The “Big and Beautiful” Bill Passes the House of Representatives and Will Be Signed on Juli 4
Trump’s tax and spending bill passed the House by a vote of 218 to 214. The bill was controversial because it provided tax cuts for the wealthy and large corporations and led to cuts in federal aid. Trump is expected to sign the bill into law on Juli 4, Independence Day.
US House of Representatives to Consider Three Crypto Bills in Mid-Juli
The Republican leadership in the House of Representatives is preparing to debate three important digital asset bills during the week of Juli 14. These are: The GENIUS Stablecoin Act, which passed the Senate, the Digital Asset Market Structure Clarity Act, and the Central Bank Digital Currency Restriction Proposal. The GENIUS Act subjects stablecoin issuers to bank-like regulation, while the second bill clarifies the division of authority between the SEC and CFTC and enhances investor protection.
Trump: Tariffs of up to 60% will be imposed on countries starting August 1
Trump announced that tariffs of up to 60% will be imposed on various countries and that payments will begin on August 1. The first notification is expected to be sent to 10 to 12 countries this Freitag. This decision is seen as a means of pressure by the US in trade negotiations.
Senator Lummis Proposes Cryptocurrency Tax Reform
Senator Cynthia Lummis has introduced a comprehensive tax bill for digital assets. Notable provisions include tax exemptions for small transactions up to $300, deferring taxation on staking and mining income until the point of sale, facilitating crypto donations, and allowing pricing based on market value. The bill is expected to generate approximately $600 million in net revenue between 2025 and 2034.
Polymarket: Musk’s chances of forming a new party rise to 42%
Following Musk’s announcement on Juli 1, Polymarket is pricing the likelihood of him forming a new political party before the end of the year at 42%. The Kalshi platform, on the other hand, estimates this possibility at 35%. Musk’s decision on this matter is eagerly awaited following the passage of Trump’s bill.
UK and Singapore Expand Partnership on Tokenization and Artificial Intelligence
At the 10th UK-Singapore Financial Dialogue held in London, the two countries decided to deepen their cooperation in digital finance, tokenization, and artificial intelligence. The cooperation under Project Guardian will focus on tokenization applications for investors.
Tether Mints 1 billion USDT on the Ethereum Network
According to Whale Alert data, the Tether Treasury minted 1 billion new USDT on the Ethereum network in the last 5 hours. Such large transfers typically indicate new exchange integrations or increased institutional demand.
Telegram Ecosystem Initiative the Open Platform Raises $28.5 Million
The Open Platform, a development platform associated with Telegram, has completed a $28.5 million Series A funding round led by Ribbit Capital. The company is now valued at $1 billion. Leading crypto funds such as Pantera Capital also participated in the funding round.
Eclipse Airdrop Details Clarified: Direct Distribution to ASC Holders
Eclipse has officially opened access to the ES airdrop query. After School Club announced via social media that ASC NFT holders will receive ES tokens directly to their wallets on the TGE day. No snapshot or application will be required.
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