JUST IN: With one day remaining before the scheduled recess, @SenatorTimScott says the Senate’s first CLARITY Act vote is expected to take place. Asked whether the bill could advance before senators leave Washington, Scott said: “We should have the first vote before we leave -without any question.” He also indicated that the Senate could remain in session longer if necessary: “We might be here much longer… the good news is we have the time to get it done.” Scott said Republicans are consolidating support and expressed confidence that additional Democrats could ultimately back the legislation. “We’ll get it done.”

JUST IN: U.S. inflation cooled sharply in June, strengthening the case for easier monetary policy. Headline CPI fell 0.4% month-over-month, marking the first monthly decline since the pandemic and coming in well below expectations. Annual CPI slowed to 3.5%, down from 4.2%. Core CPI, which excludes food and energy, was flat at 0.0% for the month, while the annual core rate eased to 2.6%, bringing the Federal Reserve's 2% inflation target back into view. The softer-than-expected data reduces pressure for additional rate hikes and supports the case for lower interest rates, helping lift equities and other risk assets in early trading.

JUST IN: House Financial Services Committee Chairman French Hill announced a field hearing in New York next week to advance the CLARITY Act and align it with the GENIUS Act. The delay: Recent ethics concerns surrounding the Trump family's crypto investments have slowed negotiations. He also reiterated his optimism, urging Senate leadership to bring the bill to the floor in July: "You've got to have a deadline in Congress to get people to move and find consensus." The hearing marks another step toward establishing a comprehensive U.S. regulatory framework for digital assets.

JUST IN: Hedera, XRP Ledger, Ethereum, Solana and other leading blockchain networks were evaluated in a major tokenization sandbox involving BlackRock, JPMorgan, Franklin Templeton and other global financial institutions. Led by Global Digital Finance (GDF) and ISDA, the initiative explored how tokenized U.S. money market funds could be used as collateral in institutional markets. The sandbox evaluated Hedera, XRP Ledger, Ethereum, Solana, Avalanche, Stellar, Sei, Hyperledger Besu, BNB Chain, and Canton, with participants including BlackRock, Fidelity, Franklin Templeton, JPMorgan, Goldman Sachs, State Street, DTCC, SWIFT, Ripple, and other leading market infrastructure providers. The message is clear: institutional finance has moved beyond asking whether tokenization will happen—it's now evaluating the infrastructure that could power the next generation of capital markets.

JUST IN: The MCSA shifts from negative to neutral stance on CLARITY Act. The Major County Sheriffs of America (MCSA), representing the nation's largest sheriffs' offices serving more than 120 million Americans, has officially shifted from opposition to a neutral position on the CLARITY Act following targeted discussions. This is a meaningful development. The MCSA's concerns over Section 604 had become one of the primary law enforcement objections to the bill, contributing to delays and slowing momentum as lawmakers worked toward a Senate vote. With those concerns now addressed, a significant obstacle has been removed. The CLARITY Act remains on the Senate calendar awaiting full floor consideration, and this shift could strengthen bipartisan support as lawmakers work toward final passage. Source: @EleanorTerrett

BREAKING: SEC Chair: Agency Taking "Historic Steps" Toward Crypto Regulatory Clarity SEC Chair Paul Atkins said the SEC is taking "historic steps" to modernize its rules for on-chain markets, signaling the agency is preparing for a more comprehensive digital asset framework. Atkins said the goal is to provide regulatory certainty so issuers know whether a digital asset is a security before entering the market. The proposed CLARITY Act would establish clear regulatory oversight for digital assets, a move widely viewed as a key milestone for institutional participation in the sector.

BREAKING: Bitcoin reclaimed $62,000 this morning on June’s jobs report - which came in weaker than expected, increasing expectations for Fed rate cuts. More than $69 billion was added to the crypto market in the past 6 hours. - Over $600M in crypto positions were liquidated in the last 24 hours.

