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On June 17, a bipartisan group of senators led by Cynthia Lummis sent a letter to U.S. Treasury Secretary Scott Bessent, urging the department to preserve state regulatory authority over certain stablecoin issuers while developing implementation rules for the GENIUS stablecoin legislation. The GENIUS Act was signed into law last year, establishing a federal regulatory framework for stablecoins, requiring that stablecoins be fully backed by U.S. dollars or similarly high-liquid assets, and mandating annual audits for issuers with a market capitalization exceeding $50 billion, while also setting rules for offshore issuance. The legislation allows stablecoin issuers with a market capitalization of no more than $10 billion to be regulated at the state level, provided that the relevant state regulatory frameworks are 'substantially similar' to federal requirements. The senators expressed concern that the rules previously proposed by the Treasury did not clearly outline the timeline and standards for state regulatory framework applications, reviews, and certifications, creating uncertainty for states. The letter noted that legislative cycles vary significantly across states, with some states even adopting a biennial legislative cycle, thus necessitating a flexible and continuously open certification mechanism to ensure that states can apply for certification as demand arises, rather than being constrained by timing mismatches that limit innovation and competition.

[Bipartisan Senators Led by Lummis Urge U.S. Treasury to Maintain State-Level Stablecoin Regulatory Authority Under GENIUS Act]On June 17, a bipartisan group of senators led by Cynthia Lummis sent a letter to U.S. Treasury Secretary Scott Bessent, urging the department to preserve state regulatory authority over certain stablecoin issuers while developing implementation rules for the GENIUS stablecoin legislation. The GENIUS Act was signed into law last year, establishing a federal regulatory framework for stablecoins, requiring that stablecoins be fully backed by U.S. dollars or similarly high-liquid assets, and mandating annual audits for issuers with a market capitalization exceeding $50 billion, while also setting rules for offshore issuance. The legislation allows stablecoin issuers with a market capitalization of no more than $10 billion to be regulated at the state level, provided that the relevant state regulatory frameworks are 'substantially similar' to federal requirements. The senators expressed concern that the rules previously proposed by the Treasury did not clearly outline the timeline and standards for state regulatory framework applications, reviews, and certifications, creating uncertainty for states. The letter noted that legislative cycles vary significantly across states, with some states even adopting a biennial legislative cycle, thus necessitating a flexible and continuously open certification mechanism to ensure that states can apply for certification as demand arises, rather than being constrained by timing mismatches that limit innovation and competition.

Bipartisan Senators Led by Lummis Urge U.S. Treasury to Maintain State-Level Stablecoin Regulatory Authority Under GENIUS Act

