1. Western Union Explores Stablecoin Service Integration
Western Union CEO Devin McGranahan stated that the company is exploring the launch of stablecoin services in digital wallets and plans to establish deposit and withdrawal cooperation channels for stablecoins. He noted that stablecoins have enormous potential in accelerating cross-border transfers, improving fiat currency exchange efficiency, and providing a means of value storage for economically unstable countries.
2. Federal Reserve Chairman Jerome Powell Accused of Perjury Twice, Congressman Requests Criminal Referral
U.S. Congressman Anna Paulina Luna submitted a criminal referral request to the Department of Justice, alleging that Federal Reserve Chairman Jerome Powell committed perjury twice in his testimony and written statements regarding the Fed building renovation project. Meanwhile, conservatives continue to pressure Trump to replace Powell, but Trump stated it is "extremely unlikely" to remove him from office at present.
3. South Korea to Advance "Crypto Short-Selling" Legislation, Aims to Introduce Stock Market-Level Regulation
South Korean financial regulators plan to introduce stock market-equivalent regulatory standards for token lending services provided by the country's crypto exchanges. Currently, Bithumb offers token lending services up to 400% of collateral value, while Upbit provides Bitcoin lending services up to 80% of collateral. Financial authorities believe such services are essentially equivalent to short-selling transactions and are considering introducing corresponding regulatory measures in the second phase of virtual asset legislation.
4. Hong Kong Customs Cracks 1.15 Billion HKD Money Laundering Case Involving Virtual Assets and Cash Smuggling
Hong Kong Customs cracked a money laundering case involving approximately 1.15 billion HKD, suspected of using cash smuggling and virtual assets, arresting a 37-year-old local male and a 50-year-old non-local male. Customs stated that the two are suspected of smuggling cash out of the country and frequently conducting large-scale stablecoin and fiat currency transactions with funds of unknown origin, inconsistent with their financial status. Customs conducted surprise searches at multiple locations today, seizing phones, bank cards, and other items, and arrested the two under the Organized and Serious Crimes Ordinance. The case is still under investigation.
5. White House's First Crypto Policy Report Expected to be Publicly Released by End of Month
The White House's first crypto policy report will be officially submitted on July 22 (local time) and is expected to be publicly released before the end of this month. White House officials have confirmed the timeline. The report is the result of months of collaboration between working group leaders David Sacks, Bo Hines, and senior officials from the Treasury Department, Commerce Department, SEC, and CFTC, aimed at implementing the executive order signed by President Trump in January to strengthen U.S. leadership in the cryptocurrency field. The report is expected to include regulatory and legislative recommendations, but specific details remain unclear.
