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Trump’s Crypto Ties at Forefront as U.S. Lawmakers Weigh Crypto Market Structure Bill

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U.S. House of Representatives Republicans are forging ahead with legislation to establish regulations for U.S. crypto markets, dissecting that effort in a pair of hearings on Wednesday, but Democrats insist the complex bill is hurried, flawed and fails to address a chief complaint: their accusations that President Donald Trump is engaged in crypto corruption.

The House Financial Services Committee and House Agriculture Committee both examined the changes contemplated by Digital Asset Market Clarity Act, with witnesses in the financial committee including two former chairmen of the Commodity Futures Trading Commission and a former acting chairman of the Securities and Exchange Commission.

Republican lawmakers praised the bill as an urgently needed, long-awaited answer to both the digital assets industry’s desperation for clear rules and also to the concerns that crypto innovations will continue to flee overseas if the U.S. fails to match the regulatory work that’s moved far ahead in other jurisdictions, including in Europe and Asia.

«This is the future, and we better get our act together,» said Representative Bill Huizenga, the vice chairman of the House Financial Services Committee, who argued the status quo is offering consumers zero protections.

Crypto bills in both the House and the U.S. Senate in this and the previous congressional session have cleared multiple voting tests to demonstrate significant bipartisan support. However, Democratic lawmakers who have been among those yes votes in committees and on the House and Senate floors have suggested that the potential conflicts-of-interest demonstrated in President Donald Trump’s personal crypto business interests must be addressed to maintain that support.

Representative Jim Himes, a Connecticut Democrat who was once a banker at financial giant Goldman Sachs Group Inc., said he’s in that category.

«The way to deal with the Trump stuff is to make sure that this bill has — literally — platinum consumer protections,» he said, citing money-laundering constraints and also conflict-of-interest language for public officials. «I will not vote yes on this thing unless it does.»

Democrats have openly accused Trump of corruption in his crypto dealings, in which he and his family are reportedly collecting millions in profits and fees from the industry — including anonymous foreign investors — as the federal government debates how to regulate those same activities the Trumps are involved in.

Almost all the Republicans on the financial-services panel maintained a distance from the Democrats’ chief complaint, only mentioning Trump’s name when praising his administration for its crypto support. Then Representative Andy Barr of Kentucky leapt into the fray directly, admonishing the Democrats’ «carelessly thrown-out accusation and this baseless politically motivated attack against President Trump.»

«They know that the president’s assets are in a blind trust managed by his children who are not members of the administration,» Barr contended, though blind trusts are formal agreements that leave their beneficiaries with no knowledge of their investments — not a description of Trump’s relationship with his family business. The lawmaker said the Democrats’ opposition is «about them opposing American leadership in crypto.»

Himes criticized Barr’s «ill-advised and cheap shot that we are engaging in politics.»

Democrats also raised other issues with the 236-page Clarity Act, arguing that they haven’t had enough time to get a handle on the hugely complex legislation, that it doesn’t focus enough on protections for consumers, falls short on dealing with crypto in illicit finance and potentially leaves loopholes for existing securities firms to use the new rules to dodge regulation.

«On the one hand, we’re trying to protect people investing in crypto, but on the other hand, we’re doing things that may undermine protections in our traditional securities markets,» said witness Timothy Massad, a former CFTC chairman who now focuses on digital assets at Harvard University’s Kennedy School of Government.

«We must not screw up existing securities regulations or standards,» Himes said, asking why the bill’s special securities-regulation exemptions for certain investment contracts for digital commodities need to exist, arguing that the legislation’s exemptions might be abused by sophisticated securities lawyers.

But committee Chairman French Hill argued this bill is «more robust» on consumer and market protections than the predecessor legislation in the last session, which drew yes votes from 71 Democrats in the House.

While the House may be able to more easily advance controversial legislation, the Senate generally requires wide bipartisan support to clear its particular hurdles. So, Democrats there must be on board before the market structure bill can become law.

