Compiled by: Nona
This week’s focus
(New York Times): From Mar-a-Lago to the White House, the cryptocurrency lobbying group's 'presidential transformation' project.
This industry's meticulous public relations effort for Trump has created the most frenzied lobbying battle in Washington in recent years.
(Zhu Guangyao: The U.S. is trying to use stablecoins to start the third phase of the Bretton Woods system.)
Regarding the impact of digital currencies, especially stablecoins, on the global monetary system, former Vice Minister of Finance Zhu Guangyao spoke on June 26 at the 2025 China International Issues Forum 'World Order and China's Foreign Strategy in Times of Turbulence.'
(Losses exceed $40 million! GMX security incident vulnerability analysis and stolen fund tracking.)
GMX was attacked; the attacker exploited a reentrancy vulnerability in the project contract, profiting approximately $42 million. The Beosin security team conducted vulnerability analysis and fund tracking for this attack incident.
(Pump.fun Token Issuance: Opportunity or Harvest?)
Regarding the token issuance by Pump.fun, most people in the industry are not optimistic, as the Meme market has significantly declined, leading to a substantial decrease in Pump.fun's returns. This token issuance is also considered a harvesting behavior taking advantage of the recovered market liquidity.
(Dialogue with FTX China creditors: Hundreds of millions in claims may be confiscated; how to save oneself?)
FTX China's large creditor Will detailed his personal experiences during the FTX incident, the process of asset loss, and the potential impact of FTX's motion for 'restricted jurisdiction' on Chinese creditors. The interview also covered Will's review of asset allocation decisions before and after the collapse of FTX, legal strategies for safeguarding rights, and the institutional injustices behind the motion.
Selected Recommendations
(How will Hong Kong win the competition for the 'Global Tokenization Center'?)
As the tokenization of real-world assets (RWA) accelerates into the mainstream, Hong Kong is building a new generation of financial infrastructure with a clear regulatory framework, open market strategies, and proactive policy innovation. In the second half of this competition, the key will no longer be policy direction, but whether products truly meet market needs.
(In-depth discussion on OKX and Circle's cooperation: Why did both parties reach an agreement? What impact will it have on the market?)
OKX becomes Circle's first non-U.S. compliant exchange partner, bringing strong compliance power and support from the U.S. local market to its listing journey, and enhancing its stablecoin payment business. For Circle, OKX is a great channel outside of the U.S.; cooperation with OKX can alleviate Coinbase's restrictions while expanding new users and liquidity.
(U.S. SEC is brewing a fast track; will SOL and XRP ETFs soon be 'released'?)
The SEC is in the early stages of developing a set of general listing standards for crypto ETFs, aimed at significantly accelerating the approval speed for such funds. If implemented, this move indicates that more mainstream digital asset ETF products are expected to see a 'release' following Bitcoin and Ethereum spot ETFs.
(Reporter Field Investigation: Stablecoin payments in Yiwu are far from widespread; rumors exaggerate actual usage.)
What is the real situation of stablecoin usage in Yiwu? To explore this, a reporter from the 21st Century Economic Report conducted field visits to Yiwu to investigate the usage of stablecoins.
(Two paradigms of stock tokenization: the openness of xStocks and the walls of Robinhood.)
How do these platforms balance strict financial regulation, complex technical implementations, and enormous market opportunities? What paths did they each choose, and what fundamental differences exist in their underlying logic and compliance designs? This is the core that this report aims to reveal.
Ten news items not to miss this week.
China and Egypt signed a memorandum of understanding to promote local currency settlement and cooperation in areas such as central bank digital currencies.
Robinhood launches ETH and SOL staking services in the U.S.
Former Chinese Vice Minister of Finance Zhu Guangyao: The U.S. is trying to use stablecoins to start the third phase of the Bretton Woods system.
The Shanghai Municipal State-owned Assets Supervision and Administration Commission held a study meeting on the development trends and strategies for cryptocurrencies and stablecoins.
Insiders: Ant International plans to integrate USDC into its blockchain platform after meeting U.S. regulatory requirements.
U.S. SEC Commissioner Hester Peirce: Tokenized securities still fall under the category of securities.
pump.fun announces PUMP token economics, with a public sale scheduled for July 12.
The Korean National Tax Service: Earnings from overseas work in cryptocurrency must be reported and taxed.
Strategy plans to issue STRD stock to raise $4.2 billion, with net proceeds to be used for acquiring Bitcoin, etc.
Hong Kong's Investment Promotion Agency Director: Currently, there are stablecoin operators negotiating with their financial teams to settle in Hong Kong.
