TL;DR

GENIUS Act signed; Solana ETF review fast-tracked; Bitcoin, Solana hit record highs; TradFi ramps crypto.

Highlights

• U.S. Congress passed the GENIUS Act, the first federal stablecoin law; Senate released a draft digital asset framework 1.
• SEC accelerated spot Solana ETF review, with amended S-1 filings due July 31 2.
• Solana overtook Binance Coin in market cap ($107B+), broke $200, and led in NFT, futures, and tokenized stock volumes 89.
• Bitcoin hit an all-time high of $123,000, holding above $117,000; SpaceX moved $153M in BTC internally after three years of inactivity 103.
• MicroStrategy bought 6,220 BTC ($739.8M), now holds 607,770 BTC; announced $500M STRC preferred IPO for more BTC buys 419.
• Trump Media allocated $2B to Bitcoin , making BTC 66% of its liquid assets post-SEC fundraise 5.
• JPMorgan is considering direct Bitcoin /Ethereum-backed loans; PNC partnered with Coinbase for customer crypto trading 612.
• Ethereum raised its L1 gas limit by 25% to 45M; stablecoin float on Ethereum hit $140B, nearly doubling in 18 months 718.
• Dynamix and The Ether Reserve merged to form The Ether Machine, listing on Nasdaq with $1.5B in ETH treasury 16.
• Telegram rolled out TON Wallet to 87M U.S. users, enabling in-app crypto transactions and DeFi access 11.
• Western Union plans to add stablecoin on/off-ramps to its digital wallets for global remittances 13.
• Ethena’s StablecoinX raised $360M, will list on Nasdaq, and is buying $260M in ENA tokens 14.
• Polymarket acquired CFTC-licensed QCEX for $112M to relaunch regulated U.S. prediction markets 15.
• Pump Fun’s $PUMP token dropped 47% below ICO price despite $10.2M weekly DEX fees; BONK market cap doubled 17.
• FBI closed its investigation into Kraken co-founder Jesse Powell, returning seized devices 20.

Commentary

Regulatory momentum in the U.S. is reshaping the crypto landscape. The signing of the GENIUS Act provides the first federal stablecoin law, clarifying oversight for dollar-backed tokens and setting new standards for issuers 1. The Senate’s ongoing work on broader digital asset rules signals continued legislative focus 1. This environment is attracting traditional finance: JPMorgan is exploring direct crypto-backed loans 6, PNC is launching crypto trading with Coinbase 12, and Western Union is preparing stablecoin rails for global payments 13.

Institutional activity remains robust. MicroStrategy and Trump Media continue to expand their Bitcoin treasuries, with MicroStrategy’s new $500M preferred stock IPO earmarked for further BTC accumulation 4195. SpaceX’s internal BTC transfer and Bitcoin 's new all-time highs reflect ongoing corporate and market interest 310. On the Ethereum front, the network’s gas limit hike and record $140B stablecoin float highlight growing DeFi and stablecoin usage 718, while the Dynamix/Ether Reserve merger and Ethena’s Nasdaq listing bring new institutional vehicles for ETH and stablecoin exposure 1614.

Solana is seeing a surge in both price and activity, surpassing Binance Coin in market cap and dominating NFT, futures, and tokenized stock volumes 89. The SEC’s expedited review of spot Solana ETFs and strong fund inflows point to rising institutional demand 29. Telegram’s U.S. rollout of TON Wallet and Polymarket’s re-entry via QCEX acquisition are expanding access to crypto products and prediction markets for U.S. users 1115.

Traders should monitor the Senate’s progress on digital asset legislation, ETF approval timelines, and institutional product launches. Watch for continued volatility in major Layer 1s (Solana , Ethereum ), stablecoin flows, and DeFi/NFT sector activity as regulatory clarity and TradFi partnerships drive new capital and user inflows.