On June 17, Saudi Arabia's Al Arabiya television released the terms of the 14-point memorandum of understanding between the U.S. and Iran, which are more detailed than the version published by the Iranian Mehr News Agency. The following are the terms (with the Iranian media version in parentheses): 1. Iran and the U.S. and their allies in the current war announce the immediate and permanent cessation of all hostilities on all fronts, including Lebanon, from the date of signing this memorandum, and commit to refraining from any hostile actions or threats against each other in the future. The final agreement will confirm this provision and others. (Permanent and immediate cessation of hostilities on all fronts, including Lebanon.) 2. Iran and the U.S. commit to respecting each other's sovereignty and territorial integrity and not interfering in each other's internal affairs. (The U.S. commits to not interfering in Iran's internal affairs and respecting Iran's sovereignty.) 3. Iran and the U.S. commit to negotiating and reaching a final agreement within a maximum of 60 days, with the possibility of extending the deadline by mutual consent. (This clause was not mentioned in the Iranian media version.) 4. After the signing of this memorandum, the U.S. will immediately lift its maritime blockade on Iran, preventing any interference or obstruction, and restore Iran's full shipping capacity within a maximum of 30 days; the volume of shipping should be proportionate to pre-war levels. The U.S. also commits to withdrawing its troops from the surrounding region within 30 days after the final agreement is reached. (Complete lifting of the maritime blockade on Iran within 30 days.)(The U.S. commits to withdrawing troops from around Iran.) 5. After signing this memorandum, Iran will immediately take measures to ensure that shipping between the Persian Gulf and the Sea of Oman returns to pre-war levels within 30 days, while also addressing Iran's needs to clear technical obstacles and neutralize mines. (Under Iran's arrangements, the Strait of Hormuz will be reopened within 30 days.) 6. The U.S. will work with regional partners to develop a comprehensive plan, mutually agreed upon by both parties, for Iran's revival and development, ensuring at least $300 billion in funding support. The implementation mechanism for this plan will be established within 60 days under the framework of the final agreement. (The U.S. and its allies need to provide at least $300 billion for Iran's reconstruction plan.) 7. The U.S. commits to terminating all types of sanctions currently imposed on Iran within the timeframe agreed upon in the final agreement, including United Nations Security Council resolutions, International Atomic Energy Agency (IAEA) council resolutions, and all major and minor sanctions unilaterally imposed by the U.S. (Reach a final agreement on nuclear issues within 60 days and fully lift all major and minor U.S. sanctions on Iran, as well as the resolutions of the UN Security Council and IAEA council.) 8. Iran reiterates that it will never develop nuclear weapons. Iran and the U.S. have agreed to properly resolve the fate of enriched uranium and all other nuclear-related issues jointly agreed upon by both parties through the final agreement; this final agreement will confirm this provision. (Reiterating Iran's commitment not to develop nuclear weapons under the Treaty on the Non-Proliferation of Nuclear Weapons.) 9. Iran and the U.S. agree to maintain the status quo until a final agreement is reached: Iran will continue to maintain the status of its nuclear program, and the U.S. will not impose new sanctions on Iran or strengthen its military presence in the region. (During negotiations, the U.S. commits not to increase troop deployments in the region or impose new sanctions.) 10. The U.S. commits that, from the signing of this memorandum until the date of sanctions relief, the U.S. Treasury will exempt Iran's exports of crude oil, petrochemical products, and their derivatives, as well as all related services (including banking, insurance, transportation, etc.). (Suspend sanctions on the sale of Iranian oil, petrochemical products, and their derivatives, and allow Iran to fully utilize its financial resources.) 11. The U.S. commits that, given progress in the negotiation process, Iran's frozen or restricted funds and assets will be released and fully utilized. Regardless of whether these funds are held in main accounts or have been transferred, they will be used for the accounts of final beneficiaries determined by the Central Bank of Iran and can be fully accessed. The U.S. commits to issuing all necessary permits on this basis. (During the 60-day final negotiation period, release $24 billion of Iran's frozen funds, with half of it to be provided to Iran before negotiations begin.) 12. Iran and the U.S. agree to establish an enforcement mechanism to monitor the successful implementation of the final agreement and the fulfillment of future commitments. (Establish a monitoring mechanism to implement the agreement.) 13. After signing this memorandum and receiving guarantees regarding the initiation of the implementation of Articles 4, 5, 10, and 11 of this memorandum and the continued implementation of the aforementioned measures, Iran and the U.S. will negotiate the remaining terms to reach a final agreement. (Final negotiations will only begin after the release of half of Iran's frozen funds, the suspension of sanctions on Iranian oil, and the lifting of the maritime blockade; the final agreement will only cover the future of enriched uranium materials and processes, the lifting of sanctions, and Iran's economic reconstruction plan. Issues regarding Iran's missile program and support for resistance organizations have been explicitly removed from the agenda.) 14. The final agreement will be approved by a legally binding resolution of the United Nations Security Council. (The final agreement will be approved by a resolution of the United Nations Security Council.)

