Weekly preview | The U.S. House of Representatives deliberates on the crypto market structure bill; U.S. May CPI data released

News preview:

• The U.S. SEC will hold a roundtable meeting on "DeFi and the American Spirit" on June 9
• dYdX to release final proposal to terminate support for Ethereum-dYdX cross-chain bridge on June 9
• U.S. House of Representatives sets June 10 date for review of crypto market structure bill
• Strategy plans to raise approximately $1 billion through the issuance of preferred shares to increase its holdings of Bitcoin. The issuance and sale of its STRD shares is expected to be completed on June 10.
• The US SEC has postponed its decision on Canary Capital’s Litecoin spot ETF application, and the deadline for reply is June 10
• The US CPI data for May will be released at 8:30 pm Beijing time on June 11
• Aptos (APT) will unlock approximately 11.31 million tokens at 12:00 noon Beijing time on June 12, accounting for 1.79% of the current circulation and worth approximately US$52.7 million.
• U.S. Senator says stablecoin bill is expected to receive strong bipartisan support and may be voted on next week
• Starknet (STRK) will unlock approximately 127 million tokens at 8:00 am Beijing time on June 15, accounting for 3.79% of the current circulation, with a value of approximately US$16.6 million.

June 9

Macroeconomics:

The New York Fed’s 1-year inflation forecast for May will be released at 11:00 p.m. Beijing time on June 9.

Policy supervision:

The U.S. SEC will hold a roundtable meeting on "DeFi and the American Spirit" on June 9

The U.S. Securities and Exchange Commission (SEC) Crypto Working Group announced that it will hold a roundtable meeting on "DeFi and the American Spirit" at its Washington headquarters on June 9. The event will be live-streamed and will include panel discussions and public Q&A sessions. Official participants include: SEC Chairman Paul S. Atkins; Chief Assistant for Crypto Affairs Richard B. Gabbert, SEC Commissioner Caroline A. Crenshaw, SEC Commissioner Mark T. Uyeda, and SEC Commissioner Hester M. Peirce.

Guests included: Rebecca Rettig from Jito Labs, Jill Gunter from Paredes Strategies, Michael Jordan from DBA, Michael Mosier from Arktouros, Gabe Shapiro from MetaLeX, Erik Voorhees from Venice AI, and Kevin Werbach from the Wharton School.

Europe releases draft guidelines for blockchain data storage, comments close on June 9

The European Union's Data Protection Board has approved draft rules governing how personal data can be stored and shared on blockchains. The European Union's Data Protection Board (EDPB) said the new guidelines limit access to stored information and are in line with protections under the General Data Protection Regulation (GDPR). The EDPB approved the rules this month and opened them for public comment until June 9.

“Certain characteristics of blockchain may create challenges when meeting the requirements of the GDPR. The guidance emphasizes the need for data protection by design and by default, as well as adequate organizational and technical measures,” the new guidance states. “In general, the storage of personal data on a blockchain should be avoided if it conflicts with data protection principles,” the document adds.

The European Data Protection Board’s latest draft guidelines may make Bitcoin illegal in the EU, and the public consultation ends on June 9

Alexandre Stachtchenko, chief strategy officer of French crypto exchange Paymium, warned that the latest draft guidelines of the European Data Protection Board (EDPB) may make Bitcoin illegal in the EU. The draft treats blockchain public keys as personal data and requires them to be deleted under certain conditions, but the characteristics of blockchain technology make the data immutable.

The EDPB explicitly stated that "technical impracticability cannot be used as a reason for non-compliance with the GDPR" and pointed out that if fine-grained data deletion cannot be achieved, it may be necessary to "delete the entire blockchain." Stachtchenko criticized this position as being out of touch with technical reality, and the anonymization scheme is not recognized by existing regulations. The public consultation period ends on June 9. If the draft is passed, Bitcoin may be deemed illegal because it cannot meet data deletion requirements.

Project News:

dYdX to release final proposal to terminate support for Ethereum-dYdX cross-chain bridge on June 9

dYdX posted on the X platform that more than 52 million ethDYDX have not yet been migrated to the native DYDX on the dYdX chain. After the community approves the text proposal (currently about 91% in favor), the final on-chain proposal is expected to be released on June 9, 2025 to terminate support for the Ethereum-dYdX cross-chain bridge.

Apple officially announced that WWDC25 will return on June 9, held online and open for offline special events

Apple announced that its annual Worldwide Developers Conference (WWDC25) will be held from June 9 to 13 (Pacific Time), focusing on the latest developments in its software, including iOS 19, iPadOS 19, macOS 16, tvOS 19, watchOS 12 and visionOS 3. This conference will be mainly online, and the offline opening event will be held at Apple Park.

Token unlocking:

Movement (MOVE) will unlock approximately 50 million tokens at 8:00 pm Beijing time on June 9, accounting for 1.96% of the current circulation and worth approximately US$7.1 million.