BREAKING: Taiwan just passed the Virtual Asset Service Act, the country's own version of the US CLARITY Act. Yesterday, the UK's Financial Conduct Authority (FCA) finalized their own crypto regulatory framework - set to be fully implemented in October 2027. And as of today, (July 1st) the European Unions MiCA (Markets in Crypto-Assets) regulations enter full enforcement; any firms that haven't been granted a MiCA license cannot serve EU clients. What stands in the way for the US CLARITY Act at this point? Firstly, 7 votes. Assuming all 53 Senate Republicans vote "yes" (which isn't guaranteed), the GOP needs at least 7 Democrats to cross the aisle and support the bill. To add to that, when the Senate Banking Committee advanced the bill 15-9 on May 14, two Democrats voted "yes" but explicitly stated their support on the Senate floor was CONDITIONAL on resolving ongoing policy fights. Secondly, ethics. Outstanding ethics issues still remain regarding the current US president, Donald Trump, (and future public office officials) over whether their involvement in crypto, such as creating their own coins during public tenure, can be tolerated - and what the scope of tolerance, if any, will be. On the positive side, SEC Commissioner Hester Peirce stated she is optimistic that the CLARITY Act will pass "this summer" in an interview today (July 1st) on the Searching for Mana podcast. While yesterday, Senator Tim Scott agreed with John Thune, Majority Leader of the US Senate, that the senate should vote on crypto market structure in July. THEN, this sentiment was echoed by Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, saying on X: "July is shaping up to be quite a month. What better way to celebrate our nation's 250th than by cementing American leadership in global financial markets for decades to come?" Thousands of hours have gone into the act. It looks like support is there. Does the US still have a chance at becoming the crypto capital of the world? Mid/late July will be the deciding factor, assuming the purported timeline sticks and all issues have been resolved.

BREAKING: Commercial shipping through the Strait of Hormuz has climbed to 10 million barrels of crude oil per day, according to Bloomberg. Key details: - Traffic has surged since the 60-day Memorandum of Understanding was signed. - Oil flows remain 50% below pre-war levels. - Uncertainty remains over what happens when the MoU expires. Meanwhile, U.S. oil prices are down more than 40% from their recent high.

BREAKING: US ISM PMI is out. Actual: 53.3% Expected: 54%.

BREAKING: SEC Commissioner, Hester Pierce, said "I'm still optimistic it will get done this summer" on the CLARITY Act. She also said that a lot of hours have been put into the bill, with the people in the House and Senate working hard on it. "I expect we will see it pass soon".

CRYPTO: Visa, Stripe, Mastercard, BlackRock, and Coinbase are reportedly exploring a new stablecoin initiative called OUSD. The goal is to create a shared stablecoin that could be used across multiple payment networks and financial platforms, signaling continued institutional interest in blockchain-based payments and settlement. If launched, it would mark another major step toward integrating stablecoins into mainstream finance.

US Consumer Confidence data (June 2026) Actual: 91.2 Expected: 94.4 (-3.39% surprise) Previous (revised): 90.6 (+0.66% MoM)

The race is on, and some would argue the UK is winning. The UK's Financial Conduct Authority (FCA) has finalized the country’s crypto regulatory framework. We're still waiting for the CLARITY Act in the US. This finalization in the UK gives digital asset firms a clear path to operate under comprehensive regulations ahead of implementation in October 2027. CLARITY is set (hopefully) for a floor vote in the US Senate mid/late July.

Don't forget: May JOLTs Job Openings data and the June CB Consumer Confidence data are being released tomorrow at 10am ET. We'll have the data ready and in front of you as soon as it's out. Follow us so you don't miss market moving news.

BREAKING: According to an article on Punchbowl Vault, Senate Majority Leader John Thune said he was willing to give Democrats time to work through "legit" objections to the latest draft of the CLARITY Act. This was followed by Senator Tim Scott agreeing with him on X, that the crypto market structure bill should be voted on in July. THEN, Patrick Witt, the Executive Director of the President’s Council of Advisors for Digital Assets said this: "July is shaping up to be quite a month. What better way to celebrate our nations 250th than by cementing American leadership in global financial markets for decades to come?" CLARITY seems to be in full swing despite concerns a recess may put the bill on the back burner. The US just may become the "crypto capital of the world" after all.