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With tech stocks soaring and Bitcoin hitting fresh highs, President Trump is renewing pressure on the central bank to ease monetary policy, framing market performance as a sign of economic strength.

JUST IN: 🇺🇸 President Trump said crypto is “through the roof” following Bitcoin’s new all-time high yesterday. pic.twitter.com/R2I3z6tt2N

— Crypto Briefing (@Crypto_Briefing) July 10, 2025

Bitcoin reached a new all-time high above $112,000 on Wednesday amid increasing global demand for digital assets. The surge also pushed the overall crypto market capitalization back up to $3.4 trillion, a peak last seen in June 2025.

Despite recent gains, the total market value is still below the December 2024 record of $3.7 trillion. Bitcoin was trading at around $111,300 at the time of writing, per TradingView.

Trump has repeatedly urged the Fed to lower interest rates, but markets see little chance of a cut before September. The central bank has kept its benchmark rate steady at 4.25%–4.50% since December 2024.

While policymakers indicated in June the potential for two cuts by the end of the year, there was no agreement on near-term action.

Market pricing now reflects less than a 7% chance of a rate cut at the upcoming July 29–30 meeting, according to data from CME FedWatch.

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A global bank with over $1 trillion in assets under management has approved a crypto exchange-traded fund from Bitwise Asset Management for its managed accounts platform, as revealed by Bitwise CEO Hunter Horsley on Tuesday.

Thrilled to report —

One of the leading banks globally, managing >$1 trillion AUM in wealth management, approved a Bitwise crypto ETF for advisors to use in managed accounts.

Now the work begins to support 1000s of advisors building their thesis on crypto. Work we love doing.…

— Hunter Horsley (@HHorsley) July 8, 2025

The approval allows wealth managers and financial advisors working with the bank to allocate client funds to the crypto ETF as part of their standard investment offerings. While the bank’s identity remains undisclosed, its trillion-dollar scale indicates increased institutional backing for crypto investment products.

Bitwise is one of the first fund managers to successfully launch spot Bitcoin and Ethereum ETFs in the US market.

Horsley’s statement came after Morgan Stanley started enabling its financial advisors to recommend spot Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund last August.

The recent developments represent a shift from self-directed crypto investing to mainstream wealth management, as managed accounts typically serve high-net-worth individuals and institutional clients.

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ProShares’ Ultra XRP ETF has been listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker UXRP.

Inclusion on the DTCC eligibility list doesn’t guarantee immediate market debut. Still, the listing signals that the fund is operationally prepared for trading and settlement.

The fund is designed to deliver twice the daily return of XRP’s price movements. ProShares plans to launch two additional XRP-centered futures products – the Short XRP ETF and the UltraShort XRP ETF – though these have not yet appeared on the DTCC.

ProShares is targeting July 14 for the launch of all three XRP futures-based ETFs, according to a post-effective amended prospectus filed on June 24. However, the timeline is subject to change, and the company has previously postponed the effective date since the original filing in January.

The filing was submitted through a procedural mechanism that allows the products to launch without further substantive review or explicit reapproval from the SEC, provided no objections are raised before the effective date. Trading may not begin immediately on the effective date, depending on exchange readiness and other operational factors.

The top issuer of leveraged and inverse exchange-traded funds is also aiming to launch Solana-based funds, including ProShares UltraShort Solana ETF, ProShares Ultra Solana ETF, and ProShares Short Solana ETF.

Currently, only the ProShares Ultra Solana ETF appears on the DTCC listing.

Once the XRP and Solana funds are launched, ProShares will join Teucrium Investment Advisors and Volatility Shares to offer an extensive suite of crypto futures-based ETFs in the US market.

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ETF provider REX Financial and asset management firm Osprey Funds may be on the verge of launching the first staked Ethereum (ETH) and Solana (SOL) ETFs in the US, following a new development in their regulatory process.

According to Bloomberg ETF analyst Eric Balchunas, the SEC said in a June 27 statement that it had “no further comments” on the firms’ filings.

The update came in response to a request submitted by REX and Osprey to the SEC, seeking confirmation that all staff comments on their staked Ethereum and Solana ETFs had been resolved.

REX and Osprey filed for staked SOL and ETH ETFs in late May, proposing ETF structures that would allow the funds to hold and stake the two prominent crypto assets and distribute stake rewards to shareholders.

However, the SEC immediately raised concerns that REX and Osprey’s proposed funds may not qualify as ETFs under existing rules due to their unique C-corporation business structure. The structure conflicts with the ETF rule, which defines acceptable corporate forms for ETFs.

Despite regulatory hurdles, industry professionals were hopeful for a resolution, allowing the funds to bring new liquidity into the crypto market.

“Here’s the SEC saying it has no further comments, so they are good to launch it looks like,” said Balchunas.

REX and Osprey have also signaled readiness from the product side. A newly released “Coming Soon” campaign prominently features the upcoming staked ETH and SOL ETFs on their website, though no official confirmation has been issued regarding approval or launch dates.

Coming Soon: The First-Ever Staked Crypto ETF in the U.S.!

Introducing the REX-Osprey™ SOL + Staking ETF, designed to track the performance of Solana while generating yield through on-chain staking.

