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The on-chain data visualization analysis platform Bubblemaps has issued a warning that the Meme coin XST, which is being heavily promoted on TikTok, has a high risk of supply concentration—74% of its total supply is controlled by a small group, exhibiting typical Rug token characteristics. The current market value of this token is approximately 70 million USD.Bubblemaps urges investors to stay away from such projects and to ignore similar content if seen on TikTok's recommendation page.In recent years, TikTok has become an important distribution channel for low-quality Meme coins, creating an illusion of credibility through AI-generated celebrity videos and false associations, combined with the token's concentrated holding structure, resulting in typical high-risk Rug tokens after the hype fades.

According to an exclusive report from "Du Jia," Xiaohongshu is developing a brand new "AI Shopping Guide" feature, which relies on a conversational interaction model to directly push product cards and attach order jump links in Q&A scenarios. This project is led by Daoxuan (Pan Boyuan). As of the time of publication, Xiaohongshu has not responded.Previously, Xiaohongshu launched an AI summary feature in store reputation, and this AI shopping guide is a further extension of its intelligent transaction chain. According to public data, Xiaohongshu has approximately 400 million global MAU, with 39 million users engaging in explicit purchasing behavior daily, resulting in 140 million active purchase requests, over 47 million users entering merchant live streams, and more than 170,000 merchant group chats remaining active. During the 618 period, the GMV of store broadcasts increased by 265% year-on-year, and note content drove transaction growth of over 210%.Xiaohongshu currently adopts a dual transaction model of "internal marketplace closed loop plus external traffic diversion," and there is still room for improvement in the direct order conversion rate within the platform. The launch of the AI shopping guide feature is expected to further enhance its internal e-commerce GMV and revenue.

Patrick Witt posted on the X platform stating that the government is still committed to pushing the CLARITY Act through in September. He mentioned that only legislation can provide lasting rules, and there is a greater need for relevant legislation now more than ever.In addition, Patrick Witt criticized that every time the Democrats delay the bill, it further puts the U.S. behind in the competition in the crypto space, undermines its leadership in the global financial market, weakens national security, and deprives law enforcement of tools to combat crypto crime. He stated that the CLARITY Act is a true bipartisan achievement years in the making, and the Democrats still have the opportunity to shape U.S. digital asset policy by assisting in the legislation. The government will maintain an open attitude and continue good-faith negotiations until the vote in September.

F2Pool co-founder Wang Chun stated that OCEAN mining pool co-founder and CTO Luke Dashjr has not only gone bankrupt financially but has also lost his personal credibility.He also sarcastically suggested that Luke might as well try changing the PoW algorithm next, but the outcome would not be good either.

According to Jinshi reports, White House National Economic Council Director Hassett stated that based on current data, it is difficult to push for an interest rate hike.

According to Edaily, the Financial Services Commission (FSC) of South Korea plans to jointly draft a unified government bill for the "Basic Law on Digital Assets" with the ruling Democratic Party, covering the issuance and circulation of stablecoins, business rules for digital assets, exchange admission requirements, information disclosure, internal control, and system resilience standards. Currently, there are 10 related bills pending review in the National Assembly, but there has not yet been consensus on core disputes such as whether the issuers of won-pegged stablecoins must be bank holding companies and whether to impose shareholding restrictions on major exchanges. The FSC has not yet determined the submission date for the bill.Meanwhile, the opposition party's People Power Party lawmaker Song Yeon-sik submitted a proposal to abolish the cryptocurrency income tax amendment to the National Assembly's Finance and Economy Planning Committee for review on Wednesday. Additionally, a tax abolition petition supported by over 50,000 people is also expected to be submitted to the petition subcommittee. According to the current plan, starting from January 1, 2027, cryptocurrency transfers or lending income exceeding 2.5 million won per year will face a 20% income tax plus a 2% local tax. The government and the ruling party support the timely implementation, while the opposition party believes it is unfair to tax cryptocurrencies when most ordinary stock investors remain tax-exempt.

According to Jinshi reports, World Bank Chief Economist Gill stated that the escalation of the Middle East war and supply disruptions could drive up inflation, thereby pushing interest rates higher.

According to Cointelegraph, U.S. Treasury Secretary Scott Bessent stated that lawmakers have entered the "final sprint phase" for the Clarity Act, urging Congress to pass the bill before the recess.

In response to the recent community controversy surrounding Base, crypto KOL Rune questioned on the X platform, stating that Cobie's goal in taking over the Base App is to promote on-chain transactions, but the current management of Base is continuously undermining user trust, leading users to believe that "trusting anything related to Base for more than 24 hours is a mistake." Under this culture, it is difficult to attract new users.In response, Cobie stated that he took over the Base App and related Coinbase trading products a few days ago, but he is not responsible for the Base chain. He acknowledged that Coinbase has long had a distance from users, especially native crypto users, and that Base and Coinbase have overdrawn a lot of user trust due to some avoidable mistakes. He hopes to listen more to the voices of on-chain users in the future and create products that users truly want to use.Subsequently, Rune responded again, stating that Coinbase's biggest problem is not just the alienation from users, but the long-term neglect and even harm to its own users. He indicated that currently over 10,000 Base users have suffered about 99% asset loss due to trusting the Base/Coinbase management, and the management's attitude towards related events has further exacerbated community dissatisfaction.Rune believes that Base has the infrastructure to become the best Layer2 in the crypto industry, but what is truly lacking is a leadership willing to take responsibility for users. He expressed hope that Cobie could change this situation, but emphasized that the current issues with Base are not just about damaged trust, but that community trust has almost completely eroded.

