[News Brief] Jun 17, morning | U.S. Congress reaches agreement on bill extending ban on Federal Reserve CBDC development through 2030

U.S. Congress reaches agreement on bill extending ban on Federal Reserve CBDC development through 2030

According to Bloomberg, U.S. congressional leaders have reached agreement on a comprehensive housing bill, which includes a provision extending the ban on the Federal Reserve’s development of a central bank digital currency (CBDC) through 2030.

The agreement breaks a months-long deadlock between the House and Senate. The bill also includes restrictions on institutional investors’ purchases of single-family homes, removes provisions that would have required the disposal of certain rental housing, and contains measures to ease bank regulation.

Senate leaders said they expect the Senate to pass the bill this week, after which the House would send it to the president for signature next week.

Saudi outlet reveals 14-point U.S.-Iran memorandum of understanding

A Saudi media outlet has disclosed the contents of a 14-point memorandum of understanding between the United States and Iran. The document includes an immediate and permanent end to the war, mutual respect for sovereignty, and negotiations on a final agreement within 60 days.

The source was Odaily. According to the report, the United States would immediately lift its maritime blockade on Iran and fully restore Iran’s shipping capacity within 30 days. It would also withdraw troops from areas surrounding Iran within 30 days of a final agreement.

Iran would take measures to restore commercial shipping traffic through the Persian Gulf and the Gulf of Oman to pre-war levels within 30 days. As a result, the Strait of Hormuz would also be reopened within 30 days, depending on steps taken by Iran.

The memorandum also includes a clause under which the United States and regional partners would formulate a reconstruction and development plan for Iran and provide at least $300 billion in support. Under the final agreement, the United States would terminate Iran-related sanctions, including those tied to the UN Security Council, the International Atomic Energy Agency, and primary and secondary U.S. sanctions.

In addition, the United States would grant waivers for exports of Iranian crude oil and petrochemical products, as well as related banking, insurance, and transportation services until sanctions are lifted, and would release $24 billion in frozen Iranian funds during the negotiation period.

Iran reaffirmed that it would not develop nuclear weapons, while the handling of enriched uranium and other nuclear issues would be addressed in the final agreement. The final agreement would be approved through a UN Security Council resolution.

WLFI expected to receive OCC federal trust bank charter

According to Odaily, World Liberty Financial (WLFI), a cryptocurrency project backed by President Trump’s family, is expected to receive a federal trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC).

Two anonymous former OCC employees said the application is highly likely to be approved. WLFI established a U.S. trust company in January and submitted its application to the OCC.

If approved, WLFI would be able to directly provide USD1 stablecoin issuance and redemption, reserve management, digital asset custody, and conversion and settlement services under a single federal supervisory framework. BitGo currently serves as the intermediary institution.

Bipartisan U.S. senators urge Treasury to preserve state oversight authority over stablecoins

Bipartisan U.S. senators have urged the Treasury Department to ensure that state authority to supervise stablecoins is preserved when drafting implementation rules for the GENIUS Act.

According to Odaily, a bipartisan group of senators led by Senator Cynthia Lummis sent a letter to U.S. Treasury Secretary Scott Bessent, asking that state oversight be maintained for certain stablecoin issuers.

The GENIUS Act was signed into law last year, establishing a federal regulatory framework for stablecoins in the United States. The law requires stablecoins to be fully backed by U.S. dollars or similarly highly liquid assets and mandates annual audits for issuers with market capitalizations above $50 billion.

For stablecoin issuers with market capitalizations of $10 billion or less, the law permits state-level supervision if the state regulatory framework is substantially similar to federal requirements. The senators argued that the Treasury’s current draft rules fail to clearly set out the application, review, and certification timeline and standards for state regulatory systems, increasing uncertainty for states.

They also noted that legislative calendars vary by state, with some states meeting only every two years, and stressed the need for a flexible, ongoing certification process that allows applications whenever needed.

Illinois signs SB 3019 including digital asset tax law

According to PANews, Illinois Governor JB Pritzker has signed SB 3019, a bill that includes a digital asset tax law.