✔️ SOL exposure
✔️ Staking rewards

A new era of yield-generating crypto… pic.twitter.com/I8yIEqiI5R

— REX Shares (@REXShares) June 27, 2025

The SEC has signaled potential approval for Solana ETFs later this year, following a recent request to revise language around in-kind redemptions and staking practices, suggesting a growing openness to incorporating staking into ETF structures.

All seven asset managers seeking to launch Solana ETFs, including Grayscale, VanEck, 21Shares, Canary Capital, Bitwise, and Franklin Templeton, have updated their filings to include staking capabilities in response to the SEC’s feedback.

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Federal Reserve Chair Jerome Powell said Wednesday that Bitcoin and other crypto assets have matured and become more mainstream, and that the central bank is reassessing policy statements made during the Biden era.

Powell’s comments came in response to a question from Senator Cynthia Lummis during his June 25 testimony before the Senate Banking Committee.

Lummis questioned what had changed regarding stablecoin risks since the Fed’s 2023 policy under Section 9(13), and pressed Powell on whether the Fed intends to withdraw the policy statement.

Section 9(13) gives the Federal Reserve Board the authority to regulate the activities of state-chartered member banks. In January 2023, the Fed issued a formal policy statement under this authority, clarifying how it would treat “novel activities,” specifically those involving crypto-assets, distributed ledger technology (DLT), and stablecoins.

“The Board generally believes that issuing tokens on open, public, and/or decentralized networks, or similar systems is highly likely to be inconsistent with safe and sound banking practices,” per the policy statement.

“The industry is maturing, our understanding of it is improving,” Powell said during Wednesday’s testimony. “And in a sense, it’s becoming much more mainstream.”

Powell noted that regulators are reassessing previous decisions made during crypto’s early development phase.

“All of us are revisiting the things that were done during that era,” he said.

The Fed chair also indicated support for banks engaging in crypto under appropriate conditions.

“It’s appropriate, it’s always been appropriate for banks to choose their customers and to be able to undertake activities as long as they’re safe and sound,” Powell said.

Addressing the Section 9(13) policy statement, Powell said it was part of a broader regulatory framework that wasn’t solely focused on crypto, though crypto was one component.

He reiterated that the Fed is currently reviewing and withdrawing several crypto-related guidance issued during the Biden era.

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CME Group’s XRP futures and Micro XRP futures have recorded $542 million in total trading volume since their launch on May 19, according to a new report from the leading derivatives marketplace.

Since launching on May 19, XRP and Micro XRP futures have shown demand across institutional and retail participants, highlighting interest in regulated tools to access one of the most watched crypto assets.

Get the full breakdown ➡️ https://t.co/nmVRaXqUTO pic.twitter.com/JZG2Bnnjll

— CME Group (@CMEGroup) June 24, 2025

These XRP products got off to a strong start with $19 million in launch-day trading, but interest quickly accelerated as volume jumped 28 times over the first month.

Global adoption is also growing, with nearly half of the activity coming from outside the US and Canada, the report notes.

CME Group announced the launch of its XRP products in April, targeting to expand its existing crypto derivatives lineup, which already features contracts tied to Bitcoin, Ethereum, and Solana. CME’s Solana futures went live in March.

These contracts are available in both standard (50,000 XRP) and micro (2,500 XRP) sizes, are cash-settled, and reference the CME CF XRP-Dollar Reference Rate.

In addition to CME Group, major exchanges like Coinbase Derivatives and Bitnomial have received regulatory approval to offer XRP futures contracts in the US. These offerings were rolled out after the SEC agreed to withdraw its appeal in the Ripple Labs case.

The existence of CFTC-regulated futures is one of the most influential factors in the SEC’s evaluation of spot crypto ETF applications.

The SEC has previously cited the presence of a regulated futures market as a key requirement for approving spot Bitcoin and Ethereum ETFs. Analysts and legal experts note that this precedent now applies to XRP, as CFTC-regulated XRP futures are live on major platforms like CME Group, Coinbase Derivatives, and Bitnomial.

XRP has joined Litecoin and Solana in the top tier for ETF approval, as experts see a 95% likelihood of the SEC approving a spot ETF linked to Ripple’s flagship crypto asset.

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Hardware wallet maker Trezor issued a security alert today, warning that hackers have exploited its website contact form to impersonate customer support and send phishing emails to users.

Important Update

We have identified a security issue where attackers abused our contact form to send scam emails appearing as legitimate Trezor support replies.

These scam emails appear legitimate but are a phishing attempt.

Remember, NEVER share your wallet backup — it must…

— Trezor (@Trezor) June 23, 2025

The company confirmed the security breach had been contained. Trezor emphasized that it never requests wallet backups from customers through email communications.

The attack involved hackers using the website’s contact form functionality to send fraudulent messages appearing to come from official Trezor support channels. The phishing emails likely targeted users’ sensitive wallet information and backup phrases.

Trezor urged customers to remain vigilant against suspicious communications requesting private keys or seed phrases.

The incident came after CoinMarketCap’s front end was compromised on June 20, displaying unauthorized pop-ups asking visitors to verify their crypto wallets.

Cointelegraph also confirmed a front-end hack on its website on Monday, which displayed phishing pop-ups promoting a fake token airdrop, tricking users into connecting their wallets.

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