JH Kim

The three major U.S. stock indices are showing a mixed trend. As of 02:20 on the 2nd, the Nasdaq Composite Index is trading at 20,252.77 points, down 0.57% from the previous day. The Dow Jones Industrial Average is up 0.92% at 44,500.84 points, while the S&P 500 Index is down 0.04% at 6,202.49 points.

According to CoinDesk, a media outlet specializing in virtual assets, on the 1st (local time), the United States Senate finally passed President Donald Trump's budget bill, but provisions related to virtual asset taxes were not included. Previously, Senator Cynthia Lummis attempted to add a provision exempting small transactions under $300 of virtual assets from taxation to the budget bill, but it was excluded from the final version. Meanwhile, the Trump administration has recently emphasized fostering the virtual asset industry, but related tax reforms are expected to be discussed through a separate legislative process.

According to CoinDesk, a cryptocurrency-focused media outlet, on the 1st (local time), global payments company Mastercard plans to hire two new senior executives to expand its digital asset business. This recruitment will target the positions of Vice President (VP) for both the Digital Asset Ecosystem Growth Team and the Financial Institutions Growth Team, who will work in the United States. Recently, Mastercard has been strengthening its involvement in digital assets, blockchain, and Central Bank Digital Currency (CBDC) related businesses. Through this talent acquisition, the expansion of its digital asset division is expected to accelerate.

According to Eleanor Terrett, host of Crypto in America, on the 1st (local time), the U.S. Securities and Exchange Commission (SEC) has begun initial work to establish general listing standards for token-based exchange-traded funds (ETFs) in cooperation with exchanges. This initiative includes provisions allowing an issuer to bypass the existing exchange rule change notification form (19b-4) process and list on the exchange after submitting only a securities registration statement (S-1) and waiting for 75 days, provided that a specific token meets the listing criteria. Terrett explained, "If this approach is adopted, the administrative processes, paperwork, and feedback burdens for both issuers and the SEC will be significantly reduced." Although the specific listing standards have not yet been finalized, it is reported that factors such as market capitalization, trading volume, and liquidity are being considered as key elements. Meanwhile, an SEC spokesperson has not issued an official statement regarding this matter.

The three major U.S. stock indexes closed with gains. On the 1st, the Nasdaq Composite Index rose 0.48% from the previous session, closing at 20,369.73 points. The Dow Jones Industrial Average rose 0.63% to close at 44,094.77 points, and the S&P 500 Index rose 0.51% to end at 6,204.35 points.

The value of the U.S. dollar in the first half of 2025 recorded its worst decline in 50 years. According to The Guardian on the 30th (local time), since the beginning of this year, the U.S. dollar has fallen by more than 10% against major global currencies. This marks the worst drop in the first half since 1973, and the biggest half-year decline since the second half of 1991. The main reasons for the dollar's weakness have been identified as President Donald Trump’s tariff policies and heightened geopolitical uncertainty. Concerns are spreading that, due to the Trump administration’s high-intensity trade policies, the dollar is no longer properly fulfilling its role as a safe asset. In fact, the U.S. Dollar Index, which represents the value of the dollar, hit its lowest level since March 2022, while the British Pound Sterling has risen from $1.25 at the start of the year to $1.37, reaching its highest level in three years. Market experts evaluated that “U.S. economic and trade policies have had a negative impact on the international credibility of the dollar,” and added, “The possibility of further dollar weakness cannot be ruled out.”

Former US President Donald Trump continued his strong criticism of Federal Reserve (Fed) Chair Jerome Powell and the Board of Governors. On the 30th (local time), President Trump stated via his social media platform Truth Social, "The too-late Powell and the Fed Board of Governors should be ashamed." He criticized, "The Fed Board is in charge of the easiest and most honorable job in America, but they have failed and continue to repeat that failure. If they had done their job properly, the US would have saved trillions of dollars in interest costs." He added, "Since the Fed Board has done nothing but stand by and watch, they are all responsible," emphasizing, "The current US benchmark interest rate should be brought down to 1% or below." Recently, President Trump has continued to criticize the Fed's rate policy and is consistently pressing for rate cuts, arguing that current policies are burdening the US economy.

According to The Block, a cryptocurrency-focused media outlet, on the 30th (local time), Vlad Tenev, Robinhood’s co-founder and CEO, announced plans to offer tokenized shares of private companies such as OpenAI and SpaceX to users in the European Union (EU). At an event held in Cannes, France, CEO Tenev unveiled the actual 'Stock Tokens' for OpenAI and SpaceX, stating that these would be launched. Alongside this announcement, Robinhood also promoted the availability of tokenized shares from over 200 U.S.-listed companies within the EU, as well as perpetual trading and staking services in the U.S. He explained, "EU users who install the Robinhood app will have the opportunity to receive tokenized shares of OpenAI and SpaceX," and added, "Users will be able to claim these tokens a week later, and approximately $1 million worth of OpenAI tokenized shares have been transferred to Robinhood’s European branch." Subsequently, Tenev emphasized once again via X (formerly Twitter) that "the OpenAI token transaction has been successfully completed." However, it remains unclear whether this benefit is limited to event attendees or applies to all new EU users. Token recipients must hold them for a certain period, and Robinhood plans to gradually open up the token trading feature. Meanwhile, Robinhood has yet to release an official statement on the specific distribution method and eligibility criteria for the OpenAI and SpaceX tokenized shares.

