TRUMP, ASKED ABOUT DEPORTING MUSK, SAYS HAVE TO TAKE A LOOK

TRUMP ON JULY 9 TARIFFS DEADLINE: NOT THINKING ABOUT EXTENDING

TRUMP: DOUBT WE'LL HAVE DEAL WITH JAPAN

TRUMP SUGGESTS JAPAN COULD PAY 30% OR 35% TARIFF

Arca proposed "Adjusted Market Cap", to more accurately reflects a Crypto token's true valuation

Adjusted Market Cap:
*Includes tokens already issued & outstanding (even if locked)
*Excludes unallocated, unminted, or hypothetical tokens

*Float ≤ Adjusted Market Cap ≤ FDV

Adjusted Market Cap of Some Tokens:
*BTC: $2.25T
*ENA: $2.21B
*HYPE: $24.25B
*SUI: $13.39B
*TIA: $1.23B

More about Adjusted Market Cap: https://www.ar.ca/blog/fixing-token-valuations-arca-proposes-adjusted-market-cap-standard

*TRUMP: VIETNAM WILL PAY THE UNITED STATES A 20% TARIFF INTO US AND 40% TARIFF ON ANY TRANSSHIPPING

TRUMP: WE WILL SELL OUR PRODUCT TO VIETNAM AT ZERO TARIFF

*NOTE: VIETNAM RECIPROCAL TARIFF WAS 46% (APRIL 2ND ANNOUNCEMENT)

*The higher 40% rate announced Wednesday would be imposed on goods deemed to be “transshipping” — where components from China and possibly other nations are routed through Vietnam or subject to only minimal final assembly before being exported to the US.

*Vietnam is heavily reliant on China for the raw materials essential to maintain its manufacturing-driven growth. China accounted for 38% of Vietnam’s total imports last year. In the first five months of the year, imports from China reached $69.4 billion, making it the nation’s biggest source for items such computer and electrical components, machinery and fabrics.

*In Q1 2025: U.S. imported $40b in goods from Vietnam, and exported just $3b

*VIETNAM TO SPEND $8B ON BOEING AIRCRAFT AND WILL BUY $2.9B IN AGRICULTURAL PRODUCTS IN TRADE DEAL

RIPPLE SEEKS A US BANKING LICENSE: WSJ

*RIPPLE WOULD CONSIDER OFFERING OTHER CRYPTO SERVICES THROUGH ITS BANKING LICENSE.

*Anchorage Digital is the only digital-currency firm in the U.S. with a federal bank charter. Circle also recently applied for a national bank charter.

OPENAI: “OPENAI TOKENS” ARE NOT OPENAI EQUITY; DID NOT PARTNER WITH ROBINHOOD, WERE NOT INVOLVED IN THIS, AND DO NOT ENDORSE IT

OPENAI: ANY TRANSFER OF OPENAI EQUITY REQUIRES OUR APPROVAL—WE DID NOT APPROVE ANY TRANSFER.

BIG EVENTS COMING TODAY:

—U.S. House Voting on Trump's Big Beautiful Bill (Final vote expected early thursday morning)

—U.S. June NFP:
*Est.: 110K, Prev.: 139k
*MS: 140k
*JPM: 125k
*BBG Survey: 106k
*Jefferies: 100k
*BofA: 95k
*GS: 85k

SPX implied Move:
*>125k: up +0.75%-1.5%
*100k-125k: Bass Case
*<100k: down 0.25%-3%

*Unemployment Rate
*Jobless Claims
*ISM Services PMI

ICYMI:
*U.S. lifted restrictions on exports to China for chip design software developers and ethane producers following the Trade Deal.

*Trump said Powell “should resign immediately, it's “Too Late”

U.S. JUNE NFP 147K

*US MAY PAYROLLS REVISED TO +144K; APR REVISED TO +158K

*US JUNE UNEMPLOYMENT RATE 4.1%; EST. 4.3%

RATE FUTURES TRADERS EXIT BETS ON JULY FED RATE CUT AFTER JOBS REPORT

U.S. HOUSE PASSES TRUMP'S "BIG BEAUTIFUL BILL"

MUSK: TODAY, THE AMERICA PARTY IS FORMED TO GIVE YOU BACK YOUR FREEDOM

Toncoin Partners With UAE, Starts Offering 10-Year Golden Visa to TON Stakers: TREE

*Secure a 10-year Golden Visa with a one-time $35K processing fee and Stake $100K in TON for 3 years (can be unlocked after 3 years).

*Selection is based on merit, and candidates are chosen through a highly selective process.

*Note: it appears it's not a partnership with UAE but Visa provided via 3rd party Travel Agency built on TON reportedly called "peravel". ⚠️ (Also, TON has occasionally been associated with headlines that may be somewhat misleading. Please verify info before making any decisions)

BINANCE'S CZ: "IF IT (TON GOLDEN VISA NEWS) IS REAL, WE WILL DEFINITELY TRY TO GET IT ON BNB TOO."

The Week Ahead: infinityhedge

Mon: Saylor NOT expected to announce BTC purchase

Tue: Outcome (Final review) of the controversial “Will Zelenskyy wear a suit before July?” Market, Volume near $150M+ on Polymarket

Wed:
*U.S. “reciprocal” tariffs are set to expire for countries that have not cut a deal. [Bessent said Sunday that Tariffs will ‘boomerang’ back to April levels by Aug. 1 for countries without deals. I would expect to see several big announcements over the next couple of days. Trump said on Friday: “countries start to pay on August 1”]
*Fed releases FOMC minutes
*U.S. Senate hearing: Building Tomorrow’s Digital Asset Markets; witnesses include Garlinghouse (CEO of Ripple). (10:00 AM)

Thu: U.S. Unemployment Claims

TBA/Whole Week: xAI’s GROK 4 & other AI releases, Musk vs Trump, U.S. 'mini' trade deals?

*More about the week Ahead and What Happened last week:
https://infinityhedge.substack.com/p/the-7-days-667

TRUMP: SADDENED TO WATCH ELON MUSK GO "COMPLETELY OFF THE RAILS, ESSENTIALLY BECOMING A TRAINWRECK THE PAST 5 WEEKS"

CHINA INCREASED GOLD RESERVES IN AN 8-MONTH STREAK

TESLA DOWN 7.5% PREMARKET

TRUMP: 25% TARIFFS ON JAPAN

TRUMP: 25% TARIFFS ON SOUTH KOREA