[Saudi Media Releases Detailed 14-Point Memorandum of Understanding Between the U.S. and Iran]On June 17, Saudi Arabia's Al Arabiya television released the terms of the 14-point memorandum of understanding between the U.S. and Iran, which are more detailed than the version published by the Iranian Mehr News Agency. The following are the terms (with the Iranian media version in parentheses): 1. Iran and the U.S. and their allies in the current war announce the immediate and permanent cessation of all hostilities on all fronts, including Lebanon, from the date of signing this memorandum, and commit to refraining from any hostile actions or threats against each other in the future. The final agreement will confirm this provision and others. (Permanent and immediate cessation of hostilities on all fronts, including Lebanon.) 2. Iran and the U.S. commit to respecting each other's sovereignty and territorial integrity and not interfering in each other's internal affairs. (The U.S. commits to not interfering in Iran's internal affairs and respecting Iran's sovereignty.) 3. Iran and the U.S. commit to negotiating and reaching a final agreement within a maximum of 60 days, with the possibility of extending the deadline by mutual consent. (This clause was not mentioned in the Iranian media version.) 4. After the signing of this memorandum, the U.S. will immediately lift its maritime blockade on Iran, preventing any interference or obstruction, and restore Iran's full shipping capacity within a maximum of 30 days; the volume of shipping should be proportionate to pre-war levels. The U.S. also commits to withdrawing its troops from the surrounding region within 30 days after the final agreement is reached. (Complete lifting of the maritime blockade on Iran within 30 days.)(The U.S. commits to withdrawing troops from around Iran.) 5. After signing this memorandum, Iran will immediately take measures to ensure that shipping between the Persian Gulf and the Sea of Oman returns to pre-war levels within 30 days, while also addressing Iran's needs to clear technical obstacles and neutralize mines. (Under Iran's arrangements, the Strait of Hormuz will be reopened within 30 days.) 6. The U.S. will work with regional partners to develop a comprehensive plan, mutually agreed upon by both parties, for Iran's revival and development, ensuring at least $300 billion in funding support. The implementation mechanism for this plan will be established within 60 days under the framework of the final agreement. (The U.S. and its allies need to provide at least $300 billion for Iran's reconstruction plan.) 7. The U.S. commits to terminating all types of sanctions currently imposed on Iran within the timeframe agreed upon in the final agreement, including United Nations Security Council resolutions, International Atomic Energy Agency (IAEA) council resolutions, and all major and minor sanctions unilaterally imposed by the U.S. (Reach a final agreement on nuclear issues within 60 days and fully lift all major and minor U.S. sanctions on Iran, as well as the resolutions of the UN Security Council and IAEA council.) 8. Iran reiterates that it will never develop nuclear weapons. Iran and the U.S. have agreed to properly resolve the fate of enriched uranium and all other nuclear-related issues jointly agreed upon by both parties through the final agreement; this final agreement will confirm this provision. (Reiterating Iran's commitment not to develop nuclear weapons under the Treaty on the Non-Proliferation of Nuclear Weapons.) 9. Iran and the U.S. agree to maintain the status quo until a final agreement is reached: Iran will continue to maintain the status of its nuclear program, and the U.S. will not impose new sanctions on Iran or strengthen its military presence in the region. (During negotiations, the U.S. commits not to increase troop deployments in the region or impose new sanctions.) 10. The U.S. commits that, from the signing of this memorandum until the date of sanctions relief, the U.S. Treasury will exempt Iran's exports of crude oil, petrochemical products, and their derivatives, as well as all related services (including banking, insurance, transportation, etc.). (Suspend sanctions on the sale of Iranian oil, petrochemical products, and their derivatives, and allow Iran to fully utilize its financial resources.) 11. The U.S. commits that, given progress in the negotiation process, Iran's frozen or restricted funds and assets will be released and fully utilized. Regardless of whether these funds are held in main accounts or have been transferred, they will be used for the accounts of final beneficiaries determined by the Central Bank of Iran and can be fully accessed. The U.S. commits to issuing all necessary permits on this basis. (During the 60-day final negotiation period, release $24 billion of Iran's frozen funds, with half of it to be provided to Iran before negotiations begin.) 12. Iran and the U.S. agree to establish an enforcement mechanism to monitor the successful implementation of the final agreement and the fulfillment of future commitments. (Establish a monitoring mechanism to implement the agreement.) 13. After signing this memorandum and receiving guarantees regarding the initiation of the implementation of Articles 4, 5, 10, and 11 of this memorandum and the continued implementation of the aforementioned measures, Iran and the U.S. will negotiate the remaining terms to reach a final agreement. (Final negotiations will only begin after the release of half of Iran's frozen funds, the suspension of sanctions on Iranian oil, and the lifting of the maritime blockade; the final agreement will only cover the future of enriched uranium materials and processes, the lifting of sanctions, and Iran's economic reconstruction plan. Issues regarding Iran's missile program and support for resistance organizations have been explicitly removed from the agenda.) 14. The final agreement will be approved by a legally binding resolution of the United Nations Security Council. (The final agreement will be approved by a resolution of the United Nations Security Council.)

Saudi Media Releases Detailed 14-Point Memorandum of Understanding Between the U.S. and Iran

On June 17, CNN reported that an Israeli source revealed Israel had requested the United States to provide the text of the US-Iran memorandum for review but was denied. The source stated that one reason for the US refusal was the Trump administration's concern that Israeli Prime Minister Netanyahu might leak the content of the memorandum before its official release. Netanyahu held a press conference on the evening of June 15, where he barely mentioned the memorandum in his opening remarks. During the subsequent Q&A session, he stated that he and Trump 'do not always agree.' He also remarked, 'We still do not know what this memorandum is about.'

