[News Brief] May 7, morning | White House pushes to pass crypto market structure bill by July 4

The White House is pushing to pass a cryptocurrency market structure bill by July 4, according to PANews, citing The Block, on May 7.

According to the report, Patrick Witt, executive director of the White House Digital Assets Advisory Council, said at the Consensus conference that if the Senate acts on the bill in June, the House would still have time to pass its own version.

A key issue in current discussions within the Senate Banking Committee is how to treat stablecoin rewards. A recently released compromise proposal offered some potential solutions, but the banking industry still considers it insufficient.

Ethics provisions have also emerged as a new point of debate. Senator Kirsten Gillibrand said she would not support the bill without an ethics clause, while Witt explained that the relevant rules would not target any specific individual and would apply equally to chairs and even congressional interns.

This legislative push is part of a broader effort to establish a regulatory framework for digital assets in the United States. If passed, the market structure bill could provide greater regulatory clarity for the broader cryptocurrency industry.

The Trump White House has confirmed that an announcement related to a strategic Bitcoin reserve could come within weeks.

According to the source, the White House said there had been “substantial progress” on the matter, and the market is watching closely for the possibility of additional Bitcoin purchases by the U.S. government.

If the remarks lead to an actual policy announcement, it could mark a significant shift in the United States’ digital asset holding strategy. However, the details of the announcement and implementation plan have not yet been disclosed.

The German government is reportedly considering tax reform for crypto assets. One proposal under discussion would abolish the current tax exemption for Bitcoin held for more than one year and instead tax it similarly to stocks.

On May 7, PANews, citing Bitcoin News, reported that German Finance Minister Lars Klingbeil had confirmed plans to introduce a different tax policy for Bitcoin and cryptocurrencies. Germany currently classifies Bitcoin as a private disposal asset similar to gold, allowing tax exemption for holdings kept longer than one year.

This system has long been regarded as one of the more crypto-friendly tax regimes among major countries. If the reform is implemented, long-term holders could face a greater tax burden.

Critics argue that the review could conflict with the coalition government’s existing tax revenue pledges. Some legal experts have also raised concerns that differentiated taxation on Bitcoin may violate the principle of equality under the German constitution.

Austria previously abolished its own tax exemption policy for crypto based on holding period. Bitpanda co-founder Eric Demuth criticized the proposal, saying it could only increase administrative costs and complexity.

BNY, the world’s largest custodian bank, is expanding its digital asset custody services in Abu Dhabi, initially focusing on Bitcoin (BTC) and Ethereum (ETH).

According to WuBlockchain, BNY plans to work with local partners Finstreet and the ADI Foundation to build a compliant digital asset infrastructure based in Abu Dhabi Global Market (ADGM). It will initially focus on BTC and ETH custody services before later expanding to stablecoins and tokenized assets.

BNY is a global custody institution with approximately $59 trillion in assets under custody and administration. The move is seen as part of a broader trend of traditional financial institutions expanding into the Middle East’s digital asset market.

Ripple, JPMorgan, Mastercard, and Ondo Finance have completed a pilot for cross-border settlement using a tokenized U.S. Treasury fund, Odaily reported.

The transaction took place on the XRP Ledger (XRPL). Ondo Finance first redeemed its tokenized U.S. Treasury product OUSG on-chain, after which instructions were transmitted through the Mastercard network and JPMorgan’s blockchain payment system. JPMorgan then completed the final U.S. dollar settlement to Ripple’s Singapore account.

The participants said the pilot demonstrated real-time interoperability between blockchain and traditional banking systems and highlighted the potential for tokenized assets to become integrated into global financial infrastructure.

U.S. spot Bitcoin ETFs recorded net inflows of $46.336 million on May 6 (U.S. Eastern Time), marking five consecutive trading days of net inflows.

According to PANews and SoSoValue on May 7, BlackRock’s IBIT saw the largest daily net inflow, adding $135 million. IBIT’s cumulative net inflows reached $10.48 billion.

By contrast, Fidelity’s FBTC posted the largest outflow, with net outflows of $38.9528 million. FBTC’s cumulative net inflows stood at $11.361 billion.

As of the time of reporting, the total net asset value of U.S. spot Bitcoin ETFs was $108.756 billion. ETF net assets accounted for 6.67% of Bitcoin’s total market capitalization, while cumulative net inflows reached $59.764 billion.

According to PANews, U.S. spot Ethereum ETFs saw total net inflows of $11.574 million on May 6 (U.S. Eastern Time), extending their inflow streak to four consecutive trading days.

The largest daily net inflow was recorded by Grayscale Ethereum Mini Trust ETF (ETH), which attracted $10.031 million. BlackRock’s ETHA also posted net inflows of $2.1246 million.

Meanwhile, Fidelity’s FETH saw net outflows of $584,300. As of the reporting date, the total net asset value of U.S. spot Ethereum ETFs was $14.011 billion, representing 4.94% of Ethereum’s market capitalization, while cumulative net inflows totaled $12.187 billion.

Spot Ethereum ETFs have maintained steady inflows in recent days, suggesting that institutional capital continues to enter the market.

According to PANews, U.S. spot Solana (SOL) ETFs recorded total net inflows of $21.3014 million on May 6 (U.S. Eastern Time).

The largest inflow went to the Bitwise Solana Staking ETF (BSOL), which added $20.773 million in a single day. BSOL’s cumulative net inflows reached $850 million.

Fidelity Solana Fund ETF (FSOL) also posted net inflows of $528,400 on the same day. FSOL’s cumulative net inflows stood at $160 million.

The total net asset value of spot SOL ETFs was $938 million, with a net asset ratio of 1.82% and cumulative net inflows of $1.044 billion.

The figures, based on SoSoValue data, reflect continued investor demand for spot SOL ETFs in the United States.

U.S. spot XRP ETFs recorded total net inflows of $13.0287 million in a single day.

According to PANews on May 7, SoSoValue data showed positive flows into U.S. spot XRP ETFs on May 6 (U.S. Eastern Time).

The Bitwise XRP ETF recorded the largest net inflow, attracting $7.3325 million and bringing cumulative net inflows to $434 million. Franklin XRP ETF followed with net inflows of $5.4193 million, with cumulative net inflows reaching $357 million.

As of the reporting date, the total net asset value of U.S. spot XRP ETFs was $1.113 billion. The net asset ratio stood at 1.26%, while cumulative net inflows totaled $1.319 billion.

The data suggests that capital inflows into U.S. spot XRP ETFs are continuing.

According to Blockaid, TrustedVolumes, a market maker and resolver on 1inch, was attacked on the Ethereum network, with about $5.87 million in assets stolen so far.

PANews cited the report. The attack targeted TrustedVolumes’ resolver contract, and the stolen assets included 1,291.16 WETH, 206,282 USDT, 16.939 WBTC, and 1,268,771 USDC.

Blockaid said the attacker appears to be the same entity behind the 1inch Fusion V1 exploit in March 2025. However, it explained that this vulnerability did not originate from 1inch itself, but from a customized RFQ trading proxy contract managed by TrustedVolumes.

Blockaid said further details about the incident would be released later.