Historic First Crypto Report Released by Trump’s White House

President Trump’s Working Group on Digital Assets issued landmark guidelines in a 160-page report, urging swift congressional action to revolutionize crypto regulation. Formed by executive order, the group outlined radical plans allowing the CFTC to oversee spot markets for non-security tokens.

The comprehensive report calls on regulators to immediately clarify complex rules surrounding trading, custody, registration, and digital asset recordkeeping. In parallel, it presses Congress to institutionalize DeFi innovation, embedding blockchain protocols deeply into mainstream financial structures.

President Trump already solidified America's crypto ambitions by signing the historic GENIUS Act, establishing unprecedented federal regulations for stablecoins. The administration simultaneously dismantled barriers to banking crypto firms, permanently ending Operation Choke Point 2.0.

Amid fierce debate, the White House notably omitted details of its contentious plan for a federal crypto reserve or stockpile. Critics meanwhile continue highlighting Trump family ties to crypto enterprises, citing potential conflicts as Trump's administration aggressively accelerates crypto integration.

Coinbase and JPMorgan Partner for USDC Rewards

Coinbase and JPMorgan are linking services to let Chase cardholders fund crypto accounts and convert reward points into USDC on Base. The program will allow direct linking of Chase accounts to Coinbase, enabling stablecoin usage without leaving the traditional banking system. The integration expands crypto access for mainstream users while driving Base adoption through embedded payments.

JPMorgan plans to deliver these reward redemptions using its Kinexys platform and JPMD deposit token technology. Chase customers will earn yield on PYUSD balances and face reduced friction entering digital assets from fiat. The partnership comes amid increased regulatory clarity around crypto banking services, following recent guidance issued by U.S. financial regulators.

Linea Snapshot Confirms Airdrop for Eligible Users

Consensys-backed Linea confirmed a final eligibility snapshot for its upcoming token airdrop, allocating 9% of LINEA’s supply to campaign participants. Voyage users who earned LXP points will qualify for LINEA tokens, with filters applied to prevent Sybil abuse and ensure broad community distribution. Linea also reserved an extra 1% for strategic builders to reward ecosystem development.

The network plans to burn 20% of ETH gas fees and 80% of protocol revenue, making LINEA the first deflationary Layer 2 token model. Most of the token supply will fund long-term grants and liquidity incentives through a 10-year Ethereum ecosystem fund. Consensys will hold the remaining 15%, locked for five years to align incentives.

Kraken Targets $500M Raise Before Planned IPO

Crypto exchange Kraken is seeking $500 million in fresh capital at a $15 billion valuation as it prepares to go public in 2026. Reports indicate the exchange wants to strengthen its balance sheet and fund global growth as peers like Circle and eToro move toward public listings. Kraken trades $1.25 billion daily and has benefited from a friendlier U.S. regulatory stance.

The SEC dropped its lawsuit against Kraken in March, clearing a major legal obstacle for a potential IPO. Analysts say the shift under Trump has encouraged veteran crypto firms to pursue liquidity events. Many of these companies raised early capital in 2017-2018 and are now seeking exits in newly supportive capital markets.

Data of the Day

Zora, a token launch platform built on Coinbase’s Base network, created over 51,000 tokens in one day, surpassing both PumpFun and LetsBonk on Solana. The surge makes Base the leading blockchain for new token launches for the first time since early 2023, according to Coinbase’s Conor Grogan. Unlike Pump, Zora turns user posts into tradable tokens, blending social content with meme coin trading mechanics.

Zora’s growth reflects a shift away from bot-powered token spam toward user-generated content with speculative value. Despite PumpFun launching millions of tokens since 2024, its daily share has steadily declined in favor of newer platforms. Zora’s model rewards originality while still enabling viral token economies, drawing attention from artists and meme coin traders alike.

More Breaking News

• Polygon experienced a one-hour outage caused by a validator bug, weeks after its Heimdall layer underwent a major hard fork for scalability improvements.
• Ripple’s David Schwartz defended XRPL’s low activity, citing institutional preference for offchain transactions and national security concerns around onchain liquidity sourcing.
• Strategy raised $2.5 billion through a new preferred stock offering, purchasing 21,021 BTC and lifting its Bitcoin treasury to nearly 629,000 coins.
• Turkish mobility firm Marti will allocate 20% of its cash into Bitcoin, potentially raising that to 50% and adding Ethereum and Solana later.
• Hyperliquid plans to issue automated refunds after a traffic-related API outage caused order execution delays and user confusion, despite the chain remaining operational.
• Indonesia will raise crypto transaction taxes on August 1, with exchange sellers facing up to 1% fees, while buyers get relief from VAT.
• Ethereum treasury firm BTCS filed to raise $2 billion for further digital asset purchases, expanding its ETH-first DeFi and staking-focused accumulation strategy.
• Samourai Wallet co-founders will plead guilty to laundering charges tied to their crypto mixer, which processed over $2 billion in illicit transactions.

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