【Daily News Selection of Bitpush】Guotai Junan International officially approved to provide virtual asset trading services such as Cryptocurrency; Bank for International Settlements believes that Stable Coin has not passed the "three key tests"; New York City Mayor announces Cryptocurrency plan during the Democratic primary election.

Daily selected Web3 news by BiTui editor:

【Guotai Junan International officially approved to provide trading services for cryptocurrencies and other virtual assets】

Compared with push notifications, Guotai Junan International (1788.HK) announced that it has officially obtained approval from the Hong Kong Securities and Futures Commission on June 24 to upgrade its existing securities trading license to provide virtual asset trading services. After the upgrade, customers can directly trade cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like USDT on its platform.

Guotai Junan International has become the first Hong Kong-based Chinese-funded securities firm to provide comprehensive virtual asset-related trading services, with services covering virtual asset trading, consulting, and the issuance and distribution of related products. In recent years, the company has continuously expanded its virtual asset business, including launching virtual asset ETF structured products, carrying out trading platform agency business, digital bond issuances, etc., actively assisting Hong Kong in building an international virtual asset center.

[The Bank for International Settlements believes stablecoins have not passed the ‘three key tests’]

Compared to push messages, the International Bank for Settlements report points out that digital assets pegged to legal tender have not passed the three key tests of singularity, elasticity, and integrity, and cannot become the cornerstone of the monetary system.

The author of the article stated that stablecoins, despite their programmability and pseudo-anonymity, may have advantages such as low cross-border payment costs and fast speed due to their technological attributes. Their role in the cryptocurrency ecosystem and in high-inflation countries is gradually becoming apparent. However, compared with tools issued by central banks and commercial banks, stablecoins may undermine government monetary sovereignty and facilitate crime, and should not be regarded as cash.

Specifically, stablecoins face difficulties passing stress tests due to their construction, and additional issuance requires full payment in advance; they are issued by centralized entities, with different standards and settlement guarantees, which disrupts uniformity; and not all issuers adhere to standardized KYC/AML guidelines, leading to deficiencies in integrity.

【New York City Mayor Announces Cryptocurrency Plan During Democratic Primary Voting】

Compared to push notifications, New York City Mayor Eric Adams criticized former governor Andrew Cuomo’s digital asset policy as “wrong and misleading” at the Permissionless conference in Brooklyn, stating that he “destroyed the state’s crypto industry” during his tenure. Adams announced the establishment of a municipal committee to promote crypto policies, establish channels to support city services paid for with cryptocurrency, and plans to introduce digital asset education courses in schools.

【Grayscale updates spot Solana ETF S-1 application, disclosing a 2.5% management fee】

Compared to push notifications, SEC documents show that Grayscale recently submitted the latest version of the spot Solana ETF (Grayscale Solana Trust, SOL) S-1/A application, disclosing a management fee rate of 2.5% for the trust product in the document.

[ProCap announces purchase of 3,724 bitcoins, with a total amount of approximately 3.87 billion US dollars]

Rather than pushing messages, Anthony Pompliano’s Bitcoin financial company ProCap announced the purchase of 3,724 bitcoins, with an average transaction price of about $103,785, totaling approximately 387 million U.S. dollars. The company stated that it will continue to increase its holdings of Bitcoin and plans to hold up to $1 billion in Bitcoin assets in the name of ProCap Financial after the merger is completed. Previously, ProCap planned to go public through a SPAC merger, with the expectation of completion by the end of 2025.

【ETH version of micro-strategy SharpLink Gaming once again increased its holdings by 12,207 ETH, with a total holding of 188,478 ETH】

Compared to push messages, the ETH version of the micro-strategy SharpLink Gaming announced that the ETH treasury holdings have been expanded to 188,478 coins, spending $30,674,829 (including fees and expenses) between June 16, 2025, and June 20, 2025, at an average price of $2513, with an additional increase of 12,207 ETH coins.