Crypto Morning Brief: U.S. Senate Passes Bill Banning Fed’s CBDC for Four Years; Ethereum Foundation Completes Restructuring
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Crypto Morning Brief: U.S. Senate Passes Bill Banning Fed’s CBDC for Four Years; Ethereum Foundation Completes Restructuring
The CFTC has issued a public request for comments on 24/7 trading of energy futures and perpetual contracts.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
Ethereum Foundation Completes Restructuring, Cuts ~20% of Staff (54 Employees)
In an official announcement, the Ethereum Foundation (EF) stated that it completed a months-long internal restructuring on June 23, aimed at aligning operations with its mission statement and financial management policies. As part of the restructuring, EF laid off 54 employees—approximately 20% of its total workforce. The Foundation noted that departing staff will continue contributing to the Ethereum ecosystem in other capacities over the coming weeks.
U.S. Senate Passes Bill Banning Fed CBDC for Four Years
According to CoinDesk, the U.S. Senate passed the Housing Affordability Act by an 85–5 vote, which includes a four-year ban on the Federal Reserve issuing a central bank digital currency (CBDC), extending through the end of 2030.
The bill is expected to move swiftly through the House of Representatives and be signed into law by President Trump. Republican lawmakers argue that a CBDC could become a government surveillance tool; meanwhile, the Fed currently has no active CBDC initiative underway, and newly nominated Chair Kevin Warsh explicitly opposed such efforts during his confirmation hearing. In January 2025, Trump signed an executive order prohibiting federal agencies from advancing CBDC development.
CFTC Seeks Public Input on 24/7 Energy Futures Trading and Perpetual Contracts
Per an official notice, the U.S. Commodity Futures Trading Commission (CFTC) released a request for comment seeking public feedback on two proposed developments in energy derivatives markets: (1) extending standardized futures contracts to 24/7 trading, and (2) potential listing of perpetual contracts referencing physically deliverable or storable energy commodities, such as crude oil.
The CFTC said the initiative aims to assess the market impact of these changes based on empirical data, supporting prudent innovation while maintaining safeguards against market manipulation and disruption. Written comments must be submitted within 30 days after publication in the Federal Register.
Cboe Considering Transitioning Bitcoin and Ethereum Continuous Futures to Perpetual Futures
Nate Geraci, President of The ETF Store, posted on X that the Chicago Board Options Exchange (Cboe) is exploring converting its Bitcoin and Ethereum continuous futures products into perpetual futures.
21Shares Hyperliquid ETF (THYP) Options Now Available on Nasdaq
According to an official announcement, 21Shares confirmed that options on its Hyperliquid ETF (THYP) are now available for trading on Nasdaq, offering both monthly and weekly expirations.
SBI Group Receives Japanese FSA Approval to Launch Japan’s First Trust-Based Yen-Backed Stablecoin “JPYSC”
According to the Nikkei Asian Review, SBI Group has received approval from Japan’s Financial Services Agency (FSA) to issue JPYSC, a yen-pegged stablecoin, becoming Japan’s first trust-based stablecoin. SBI Shinsei Trust Bank will serve as issuer, SBIVCTrade as the trading platform, and the stablecoin was jointly developed with Singapore-based fintech firm Startale Group. SBI Group plans to deeply integrate JPYSC across its securities, crypto asset, and banking services to enhance user convenience.
Key European Parliament Committee Approves Digital Euro Legal Framework; ECB Targets 2029 Launch
According to Bloomberg, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) approved the legal framework for the digital euro in Brussels on Tuesday, endorsing the simultaneous rollout of online and offline versions—a critical step clearing the path for final negotiations among EU institutions, national governments, and the European Commission. The European Central Bank (ECB) aims to launch the digital euro as early as 2029, viewing the project as vital to safeguarding the EU’s monetary sovereignty.
Blockchain Analytics Startup Allium Raises $40M in Series B Funding Led by Amplify Partners
According to Fortune, New York–based blockchain analytics firm Allium announced a $40 million Series B round led by Amplify Partners, with participation from Kleiner Perkins and Theory Ventures. Allium specializes in cleaning and integrating complex on-chain data, serving institutional clients including Visa, the Federal Reserve, Coinbase, and a16z Crypto.
Former Ethereum Foundation Researchers Launch Ethlabs, Backed by Joe Lubin, BitMine, and Sharplink
According to Decrypt, Ethlabs is a nonprofit R&D organization founded by former Ethereum Foundation researchers, focused on preparing the Ethereum network—and its native token—for institutional adoption. The organization has secured funding from Ethereum co-founder Joe Lubin, as well as from public ETH treasury initiatives BitMine and Sharplink.
Ansgar Dietrichs, Executive Director of Ethlabs, stated that this is a unique moment for Ethereum to realize its full potential as a globally shared settlement layer. Initially, Ethlabs will focus on enabling large-scale on-chain institutional operations. Over 50 ecosystem contributors—including Layer-2 networks, venture capital firms, and decentralized projects—have been listed as community supporters.
ByteDance Launches Doubao Large Language Model 2.1 Pro
On June 23, ByteDance’s VolcEngine hosted the Force Original Power Conference, where it unveiled the Doubao Large Language Model 2.1 Pro. This version delivers significantly enhanced demand understanding, long-term planning, and engineering delivery capabilities, along with major improvements in programming and agent functionality—placing its performance among the world’s top-tier models.
