TLDR CRYPTO 2025-07-31

SEC APPROVES IN-KIND REDEMPTIONS FOR CRYPTO ETFS

The SEC has approved in‑kind creation and redemption for all spot Bitcoin and Ethereum ETFs, allowing authorized participants to exchange ETF shares directly for BTC or ETH instead of cash, which will streamline liquidity management and reduce transaction costs. This marks the first major crypto‑friendly policy under new Chair Paul Atkins, who has prioritized a fit‑for‑purpose regulatory framework for digital assets. BlackRock, Fidelity, Ark Invest, and other issuers stand to benefit, having filed for this change earlier in the year. The SEC also raised position limits on options for BlackRock's iShares Bitcoin Trust, further enhancing institutional flexibility for hedging and arbitrage.

WHITE HOUSE'S WORKING GROUP RELEASES CRYPTO REPORT

The White House's President's Working Group on Digital Asset Markets published a 168‑page report endorsing digital assets' potential and proposing a “regulatory Bible” for crypto, covering banking, stablecoins, taxes, illicit finance, and a strategic digital asset stockpile. It urges Congress to affirm self‑custody rights, grant the CFTC oversight of spot non‑security tokens, and direct the Treasury to manage a forfeiture‑funded crypto reserve (including BTC, XRP, SOL, and ADA) without taxpayer cost. The report recommends federal tax guidance tailored to digital‑asset nuances, safe‑harbors for DeFi protocols, and a “fit‑for‑purpose” SEC exemption for token distributions.

JPMORGAN CHASE PARTNERS WITH COINBASE TO EXPAND CRYPTO ACCESS

JPMorgan Chase and Coinbase have formed a strategic partnership, enabling Chase customers to link their bank accounts directly to Coinbase wallets, transfer Ultimate Rewards points at a 1:1 ratio, and fund Coinbase via Chase credit cards. The bank‑to‑wallet integration and points transfer will debut in 2026, while credit‑card funding is slated for fall 2025. Chase Ultimate Rewards has become the first major credit‑card rewards program to fund a crypto wallet. Both firms say the move will lower barriers to entry, expand consumer choice, and empower customers to manage digital assets more seamlessly.

COINBASE MOBILE WALLET USERS CAN BUY CRYPTO WITH SAMSUNG PAY

Coinbase's app now lets eligible users buy crypto with Samsung Pay, eliminating app‑switching and re‑entering payment details. The feature will roll out to select US and Canadian customers over the next month, with full availability soon after. This integration follows Coinbase's PNC Bank partnership and reflects its strategy to weave digital assets into mainstream payment rails. Industry data shows mobile wallets power 35% of online and 21% of in‑store transactions across major markets.

ETHENA X AAVE: LIQUID LEVERAGE STRATEGY EXPLAINED

ROBINHOOD HITS RECORD METRICS ACROSS THE BOARD IN Q2 2025

Robinhood's Q2 earnings show across-the-board growth with funded customers reaching a record 26.5M (+10% YoY), while platform assets increased 99% to $279B. Robinhood Gold subscribers hit 3.48M with a 13.1% adoption rate. Retirement assets grew 118% YoY to $19B, cash sweep rose to $33B (+56%), and the margin book jumped 90% to $9.5B. Equity trading volume hit $517B (+112%), and option contracts increased 32% to 515M. Despite a dip in net deposit growth, Robinhood continues to scale aggressively across retail, crypto, and financial products.

VISA FLAGS MODEST STABLECOIN UPTAKE IN EARNINGS CALL

Visa reported $10.17 billion in Q2 revenue, but stablecoin settlements amounted to just $200 million. CEO Ryan McInerney emphasized that broader adoption hinges on clearer regulatory frameworks, even as Visa pilots real‑time cross‑border transfers via Visa Direct and programmable finance tools on its Tokenized Asset Platform. The company is also investing in stablecoin infrastructure through BVNK and partnering with Bridge in Latin America to expand service offerings. Analysts note that stablecoin payment activity could exceed 50% within a year as regulations solidify and businesses increasingly leverage stablecoins for remittances and payroll.

ETHEREUM TURNS 10: STILL STANDING, STILL BUILDING

As Ethereum celebrates its 10th anniversary, community members reflect on a decade of improbable success, resilience, and reinvention. From Vitalik Buterin's 2013 whitepaper to a $450 billion network powering global finance and commerce, Ethereum has evolved through hacks, hard forks, regulatory attacks, and scaling crises, without betraying its core values. Kraken's Joseph Delong calls its uptime and adaptability “unimaginable victories,” while Consensys' Bill Hughes notes Ethereum could never launch under today's conditions. With institutions like Sharplink Gaming joining the ecosystem, the next decade's challenge is maintaining cypherpunk ideals amid growing mainstream adoption.

BASE OVERTAKES SOLANA IN NEW COINS CREATED

For the first time in over two years, Solana is no longer the leading chain for new coins created.

ROBINHOOD DOUBLES CRYPTO REVENUE, PUSHES INTO TOKENIZATION

Robinhood's Q2 crypto revenue increased 98% to $160 million as trading volume hit $28 billion, up 32% YoY.

CRYPTO TREASURY STOCKS HIT $160B AS FIRMS TOKENIZE BALANCE SHEETS

Public companies holding crypto on their balance sheets have seen their collective market cap soar to $160 billion in 2024, up from $90 billion.

HYPERLIQUID OVERTAKES ROBINHOOD IN MONTHLY TRADING VOLUME

Hyperliquid's total trading volume reached $231B in June, passing Robinhood's $149B for the second month in a row.