[US Reportedly Refuses Israel's Request for US-Iran Memorandum Review]On June 17, CNN reported that an Israeli source revealed Israel had requested the United States to provide the text of the US-Iran memorandum for review but was denied. The source stated that one reason for the US refusal was the Trump administration's concern that Israeli Prime Minister Netanyahu might leak the content of the memorandum before its official release. Netanyahu held a press conference on the evening of June 15, where he barely mentioned the memorandum in his opening remarks. During the subsequent Q&A session, he stated that he and Trump 'do not always agree.' He also remarked, 'We still do not know what this memorandum is about.'

US Reportedly Refuses Israel's Request for US-Iran Memorandum Review

On June 17, U.S. intelligence assessments indicated that Iran, having demonstrated relevant capabilities during conflicts, still has the potential to close the Strait of Hormuz again. Although an agreement to reopen the Strait is expected to be reached, Tehran retains capabilities in missiles, drones, fast boats, and mine-laying, which could disrupt global energy transportation. Intelligence officials stated that Iran has gained leverage over this critical trade route and may use regional energy infrastructure as a tool for pressure.

[U.S. Intelligence: Iran Still Capable of Closing the Strait of Hormuz Again]On June 17, U.S. intelligence assessments indicated that Iran, having demonstrated relevant capabilities during conflicts, still has the potential to close the Strait of Hormuz again. Although an agreement to reopen the Strait is expected to be reached, Tehran retains capabilities in missiles, drones, fast boats, and mine-laying, which could disrupt global energy transportation. Intelligence officials stated that Iran has gained leverage over this critical trade route and may use regional energy infrastructure as a tool for pressure.

U.S. Intelligence: Iran Still Capable of Closing the Strait of Hormuz Again

On June 17, trading alerts indicated that over 1 million SpaceX (SPCX.O) options contracts were traded on their first day. (Jinshi)

[Over 1 Million SpaceX Options Contracts Traded on First Day]On June 17, trading alerts indicated that over 1 million SpaceX (SPCX.O) options contracts were traded on their first day. (Jinshi)

Over 1 Million SpaceX Options Contracts Traded on First Day

On June 17, during the G7 summit in France, U.S. President Trump stated that negotiations for the U.S.-Iran agreement have entered the second phase, which is expected to progress more smoothly. Despite Trump's repeated emphasis that the U.S. will not provide financial support to Iran, it has been revealed that Iran will receive several economic incentives to reach the preliminary memorandum of understanding and the final agreement. On that day, Trump announced that the U.S. and Iran have successfully signed the memorandum of understanding online, and the negotiations have entered the second phase, which he described as 'should be easier than the first phase.' Trump also mentioned that a press conference will be held to officially announce the text of the memorandum and it will be submitted to the U.S. Congress for review. He emphasized that 'the text clearly states that Iran will not have nuclear weapons,' which is a core bottom line; otherwise, it will face devastating strikes from the U.S., and the U.S. will not provide any financial support to Iran.

[Trump: Second Phase of US-Iran Agreement Negotiations 'Easier']On June 17, during the G7 summit in France, U.S. President Trump stated that negotiations for the U.S.-Iran agreement have entered the second phase, which is expected to progress more smoothly. Despite Trump's repeated emphasis that the U.S. will not provide financial support to Iran, it has been revealed that Iran will receive several economic incentives to reach the preliminary memorandum of understanding and the final agreement. On that day, Trump announced that the U.S. and Iran have successfully signed the memorandum of understanding online, and the negotiations have entered the second phase, which he described as 'should be easier than the first phase.' Trump also mentioned that a press conference will be held to officially announce the text of the memorandum and it will be submitted to the U.S. Congress for review. He emphasized that 'the text clearly states that Iran will not have nuclear weapons,' which is a core bottom line; otherwise, it will face devastating strikes from the U.S., and the U.S. will not provide any financial support to Iran.

Trump: Second Phase of US-Iran Agreement Negotiations 'Easier'

On June 17, Iranian Foreign Minister Amir-Abdollahian stated on the 16th that the memorandum of understanding between Iran and the United States will be officially signed and take effect on the 19th in Switzerland. Subsequently, the two countries will immediately initiate a new round of negotiations on the same day, aiming to reach a final agreement.

[Iranian Foreign Minister: Iran-U.S. Memorandum of Understanding to be Signed in Switzerland]On June 17, Iranian Foreign Minister Amir-Abdollahian stated on the 16th that the memorandum of understanding between Iran and the United States will be officially signed and take effect on the 19th in Switzerland. Subsequently, the two countries will immediately initiate a new round of negotiations on the same day, aiming to reach a final agreement.

