Wu Shuo Weekly Picks: China's Central Bank Governor Talks Stablecoins for the First Time, U.S. Senate Passes Stablecoin Legislation, Vietnam Legislates to Recognize Cryptocurrency, and Top 10 News

Author | Wu Shuo Blockchain

Top 10 News of the Week

1. The Federal Reserve Announces Interest Rate Decision (Upper Limit) at 4.50% The Federal Reserve announced the interest rate decision (upper limit) at 4.50%, in line with expectations of 4.50%, and the previous value of 4.50%. According to the June 2025 FOMC dot plot, under the current federal funds rate range of 4.25%–4.50%, seven members expect no rate cuts within this year, two members expect one cut, eight members expect two cuts, and two members expect three cuts; no members forecast four or more cuts.

2. U.S. Senate Passes the GENIUS Act, the First Stablecoin Regulatory Legislation Moves to the House On June 17, the U.S. Senate passed the GENIUS Act with a vote of 51 to 23. This is the first major crypto legislation to be passed, aiming to establish a federal regulatory framework for stablecoins. The bill requires stablecoins to be fully backed by U.S. dollars or equivalent liquid assets. Issuers with market capitalizations exceeding 50 billion USD must undergo annual audits. The bill also stipulates priority repayment clauses for foreign issuers and in bankruptcy situations. The next step is submission to the House of Representatives, which will decide whether to advance its own version named the "Stablecoin Transparency and Accountability for a Better Ledger Economy Act" or adopt the Senate-passed GENIUS Act.

3. U.S. Prosecutors File Civil Forfeiture Lawsuit Against Over 225 Million USD in Crypto Assets On June 18, the U.S. Department of Justice announced it has filed a civil forfeiture lawsuit in the District of Columbia Federal Court against over 225 million USD in crypto assets, accusing them of being involved in the transfer and laundering of funds derived from crypto investment fraud. The investigation, conducted by the U.S. Secret Service and FBI using blockchain analysis and other methods, confirmed that the addresses involved constitute a money laundering network executing hundreds of thousands of transactions to conceal the source and ownership of funds. U.S. authorities stated this is the largest related crypto fund seizure in Secret Service history and noted that Tether assisted in the investigation.

4. Trump's Truth Social Files with U.S. SEC for Bitcoin and Ethereum Spot ETF Trump's social platform Truth Social filed an application with the U.S. SEC on June 16, 2025, proposing the launch of the "Truth Social Bitcoin & Ethereum ETF, B.T.", a dual cryptocurrency spot ETF for Bitcoin and Ethereum. The fund is initiated by Yorkville America Digital, LLC, registered in Nevada. If approved, it will be the first dual-crypto ETF associated with Trump.

5. Financial Times: TRON May Go Public in the U.S. After U.S. regulators suspended investigations into the TRON project, TRON plans to go public via a reverse merger with Nasdaq-listed company SRM Entertainment. The deal was arranged by Dominari Securities, a New York investment bank closely associated with the Trump family. The merged entity will acquire and hold TRX in a Strategy-like manner. Meanwhile, SRM announced a 100 million USD equity investment to implement TRON's staking and dividend strategies and plans to rename itself Tron Inc., with TRON founder Justin Sun serving as an advisor.

6. Governor of China’s Central Bank Speaks on Stablecoins for the First Time At the 2025 Lujiazui Forum held on June 18, Pan Gongsheng, Governor of the People's Bank of China, publicly spoke about "stablecoins" for the first time. Pan stated that new technologies are accelerating applications in cross-border payments. Technologies like blockchain and distributed ledgers are driving the robust development of central bank digital currency stablecoins, reshaping traditional payment systems at the base layer, significantly shortening cross-border payment chains, while posing significant challenges to financial regulation. Technologies such as smart contracts and decentralized finance will continue to promote the evolution and development of cross-border payment systems. Former PBOC Governor Zhou Xiaochuan noted that the U.S. dollar stablecoin might have global impacts and could facilitate dollarization, urging careful consideration of dollarization's economic effects.

7. Vietnam Legislates to Recognize Crypto Assets; Digital Technology Industry Law Effective in 2026 On June 14, 2025, the Vietnamese National Assembly passed the Digital Technology Industry Law, officially integrating crypto assets into the national legal framework for the first time, with clear classification and regulation. The new law categorizes digital assets into "virtual assets" and "crypto assets," excluding securities, digital legal tender, and other financial instruments. It empowers the government to formulate detailed regulations while emphasizing cybersecurity, anti-money laundering, and anti-terrorism financing requirements. The law will take effect on January 1, 2026, aiming to improve the legal system, align with international standards, and facilitate early removal from the FATF gray list.

8. Iranian Exchange Nobitex Suspected of Being Attacked by Israeli Hackers, Losses May Reach 90 Million USD Iranian crypto exchange Nobitex was attacked by the hacker group Gonjeshke Darande, which is allegedly linked to Israel, resulting in losses of up to 90 million USD. The hacker group threatened to release their source code and internal information within 24 hours, warning users to transfer their assets promptly. Nobitex has shut down its official website and app and promised to compensate users' losses with insurance funds and its own capital. Elliptic stated that the attack was not economically motivated, with the related funds sent to a Vanity Address, effectively destroying the tokens.

9. Strategy Announces Purchase of 10,100 Bitcoins for Approximately 1.05 Billion USD Strategy announced the purchase of 10,100 bitcoins for about 1.05 billion USD, at a unit price of approximately 104,080 USD. Year-to-date, BTC has gained 19.1%. As of June 15, 2025, Strategy holds a total of 592,100 bitcoins, with a cumulative purchase cost of about 41.84 billion USD and an average price of approximately 70,666 USD.

10. JD Coin Chain CEO Liu Peng: JD Worldwide Hong Kong and Macau Sites to Support Stablecoin Settlements Liu Peng, CEO of JD Coin Chain Technology under JD Technology, stated that they are testing compliant stablecoins pegged to the Hong Kong dollar and other currencies within the Hong Kong Monetary Authority's "sandbox", with plans to launch as early as Q4 this year. The stablecoins will first be applied to settlements on JD Worldwide's Hong Kong and Macau platforms. JD's stablecoins will target the traditional cross-border trade market, emphasizing compliance, security, and auditability, connecting real payment demands in the Asia-Pacific, Middle East, and Africa regions.

Key Financing Events

• Eigen Labs launched EigenCloud, receiving an additional 70 million USD investment from a16z
• Bitdeer completed 330 million USD convertible bond financing to support ASIC R&D and data center expansion
• AI model evaluation platform Yupp completed 33 million USD seed round financing, led by a16z
• PrismaX completed 11 million USD financing, led by a16z crypto CSX
• Stablecoin clearing startup Ubyx completed 10 million USD seed round financing, led by Galaxy Ventures
• Web3 AI infrastructure platform PublicAI received 10 million USD financing
• Gradient Network completed 10 million USD seed round financing
• Uptopia completed 4 million USD financing, led by Pantera Capital
• TAC completed 11.50 million USD seed and strategic financing rounds
• DeFi protocol BitVault completed 2 million USD pre-seed financing
• Post-quantum cryptography-focused Project Eleven completed 6 million USD financing
• DePIN project SparkChain AI completed 10.80 million USD financing

For more industry financing events, please visit crypto-fundraising.info.