Bitpush's Weekly Web3 News Selection:
【Reuters: Circle Applies for US Bank License, Intends to Custody USDC Reserves】
According to Reuters, stablecoin issuer Circle Internet Group (CRCL) has applied for a US national bank license. This move marks Circle's further integration into the traditional financial system after successfully completing its IPO this month.
If approved by the Office of the Comptroller of the Currency (OCC), Circle will be able to act as a custodian of its own reserves and hold crypto assets for institutional clients. However, Reuters noted that the license will not allow Circle to accept cash deposits or issue loans like traditional banks. The OCC-regulated entity will be named First National Digital Currency Bank, N.A.
Circle has long sought to obtain a US bank license, which could pave the way for traditional banking services such as deposits and loans. Previously, the company had denied rumors of seeking a national trust or industrial bank license.
On Monday, Bernstein analysts believed that Circle's USDC is expected to become the largest regulated stablecoin under the GENIUS Act, thus giving the company a "regulatory first-mover advantage". Circle's stock closed at $181.29 per share that day, with the company's market value exceeding $40 billion.
【Gold Sees Largest Half-Year Gain Since 2007】
Gold has risen by more than 25% in the past six months. As gold reached a historical new high in the second quarter, gold prices in the first half of 2025 have seen their best performance since the second half of 2007. In the quarter ending June 30, gold rose 5.5%. Analysts say that after reaching a historical high, gold prices are currently consolidating around $3,300 per ounce. StoneX's Rhona O'Connell wrote in a report: "The easing of tensions in the Middle East and the signing of trade agreements have reduced tensions, which is unfavorable for gold but may help silver."
【REX Shares Announces First Solana Staking ETF to List in the US】
REX Shares announced on X on Monday that an exchange-traded fund (ETF) tracking Solana's price and providing staking rewards to holders will begin trading this Wednesday (July 2). The fund claims to be the "first staking crypto ETF in the US!"
REX Shares and Osprey Funds submitted applications to the SEC in May to create C-corporation structured ETFs investing in Solana and Ethereum. These funds will also stake part of their assets to generate additional income.
With a more crypto-friendly regulatory environment after Donald Trump's presidency, the SEC is currently reviewing broader crypto ETF proposals, from funds tracking SOL to DOGE. Additionally, the SEC is reviewing Grayscale's proposal to convert its digital large-cap fund to an ETF, with a final deadline on Wednesday for approval. The fund holds a basket of cryptocurrencies, including Bitcoin, Solana, and XRP.
The Rex-Osprey approach differs from other proposals by cleverly bypassing traditional approval procedures: unlike most ETFs, these funds choose to be taxable C-corporations. As a result, staking rewards will be taxed within the fund before being distributed to holders as dividends. As previously reported by The Block, both funds have management fees of 0.75%, but due to accumulated income tax, total fees will typically be higher.
【US Democratic Senator Proposes Amendment: Aims to Prohibit Officials from Profiting through Crypto Promotion】
According to Fox Business News, US Democratic Senator Jeff Merkley from Oregon proposed an amendment to the "OBBB" bill, prohibiting elected officials from promoting or profiting from cryptocurrency tokens in which they have a financial interest. US Republican Senator Lummis from Wyoming opposed the amendment, arguing that it would severely damage US innovation and competitiveness and impair the government's ability to effectively understand and regulate digital assets.
【OpenAI: "OpenAI Tokens" Are Not OpenAI Equity, No Collaboration with Robinhood, and Not Endorsed】
Artificial intelligence company OpenAI issued a statement on Wednesday (July 2) refuting Robinhood's offering of a tokenized version of its private company shares. OpenAI clearly stated on its X platform (formerly Twitter): "These 'OpenAI tokens' are not OpenAI equity. We have no collaboration with Robinhood, were not involved, and do not endorse this. Any transfer of OpenAI equity requires our approval—which we have not granted."
On Monday, Robinhood co-founder and CEO Vlad Tenev had revealed that the company would begin offering tokenized private company equity to EU users, including OpenAI, Elon Musk's aerospace company SpaceX, and over 200 other companies. Robinhood explained on a webpage about these assets: "Robinhood stock tokens follow the prices of publicly traded stocks and ETFs—they are derivatives tracked on the blockchain, providing exposure to the US market. When buying stock tokens, you are not purchasing actual stocks—you are buying a tokenized contract tracking its price, recorded on the blockchain."
Notably, Robinhood is not the only platform offering tokenized private company equity shares. On June 25, investment platform Republic also announced a similar plan to provide stock tokens for private AI companies like OpenAI and Anthropic to improve retail investors' access to these typically hard-to-reach investment opportunities.
【US SEC Has Suspended Grayscale's Digital Large Cap Fund ETF Conversion, Will Conduct Further Review】
According to CoinDesk, the US Securities and Exchange Commission (SEC) has suspended Grayscale's Digital Large Cap Fund's conversion to an exchange-traded fund (ETF) and placed it under further review.
The fund was originally planned to list on the NYSE Arca platform as a multi-asset spot ETF, containing Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA).
【BlackRock's IBIT Annual Fee Income Exceeds Its S&P 500 ETF】
According to Fortune, BlackRock's iShares Bitcoin Trust ETF (ticker: IBIT), with approximately $75 billion in assets, has attracted significant funds from institutional and retail investors, with inflows in all but one month over the past 18 months. Based on Bloomberg's rough calculations as of July 1, the fund's expense ratio is 0.25%, with estimated annual fee income of $187.2 million. This is slightly higher than BlackRock's iShares Core S&P 500 ETF (IVV) at $187.1 million, which is almost nine times larger, with assets of about $624 billion and an expense ratio of just 0.03%.
【Trump's "OBBB" Bill Passes, Biden and Harris Criticize Consecutively】
US former President Biden posted on the "X" social media platform criticizing the passage of Trump's "OBBB" tax and spending bill. Biden stated that the Republican budget bill is not only reckless but also cruel. It cuts Medicaid, takes healthcare away from millions of Americans. It closes rural hospitals, reduces food assistance for veterans and seniors. It raises energy bills and could lead to significant medical insurance cuts while increasing the deficit by $4 trillion. All of this is to provide massive tax cuts for billionaires. US former Vice President Harris also stated that Republicans in Congress voted to destroy millions of people nationwide—kicking Americans out of healthcare, closing hospitals, canceling food assistance, and raising costs.
【Crypto Project WLFI Token Transferability Proposal Now Effective】
Trump family crypto project WLFI announced on X that the proposal to make WLFI tokens transferable is now effective, stating, "On this US Independence Day, we are making history."
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