Next week, the Clarity Act may get a markup in Hill’s committee — a formal session in which legislation is debated and amended before potentially being advanced to the overall House. The financial services panel’s ranking Democrat, Representative Maxine Waters, said on Wednesday that this next stage could come on June 10.

Read More: U.S. House Republicans Officially Introduce Crypto Market Structure Bill

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ETH Price Surges as $2.9B Inflows, EthCC, and Robinhood’s L2 Fuel Bullish Sentiment

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Ether (ETH) 3.5% in the past 24 hours to $2,519 as of 18:59 UTC on June 30, according to CoinDesk Research’s technical analysis model, supported by continued institutional demand, network upgrades, and major retail platform integrations.

Institutional interest remains robust, with CoinShares reporting $429 million in net inflows into ether investment products over the past week and nearly $2.9 billion year-to-date. This trend has coincided with a declining ETH supply on exchanges and rising staking levels, with over 35 million ETH —a round 28% of the total supply — now locked in proof-of-stake contracts. Market analysts suggest that these factors are reducing liquid supply and bolstering ether’s long-term investment thesis.

Robinhood announced on Monday that it is developing its own Layer-2 blockchain using Arbitrum’s rollup infrastructure. The network is not yet live, but the initiative will eventually support Ethereum staking, tokenized stock trading, and perpetual crypto futures. Although the L2 is under development, the decision to build it on Ethereum’s rollup ecosystem is seen as a long-term vote of confidence in Ethereum’s scalability roadmap.

Ethereum co-founder Vitalik Buterin has also introduced a new digital identity framework using zero-knowledge proofs. This system allows users to verify traits or credentials without revealing private data and is designed to help Web3 apps incorporate privacy-preserving identity systems. Analysts view this as a key step toward wider adoption of decentralized applications requiring sensitive user authentication.

Meanwhile, the Ethereum Community Conference (EthCC) kicked off in Cannes, France, gathering more than 6,400 attendees and 500 speakers. The event showcases Ethereum’s ongoing developer momentum through presentations on new tools, scaling strategies, and protocol improvements.

Despite the positive momentum, ETH remains just below its 200-day moving average, suggesting technical barriers still exist. However, the confluence of inflows, developer progress, and scaling plans continues to support a constructive outlook.

Technical Analysis Highlights

  • Ether traded between $2,438.50 and $2,523 from June 29 19:00 to June 30 18:00, marking a 3.47% range.
  • The largest spike occurred during the 22:00–23:00 UTC window on June 29, when ETH surged 2.9% on volume of 368,292 ETH, briefly pushing through the $2,500 barrier.
  • On June 30 at 15:00 UTC, ETH found strong support around $2,438 on above-average volume, confirming a bullish floor.
  • A local high of $2,523 was reached earlier in the day, establishing resistance just above the psychological $2,500 level.
  • During the final hour from 18:00 to 18:59 UTC on June 30, ETH retraced from an intraday peak of $2,499.19 to close at $2,487.19.
  • A sharp upward move between 18:20–18:21 saw ETH climb 1.6% on 6,318 ETH volume, stalling near $2,499.
  • As of 20:23 UTC on June 30, ETH traded at $2,519, up 3.49% in 24 hours, signaling renewed bullish momentum into the Asia open.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Circle Applies for National Trust Bank Charter

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Circle (CRCL), the company behind the USDC stablecoin, said Monday it has filed an application with the Office of the Comptroller of the Currency to form a federally regulated national trust bank.

A federal trust charter would bring Circle under direct OCC oversight, aligning it with how traditional financial institutions are regulated. If approved, the new entity, which would be called First National Digital Currency Bank, N.A. would oversee custody of USDC reserves and offer services tailored to institutions. If approved, Circle would join the ranks of federally chartered institutions like Paxos and Anchorage, both of which previously secured trust bank status to offer crypto-related services nationwide.