The total amount of U.S. national debt surpassed $39 trillion in mid-March, with public debt exceeding $31 trillion. The Congressional Budget Office projects that the deficit for fiscal year 2026 will reach $1.9 trillion, and public debt will rise to $56 trillion by 2036.Senator Cynthia Lummis is promoting the BITCOIN Act, which aims to require the U.S. Treasury to purchase up to 1 million BTC within 5 years and hold them for at least 20 years, with no official purchase confirmation yet. On June 16, Cynthia Lummis stated that her model estimates that the holdings could reduce U.S. national debt by one-third to one-half, and she expects the Treasury to begin purchasing Bitcoin by the end of 2026.

Galaxy Research Director Alex Thorn posted on the X platform revealing that there has been a significant development in the case of abandoned bitcoins, where "Noah Doe" is attempting to obtain ownership of Satoshi Nakamoto's bitcoins through legal proceedings. The Bitcoin Policy Institute (BPI) has officially applied to intervene in the case as a defendant and seeks to push the court to dismiss all lawsuits.It is reported that BPI, represented by the law firm White & Case, has not only applied to intervene in the case but has also submitted a proposed defense document, 15 active defenses, and plans to file a motion to dismiss.Alex Thorn disclosed that BPI claims it is qualified to intervene because the organization has long self-custodied a portion of its bitcoin reserves intended for indefinite holding. The plaintiff's theory that "long-term inactivity constitutes abandonment" could potentially include similar assets in future lawsuits. If the legal logic of this case is ultimately supported by the court, it may set a precedent for depriving long-term self-custody users of asset ownership, making this lawsuit not only related to Satoshi Nakamoto's assets but also concerning the legal foundation of the entire bitcoin self-custody ecosystem.

Senator Kevin Cramer stated in an interview that the U.S. Congress must immediately pass the Clarity Act, or else the cryptocurrency industry and future financial control will completely shift to other countries around the world.He emphasized, "This is not a Bitcoin issue, but a strategic issue of who controls the future of finance."

According to The Block, U.S. Senators Bernie Sanders and Elizabeth Warren, along with Representative Robert Scott, sent a letter to the Department of Labor requesting the withdrawal of a proposed rule that would allow 401(k) retirement plans to include alternative assets such as cryptocurrencies. The lawmakers stated in the letter that the proposed rule would create a so-called safe harbor for fiduciaries offering alternative investments, which would strip retirement savers of long-standing investor protections and encourage the use of riskier, more complex, and expensive investments.The Department of Labor announced the proposed rule in March, providing guidance steps for 401(k) plan managers to include alternative assets (including private equity, real estate, and digital assets) in their portfolios. Lawmakers expressed concerns about the volatility of digital assets and cited a Federal Bureau of Investigation report indicating that crypto-related fraud losses could exceed a record $11 billion in 2025. They also pointed out the Trump family's conflicts of interest in the crypto space, stating that the Department of Labor's proposed rule could enhance the president's interests at the expense of ordinary workers and retirees.

Aave Labs' UK subsidiaries Push Labs Ltd and Push Virtual Assets Ltd have been approved by the UK's Financial Conduct Authority (FCA) to register as local cryptocurrency trading service providers. Aave stated that these licenses allow Push to conduct regulated cryptocurrency and payment-related businesses in the UK.In addition to cryptocurrency registration, Push has also been approved to issue electronic money under electronic money regulations. The two companies have been assigned FCA registration numbers 1031720 and 1031721, with anti-money laundering regulations applicable under the "2017 Anti-Money Laundering and Transfer of Funds Regulations."

Republican lawmakers in the United States are accelerating the push for a new version of the ARMA Act, hoping to complete the bill's signing while the Republican Party still controls both houses of Congress. The bill advocates for the establishment of a national-level Bitcoin reserve in the United States and plans to hold approximately 5% of the global Bitcoin circulating supply for the long term. According to market news, there is an internal effort within the Republican Party to elevate the Bitcoin strategic reserve to the level of national finance and geopolitical competition, believing that the United States should seize a dominant position in the global digital asset system. If the bill is ultimately passed, the U.S. government may become one of the largest holders of Bitcoin in the world, further reinforcing the narrative of BTC as "digital gold" and a sovereign reserve asset.

According to The Information, the U.S. cryptocurrency industry is accelerating its "legalization" strategy in Washington, with several cryptocurrency companies, industry associations, and lobbying organizations establishing a closer coordination network to focus on key legislative issues such as stablecoin regulation, cryptocurrency market structure bills, and ETFs.The report states that with the Trump administration's shift to a friendly attitude towards cryptocurrency and increased support within Congress, the industry is trying to seize the window of opportunity to officially integrate cryptocurrency assets into the U.S. mainstream financial system. Some industry insiders even refer to the current phase as a "critical moment for the cryptocurrency industry to enter the core of the U.S. system."The report also notes that leading organizations like Coinbase and a16z crypto are continuously expanding their policy influence in Washington, promoting a shift in the regulatory framework from "suppression" to "regulation and acceptance" through political donations, lobbying teams, and industry alliances.