The cryptocurrency landscape continues to evolve at a rapid pace, shaped by regulatory shifts, institutional adoption, and market dynamics. This comprehensive digest unpacks the most significant developments from early July 2025, offering insights into how governments, financial institutions, and major corporations are positioning themselves in the digital asset ecosystem.
SEC Advances Crypto ETF Framework Amid Broader Regulatory Clarity
The U.S. Securities and Exchange Commission (SEC) has taken pivotal steps toward formalizing the regulatory framework for cryptocurrency exchange-traded funds (ETFs). On July 1, the Division of Corporation Finance issued new guidance outlining disclosure requirements for crypto ETF issuers. The directive emphasizes transparency in net asset value calculations, custodial practices, service provider selection, and conflict-of-interest disclosures.
Notably, the SEC approved Grayscale’s proposal to convert its Digital Large Cap Fund into a spot ETF. The fund, currently traded over-the-counter among qualified investors, is heavily weighted toward Bitcoin (nearly 80%) and Ethereum (~11%), with smaller allocations to Solana, Cardano, and XRP.
👉 Discover how institutional ETF approvals are reshaping crypto investment strategies.
This move aligns with broader efforts to streamline the listing process for token-based ETFs. According to reports from crypto journalist Eleanor Terrett, the SEC is collaborating with exchanges to develop universal eligibility criteria for such products. If a token meets predefined standards—potentially including market capitalization, liquidity, and trading volume—issuers could bypass the lengthy 19b-4 filing and proceed directly with an S-1 registration, reducing approval timelines to just 75 days.
Global Regulatory Shifts: Singapore Tightens Crypto Licensing Rules
In a bid to combat money laundering risks, the Monetary Authority of Singapore (MAS) has tightened regulations for digital token service providers. As of June 30, firms serving only overseas clients must obtain a license to operate in Singapore. However, MAS has raised the bar significantly, stating it will generally not grant such licenses due to heightened anti-money laundering (AML) concerns.
The authority emphasized that when regulated activities occur predominantly outside Singapore, effective oversight becomes unfeasible. This marks a strategic tightening of Singapore’s once-open crypto regime, signaling a more cautious approach to cross-border digital finance operations.
U.S. Senate Rejects Bill Targeting Political Promotion of Crypto
A proposed amendment aimed at curbing political influence in cryptocurrency promotion failed to pass in the U.S. Senate. Senator Jeff Merkley’s End Cryptocurrency Corruption Act sought to prohibit elected officials from endorsing digital assets for personal gain. The bill was rejected with 46 votes in favor and 54 opposed, largely due to Republican opposition.
Merkley argued that public officials should not be allowed to monetize their influence through crypto promotions. While the amendment did not succeed, it reflects growing scrutiny over ethical boundaries in the intersection of politics and emerging financial technologies.
Institutional Adoption Accelerates: Corporations Outpace ETFs in Bitcoin Buying
Corporate treasury activity in Bitcoin has surged in the first half of 2025. According to data from Cryptoslate, public companies purchased 245,510 BTC during this period—more than double the 118,424 BTC acquired by ETFs. This represents a 375% increase compared to the same period in 2024, while ETF purchases declined by 56% year-over-year.
This shift suggests a maturing perception of Bitcoin as a strategic reserve asset rather than a speculative instrument. Companies cite inflation hedging, improved cross-border liquidity, and brand alignment with digital finance as key motivations for holding BTC on balance sheets.
👉 See how forward-thinking firms are integrating Bitcoin into long-term financial planning.
Deutsche Bank Enters Digital Asset Space with Custody Plans
Major financial institutions are expanding their crypto offerings. Bloomberg reports that Deutsche Bank plans to launch digital asset custody services in 2026. The bank has partnered with Bitpanda Technology Solutions and continues collaboration with Swiss firm Taurus SA to build secure infrastructure.
This development underscores traditional finance's growing confidence in blockchain-based assets and highlights the increasing demand for regulated custody solutions among institutional investors.