The trust bank status would allow Circle to operate across state lines without obtaining separate licenses in each state — a hurdle that has complicated expansion for many digital asset companies. It would also permit Circle to offer regulated digital asset custody services to institutional customers.

The move signals a strategic effort by Circle to solidify its regulatory standing as the U.S. mulls legislation like the GENIUS Act, which would create new guardrails for dollar-backed stablecoins. The company said becoming a national trust bank would help it meet anticipated requirements under the bill, which passed through the Senate earlier this month and now awaits a vote in the House of Representatives.

«By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure,» Circle CEO Jeremy Allaire said in a statement. «We will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world’s leading institutions to build on.”

Circle went public last month and issues the world’s second-largest stablecoin, USDC, and the leading euro-pegged token EURC.

The OCC, which oversees national banks and federal savings associations, must still review and approve Circle’s application. The agency has granted similar charters to a handful of crypto firms in recent years, signaling growing regulatory acceptance of digital asset companies operating within the traditional banking framework.

UPDATE (June 30, 2025, 20:50 UTC): Adds additional information.

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HBAR Climbs 2.1% as Traders Digest ETF Review, AI Launch, and Energy Governance Move

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Hedera’s native token HBAR HBAR extended its rally on Sunday, trading up 2.1% to $0.1519 as of 19:56 UTC on June 30, according to CoinDesk Research’s technical analysis model.

The move follows a flurry of ecosystem updates that broaden Hedera’s enterprise reach and reinforce its growing footprint in AI, gaming, and sustainability.

On June 24, Blockchain for Energy (B4E), a nonprofit focused on sustainability data management in the energy sector, officially joined the Hedera Governing Council. B4E already runs its carbon tracking platform on the Hedera network, and its addition brings domain expertise in emissions reporting and digital MRV (measurement, reporting, and verification) standards. As a council member, B4E will run its own node and contribute to governance decisions—particularly those aligned with environmental transparency and enterprise accountability.

Just two days later, Hedera unveiled its AI Studio, an open-source software development kit designed to help developers build decentralized applications powered by artificial intelligence. The suite includes an Agent Kit that integrates with LangChain and enables AI agents to interact directly with Hedera’s consensus and token services using natural language commands. The goal is to lower the barrier for AI-native apps while maintaining onchain auditability, transparency, and regulatory alignment.

On the gaming front, Hedera Foundation announced on June 19 a partnership with The Binary Holdings (TBH), a Web3 infrastructure firm. The collaboration aims to bring Hedera-based gaming apps to mobile users in Southeast Asia via OneWave, TBH’s decentralized app store. Integrated into native telecom platforms across Indonesia and the Philippines, OneWave is expected to onboard over 169 million users with built-in Web3 rewards and onchain verification.

Meanwhile, in mid-June, the U.S. Securities and Exchange Commission began a formal review of the Canary HBAR ETF, which would offer direct exposure to HBAR via a regulated investment vehicle. A public comment period is now open ahead of the SEC’s July 7 deadline. If approved, the ETF could catalyze broader institutional access and further legitimize HBAR’s role in capital markets—though regulatory scrutiny remains high, and analysts remain divided on long-term token utility.

Technical Analysis Highlights

  • HBAR traded in a 4.1% range from $0.1478 to $0.1538 between June 29 19:00 UTC and June 30 18:59 UTC.
  • A strong breakout occurred during the 22:00 hour on June 29, with price surging to $0.154 on volume of 104.5M units.
  • Major support formed at $0.148 between 14:00–15:00 UTC on June 30, with 80.6M units traded.
  • From 18:00–18:59 UTC on June 30, HBAR showed a V-shaped recovery, dipping to $0.149 before rebounding.
  • During the 18:20–18:21 UTC window on June 30, price stabilized with 1.3M in volume, forming short-term support at $0.149.
  • As of 19:56 UTC on June 30, HBAR traded at $0.1519, up 2.1% for the day with resistance seen at $0.1538.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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