Iranian Foreign Minister: Iran-U.S. Memorandum of Understanding to be Signed in Switzerland

On June 17, SpaceX saw its stock rise for the third consecutive trading day, surpassing Amazon to become the fifth largest company by market capitalization globally. The stock closed up 4.8%, pushing its market value to $2.65 trillion, approximately $8 billion higher than Amazon. At one point during trading, the valuation of Elon Musk's rocket and AI company exceeded that of Microsoft, briefly making it the fourth largest company in the world. Part of the surge can be attributed to the limited number of SpaceX shares available for trading, with only about 4.2% of the total shares being tradable on the first day of its IPO. This may lead to more pronounced price fluctuations and significant changes in market capitalization. SpaceX's stock price has increased by 49% from its IPO issuance price of $135 per share, indicating strong investor demand and alleviating concerns about the record size of this IPO being too large for the market to absorb.

[SpaceX Soars 49% Post-IPO, Surpassing Amazon to Become the Fifth Largest Company Globally]On June 17, SpaceX saw its stock rise for the third consecutive trading day, surpassing Amazon to become the fifth largest company by market capitalization globally. The stock closed up 4.8%, pushing its market value to $2.65 trillion, approximately $8 billion higher than Amazon. At one point during trading, the valuation of Elon Musk's rocket and AI company exceeded that of Microsoft, briefly making it the fourth largest company in the world. Part of the surge can be attributed to the limited number of SpaceX shares available for trading, with only about 4.2% of the total shares being tradable on the first day of its IPO. This may lead to more pronounced price fluctuations and significant changes in market capitalization. SpaceX's stock price has increased by 49% from its IPO issuance price of $135 per share, indicating strong investor demand and alleviating concerns about the record size of this IPO being too large for the market to absorb.

SpaceX Soars 49% Post-IPO, Surpassing Amazon to Become the Fifth Largest Company Globally

On June 17, options traders' views on the Federal Reserve's recent rate path have become increasingly divergent, with various bets ranging from expectations of rate cuts in the coming months to differing degrees of rate hikes. Swap market pricing indicates that it is almost certain the Fed will maintain rates at its meeting on Wednesday, with all eyes turning to Chair Waller's first press conference for clues about future policy. Although the U.S. and Iran are set to formally sign a temporary peace agreement, leading to a drop in oil prices to a three-month low and providing some relief to inflationary pressures, future policy remains uncertain.

[Divergence Among U.S. Treasury Options Traders on Fed Rate Path, Focus on Waller's Press Conference Tone]On June 17, options traders' views on the Federal Reserve's recent rate path have become increasingly divergent, with various bets ranging from expectations of rate cuts in the coming months to differing degrees of rate hikes. Swap market pricing indicates that it is almost certain the Fed will maintain rates at its meeting on Wednesday, with all eyes turning to Chair Waller's first press conference for clues about future policy. Although the U.S. and Iran are set to formally sign a temporary peace agreement, leading to a drop in oil prices to a three-month low and providing some relief to inflationary pressures, future policy remains uncertain.

Divergence Among U.S. Treasury Options Traders on Fed Rate Path, Focus on Waller's Press Conference Tone

16 июня, согласно Fast Technology, последние отчеты указывают на то, что чип SoC Serpent Lake, совместно разработанный Intel и Nvidia, ожидается в дебюте в первом квартале 2028 года. Если планы останутся без изменений, он будет официально представлен на CES 2028. Serpent Lake — это специальная версия процессоров Titan Lake от Intel, имеющая дизайн, похожий на Halo от AMD, который интегрирует x86 ЦП и графический процессор RTX от Nvidia в одном чипе.

[Первый совместный чип Intel и Nvidia ожидается в первом квартале 2028 года]16 июня, согласно Fast Technology, последние отчеты указывают на то, что чип SoC Serpent Lake, совместно разработанный Intel и Nvidia, ожидается в дебюте в первом квартале 2028 года. Если планы останутся без изменений, он будет официально представлен на CES 2028. Serpent Lake — это специальная версия процессоров Titan Lake от Intel, имеющая дизайн, похожий на Halo от AMD, который интегрирует x86 ЦП и графический процессор RTX от Nvidia в одном чипе.

Первый совместный чип Intel и Nvidia ожидается в первом квартале 2028 года

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Article

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Vance: US-Iran Memorandum is Approximately One and a Half Pages Long

Первый совместный чип Intel и Nvidia ожидается в первом квартале 2028 года

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