The United States should become the financial center of blockchain. Tokenization has reached a critical point.

Headlines

▌The United States should become the financial center of blockchain technology

Ripple CEO Brad Garlinghouse remains adamant that the United States should be a global leader in blockchain and cryptocurrency, despite the industry's ongoing regulatory challenges and new lawsuits against the company. JackTheRippler, a loyal supporter of Ripple, shared an excerpt from Garlinghouse's interview with CNBC on the X platform. In the interview, he expressed regret over the U.S. government's resistance to the cryptocurrency industry, saying that the industry was "falling behind in Washington" and was forced to be on the defensive. Garlinghouse attributed some of the challenges facing the U.S. cryptocurrency industry to a lack of understanding among policymakers, while suggesting that some government officials may be deliberately opposing the industry.

▌McKinsey: Tokenization has reached a critical point and is expected to change the financial market

McKinsey's latest analysis shows that the first large-scale tokenized transactions are already moving trillions of dollars worth of assets each month. These developments are not only reshaping existing financial services, but also creating innovative use cases that may redefine the market landscape. However, to date, we have encountered many difficulties and challenges, McKinsey executives pointed out in the report. To further integrate these technologies into the mainstream in a robust, secure and compliant manner, cooperation and coordination of all relevant stakeholders are required. Despite the optimistic outlook, the road to widespread tokenization is full of challenges. McKinsey researchers recommend: In the short term, institutions including banks, asset managers and market infrastructure participants should evaluate their product suites and determine which assets would benefit most from transitioning to tokenized products. We recommend thinking about whether tokenization can accelerate strategic priorities, such as entering new markets, launching new products and/or attracting new customers.

Quotes

As of press time, according to Coingecko data:

The latest transaction price of BTC is $64468.23, with a daily change of +0.51 % ;

ETH's latest transaction price is $3507.31, with a daily change of +0.09 % ;

BNB's latest transaction price is $589.31, with a daily change of +1.11 % ;

SOL's latest trading price is $134.86, with a daily change of +0.66 % ;

DOGE's latest trading price is $0.1242, with a daily change of +0.43 % ;

XPR's most recent trading price was $0.4882, with a daily change of -0.19 % .

policy

Taiwan plans to issue new rules on fintech and virtual assets

Taiwan’s regulator is looking to expand access to the island’s financial products as it plans to issue new rules on fintech and virtual assets.

Blockchain Applications

▌Uniswap starts testing its web plugin

Uniswap Labs announced that it has begun testing its web-based plug-in. Selected users with uni.eth domain names can participate in the test first. In addition, users are reminded that the highly praised tweets under the relevant tweets contain phishing links. Users are requested to be vigilant and carefully identify them.

▌ BNB Chain launches Multi Datastore for BSC Geth, which can split the database

BNB Chain recently announced the launch of Multi Datastore for BSC Geth. The solution can split a single database into three: Block, Trie, and Snapshot databases. This separation will improve performance, scalability, and maintainability by aligning storage with data access patterns. Tests show that performance is improved by 17% when using multiple databases (especially when using multiple disks).

Cryptocurrency

▌He He Yi: Projects with high valuations cannot only be judged by market value, the era of haircuts may be coming to an end

He Yi, co-founder of Binance, posted on Binance Square: "2017 was the ICO era, and you could make money as long as you grabbed a share. In 2021, on-chain meme rose, and as long as you ran fast, you could make money. Buying new instead of old is also a typical feature of this period. But now IEO compliance in most countries is generally considered to have legal risks, so it can only be airdropped and market-priced, which means that if the circulation volume is large and the opening price is low, the project will perform relatively smoothly, such as BB and LISTA, but compared to 21 years, it still rose too fast and lacked sufficient washing process. This wave of rise in 2024 was initiated by BTC ETF. The king-level projects and Lu Mao Studio worked together to create a wave of beautiful data. On the one hand, the project parties can raise more money from VCs. On the other hand, the project parties with money and users are full of confidence. There are millions of users on the chain. It doesn’t matter if they don’t go on a certain platform. Many CEXs want to go on CEX. If you can't go online, there are DEXs. If you can't go online, there are native DEXs on your own chain. Trading platforms do not have pricing power, so for projects with high valuations, users need to look at the fundamentals, not just the market value, but also the circulation. Today, the fratricide between the LuMao Studio and the L2 project has turned into a farce, and the LuMao era may be coming to an end. As an ordinary investor, the ICO in 2017, the IEO in 2021, the nesting dolls, and even the LuMao strategy in 2023 may not be suitable for today's market.

▌Yesterday, the U.S. Bitcoin spot ETF had a net outflow of $105.9 million

According to Farside Investors data, on June 21, FBTC had a net outflow of $44.8 million, ARKB had a net outflow of $28.8 million, EZBC had a net outflow of $1.9 million, and GBTC had a net outflow of $34.2 million. The US Bitcoin spot ETF had a net outflow of $105.9 million yesterday (June 21).

▌ 8 Ethereum ETF applicants including Bitwise and BlackRock have submitted updated documents for spot Ethereum ETF applications

Eight Ethereum ETF applicants, including Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco, VanEck, and 21Shares, have all submitted updated documents for their spot Ethereum exchange-traded fund (ETF) applications, marking an important step in their race for regulatory approval from the U.S. Securities and Exchange Commission (SEC). Bloomberg ETF analyst Eric Balchunas highlighted the development, noting that the SEC is currently reviewing the documents to make final changes before approval. Balchunas predicts that the listing date of these ETFs may be around July 2. In the updated documents, several companies announced competitive management fees, with Franklin Templeton setting its fee at 0.19%, a rate determined last month, while VanEck announced a fee of 0.2%. These moves make the two companies cost-effective options in the emerging spot Ethereum ETF market. BlackRock has further demonstrated its commitment to the space by investing $10 million in its proposed Ethereum spot ETF.

Bank of America reported that investors pulled $300 million from gold, $400 million from cryptocurrencies and $15.8 billion from cash last week.

Important economic developments

▌Japan plans to create an economic security think tank

According to Nikkei News on June 23, the Japanese government plans to set up a think tank dedicated to economic security research. The think tank will reportedly focus on advanced technologies, including cyber and space, and will provide advice on the Japanese government's development priorities. Japan's Minister of Economic Security Sanae Takaichi told Nikkei News that she hopes to create the think tank within one to two years. The relevant legislation is expected to be submitted to the Japanese parliament in 2025. (Jinshi Data APP)

Golden Encyclopedia

What is an inverse futures contract?

An inverse futures contract is a financial arrangement that requires the seller to pay the buyer the difference between the agreed price and the current price when the contract expires. Unlike traditional futures, the seller benefits from a fall in price.

Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.