Crypto Morning Post: SEC Chairman supports DeFi, Ethereum breaks through $2,800

**Yesterday's Market Dynamics**  

SEC Chairman: Values of Economic Freedom, Private Property Rights, and Innovation Are the DNA of DeFi  

According to the DeFi Education Fund, the SEC's crypto working group held a roundtable today on "DeFi and the American Spirit."  

In his opening remarks, SEC Chairman Paul Atkins stated that America's values of economic freedom, private property rights, and innovation are the genetic code of the DeFi movement. Atkins emphasized that builders of neutral tools should not be held responsible for third-party actions, and engineers should not be bound by federal securities laws merely for publishing software code.  

SEC Requires Potential Solana ETF Issuers to Update S-1 Filings, with Possible Approval as Early as July  

Blockworks reported that the U.S. Securities and Exchange Commission (SEC) has required potential Solana ETF issuers to submit revised S-1 forms within the next week. The SEC stated it will provide feedback on the S-1 within 30 days of submission.  

Sources revealed the SEC is asking issuers to update language on physical redemptions and methods for handling staking, with regulators appearing open to including staking as part of the Solana ETF. A source estimated these updates could lead to Solana ETF approval within three to five weeks, as early as July.  

SEC Launches Review of Bitwise Bitcoin and Ethereum ETF Listing Applications  

The SEC announced on June 10, 2025, it has initiated a process to review NYSE Arca's listing applications for Bitwise's Bitcoin and Ethereum ETF. The ETF plans to hold both assets, with allocations based on their relative market caps (currently ~83% Bitcoin, 17% Ethereum).  

Bitwise Investment Advisers, LLC serves as the trust sponsor, and Coinbase Custody Trust Company will custody the crypto assets. The ETF will determine daily NAV using CME CF Bitcoin and Ethereum pricing benchmarks, allowing authorized participants to cash-creation/redemption in 10,000-share blocks.  

Mint Green LABUBU Sells for 1.08M RMB, Pop Mart's Market Cap Soars to HK$347.6B  

CBN News reported the world's only mint green LABUBU fetched 1.08 million RMB at Yongle's 2025 Spring Auction on June 10, with a limited 15-edition brown LABUBU also selling for 820,000 RMB. LABUBU's surge has driven Pop Mart's stock up over 10x since February 2024, now valued at HK$347.6 billion. Foreign institutions like Deutsche Bank and JPMorgan have raised price targets. In 2024, Pop Mart achieved ¥13.04 billion in revenue (+106.9% YoY) and adjusted net profit (+185.9% YoY).  

Digital Asset Platform Uphold Considers IPO, Valuation Possibly Over $1.5B  

The Block reported Uphold CEO Simon McLoughlin said the board has appointed FT Partners to explore strategic options, including a U.S. IPO or acquisition by a payments company.  

Sources said Uphold is seeking a valuation exceeding $1.5 billion. McLoughlin added the company is expanding into the U.S. consumer market interested in XRP. Uphold offers crypto trading and financial services supporting assets like XRP.  

Binance Wallet Launches MEET48 (IDOL) TGE on June 11  

Binance Wallet announced the MEET48 (IDOL) TGE goes live on June 11, with subscription open from 16:00-18:00 UTC+8. Eligible users must participate with Binance Alpha points.  

Michael Saylor: Apple Should Buy Bitcoin  

Responding to Jim Cramer's critique that Apple's stock buybacks "aren't working," Michael Saylor suggested Apple should invest its cash reserves in Bitcoin, implying it could be a more strategic move.  

Coinbase Survey: 60% of Fortune 500 Companies Are Pursuing Blockchain Projects  

Coinbase's latest "State of Crypto" report shows 60% of Fortune 500 executives say their companies are currently "engaged in blockchain initiatives." Adoption is accelerating among SMEs, which cite blockchain solving specific financial pain points. Over 4/5 of institutional investors plan to increase crypto allocations this year.  

Pyth Announces Support for Real-Time ETF Price Data, Unlocking New Use Cases in DeFi, RWA, etc.  

Decentralized oracle Pyth Network announced support for real-time ETF price data, publishing live market prices from traditional exchanges onto blockchains. The data covers U.S. equities, global indices, gold, treasuries, REITs, dividend-focused portfolios, etc.—unlocking new use cases for DeFi protocols, RWA, asset tokenization, etc. It provides the foundational data layer behind institutional portfolios, bringing traditional assets into programmable finance to help developers build more complex, precise applications.  

Pyth already supports 100+ blockchains with over 1,500 real-time price feeds. Aiming to realize a "global universal price layer," Pyth seeks to chain all asset prices with decentralization, timeliness, accuracy, security, transparency, and low cost—positioning itself as a key driver of global financial system transformation.  

Deutsche Bank and Ant International Form Strategic Partnership to Promote Tokenized Deposits and Stablecoins  

According to Huigang Information, Deutsche Bank and Ant International announced a strategic partnership to combine strengths and provide innovative cross-border payment solutions for European and Asian enterprises. Collaborations include launching tokenized deposits, stablecoins, and innovative solutions based on the Time Series Transformer (TST) AI foreign exchange model. Deutsche Bank becomes the first German bank to access Ant International's blockchain technology platform for instant fund transfers and global treasury management efficiency. It will also deepen cooperation with Ant's payment services to expand in EMEA.  

Forbes Rich List: CZ Reclaims Title as Richest Chinese with $65.7B Net Worth  

Forbes data shows Changpeng Zhao (CZ) once again tops the list of richest Chinese, with assets reaching $65.7 billion.  

**Market Quotes**  

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