Market attention remains fixed on the Federal Reserve’s latest policy meeting, where the Fed left its key interest rate unchanged at 4.25–4.50%—a move criticized by both the White House and Vice President J.D. Vance, who called the delay in rate cuts “borderline negligence.” Meanwhile, May’s retail sales data in the U.S. showed a second straight monthly drop (–0.9% MoM, 3.29% YoY), reflecting how protectionist policies may be weighing on U.S. households and prompting lower consumer spending.
On the trade policy front, Treasury Secretary Scott Bessent hinted at extending the 90-day pause on increased tariffs for countries engaged in “good faith” negotiations, with current rates remaining at 10.0%. Active consultations are ongoing with 18 countries, and further sanctions could be eased if progress is made. President Trump stated that within one or two weeks, governments will receive letters detailing new tax structures—a deadline Bloomberg notes is often fluid in Trump’s policy playbook.
In a major legislative move, the U.S. Senate passed the GENIUS Act, introducing stablecoin regulation pegged to the U.S. dollar. Republican Senator Bill Hagerty, lead sponsor of the bill, highlighted that the law will protect market participants from fraud and could push demand for U.S. Treasuries above $1 trillion. Senate Banking Chair Tim Scott announced its passage on June 17, emphasizing its comprehensive framework for payment tokens. Treasury Secretary Bessent projected that the stablecoin market could reach $3.7 trillion by the decade’s end, with positive implications for U.S. government borrowing and debt management. The bill now moves to the House of Representatives, with President Trump signaling intent to sign it before the August recess—boosting sector optimism. Circle CEO Jeremy Allaire called stablecoins “the most useful form of money ever created,” citing programmability as a driver of fintech innovation and financial inclusion.
The U.S. SEC, on June 17, initiated review procedures for a proposed rule change by Cboe BZX Exchange Inc. to list and trade the Franklin XRP ETF, managed by Franklin Holdings LLC. The ETF is designed to track the price of XRP minus fees, holding only XRP and cash equivalents, with creation and redemption units set at 50,000 shares. The proposal has fueled additional interest in XRP, especially after Cardano founder Charles Hoskinson discussed potential integration of XRP-linked assets and the RLUSD institutional stablecoin into the Cardano ecosystem, including support for XRP in Lace Wallet, adaptation of DeFi tools, and phased feature rollouts.
In the corporate arena, SharpLink Gaming Inc. announced the purchase of over 176,000 ETH, totaling around $463 million at an average price of $2,626 per token. The company has become the largest public ETH holder after the Ethereum Foundation. Between May 30 and June 12, SharpLink raised $79 million via an ATM program, allocating much of the proceeds to ETH reserves. Notably, more than 95% of these holdings participate in both traditional and liquid staking, enhancing network security and generating steady passive income.
Separately, Trump Media and Technology Group, majority-owned by President Trump, confirmed that the SEC has approved its BTC treasury plan. This unlocks about $2.3 billion—sourced from nearly 50 institutional investors—for Bitcoin purchases. Additionally, 84.7 million shares owned by early participants are now registered for resale, equating to half the IPO allocation and about 30% of outstanding shares.
Backed by these positive developments, key digital assets may continue to rally or enter consolidation in the coming week.