South Korea Reverses Longstanding "Korean Bond" Ban
In response to rising demand for dollar-denominated assets, South Korea has lifted a 14-year ban on domestic financial institutions purchasing "Korean bonds"—onshore foreign currency bonds designed for conversion into won. The policy reversal aims to improve foreign exchange liquidity and stabilize the weakening won, which has been pressured by retail outflows into U.S. equities and stablecoins.
The central bank believes this move will help correct currency imbalances and attract hedged capital inflows. Although low interest rate differentials may limit immediate issuance, analysts expect increased corporate participation over time.
Bitcoin Network Faces Seasonal Hashrate Dip Amid Profitability Surge
June saw a 3% decline in average Bitcoin network hashrate, attributed by JPMorgan to extreme heat affecting mining operations. Despite operational challenges, miner profitability reached multi-month highs. Average daily revenue per exahash (EH/s) hit $55,300—a 7% increase from April—with gross margins rising 13% month-over-month.
U.S.-listed mining firms collectively gained $5.3 billion in market value last month. Companies with diversified high-performance computing operations outperformed pure-play miners, led by IREN with a 67% gain, while Bitfarms dropped 19%.
Market Outlook: Historical Trends Suggest Strong July Performance
Matrixport analysis reveals that Bitcoin has risen in seven of the past ten Julys, averaging a 9.1% gain. Even in down years, losses remained single-digit, while bullish periods featured double-digit rallies. With positive momentum building, analysts project Bitcoin could test the $116,000 level in the coming weeks—a potential breakout driven by seasonal trends and sustained institutional inflows.
Ethereum Community Foundation Launches to Boost ETH Utility
Core developer Zak Cole announced the formation of the Ethereum Community Foundation (ECF), a new initiative focused on funding “immutable and tokenless” infrastructure projects. With millions of dollars worth of ETH already secured, ECF aims to accelerate real-world asset (RWA) tokenization—such as stocks, bonds, and real estate—and support public goods like blob space pricing corrections.
Funding decisions will be made transparently via token-based voting. The first project, the Ethereum Validator Association, will empower validators to influence development priorities through staked ETH participation.
Figma Discloses Major Bitcoin ETF Holdings Ahead of IPO
Design software company Figma revealed in its SEC IPO filing that it holds approximately $69.5 million in spot Bitcoin ETFs. Additionally, its board has approved purchasing another $30 million worth of BTC using USDC stablecoin—a clear signal of corporate confidence in Bitcoin as a durable store of value.
Frequently Asked Questions (FAQ)
Q: What does the SEC’s new ETF guidance mean for investors?
A: The updated rules enhance transparency around valuation and custody practices, helping investors better assess risks associated with crypto ETFs. Streamlined approval pathways could also lead to faster product launches and greater market diversity.
Q: Why are corporations buying more Bitcoin than ETFs?
A: Companies view Bitcoin as a long-term treasury reserve asset offering inflation protection and global liquidity. Unlike ETFs designed for retail access, direct corporate holdings reflect strategic financial planning rather than short-term speculation.
Q: How might universal ETF listing standards impact innovation?
A: Standardized criteria could reduce regulatory uncertainty and lower entry barriers for compliant tokens, encouraging innovation while maintaining investor safeguards.
Q: Is South Korea’s bond policy change bullish for crypto?
A: Indirectly yes—by improving foreign currency liquidity and stabilizing the won, the move reduces pressure on local investors to seek offshore dollar assets like stablecoins.
Q: Can Bitcoin maintain momentum into Q3?
A: Historical July performance combined with strong miner revenues and institutional demand suggests favorable conditions for continued upside, though macroeconomic factors remain critical.
Q: What role does ECF play in Ethereum’s future?
A: By funding neutral infrastructure and RWAs, ECF strengthens Ethereum’s utility beyond speculation—potentially increasing long-term demand for ETH through real-world use cases.
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