June 10

Policy supervision:

U.S. House of Representatives sets June 10 date for review of crypto market structure bill

French Hill, chairman of the U.S. House Financial Services Committee, set the date for the House’s review of the crypto market structure bill to June 10.

The US SEC has postponed its decision on Canary Capital’s Litecoin spot ETF application, and the deadline for reply is June 10

According to former Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Litecoin (LTC) spot ETF application submitted by Canary Capital and launched a public comment process to focus on evaluating whether the ETF meets regulatory requirements to prevent fraud and manipulation. The deadline for comments is May 26 (May 27, Beijing time), and the deadline for replies is June 9 (June 10, Beijing time). The postponement is consistent with Bloomberg analyst James Seyffart's prediction yesterday that " there is a high probability that the final decision will be postponed rather than directly approved or rejected. "

Base Ecosystem Social Prediction Market Upside will be launched on June 10

Base ecosystem social prediction market Upside announced that it will be launched on June 10. The project is supported by Jason Choi, Arthur Hayes and more than 25 other angel investors.

Project News:

Strategy plans to raise about $1 billion through the issuance of preferred shares to increase its holdings of Bitcoin. The issuance and sale of its STRD shares may be completed on June 10.

Strategy announced that it priced its initial public offering on June 5, 2025, issuing 11,764,700 shares of Series A perpetual Stride Preferred Stock with a par interest rate of 10.00% (hereinafter referred to as the "STRD Stock") at a public offering price of $85.00 per share. The issuance and sale of STRD Stock is expected to be completed on June 10, 2025, subject to the satisfaction of customary closing conditions. After deducting underwriting discounts and commissions and Strategy's estimated offering expenses, Strategy expects net proceeds from this offering to be approximately $979.7 million. Strategy plans to use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin and replenishment of working capital.

Huma Finance 2.0 staker deposits open on June 10

Huma Finance announced that its 2.0 version will soon reopen deposits, and $HUMA stakers will enjoy 24 hours of advance deposit privileges. The specific schedule is: the deposit opening time for stakers is 18:00 on June 10, and the public deposit opening time is 18:00 on June 11, using a first-come, first-served (FCFS) model. The deposit allocation rule is the number of $HUMA staked divided by 25.

The Blockchain Group will hold a shareholders meeting on June 10 to seek approval to raise €10 billion to accelerate its Bitcoin financial strategy

European listed company The Blockchain Group will hold its annual general meeting on June 10, 2025, seeking shareholder approval to raise €10 billion to accelerate its bitcoin finance strategy.

June 11

Macroeconomics:

The US CPI data for May will be released at 8:30 p.m. Beijing time

Policy supervision:

U.S. Senate to hold hearing on June 11 to consider Brian Quintenz's nomination as CFTC Chairman

The U.S. Senate Agriculture, Nutrition and Forestry Committee will hold a hearing at 3:00 p.m. EST on June 10 (3:00 a.m. Beijing time on June 11) to consider Brian Quintenz's nomination as Chairman of the U.S. Commodity Futures Trading Commission (CFTC), replacing current Chairman Rostin Behnam. The hearing will be held in Room 106 of the Senate Dirksen Office Building. Officials said that this event will not be live-streamed.

Project dynamics:

DeFi protocol ALEX promises to fully compensate all affected users for their losses, and the claim form submission deadline is June 11

DeFi protocol ALEX tweeted that it was attacked due to a self-listing logic vulnerability, and the attacker drained multiple asset pools, with a total loss of approximately US$8.373 million. The specific losses are:

• STX: 8.4 million STX (approximately $5.69 million)
• sBTC: 21.85 sBTC (about $2.24 million)
• USDC/USDT: 149,850 USDC/USDT (approximately $149,800)
• WBTC/BTC: 2.8 WBTC (about $287,400)

The team will use funds from the ALEX Lab Foundation to fully compensate each affected user for their losses in the form of USDC. The compensation calculation will be based on the average on-chain exchange rate between 18:00 and 22:00 (UTC+8) on June 6. The affected wallet addresses will receive a private notification containing a claim form before 7:59 (UTC+8) on June 9. The deadline for submitting the claim form is 7:59 (UTC+8) on June 11 to confirm the receiving wallet address. After confirmation, the compensated USDC will be sent within 7 working days. The team stated that it will make every effort to restore the funds of each affected user as soon as possible (a total of US$8,373,227.13).

Token unlocking:

Delysium (AGI) will unlock approximately 69.03 million tokens at 8:00 am Beijing time on June 11, accounting for 4.00% of the current circulation, with a value of approximately US$3.8 million.

io.net (IO) will unlock approximately 3.22 million tokens at 8:00 pm Beijing time on June 11, accounting for 1.98% of the current circulation and worth approximately US$2.5 million.

