Odaily News Bilal Bin Saqib, chief advisor to the Pakistan Cryptocurrency Council, said that in the future, Pakistans national Bitcoin reserves are ready to be deployed to DeFi protocols to generate returns. The Pakistan Cryptocurrency Council submitted a draft legal framework for national Bitcoin reserves on June 6, and the Ministry of Finance agreed to speed up the approval process. The government hopes to lead the global South in the development and adoption of digital assets. Bilal Bin Saqib was appointed Chief Advisor to the Pakistan Cryptocurrency Council in March 2025, responsible for guiding Pakistan to integrate cryptocurrency and blockchain technology into its financial ecosystem and ensure the development of a regulatory framework that meets global best practices. Michael Saylor will also serve as an advisor to help Pakistan establish Bitcoin reserves.

Odaily News The U.S. Senate narrowly passed President Donald Trump’s Big Beautiful Act on Tuesday, but crypto industry leaders were disappointed that the bill failed to include a key tax amendment for crypto users that they had previously pushed for. In the final hours of intense negotiations before the bill passed, pro-crypto lawmakers and industry policy leaders, led by Sen. Cynthia Lummis (R-Wyo.), worked to attach an amendment to the bill that included several crypto-related tax benefits for crypto miners, stakers, businesses holding large amounts of cryptocurrency, and ordinary digital asset users. However, time ran out and the amendment failed to make it to the Senate floor. One crypto policy leader called the outcome a “missed opportunity” and said they “just ran out of time.”

Odaily News New York Attorney General Letitia James has warned Congress that the GENIUS Act, passed by the U.S. Senate, “lacks the necessary guardrails to protect the American people.” In an eight-page letter, James urged Congress to slow down the process of stablecoin legislation and “take the time to draft a bill that will promote innovation while protecting our globally envied banking system.” In her latest letter, James proposed a comprehensive revision of the bill, starting with regulating stablecoin issuers as banks and disqualifying non-bank issuers. She also required stablecoin issuers to be registered in the United States.

Odaily News According to documents published by Bitcoin Magzine, Figma, a well-known design software company, recently disclosed that it has held nearly $70 million in Bitcoin exchange-traded funds (ETFs). In addition, the company has also been approved to purchase another $30 million in Bitcoin. This move shows Figmas continued interest and investment in cryptocurrency in asset allocation.

Odaily News According to CCTV News, on the morning of July 1, local time, US President Trump gave two media interviews when he left for Florida to attend the opening ceremony of the new immigrant detention facility Crocodile Alcatraz, and talked about his grudges with Musk, an American entrepreneur and former head of the Government Efficiency Department. In the White House, when asked whether Musk would be expelled, Trump said I have to think about it, and said that maybe the Government Efficiency Department, a monster that may bite back its master, would be asked to deal with Musk, and once again emphasized that Musk has received a lot of government subsidies. In another interview before boarding the plane, Trump said, The Government Efficiency Department will keep an eye on Musk, and we can save a lot of money, and said that Musk should not play this game with me.

Odaily News Nick Timiraos, the Fed’s “mouthpiece,” said Powell dodged a pointed question about July, refusing to rule anything out four weeks before the policy meeting. His overall comments showed little that he was preparing for a rate cut this month. The “excessive” focus on July (at least today) is misplaced and could obscure more subtle changes in his and others’ rhetoric in recent weeks. After the Liberation Day tariffs, there was speculation that price gains might be so large that it would require substantial labor market weakness to cut rates. But more recently, with the tariffs on hold and early (perhaps premature?) inflation readings not showing a meaningful impact, Powell has hinted that rate cuts could be resumed if inflation isn’t as bad as feared.

Odaily News According to Xinhua News Agency, the Trump administration announced on the 1st that the United States Agency for International Development, which has been in operation for nearly 64 years, will be officially closed from now on. U.S. Secretary of State Rubio issued a statement on the same day saying that the United States Agency for International Development will officially stop carrying out foreign aid missions from the 1st, and some remaining projects that are in line with the Trump administrations policies will be transferred to the U.S. State Department for implementation. The statement said that the United States Agency for International Development has spent more than $715 billion over the past decades and used American taxpayers money to create a global NGO industrial complex, but since the end of the Cold War in the 1990s, its work has received little results... (aided regions) development goals are rarely achieved, instability is often exacerbated, and anti-American sentiment has only increased.

Odaily News OKX market data shows that ETH fell below 2400 USDT and is now at 2398.96 USDT, a 24-hour drop of 3.49%. (This newsletter is generated with the assistance of AI)

Odaily News Crypto KOL @ _FORAB published an article on the X platform to analyze the principle behind the currency-stock circulation after Kraken, Bybit, Jup and other platforms connected to xStocks, saying that (the tokenization of US stocks is mainly) controlled by the parent company registered in Switzerland, Backed Assets in Jersey. They buy stocks in the US stock market through the channel of IBKR Prime under Interactive Brokers, and then transfer them to the segregated account under Clearstream. Clearstream is the depository under the Deutsche Börse, helping them to store these stocks. When the above buying, transfer, and deposit operations are completed, the contract deployed on the Solana chain will be triggered, corresponding to the issuance of stock tokens, that is, for every 1,000 Tesla shares purchased and stored, 1,000 TSLAx tokens will be minted on the chain at a 1:1 ratio. The control address of the token contract belongs to the issuer Backed. After that, third-party exchanges such as Kraken, Bybit, Jupiter, etc. can directly list the spot and contracts of these tokens. If investors or market makers buy TSLAx tokens greater than or equal to 1, they can apply to Backed to exchange them for actual Tesla shares under the brokerage. In this way, the entire process of mortgaging, minting, issuing, and redeeming the tokens is completed.

Odaily News According to market news: The U.S. SEC approved the conversion of the Grayscale Digital Large Cap Fund into an ETF. The digital assets involved in the fund include BTC, ETH, XRP, SOL and ADA.