Crypto Bites | Recap 01072025
Hello crypto bro,
Today, July 1, 2025, marks a pivotal day in the crypto world, characterized by groundbreaking regulatory approval, sobering security statistics, and continued strides towards integrating digital assets into everyday finance.
SEC Greenlights Grayscale's Multi-Asset Spot Crypto ETF: A Game Changer?
In a significant development, the U.S. Securities and Exchange Commission (SEC) has officially approved Grayscale's proposal to transform its Digital Large Cap Fund into a multi-asset spot crypto ETF. This decision is a landmark, as it represents the first approval of such a diversified crypto investment product in the United States. The new ETF is set to hold a basket of major digital assets, including Bitcoin, Ether, XRP, Solana, and Cardano, offering investors broader exposure to the crypto market within a regulated framework. Industry experts are hailing this as a potential shift in the SEC's regulatory stance, possibly paving the way for more diverse crypto investment products in traditional financial markets.
Trump's 'Big Beautiful Bill' Passes Senate, But No Crypto Tax Exemptions
While the ETF news brought cheer, a legislative blow landed in the U.S. Senate. President Trump's sprawling reconciliation bill passed narrowly, but notably, it did not include the crypto-specific tax exemptions that industry leaders and advocates like Senator Cynthia Lummis (R-WY) had championed. Despite efforts to include these perks, the initiative "just ran out of time," according to one crypto policy leader, highlighting the ongoing challenges in securing favorable crypto legislation.
Crypto Hacks and Scams Soar to $2.5 Billion in H1 2025: A Sobering Reality
A stark reminder of the persistent risks in the digital asset space came from Certik's latest report, revealing that crypto hacks and scams have already siphoned off over $2.47 billion in the first half of 2025. This figure alarmingly surpasses the total losses for all of 2024. Two major incidents—the Bybit breach and the Cetus Protocol exploit—alone accounted for a staggering $1.78 billion of these losses. Wallet compromises were the most costly, contributing $1.7 billion, while phishing attacks led to $410 million in losses across 132 incidents. Ethereum was the most targeted blockchain. While Q2 saw a 52% drop in losses compared to Q1, the report emphasizes that a few high-impact events drove the majority of the losses, underscoring the critical need for enhanced security measures.
Bitget and Mastercard Partner on Crypto Card for Direct Digital Wallet Payments
In a move aimed at boosting mainstream crypto utility, Bitget Wallet has teamed up with Mastercard and Immersve to launch a crypto card. This innovative card will enable users to pay directly from their digital wallets at 150 million Mastercard-accepting merchants worldwide. Initially rolling out in the UK and EU, with plans for expansion to Latin America, Australia, and New Zealand, the card will offer a digital version via the Bitget Wallet app, along with rewards and yield on idle balances. This collaboration, with Immersve handling on-chain crypto-to-fiat settlements, follows similar offerings from other major crypto platforms and highlights Mastercard's commitment to simplifying and securing crypto transactions at scale.
Circle Seeks National Trust License to Become Its Own Bank
Stablecoin giant Circle, the issuer of USDC, is taking a significant step towards deeper financial integration by applying for a national trust license. If approved by the Office of the Comptroller of the Currency (OCC), this would allow Circle to establish "First National Digital Currency Bank, N.A." and directly supervise the management of USDC's reserves. This move signifies Circle's ambition to become its own bank, potentially streamlining operations and further solidifying trust in the second-largest stablecoin by market cap.
RWA Blockchain Plume Hits $110M as Sector Surges to $13B
The tokenization of real-world assets (RWAs) continues its impressive growth trajectory. Plume Network, a blockchain specifically focused on RWA tokenization, has announced hitting $110 million in investor deposits. This milestone comes as the broader RWA sector has surged to almost $13 billion, according to DefiLlama data, indicating strong and growing interest in bringing tangible assets onto the blockchain.
Today's crypto news showcases a dynamic and evolving landscape, balancing significant steps toward institutional adoption and mainstream utility with the persistent challenges of security in a rapidly developing industry.
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