June 12

Project dynamics:

Crypto mobile game FIFA Rivals will be launched on June 12, including Adidas-themed digital assets

Blockchain game developer Mythical Games announced that its encrypted mobile game "FIFA Rivals" will be launched globally on June 12, and has reached a brand licensing cooperation with Adidas. The football game will include Adidas-themed digital assets, including virtual items such as exclusive jerseys, team uniforms and sneakers inspired by the brand's football tradition. "FIFA Rivals" continues the company's "NFL Rivals" operating model, allowing players to buy and sell in-game assets through blockchain technology. This cooperation is expected to further enhance user engagement with the global influence of FIFA and Adidas. The company's CEO said that this cooperation has set a new standard for brand presentation in digital experience. The game will be available on iOS and Android platforms, and players can trade assets globally through the Mythical platform market.

US prosecutors say the Justice Department's adjustment to encryption policy does not affect the charges against Do Kwon, and the next pre-trial conference will be held on June 12

U.S. prosecutors said that although the Department of Justice (DOJ) recently issued an internal memorandum to relax enforcement standards for crypto companies, it will not modify the existing charges against Terraform Labs founder Do Kwon. The memorandum was signed by Deputy Minister Todd Blanche, calling for the suspension of criminal prosecutions of crypto exchanges, currency mixing services and other companies except in special circumstances, and stated that related supervision should be the responsibility of Trump administration regulators. Do Kwon is currently charged with multiple crimes including commodity fraud, securities fraud, wire fraud and conspiracy to launder money. If convicted, he could face up to 130 years in prison. The court has postponed the trial date from January 26, 2026 to February 17, 2026, and the next pre-trial conference is scheduled for June 12, 2025.

Token unlocking:

Aptos (APT) will unlock approximately 11.31 million tokens at 12:00 noon Beijing time on June 12, accounting for 1.79% of the current circulation and worth approximately US$52.7 million.

BounceBit (BB) will unlock approximately 42.89 million tokens at 8:00 am Beijing time on June 12, accounting for 10.47% of the current circulation and worth approximately US$4.6 million.

June 13

Token unlocking:

Immutable (IMX) will unlock approximately 24.52 million tokens at 8:00 am Beijing time on June 13, accounting for 1.33% of the current circulation and worth approximately US$12.8 million.

Cookie DAO (COOKIE) will unlock approximately 13.88 million tokens at 8:00 am Beijing time on June 13, accounting for 2.54% of the current circulation and worth approximately US$2.9 million.

June 14

Token unlocking:

Starknet (STRK) will unlock approximately 127 million tokens at 8:00 am Beijing time on June 15, accounting for 3.79% of the current circulation, with a value of approximately US$16.6 million.

Onyxcoin (XCN) will unlock approximately 2.96 trillion tokens at 8:00 am Beijing time on June 15, accounting for 0.88% of the current circulation and worth approximately $4.3 million.

Specific time to be determined

Policy supervision:

U.S. Senator says stablecoin bill is expected to receive strong bipartisan support and may be voted on next week

The US GENIUS Act, 2025 Stablecoin National Innovation Guidance Act, is expected to receive a lot of bipartisan support in the Senate. Democratic Senator Ruben Gallego said that the bill has incorporated a number of Democratic amendments and currently has support from as many as 16 Democrats. He pointed out that if the bill is successfully passed, it will also need to be accompanied by a crypto market structure bill to truly achieve regulatory clarity. The bill may be put to a final vote as early as next week.

Eight major crypto organizations in the United States jointly called on Congress to include the Blockchain Regulatory Certainty Act in market structure legislation, which may be revised next week

According to crypto journalist Eleanor Terrett, eight top Washington crypto policy organizations, including the DeFi Education Fund, Coin Center, Solana Policy Institute, Chamber of Digital Commerce, Blockchain Association, Cryptocurrency Innovation Council, Bitcoin Policy Institute and Paradigm, issued a joint statement calling for the inclusion of the bipartisan-supported Blockchain Regulatory Certainty Act (BRCA) into the 2025 Digital Asset Market Clarity Act. The bill, led by Representatives Tom Emmer and Ritchie Torres, explicitly does not impose "money transmission business" registration requirements on non-custodial software developers and infrastructure providers. The statement emphasizes that there are essential differences between open source developers and traditional financial institutions, and the amendment is a fundamental policy guarantee to protect DeFi innovation. The House of Representatives is expected to revise the relevant bill next week.

Project dynamics:

Farcaster will airdrop NFTs for the first 10,000 Pro subscribers next week

Dan Romero, co-founder of the decentralized social protocol Farcaster, said in a post that Farcaster Pro will airdrop limited edition NFTs to the first 10,000 professional subscribers next week, and the NFTs will appear in the user's Farcaster app wallet. The three professional subscription benefits are expected to be launched the week of June 16:

• 10K characters of content published
• 4 embed functions (including images, videos, URLs, CAs, and applets)
• Profile banner image feature

The professional version of the subscription contract on Base is currently being finalized, which will support USDC payments and allow permissionless monthly or annual subscriptions on the protocol. In addition, the team currently has no plans to provide a user experience within the monthly application, but users can build some small applications to achieve this.