Progress continued with critical momentum, thanks to the government’s encouragement of the industry. Adoption is poised to take off at this time.
However, reservations remain in certain quarters.
The headlines:
- The CLARITY Act moved forward in the House of Representatives;
- The SEC rolled back several DeFi-focused restrictive rules;
- Thanks to a partnership between Coinbase and American Express, Bitcoin rewards are coming;
- BlackRock is optimistic about crypto;
- Moody’s successfully integrated ratings on the Solana blockchain;
- Plus, Tether’s CEO revealed plans to launch open-source Bitcoin mining software (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at 106k (as of 6/16/25)
The cryptocurrency markets are poised for a rebound as Bitcoin moved from a high of $110,561.41 to a low of $102,822.02, settling at $106,673.24.
The altcoins are also ranging, too.
Ethereum (ETH) is at $2,610.26, Solana (SOL) at $155.28, Chainlink (LINK) at $13.68, Avalanche (AVAX) at $19.51, and Polkadot (DOT) at $3.90.
The CLARITY Act Moved Forward on Capitol Hill
On June 10, the House Agriculture Committee voted 47-6 to push the CLARITY Act. The move pushes the crypto framework legislation to the House floor for further deliberations.
On the other end, the House Financial Services Committee voted 32-19 to advance the bill.
The SEC Withdrew Previous DeFi and Crypto Custody Rules
America’s top financial regulator rescinded 14 proposals from the previous administration that contained extensive industry hindrances. The SEC also indicated that it would issue new rules if it decides to consider further regulation in those areas.
Chief among the withdrawn proposals include sector definitions and terminologies that could have added extra red tape to digital asset adoption.
Coinbase and American Express Revealed Bitcoin Rewards Launch Plans
A partnership between American Express and Coinbase will introduce the Coinbase One Card. This offering aims to provide token holders with rewards. Rates begin at 2% upwards, based on user holdings.
The solution will be only available to American-based Coinbase One members, excluding US territories.
Crypto Has a Lot of Opportunity-Goldstein
On June 12, at the Coinbase State of Crypto event, BlackRock COO Rob Goldstein unveiled the investment giant’s optimistic position in the digital asset space. Goldstein revealed that BlackRock has been exploring the crypto space since 2017, iterating that its industry foray ranged from stablecoins to its IBIT BUIDL funds.
Furthermore, Goldstein indicated that the industry is still in its nascent stages with several opportunities on the horizon.
Amazon, Walmart, and DTCC Want in on the Stablecoin Action
According to a June 13 Wall Street Journal (WSJ) report, Amazon and Walmart are actively considering plans to launch their stablecoins. According to the report, both tokens will have pegs to the US dollar.
Similarly, according to a June 12 report by The Information, market infrastructure specialist DTCC plans to launch a dollar-backed stablecoin. A June 12 post on the DTCC website highlighted the importance of stablecoins to the economy.
Circle’s USDC Launched on the XRP Ledger
Still, on stablecoins, USDC token issuer Circle revealed the launch of the asset on the XRP ledger. Two critical ecosystem features, Circle Mint and Circle APIs, support transactions.
The deployment also supports fiat-to-crypto onramps.
In related news, in his June 11 testimony before the Senate Appropriations Committee, Treasury Secretary Scott Bessent predicted that the GENIUS Act could push the value of stablecoin markets from $240 billion to $2 trillion by the end of 2028.
FTX Enabled Payoneer Payment Support for Creditors
The estate of shuttered cryptocurrency exchange FTX revealed the addition of payment specialist Payoneer as a distribution partner. The move expands the repayment process to include previously excluded jurisdictions.
Other distribution partners include BitGo and Kraken.
Moody’s Explored Onchain Solana Credit Ratings
Credit rating behemoth Moody’s unveiled a successful trial involving municipal credit ratings on the Solana network. In partnership with blockchain infrastructure specialist Alphaledger, the experiment demonstrated that ratings can be stored within blockchains, paving the way for increased rating tokenization.
The move also expands the utility of blockchain and provides a basis for incorporating standards into digital asset markets.
Connecticut Passed a Crypto Government Investment Restriction Law
The Constitution State took an opposing view to government crypto investments. On June 10, the Connecticut General Assembly passed d House Bill 7082 (Public Act No. 25-66) by a unanimous vote.
The law prohibits government-focused cryptocurrency transactions. Additionally, the legislation includes stringent consumer protections and requires cryptocurrency businesses to disclose state-related digital asset risks explicitly.
Tether Unveiled Q4 Open Source Bitcoin Mining Software Launch Plans
Third-party Bitcoin mining software vendors could soon face competition if Tether succeeds in releasing the open-source Bitcoin Mining OS (MOS). In a June 9 Twitter/X post, Tether CEO Paolo Ardoino revealed intentions to make its Bitcoin OS free for all at its Q4 2025 launch.
Additionally, Ardoino emphasized that the introduction of the new ecosystem will eliminate the need for third-party vendors and enhance the security of the Bitcoin network.
JP Morgan, Chainlink, Ondo Finance Debuted a Unique Crosschain Settlement
A Delivery versus Payment (DVP) transaction launched for the first time between two blockchains. JP Morgan (Kinexys), Chainlink, and Ondo Finance completed a treasury settlement transaction that exchanged Ondo’s OUSG token for a payment in kind.
The setup involved the Chainlink Runtime Environment (CRE), an interoperability component of the blockchain.
The Senate Advanced the GENIUS Act
Capitol Hill’s upper house moved the GENIUS Act forward with a 68-30 cloture vote. The move paves the way for a final floor vote before submission to the White House.
Moreover, the legislation also includes consumer protections and security considerations.
There was continued activity in the ETF space, with several moves from major players. On June 13, Fidelity Investments submitted an S-1 registration form with the SEC for the “Fidelity Solana Fund.”
Other firms, including Invesco and Galaxy Digital, filed for a Solana Trust in the State of Delaware. Canary Capital followed the same route for an Injective (INJ) network-focused trust.
The FSB Highlighted Crypto Integration Issues
On June 13, the outgoing chair of the Financial Stability Board (FSB), Klaas Knot, revealed concerns about the fast-paced adoption of crypto-related instruments and the risks they pose to traditional financial systems. Knot indicated that the digital asset industry has reached the tipping point where complex integrations affect the rest of the world’s financial ecosystems.
Furthermore, Knot highlighted the massive stablecoin holdings in US Treasuries, calling for increased monitoring of the situation.