According to WatcherGuru, a crypto-focused media outlet, on the 30th (local time), US Treasury Secretary Scott Bessent stated that he is prepared to replace Jerome Powell, Chair of the Fed, if President Donald Trump so desires. Secretary Bessent, a key economic advisor to President Trump, has been rapidly expanding his influence over financial and monetary policy overall.

According to the virtual asset (cryptocurrency) specialized media outlet Coindesk on the 30th (local time), it was revealed that the virtual asset Super PAC (Political Action Committee) Fairshake provided $1 million in support to James Walkinshaw, a candidate running in the Virginia special election in the United States. Candidate Walkinshaw has actively supported the advancement of next-generation technologies, including virtual assets, and is presenting related policies as key pledges in this election.

The three major U.S. stock indexes are on an upward trend. As of 1:47 AM on the 1st, the Nasdaq Composite Index is trading at 20,337.59 points, up 0.32% from the previous day. The Dow Jones Index is up 0.43% at 44,009.32 points, and the S&P 500 Index is recording an increase of 0.32% at 6,192.65 points.

According to Cointelegraph, a cryptocurrency-focused media outlet, on the 30th (local time), Circuit, a provider of digital asset recovery solutions, has released an automated digital asset recovery solution for institutional investors. This solution features an automatic transfer of assets to a pre-approved secure vault if the private key is lost or a security threat is detected. Circuit expects that, with this solution, institutional investors will be able to manage their digital assets more safely and efficiently.

The three major U.S. stock indices closed higher. On the 28th, the Nasdaq Composite Index rose 0.52% from the previous day to 20,273.46 points. The Dow Jones Index increased by 1% to 43,819.27 points, and the S&P 500 Index closed up 0.47% at 6,169.84 points.

According to CNN on the 27th (local time), President Donald Trump of the United States announced that he had abruptly withdrawn the plan to ease sanctions on Iran in response to Ayatollah Ali Khamenei, Iran's Supreme Leader, declaring victory. President Trump stated on his social media, Truth Social, "For the past few days, I have been reviewing sanctions relief and other measures to help Iran achieve rapid and complete economic recovery," and added, "However, as Khamenei claimed victory over Israel and declared that he would never surrender to the United States, I immediately halted all plans." He went on to say, "I knew exactly where Khamenei was hiding, and Israel and the U.S. military attempted to eliminate him, but I stopped it," adding, "In the end, I saved Khamenei from a very terrible and humiliating death."

On the 27th (local time), Donald Trump, President of the United States, announced on his social media platform Truth Social that "all trade negotiations with Canada are suspended." President Trump criticized, saying, "Canada just announced the imposition of a digital services tax on U.S. tech companies," and called it "a direct and blatant attack on the United States." He added, "Canada is following the European Union (EU)," and stated, "In response to Canada's unfair tax, all negotiations are suspended, and new tariff rates, which Canada will have to pay to trade with the United States, will be notified within 7 days."

According to the economic news account Walter Bloomberg on the 27th (local time), Donald Trump, President of the United States, announced at a White House press briefing that "the July 9 tariff negotiation deadline currently set may be extended or moved forward depending on the situation." President Trump added, "Tariff adjustments will be made flexibly with the interests of the United States as the top priority," and added, "If the negotiations proceed well, a conclusion could be reached even earlier."

According to economic breaking news account Walter Bloomberg on the 27th (local time), US President Donald Trump stated during a press conference at the White House that "If we had not nurtured the crypto asset (cryptocurrency) industry, it would have completely fallen into China's hands by now." President Trump said, "The United States has built a strong crypto asset industry, creating countless jobs and new economic opportunities," emphasizing, "We can never hand over technological leadership to another country."

According to the economic news account Walter Bloomberg on the 27th (local time), U.S. President Donald Trump warned during a press conference held at the White House that "if Iran attempts to resume uranium enrichment, the United States will consider another airstrike." President Trump emphasized, "We can never tolerate Iran resuming its nuclear development," adding, "We are ready to take additional military measures if necessary."

According to the economic news account Walter Bloomberg on the 27th (local time), U.S. President Donald Trump said at a White House press conference that "It would be good if Jerome Powell, the chair of the U.S. Federal Reserve (Fed), lowered the base interest rate," adding, "The problem is Powell at the Fed." Trump also stated, regarding trade negotiations with other countries, "We have reached trade agreements with a total of four to five countries, including China and the United Kingdom, and plan to begin additional negotiations with multiple countries within the next two weeks." He continued, "I believe we will soon reach an agreement with India as well," warning, "Some countries might be disappointed with the tariff burden. For those countries, tariffs will increase after July 9."

David Kemmerer, CEO of the cryptocurrency tax filing software platform CoinLedger, stated in an interview with The Block on the 27th (local time) that "the number of Americans who have received warning letters from the Internal Revenue Service (IRS) regarding virtual asset investment income reporting has surged by 758% in the last 60 days." He explained, "Starting January 1, 2026, under the newly introduced 1099-DA form, total gains from virtual asset trading and acquisition costs must be reported to the tax authorities," adding, "Once the new regulation takes effect, not only investors but also brokers will be required to report virtual asset investment gains to the IRS." He further added, "Although expectations for the abolition of virtual asset taxation in the U.S. have grown since President Donald Trump took office, there are many cases where some investors mistakenly believe that they no longer need to report virtual asset investment income."