Crypto weekly is authored by maaria and david blumenfeld

PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($3.16T): -7% / -7%
- BTC ($99,797): -5% / +7%
- ETH ($2,196): -14% / -34%
- SOL ($130): -14% / -31%
- UNI ($6.44): -10% / -51%
- OP ($0.47): -20% / -73%
- COIN ($308): +27% / +24%
- Tether Mkt Cap ($156B): 0% / +12%
- USDC Mkt Cap ($61.2B): -1% / +40%
- BTC / ETH Dominance: 63% / 8%

THIS WEEK IN CRYPTO
- Bitcoin fell below $100,000 over concerns that Iran may block a critical passage for global oil trade following a US attack on Iranian nuclear facilities. Link.

- The Senate passed the GENIUS act, a bipartisan bill that provides a regulatory framework for stablecoins. President Trump is urging the House to quickly pass the act with zero changes. Link. Link. Link. Link. 

- Coinbase is seeking SEC approval to offer tokenized equities on its platform. Link. Link.

- Shares of USDC stablecoin issuer Circle surged 53% after the Senate passed stablecoin legislation with the GENIUS act. Circle’s market cap is currently $58B, up from $16.7B at its IPO earlier this month. Coinbase, which co-founded USDC with Circle, rose 30% over the week. Link. Link. 

- DeFi lending protocols have reached a record $55.69 billion in total value locked (TVL). Link. 

- JPMorgan is piloting a deposit token, JPMD, that can be used to settle transfers and make cross-border b2b payments on Coinbase’s Layer-2 blockchain, Base. Link. Link. Link. 

- X suspended accounts belonging to Solana memecoin platform Pump.fun and its co-founder Alon Cohen. The accounts were reinstated after 24 hours with no explanation for the suspension given. Link. Link. 

- Despite the number of transactions settled on the Bitcoin network falling to 18-month lows,  transaction values have continued to rise, suggesting larger transactions driven by institutional demand. Link. 

- The Trump family reduced its stake in World Liberty Financial from 60% to 40% amid growing political scrutiny, though the family still receives 75% of token sale proceeds. Link. 

- A pro-Israel hacker group called "Predatory Sparrow" stole and burned over $90 million in cryptocurrencies from Iran’s largest crypto exchange Nobitex. Link. Link. 

- Crypto transactions in Thailand will be exempt from capital gains tax until the end of 2029. Link.

- Crypto venture firm Paradigm filed an amicus brief in support of Tornado Cash co-founder Roman Storm ahead of his July 14th trial, noting the case could “dictate the future of software development in the US”. Link. Blog Post. Brief. 

- Strategy (formerly MicroStrategy) acquired an additional 10,100 BTC for approximately $1.05 billion according to public filings. Strategy now holds over 592,100 BTC, around 2.8% of Bitcoin’s total 21 million supply, valued at over $63 billion. Link. 

- Trump Media’s social media platform, Truth Social, filed to launch a 75% bitcoin and 25% ether ETF. Link. 

- Vietnam established a legal framework for crypto regulation and will formally recognize cryptocurrencies as property under civil law. Link. 

- Reddit is reportedly considering using Worldcoin's iris-scanning technology to verify users are real humans. Tinder began using Worldcoin for user verification earlier this year. Link. 

- Coinbase has secured a MiCA license from Luxembourg, allowing the exchange to operate across all 30 nations in the European Economic Area (EU + Luxembourg, Norway and Iceland). Link.  

- Coinbase will allow customers to use USDC as collateral in US futures trading. Link. 

- Bloomberg analysts have raised their confidence to 90% that spot ETFs for XRP, Dogecoin, Cardano, Litecoin, Solana, Polkadot, and Avalanche will be approved by the SEC by the end of 2025. Link. 

- France has had 10 crypto-related kidnappings this year, known as “wrench attacks”. Link.