The U.S. Senate Banking Committee Advances the "Financial Transparency and Regulatory Compliance Act"

U.S. President Donald Trump said Iran has allowed an American citizen who was wrongfully detained in December 2024 during the Biden administration to leave the country. She has now safely departed Iran and is in good health. The United States expressed appreciation for this goodwill gesture from Iran.

US President Trump said that pausing interest rate hikes is better than raising them, and expressed hope for lower interest rates.

The Federal Reserve’s Beige Book shows that from late May to June, U.S. economic activity saw slight to moderate growth in 11 of the 12 Federal Reserve districts, with overall growth rates roughly in line with the previous period. The report noted that factors such as high oil prices curbed some consumer spending, with households cutting back on discretionary purchases and shifting to lower-priced goods. The tourism sector saw a rebound, with World Cup-related traffic boosting activity in some regions. Manufacturing maintained moderate growth, with orders rising in the data center, machinery, and defense sectors. Construction and real estate activity improved slightly, with data center construction emerging as a bright spot. Additionally, energy sector drilling activity increased, financial conditions remained generally stable, and commercial and consumer lending volumes rose moderately. However, the agricultural sector was weighed down by falling commodity prices, rising costs, and tighter credit conditions. Most respondents expect the economy to continue expanding in the coming months, though there remains significant uncertainty over fuel cost outlooks.

According to Bloomberg, SpaceX (SPCX.O) shares have fallen below their initial public offering (IPO) price, sparking aggressive bets by short sellers. Data shows that short sellers’ paper profits have neared $3.88 billion, with roughly 181 million SpaceX shares currently held in short positions, accounting for about 28% of the company’s outstanding shares. Since hitting a closing peak on June 16, SpaceX’s market capitalization has contracted by approximately $860 billion, a decline of one-third. With the company set to release its first quarterly earnings report and additional lock-up shares becoming eligible for trading, investors are closely tracking the stock’s performance.

Crypto clearing startup Glacis Labs has closed a $6.8 million seed round. The round was led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures, structured as an equity-plus-token warrant deal. The funding will primarily be used to expand its core product, the ZeroDelta platform, and support the growth of its engineering, compliance, and marketing teams. ZeroDelta is a multi-chain clearing platform that facilitates matching, netting, and final settlement of cross-chain digital assets. It currently focuses on serving stablecoins and has processed over $1 billion in cumulative trading volume to date.

US Treasury Secretary Scott Bessent announced today that the U.S. Mint will produce a $1 commemorative "gold coin" — gold in appearance but containing no actual gold or precious metals — to mark the 250th anniversary of the founding of the United States. The obverse features a portrait of President Trump in a suit and tie, paired with the inscriptions "LIBERTY," "IN GOD WE TRUST," and the dates 1776-2026; the reverse displays the U.S. Great Seal eagle, marked with "$1" and "250." The coin is expected to be released this fall. The move breaks the longstanding tradition that living presidents typically do not appear on U.S. currency, with Bessent describing it as a "lasting symbol of patriotism" and "a commemoration of the legacy of freedom."