen to their lowest level since December. Historical data show that this indicator usually has a reverse indicator: during bull markets, long positions decrease and during bear markets. For example, the market decline in 2022 and the correction phase of falling from $100,000 to $75,000 at the beginning of this year, both long positions rose significantly; while the recent rebound from $75,000 to more than $110,000, long positions continued to decline. Crypto analysis firm Alphractal noted that traders often misjudgment the direction of the market, resulting in forced or autonomous closing of positions, which drives price reverse volatility. "As long positions in Bitfinex continue to decline, the price may continue to rise.
▌ James Wynn: Failed to close the position, evil market makers defeated Wynn 1-0
Jiwhale James Wynn issued a statement to admit that he failed to go long on Bitcoin by 40 times. He used limit orders to close his positions in continuous passive liquidation, and there are currently no long order positions. "I closed my position and accepted the failure. The evil market maker defeated Wynn 1-0." His HyperLiquid account lost about $1.655 million in the last 24 hours, a contract loss of about $13.465 million in the past 7 days, a loss of about $28.06 million in the past 30 days, and a loss of about $21.79 million in the whole period.
Important economic trends
▌Chinese and US dollar heads call: Both sides should make good use of the established economic and trade consultation mechanism and strive for win-win results
Chinese and US dollar heads talk. Xi Jinping pointed out that according to the US proposal, the leaders of the two countries' economic and trade held talks in Geneva, taking an important step to resolve economic and trade issues through dialogue and consultation, which was widely welcomed by all sectors of the two countries and the international community, and it also proved that dialogue and cooperation are the only correct choice. The two sides should make good use of the established economic and trade consultation mechanism, uphold an equal attitude, respect their respective concerns, and strive for a win-win result. China is sincere and principled in this regard.
▌The number of people applying for unemployment benefits in the United States for the first time last week was 247,000 higher than market expectations
The number of people applying for unemployment benefits in the United States for the first time last week was 247,000, and the estimated number was 235,000, and the previous value was revised from 240,000 to 239,000.
Golden Encyclopedia
▌What is the market depth of cryptocurrencies?
In cryptocurrency trading, the market describes the market's ability to withstand large quantities of orders without a significant impact on prices.
It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is the market depth displayed? Depth maps are often used to illustrate these data. It draws the buy order (bid) on one side and the sell order (quest price) on the other side to reflect the price level.
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