Weekly Review and Next Week Outlook | Israel's raid on Iran ignites the situation in the Middle East; Ant Group seeks to apply for stablecoin issuance licenses in Singapore and Hong Kong; Several prominent figures in the crypto community have had their X accounts suspended.

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Important News Review

Israel's Strike on Iran Ignites Middle East Situation, Crypto Market Experiences Severe Turbulence

On the morning of June 13, Israel launched a large-scale airstrike on Iran, codenamed "Rising Lion," targeting multiple military and nuclear facilities within Iran. According to Iranian officials, several high-ranking individuals, including senior commanders of the Islamic Revolutionary Guard Corps and two top nuclear scientists, were killed in the attack. Iran immediately closed its airspace and vowed to retaliate strongly, leading to a sharp escalation in the Middle East situation.

This conflict triggered global market turbulence, with international oil prices soaring over 6%, safe-haven assets like gold rising, while Bitcoin (BTC) and other crypto assets plummeted, briefly falling below $103,000. Investor panic increased, with concerns that geopolitical conflicts could impact the liquidity and risk appetite of crypto assets.

Ant Group to Apply for Stablecoin Issuance License in Singapore and Hong Kong

On June 12, Ant International, a subsidiary of Ant Group, announced plans to apply for a stablecoin issuance license in Hong Kong and Singapore, with simultaneous applications for a license in Luxembourg. This move follows the upcoming implementation of Hong Kong's "Stablecoin Regulation" on August 1, which establishes a comprehensive regulatory framework for fiat-backed stablecoin issuance, including requirements for 100% liquid asset coverage, segregated custody, and regular audits.

Ant Group's global transaction volume exceeded $1 trillion last year, with the blockchain-based Whale platform accounting for one-third of that. Additionally, Ant Group has partnered with Singapore's StraitsX and Grab to launch a cross-border payment stablecoin system, which has already made initial inroads in the Southeast Asian region.

U.S. Senate Passes Procedural Vote on the GENIUS Act

This week, the U.S. Senate passed a procedural motion for the GENIUS Act, which involves stablecoin regulation, with a vote of 68 in favor and 30 against, clearing the way for a final vote.

This action indicates that "the Senate has agreed to limit debate time and is prepared to move directly to the final vote on the bill," which could take place as early as June 17. The procedural vote received bipartisan support, with all Republican senators and 18 Democratic senators in favor.

Multiple Influential Crypto Accounts on X Platform Suspended, Reasons Unclear

Several well-known KOLs and project accounts in the crypto industry had their X accounts suddenly frozen today, including crypto analysts, Web3 project founders, and DeFi developers with hundreds of thousands of followers. As of now, the X platform has not provided a formal response regarding the reasons for the suspensions, nor has it offered an appeals channel; some accounts remain under "violation investigation."

The widespread account suspensions have caused a stir in the industry. Some analysts believe this may be related to recent adjustments in the X platform's algorithms and content review mechanisms, or it could involve a crackdown on certain types of Web3 promotional content. Some project teams are concerned that these unexplained suspensions will affect information dissemination and user trust within the crypto ecosystem.

U.S.-China Trade Agreement Advances Trade Negotiations, Awaiting Final Approval

U.S. President Trump announced that the U.S. and China have completed an important bilateral agreement covering trade, rare earth supply, and visa policies, which is currently awaiting formal approval from both governments. This agreement is seen as a significant step towards easing tensions between the U.S. and China, particularly regarding rare earth supply and high-tech product exports, with both sides reaching a phased consensus.

According to informed sources, China will gradually resume exports of certain key rare earth materials to the U.S., while the U.S. will relax visa restrictions for Chinese students and maintain the current tariff levels on certain Chinese goods. The results of these negotiations were reached during a two-day closed-door meeting in London and will be confirmed by the leaders of both countries.

Japanese Listed Company Remixpoint Increases Bitcoin Holdings, Total Holdings Exceed 925 Coins

Japanese listed energy technology company Remixpoint Inc. announced that it has completed a new round of Bitcoin purchases through its subsidiary, acquiring an additional 50 Bitcoins, bringing its total holdings to 925.71 coins.

Remixpoint stated in its announcement that this increase is part of its "long-term digital asset allocation strategy," aimed at strengthening asset diversification and hedging against inflation and fiat currency depreciation risks. The company is also one of the earliest listed firms in Japan to engage in Bitcoin asset allocation, having participated in crypto asset management through its virtual currency trading platform Bitpoint Japan as early as 2022.

Federal Reserve Appoints Michael Horowitz as New Inspector General

The U.S. Federal Reserve (Fed) announced that veteran Justice Department Inspector General Michael E. Horowitz will assume the role of new Inspector General for the Fed and the Consumer Financial Protection Bureau (CFPB) starting June 30, succeeding the retired Mark Bialek.

Horowitz has served as the Inspector General of the U.S. Department of Justice since 2012, known for his "independence, fairness, and willingness to hold accountable." He has overseen audits of $5 trillion in pandemic relief funds and led the Council of the Inspectors General on Integrity and Efficiency (CIGIE). His appointment is widely seen as a symbol of strengthening oversight mechanisms for the Fed and CFPB, especially following the recent exposure of insider trading scandals within the Fed.

Currently, this position is appointed directly by the Fed Chair without Senate confirmation, prompting some senators to propose reforms to the appointment mechanism, introducing presidential nominations and Senate confirmation processes to enhance the independence and authority of the Inspector General.

Next Week's Highlights

Federal Reserve FOMC Meeting Scheduled for June 17-18, Expected to Trigger Market Volatility

The Federal Reserve is set to hold a new round of Federal Open Market Committee (FOMC) policy meetings on June 17-18. This meeting will also release the latest Summary of Economic Projections (SEP), covering the Fed's latest assessments of future GDP growth, inflation paths, and interest rate levels. These projections will provide important signals for market policy direction.

The market is currently focused on whether the Fed will maintain interest rates or provide forward guidance for potential rate cuts in the second half of the year. Investors should pay close attention to Powell's wording during the press conference, as his statements regarding "neutral interest rates" and "economic soft landing" could trigger short-term market volatility.

ARKB to Implement 3-for-1 Stock Split to Enhance Market Liquidity

The ARK 21Shares Bitcoin ETF (ARKB), jointly launched by ARK Invest and 21Shares, will implement a 3-for-1 stock split on June 16. This move aims to lower the trading price per share, making the product more attractive, especially to retail investors.

According to the announcement, the stock split will not affect ARKB's net asset value (NAV), stock code (ARKB), or its investment strategy, nor will it change the ETF's exposure to crypto assets. After the split, each investor will hold three times the number of shares, but the price per share will be correspondingly reduced, keeping the overall market value unchanged. ARKB will continue to trade under its original CUSIP number.

Related: SEC Abolishes Cryptocurrency Rules Proposed During Biden Administration in a Series of Revocations

Original Article: This Week in Review and Next Week's Outlook | Israel's Strike on Iran Ignites Middle East Situation; Ant Group Seeks Stablecoin Licenses in Singapore and Hong Kong; Multiple Influential Crypto Accounts on X Platform Suspended

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