TL;DR

White House, SEC clarify crypto rules; ETF approvals accelerate; Ethereum ETFs hit record inflows.

Highlights

• White House releases digital asset framework: CFTC to oversee non-security crypto, banks must serve crypto firms, and retail CBDC remains banned 117.
• SEC launches “Project Crypto,” signals most tokens are not securities, and directs new rules for tokenization and DeFi 23.
• Crypto ETF approvals streamlined to 75 days; ProShares launches leveraged XRP and Solana ETFs; Polkadot ETFs likely by fall 4.
• Ethereum spot ETFs set 19-day inflow record, now holding nearly 5% of ETH supply; BlackRock and Grayscale dominate 5.
• JPMorgan partners with Coinbase for direct credit card funding and eyes Bitcoin/Ether-backed lending 6.
• Visa adds PYUSD and USDG stablecoins, expands settlement to Stellar and Avalanche 7.
• Tether posts $4.9B Q2 profit, holds $127B in Treasuries, and issues $20B in new stablecoins YTD 8.
• MicroStrategy reports $10B profit on Bitcoin rally, files for $4.2B share sale to buy more BTC 9.
• Coinbase to offer tokenized stocks, derivatives, and prediction markets to U.S. users 10.
• Circle deploys native USDC and cross-chain protocol to Sei and Hyperliquid, boosting DeFi liquidity 11.
• Ether treasuries surpass $10B across 64 entities; major institutional ETH purchases via Pantera-backed Ether Machine and Galaxy Digital 13.
• Ethereum marks 10 years of uptime, outlines Fusaka and Glamsterdam upgrades; prediction markets see high probability of new ETH all-time high 14.

Commentary

U.S. policymakers and regulators are moving rapidly to clarify the digital asset landscape. The White House blueprint and SEC’s “Project Crypto” both emphasize clearer token classification, with most tokens likely outside SEC jurisdiction, and a push for CFTC oversight of spot crypto 13. The explicit ban on a retail CBDC and mandates for banks to serve crypto firms remove key regulatory uncertainties 117. These developments are expected to reduce compliance friction and support broader institutional engagement, particularly for non-security tokens and stablecoins 120.

The regulatory shift is already reflected in product launches and capital flows. The SEC’s streamlined ETF approval is accelerating new listings, with leveraged XRP and Solana ETFs live and Polkadot ETFs on the horizon 4. Ethereum spot ETFs continue to absorb supply at a record pace, now holding nearly 5% of all ETH, while institutional treasury allocations and whale purchases reinforce ETH’s status as a reserve and yield asset 513. MicroStrategy ’s $10B profit and new share sale for further Bitcoin accumulation highlight ongoing corporate adoption 9.

Traditional finance is deepening its crypto integration: JPMorgan ’s Coinbase partnership will allow direct credit card funding and stablecoin rewards, while Visa ’s expanded stablecoin settlement supports broader use of PYUSD and USDG across four blockchains 67. Tether ’s record profits and growing Treasury holdings underscore stablecoins’ expanding role as both liquidity instruments and non-sovereign dollar proxies 8.

For traders, the focus should remain on ETF product launches, large-scale treasury moves, and institutional partnerships. Ethereum ’s upgrade roadmap and sustained inflows position it as a key asset to watch, while regulatory clarity and new tokenization pathways could benefit DeFi, altcoins, and tokenized asset platforms 142. Monitor Congressional progress on crypto bills and further ETF approvals as near-term catalysts 17.