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Quick Take Fidelity is launching an Ethereum-based share class called “OnChain” for its Treasury money market fund, issuing shares that are recorded on the blockchain network, according to a new filing. Fidelity will maintain traditional book-entry records as the official ownership ledger, though ownership will also be recorded on Ethereum, with records reconciled daily.
Quick Take President Trump made a rare direct reference to the Official Trump memecoin in a Truth Social post, calling it “the Greatest of them all.” His post sent the price of Official Trump rocketing upward, with trading volume spiking, though the price quickly retreated back down in the hours following the post. The token gained $400 million in value following the post, before giving back all but $100 million.
- 01:26Six whale addresses collectively deposit 95.36 million ENA into CEXAccording to a report by Jinse Finance, monitored by Lookonchain, a total of 95.36 million ENA, valued at approximately $28.4 million, have been deposited into CEX from six wallet addresses over the past 20 hours. These wallets received the ENA from the EthenaProxy wallet.
- 01:25US House of Representatives Holds Another Hearing on Crypto Regulation Bill, Questions Trump's Conflict of InterestOdaily Planet Daily News: On June 7, the U.S. House Financial Services Committee, driven by Democrats, held a "Minority Day" hearing to conduct a supplementary review of the "Clarity Act" for digital asset markets. Several Democratic lawmakers once again questioned former President Trump's involvement in the cryptocurrency field, suggesting it may constitute a conflict of interest.Representative Maxine Waters stated that the act could be used by Trump for personal gain, noting his multiple involvements in cryptocurrency investments during his presidency. Meanwhile, legal experts expressed concerns about the regulatory exemption clauses, potential loopholes, and cybersecurity risks within the act.The Republican side emphasized that the U.S. currently lacks a federal regulatory framework for non-securities digital assets, believing that the act would help fill the regulatory gap. The bill is expected to enter the voting process next week. (CoinDesk)
- 01:24Federal Reserve's Mester: Trade War May Lead to Persistent Inflation, Tariffs Could Raise Inflation in "One or Two Quarters"According to ChainCatcher, citing Jinshi reports, Federal Reserve's Mester stated that there is a 50% chance of persistent inflation due to the trade war. Tariffs may drive up inflation within "one or two quarters".