Gate Daily (July 3): Trump Refuses to Sign CBDC Ban Bill; Russian Central Bank to Launch Digital Ruble on September 1

Bitcoin (BTC) saw a sharp rebound, temporarily trading around $61,520 on July 3. U.S. President Donald Trump refused to commit to signing a housing bill that includes a four-year ban on central bank digital currencies (CBDCs). The Governor of the Central Bank of Russia confirmed that the digital ruble will be launched on September 1, emphasizing a cautious stance on stablecoins, only considering them as a supplement for international settlements.

Macro Events & Crypto Hotspots

1. According to CNBC, U.S. President Donald Trump on Thursday refused to commit to signing the housing bill, which previously had bipartisan support in Congress, instead demanding that Congress first pass the controversial "Protect American Voters Eligibility Act." Trump called the election bill "the most important now and will affect the coming years," requiring voters to show photo ID when voting and provide proof of citizenship when registering. Trump stated that the housing bill contains "many provisions proposed by Democrats" and said, "I would rather not sign any bills until the 'Protect American Voters Eligibility Act' is signed." It is reported that the housing bill includes a four-year ban on central bank digital currencies (CBDCs).

2. According to Cointelegraph, Central Bank of Russia Governor Elvira Nabiullina confirmed that the digital ruble will be launched as planned on September 1, with "everything ready." The digital ruble will serve as a supplement to the Russian fiat ruble, initially accepted by financial and credit institutions. Development of the CBDC began in 2021, and the EU imposed preemptive sanctions on the digital ruble in April 2025 in response to Russia's war against Ukraine. Central Bank of Russia First Deputy Governor Vladimir Chistyukhin stated that the laws related to the digital ruble will take effect on September 1, with a transition period until July 2027.

According to Bits.media, Central Bank of Russia Governor Elvira Nabiullina said at the Central Bank of Russia Financial Congress that the bank is "paying close attention" to the use of stablecoins in international settlements, but only as a supplement to the digital ruble, and is cautious about domestic stablecoin settlements, stating "it will not be used as a priority direction."

Nabiullina revealed that the central bank is intensively discussing the issuance of a ruble-pegged stablecoin controlled by the state and analyzing its feasibility for cross-border operations in coordination with the central bank digital currency. Last week, the central bank proposed a draft regulatory framework for stablecoins, with the core requirement that all operations must be conducted under state control through exchanges or legal exchange points. Currently, the crypto regulatory bill under review by the State Duma has not yet clarified stablecoin regulatory provisions. The bill was originally scheduled to take effect on July 1, but the second and third readings have been delayed.

News Highlights

1. Ukraine has for the first time incorporated seized crypto assets into state management, confiscating over 8.3 million USDT.

2. Central Bank of Russia Governor: Cautious about stablecoins, only considering them as a supplement for international settlements.

3. Ripple co-founder reportedly invested in a company founded by the son of a U.S. Senator.

4. Trump: Will not sign the housing bill until the election bill is signed.

5. Central Bank of Russia Governor: Digital ruble to be launched on September 1.

6. U.S. SEC Chairman: Moving forward with modernizing rules and regulations to promote migration of markets to the chain.

7. Trump insists that his massive crypto gains "do not pose any problem."

8. Robinhood CEO: The future of crypto lies in real-world assets, not meme coins.

9. JPMorgan: Strategy's Bitcoin selling policy introduces "avoidable two-way risk" to the crypto market.

Market Trends

1. Latest Bitcoin news: $BTC saw a sharp rebound, temporarily trading around $61,520, with $161 million in liquidations in the past 24 hours, primarily short positions.

2. U.S. stocks closed mixed on July 2. June non-farm payroll data fell well short of expectations, reducing market bets on a Fed rate hike. The Dow Jones Industrial Average surged, hitting a new closing record high. However, the Philadelphia Semiconductor Index fell sharply for a second consecutive day, dragging down the Nasdaq and S&P 500. The Dow rose 594.83 points, or 1.1%, to close at 52,900.07, a new record high. The S&P 500 was nearly flat, closing at 7,483.24. The Nasdaq Composite fell 207.36 points, or 0.8%, to close at 25,832.67. On a weekly basis, the Dow is up about 2%, the S&P 500 up 1.8%, and the Nasdaq up 2.1%. U.S. markets were closed on Friday for Independence Day.

(Source: Gate)

3. In Gate BTC/USDT liquidation map, based on the current price of 61,319.90 USDT, if it drops to around $60,627, cumulative long liquidation amount exceeds $314 million. If it rises to around $62,450, cumulative short liquidation amount exceeds $241 million. Short liquidation amount is significantly lower than long, suggesting reasonable leverage control to avoid triggering large-scale liquidations during market moves.

(Source: Coinglass)

4. Over the past 24 hours, BTC spot inflows were $3.07 billion, outflows $2.91 billion, net inflow $160 million.

(Source: Coinglass)

5. Over the past 24 hours, $SNDK, $MU, $SKHYNIX, $DRAM, $MRVL and other contracts had leading net outflows, presenting trading opportunities.

X KOL Selected Opinions

Phyrex Ni (@Phyrex_Ni): "Tomorrow Friday is a U.S. holiday, stock markets are closed, then a three-day holiday. The U.S. stock market has not been performing well in the last two days, mainly due to the correction in the semiconductor sector. The reasons were mentioned in the top two tweets. Since last week, institutions and hedge funds have been exiting tech stocks. Subsequent buyers should be mainly retail investors. The next moves will depend on data."

"Institutions and hedge funds are either re-entering or waiting for a better time. Letting the market cool down a bit may not be a bad thing. Late July starts the earnings season, so there won't be much time to relax. Also, today's non-farm data shows a slight drop in unemployment rate, but the number of employed people also declined. Overall, it's not good data. On one hand, the probability of a Fed rate cut decreases; on the other hand, the U.S. economy appears somewhat gloomy."

"Of course, labor data is not the dominant factor in the market now. The focus is still on inflation. Oil prices have stabilized below $70, almost back to pre-war levels. Retail oil prices should drop in about a month. We might see improvement in inflation data around the September FOMC meeting. A rate hike in 2026 is highly unlikely. But a rate cut is even more difficult."

"Bitcoin's performance in the last two days has been decent. Even with U.S. stocks falling, $BTC 's price has been stable, staying around $60,000. This supports my view that purchasing power at $60,000 is strong. I haven't been very lucky with dual-currency products. I bought Bitcoin at $59,000 and it got filled at $60,000—a bit frustrating."

"Then on Friday, I have a high sell order at $62,000 that looks like it might get filled too. I find that I'm really not good at selling Bitcoin. Every time I sell, I feel a bit uncomfortable, even though this is still a test I prepared in advance. My main holdings haven't moved."

Day Ahead

1. China June S&P Global Services PMI, prior 54.4

2. China June S&P Global Composite PMI, prior 54.0

3. ECB President Lagarde speaks

4. BoE Governor Bailey speaks on fiscal and monetary policy coordination