The law imposes a 0.2% business tax on brokers that trade, transfer, or custody digital assets on behalf of customers in Illinois. It will take effect on January 1, 2027.

The state government expects the tax to generate about $60 million in annual revenue. The tax applies not to investment gains but to business activity related to digital assets.

The Illinois Digital Chamber of Commerce and the Illinois Blockchain Association opposed the tax, arguing that it unfairly targets a specific asset class. Industry groups say the measure could encourage crypto companies to relocate to other states.

Spot Bitcoin ETFs record $10.06 million in net inflows on June 16

Spot Bitcoin ETFs recorded total net inflows of $10.0643 million on June 16, U.S. Eastern Time. BlackRock’s IBIT led the day’s flows with $16.3526 million in inflows.

PANews, citing SoSoValue data, reported on June 17 that BlackRock IBIT’s cumulative net inflows reached $62.197 billion.

Grayscale Bitcoin Mini Trust ETF (BTC) posted net inflows of $4.3529 million, bringing its cumulative net inflows to $2.313 billion.

By contrast, Grayscale GBTC saw net outflows of $16.8051 million. GBTC’s cumulative net outflows now stand at $26.992 billion.

As of the time of reporting, total net assets of spot Bitcoin ETFs stood at $82.062 billion, representing 6.22% of Bitcoin’s total market capitalization.

Spot Ethereum ETFs record $9.58 million in net inflows on June 16

PANews, citing SoSoValue data, reported that spot Ethereum ETFs recorded total net inflows of $9.5876 million on June 16, U.S. Eastern Time.

BlackRock’s ETHA led with net inflows of $17.3358 million for the day. ETHA’s cumulative net inflows were recorded at $11.338 billion.

By contrast, Bitwise’s ETHW saw net outflows of $3.4662 million. Total net assets of spot Ethereum ETFs stood at $9.889 billion, while cumulative net inflows reached $11.218 billion.

Base to activate mainnet Beryl hard fork on June 26

PANews, citing an official announcement, reported that Coinbase’s layer-2 network Base will activate its Beryl hard fork upgrade on mainnet on June 26.

The upgrade includes the introduction of B20, Base’s native token standard, a reduction in the single-proof withdrawal finalization period from seven days to five days, and the adoption of Reth V2. The Reth V2 upgrade is expected to reduce disk usage by 50% and increase throughput by 33%.

B20 is an ERC-20-compatible token standard aimed at issuers of stablecoins, real-world assets (RWA), and long-tail tokens. It includes built-in compliance features such as transfer controls, freezing and seizure capabilities, role-based access control, memos, and supply caps.

The Beryl upgrade will first be deployed on the Sepolia testnet on June 19 before going live on mainnet on June 26.

BitGo offers MiCA transition solution for European crypto firms

BitGo is offering a compliance transition solution for European crypto firms ahead of MiCA regulatory deadlines, according to PANews, citing CoinDesk.

BitGo Europe, which has been approved by Germany’s financial regulator BaFin, said its crypto services platform will help European companies transition into the MiCA framework. Even companies without a MiCA license can onboard clients through BitGo wallets, with customers holding independent sub-accounts within BitGo that meet MiCA requirements.

BitGo said companies can also pursue their own MiCA license assessment or application while integrating the infrastructure. Industry data show that more than 3,000 crypto firms were registered in Europe in 2024, but only 194 had been approved by May 2026.

Coinbase unveils system upgrades including AI investment advisory, global liquidity integration, and options trading

Coinbase has unveiled system upgrades that include AI investment advisory, globally integrated liquidity, and options trading, according to Odaily.

The update includes the integration of an SEC-registered AI investment advisory system into its main trading platform, liquidity linkage between U.S. and international platforms, and expanded support for spot digital assets and derivatives trading.

On the consumer side, benefits for the Coinbase One Card were also added. Users can stake 500 to 5,000 USDC to obtain the card, and can receive 5% Bitcoin cashback when paying through a travel portal partnered with Booking.com.

Coinbase also said it is advancing themed equity indexes, pre-IPO perpetual contracts, options trading features, and improvements to its developer platform. The company has been expanding beyond digital assets into stocks, derivatives, and prediction markets.

Source: Odaily