President Donald Trump declared himself 'a big crypto guy' on July 6 when asked about bitcoin integration into Trump Accounts, while Sony Bank received conditional approval from the U.S. Office of the Comptroller of the Currency on July 7 to open Connectia Trust for stablecoin operations. Strike CEO Jack Mallers launched a bitcoin-backed loan product on July 7 with 6-month terms and no price-triggered liquidations. The developments occurred as LAB token collapsed 90% in 48 hours amid insider manipulation allegations, wiping $5 billion in market cap, and Michael Saylor argued Bitcoin has 'no spam problem' during the BIP-110 debate. The week highlighted ongoing regulatory integration of traditional finance into crypto infrastructure alongside persistent market manipulation concerns.
Trump Calls Himself Big Crypto Guy on July 6
President Donald Trump declared himself 'a big crypto guy' on July 6 when asked whether bitcoin could be added to the newly launched Trump Accounts. Trump made the statement as he rang in the Trump Accounts program. The President reported $1.4 billion in crypto income. No digital asset component has been announced for the Trump Accounts program.
Sony Bank Receives OCC Approval for Connectia Trust on July 7
Sony Bank received conditional approval from the U.S. Office of the Comptroller of the Currency on July 7 to open a national trust bank for USD stablecoin business. The new subsidiary is called Connectia Trust and will operate as a wholly owned unit of Sony Bank under Sony Financial Group. Sony stated the establishment of the trust subsidiary 'is intended to contribute to the development of a medium‑ to long‑term business foundation for the Sony Financial Group's digital asset businesses.'
Strike Launches 6-Month Bitcoin Loan Product on July 7
Strike CEO Jack Mallers rolled out a new bitcoin-backed loan product on July 7 that removes price-triggered liquidations. The company describes the loans as 'volatility-proof' and caps loan-to-value at 45% while carrying a roughly 2.95% rate premium. The product aims to improve on Strike's regular loan product that launched in May 2025. The loans have 6-month terms.
Michael Saylor Says Bitcoin Has No Spam Problem
Michael Saylor, Strategy founder, argued this week that Bitcoin has 'no spam problem.' The statement came during escalating debate over BIP-110. Alex Thorn, Galaxy's head of research, said 'BIP-110 is an extremely disruptive & dangerous response.' OP_RETURNs currently make up about 0.1% of Bitcoin's blockspace.
LAB Token Falls 90% in 48 Hours
LAB Trade's native token collapsed 90% in 48 hours, with an 80% drop to $1.25, wiping out $5 billion in market cap. The collapse occurred amid insider control and manipulation allegations. ZachXBT criticized centralized exchanges for failing to intervene, stating: 'If CEXs cared, profits from the accounts manipulating the price would be distributed to users at a minimum.' ZachXBT noted that unlocks for investors were scheduled to begin later this month and multiple late vesting changes occurred in the past.
FAQ
What did President Trump say about crypto on July 6?
President Donald Trump declared himself 'a big crypto guy' on July 6 when asked whether bitcoin could be added to the newly launched Trump Accounts program.
What approval did Sony Bank receive on July 7?
Sony Bank received conditional approval from the U.S. Office of the Comptroller of the Currency on July 7 to open Connectia Trust, a national trust bank for USD stablecoin business operations.
How much did LAB token fall in 48 hours?
LAB token collapsed 90% in 48 hours, including an 80% drop to $1.25, wiping $5 billion in market cap amid insider manipulation allegations.