Market Data
Recommended Reading
Research Report Deep Dive: Morgan Stanley Analyzes SanDisk (SNDK)—Cloud Data Center Pricing Power and the Real AI Inference Boom
http://techflowpost.com/article/32182
Morgan Stanley updated its SanDisk research report on June 22, raising its price target from $1,100 to $1,750 and maintaining an “Overweight” rating. Its rationale is straightforward: surging AI inference demand is rewriting NAND flash market dynamics—cloud data center customers are price-insensitive, granting SanDisk pricing power. Coupled with new business model agreements locking in gross margins, future profitability has become highly predictable.
Crypto Exchanges Enter U.S. Equity “Gateway”—NYSE Parent Company Joins the Fray
https://www.techflowpost.com/article/32177
Intercontinental Exchange (ICE) and OKX have formed a 50:50 joint venture aiming to enable OKX’s 120 million users to trade ICE futures and NYSE-tokenized equities directly. But this isn’t just another JV announcement. Kraken launched nearly half of its newly listed tokens this year as tokenized equities; Robinhood has rolled out over 200 U.S. equity tokens across the EU; and the NYSE itself is building a 24/7 blockchain-based trading platform… A battle has begun over “who becomes the frontline interface for global retail investors buying U.S. equities.”
GPU Rental Prices Drop 30% in Three Weeks—AI Value Chain Shifts from NVIDIA to Memory Chips
http://techflowpost.com/article/32171
Rental prices for NVIDIA’s B200 chips fell from a May 30 peak of $6.11/hour to $4.22/hour—a roughly 30% decline over three weeks. Meanwhile, semiconductor stocks showed rare divergence: the VanEck Semiconductor ETF (SMH) rose 15% last month, Micron and SanDisk surged nearly 60% each, while NVIDIA declined 3%. For holders or prospective investors in NVIDIA or AI infrastructure, a key question emerges: AI money hasn’t shrunk—it’s simply relocated.
NVIDIA remains up ~12% YTD—but market attention appears to have shifted elsewhere.
Over the past month, VanEck Semiconductor ETF (SMH) rallied 15%, Micron Technology and SanDisk each soared nearly 60%, while NVIDIA fell ~3%—underperforming the sector. Even more telling, the core metric underpinning NVIDIA’s valuation narrative—the cloud rental price of its B200 chip—has softened in tandem.
Per Ornn, a GPU compute pricing platform, the B200 hourly rental rate hit a three-month high of $6.11 on May 30 before declining steadily, reaching $4.22 by last weekend—a drop of ~30%. Rich Privorotsky, Head of One-Delta Trading at Goldman Sachs, recently remarked: “The myth of AI ‘compute scarcity’ may be losing its luster.”
Wall Street Journal Exposes Polymarket’s “Fake Marketing”: Fabricated Profit Videos Targeting U.S. Users
https://www.techflowpost.com/article/32173
An investigation by the Wall Street Journal revealed that Polymarket paid influencers to film fake “winning” videos on counterfeit websites mimicking its official platform. Among 1,105 videos reviewed, approximately $1.9 million in displayed wagers were entirely fabricated. The platform also paid millions to streamer Adin Ross for promotion and hired low-cost overseas labor to form a “bot army” targeting U.S. users with those videos—even though Polymarket has been banned from serving U.S. users since 2022.
A prediction market platform whose core selling point is “on-chain transparency” built its growth engine on off-chain, unverifiable, fake transaction videos.
Per the Wall Street Journal’s June 21 investigative report, Polymarket systematically engaged dozens of social media creators to film fraudulent trading videos on lookalike sites closely resembling its official website—creating the illusion of effortless profit. Journalists reviewed 1,105 videos posted between December 2025 and mid-May 2026 by 10 creators and found that roughly 70% featured wagering visuals—yet none of the ~$1.9 million in bets shown were real.
SK Hynix Market Cap Surpasses Samsung for First Time in 26 Years; Korean Brokerage Forecasts 50% Upside
https://www.techflowpost.com/article/32172
On June 22, SK Hynix’s intraday market cap reached ₩208 trillion—the first time in 26 years it exceeded Samsung Electronics. Hanwha Investment & Securities raised its price target from ₩1.63 million to ₩4.3 million—the highest among Korean brokerages—citing how long-term supply agreements (LTAs) and HBM demand have fundamentally altered memory chip earnings volatility. Year-to-date, SK Hynix is up over 340%; pre-market trading briefly breached ₩3 million before falling over 5% during regular session.
On June 22, SK Hynix’s intraday share price hit a record high of ₩2.95 million, pushing its market cap to ₩208.1 trillion—surpassing Samsung Electronics’ ₩207.3 trillion. This marks the first time since November 2000 that Samsung has lost its position as Korea’s largest publicly traded company by market cap.
Per the Korea Herald, as of 3:15 p.m. local time that day, SK Hynix closed at ₩2.91 million (+5.32%), while Samsung Electronics edged down 0.28% to ₩353,000. SK Hynix is up 341.9% YTD versus Samsung’s 197.7%. Though both operate in the semiconductor space, the market is voting with its feet: in the AI era, companies directly benefiting from infrastructure build-out command higher valuation premiums than diversified conglomerates.
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