Gate Daily (June 26): US Senate pushes for crypto legislation in July; Polymarket hacked, stolen 3 million

Bitcoin (BTC) experienced a sharp volatile crash, temporarily trading around $59,590 on June 26. The U.S. Senate is pushing to advance crypto legislation in July, but the chaotic situation surrounding the housing bill could disrupt the legislative timeline. Polymarket suffered a breach via a third-party vendor, resulting in approximately $3 million in user assets being stolen.

Macro Events & Crypto Hotspots

1. According to The Block, the U.S. Senate faces a tight timeline to advance the CLARITY Act, a crypto market structure legislation, in July, but the schedule is already crowded by priorities such as the National Defense Authorization Act and the Agriculture Act. Senator Cynthia Lummis stated plans to release the bill text on July 4 and move toward a vote, while Senate aides said the CLARITY Act will be a top bipartisan priority in July. However, multiple disputes remain unresolved.

Key negotiator Senator Angela Alsobrooks said she would not support a version lacking ethics and illicit finance provisions, but believes parties are "close" to reaching a consensus. If it fails to pass in July, the window may close before the August recess, and industry players fear the legislative opportunity will be delayed until the post-election transition period after November. Blockchain Association CEO Summer Mersinger believes the current disputes are "serious but solvable," and a July vote is "absolutely achievable"; Digital Chamber CEO Cody Carbone also said "the market structure bill is still within reach." Trump's refusal to sign the housing bill on Wednesday added uncertainty, with industry sources saying "trust remains quite low." If it fails to pass this year, the bill will restart in the new Congress in January.

2. According to Decrypt, prediction market platform Polymarket suffered a breach via a third-party vendor, resulting in malicious code being injected into the website's frontend. Approximately 15 user accounts were drained of around $3 million in funds. Polymarket stated the issue has been resolved and affected users will be fully compensated, but did not disclose the specific vendor involved. The stolen funds were originally the platform's dedicated dollar-pegged stablecoin pUSD, which the attacker converted to ETH and consolidated into a single wallet address. This is the second security incident for Polymarket in nearly two months. Last month, a wallet used by an employee for top-ups and user rewards was compromised due to a private key leak, resulting in a loss of approximately $700,000.

News Highlights

1. Researcher: Suspected malicious DAO proposal on Tornado Cash could threaten $23 million in DAO funds

2. U.S. CFTC seeks public comments on fully collateralized event contract data reporting rules

3. OpenAI leans toward delaying IPO until next year; SpaceX stock pullback shifts its stance

4. Polymarket suffered a breach via a third-party vendor, resulting in approximately $3 million in user assets being stolen

5. Sharplink resumes accumulation after 8 months, receiving 5,000 ETH from FalconX

6. Strategy's preferred stock STRC hits historic high correlation with Bitcoin

7. Former mobile phone giant BlackBerry has transformed into a software layer provider for AI and robotics ecosystems

8. BitGo announces layoffs of nearly 15%, focusing on core businesses like stablecoins and AI infrastructure

9. Aave founder responds to Payward acquisition report: AAVE "will not be sold at a 70% discount"

Market Overview

1. Latest Bitcoin news: <a data-currency='BTC' href='/futures/USDT/BTC_USDT'>$BTC experienced sharp volatile crash, temporarily trading around $59,590, with $434 million liquidated in the past 24 hours, mainly long positions;

2. U.S. stocks ended mixed on June 25. Micron Technology's strong earnings boosted chip stocks across the board, but Apple's announcement of price hikes for Mac and iPad weighed on tech stocks and overall market sentiment, dragging the Nasdaq to four consecutive daily declines, its longest losing streak since March. The Dow Jones Industrial Average rose 71.72 points, or 0.1%, to close at 51,920.62; the S&P 500 fell 0.73 points, or 0.01%, to close at 7,357.49; the Nasdaq fell 118.03 points, or 0.5%, to close at 25,358.60.

!比特幣清算地圖 (Source: Gate)

3. On Gate's BTC/USDT liquidation map, based on the current price of 59,667.60 USDT, if it falls to around 58,834 USD, cumulative long liquidation volume exceeds $249 million; if it rises to around 62,301 USD, cumulative short liquidation volume exceeds $691 million. Short-side liquidation volume is significantly higher than long-side. It is recommended to control leverage ratios appropriately to avoid triggering large-scale liquidations during market fluctuations.

!比特幣現貨流量 (Source: Coinglass)

4. In the past 24 hours, BTC spot inflows were $3.42 billion, outflows were $3.77 billion, resulting in a net outflow of $350 million.

!加密貨幣合約流量 (Source: Coinglass)

5. In the past 24 hours, contract trading net outflows led by $ETH, $SNDK, $SYN, $SOL, $ADA , presenting trading opportunities.

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Phyrex Ni (@Phyrex_Ni): "Today's fatigue is both physical and mental. On one hand, after Micron's solid earnings, both U.S. stocks and Bitcoin saw optimistic rebounds. On the other hand, we are waiting for the core PCE data. Although the data wasn't surprising, the inflation within expectations is still acceptable. As I've been saying recently, inflation is a remnant of the U.S.-Iran war period, not the present. Three months after the war started, oil prices have already dropped from around $100 to $70."

"That means the inflation that rose over three months should theoretically recover in three to four months, and the pace of oil price decline has surprised many investors. It's likely that inflation will show a significant drop by August or September, making a September rate hike highly unlikely. Although both U.S. stocks and $BTC fell again after the inflation data was released, U.S. stocks had already recovered by the early hours."

"Compared to yesterday's close, the Nasdaq rose nearly 1%, and the S&P also returned to gains, indicating that if the decline was due to core PCE, the stock market has already digested it. But Bitcoin is indeed struggling—falling more on declines and rebounding weakly on rises. The FUD surrounding $MSTR has been particularly bearish for Bitcoin."

"I can't determine short-term price movements, but if the reason is core PCE, I believe U.S. stocks have already reacted, and Bitcoin will follow suit in time. Of course, it's possible that some investors sell Bitcoin to buy U.S. stocks, which is normal."

"After all, $MU Micron's earnings were too strong. This means that for the next month, until Nvidia's earnings, the market won't be overly worried about the AI bubble. But for crypto, what needs to be restored is user confidence."

Today's Outlook

1. U.S. June University of Michigan Consumer Sentiment Index (final), previous value 48.9

2. Minneapolis Fed President Neel Kashkari to deliver remarks