Elon Musk Criticizes U.S. Debt Ceiling Increase, Ethereum Activity Peaks, U.S. Crypto ETFs and Regulations

Macroeconomics

Elon Musk Criticizes Congress for Raising Debt Ceiling by $5 Trillion

Elon Musk expressed sharp criticism of the U.S. Congress for approving a record increase of the debt ceiling by $5 trillion. Musk labeled the current political system a “one-party system, a party of fat pigs,” threatened defeat in upcoming primaries, and urged the formation of a new political party.

Goldman Sachs Predicts Fed Rate Cuts Starting September

Goldman Sachs analysts forecast the U.S. Federal Reserve will begin cutting interest rates in September, anticipating three 25 basis point cuts (in September, October, and December), bringing rates down to the 3.0–3.25% range.

Cryptocurrency

Ethereum Network Activity Hits Highest Level Since 2021

The Ethereum network saw its daily transaction volume reach 1.45 million on June 29, marking the highest level since 2021. This indicates growing interest and activity within the Ethereum ecosystem.

ETH Futures Trading Volume Nearly Matches BTC

The ratio of Ethereum to Bitcoin futures trading volumes reached 98%, significantly recovering from a low of 42% recorded in October 2024. This reflects renewed investor optimism in Ethereum.

Cryptocurrency Market Experiences $20 Billion Outflow

Amid volatility and market uncertainty, the cryptocurrency market experienced a capital outflow of approximately $20 billion.

Bloomberg Analysts See High Probability of Approval for LTC and XRP Spot ETFs

Bloomberg analysts estimate a 95% likelihood of the U.S. Securities and Exchange Commission (SEC) approving spot ETFs for Litecoin (LTC) and XRP. Additionally, the launch of a Solana (SOL) ETF with staking functionality is possible shortly.

Solana Advisor Nikita Bier Joins Elon Musk’s Company X

Solana advisor Nikita Bier has joined Elon Musk’s company X (formerly Twitter) as Head of Product. Investors speculate that SOL payments or Solana blockchain integration may soon be implemented into platform X.

U.S. Senator Proposes Tax Relief for Small Crypto Transactions

Senator Cynthia Lummis proposed an amendment exempting cryptocurrency transactions under $300 from taxation (with an annual limit of $5000). However, she suggests taxing income from staking, mining, airdrops, and forks upon sale.

U.S. Supreme Court Rejects Case on Crypto Exchange Data Privacy

The U.S. Supreme Court declined to hear a case on whether crypto exchanges must share user data with the government, marking a defeat for Coinbase and other advocates of blockchain data privacy.

Top 10 AI & Big Data Crypto Projects by Development Activity

The most actively developed projects in AI and Big Data over the last 30 days: ICP, NEAR, FIL, INJ, GRT, ROSE, RLC, LPT, TAO, and FLUX.

American Bitcoin Raises $220 Million, Plans Nasdaq Listing

American Bitcoin, backed by Donald Trump’s sons, raised $220 million to purchase Bitcoin and mining equipment. The company plans to list on Nasdaq under the ticker ABTC shortly.

xStocks and Chainlink Announce Partnership

The tokenized stocks platform xStocks announced a partnership with Chainlink, which will serve as the official oracle for tokenized stocks and ETFs. Other alliance members include Backed, Kraken, Bybit, Solana, Kamino, Raydium, Jupiter, and Alchemy Pay.

FTX Creditors to Receive Full Repayment with Interest

FTX creditors with claims over $50,000 will receive repayments of 27.5% in October 2026 and 2027. Total repayments will amount to 100% of debt plus 40-80% interest.

U.S. DOJ Conducts Massive Operation Against North Korean IT Fraudsters

The U.S. Department of Justice conducted a large-scale operation against North Korean IT fraudsters, resulting in the blocking of 29 bank accounts, closure of 21 fake websites, confiscation of over 200 devices and more than $900K in cryptocurrency. The operation uncovered infiltration into over 100 U.S. companies and theft of military technology.

Connecticut Bans State Cryptocurrency Reserves

Connecticut Governor signed law HB7082, prohibiting the state from receiving, storing, or investing in cryptocurrencies and imposing additional requirements on payment systems.

Trump Merchandise Stores Now Accept $TRUMP Token

Donald Trump’s branded merchandise stores now accept the $TRUMP token as payment for items such as perfumes, sneakers, and watches.

Polyhedra Launches Phoenix Revival Plan After Hacker Attack

Polyhedra announced the Phoenix Revival plan for users affected by the June 15 hack. Participants will receive rewards in future products and priority access to airdrops. Planned releases include ZKML (Q3 2025), a private stablecoin, and a Dark Pool DEX.

Anti-Crypto Corruption Amendment Fails in U.S. Senate

An amendment aimed at banning elected officials from promoting cryptocurrencies for personal gain failed in the U.S. Senate, with 46 votes for and 54 against, due to opposition from Republicans.