The Republican Party, led by former President Donald Trump, has officially adopted a platform that aims to support cryptocurrency innovation. This move stands in stark contrast to the Democrats' approach, which Republicans have criticized as an illegal and un-American crackdown on cryptocurrency. The Republican Party is also against the concept of a central bank digital currency, arguing that it would lead to greater financial surveillance of American citizens.
In other cryptocurrency news, the developer company behind the World Coin protocol has announced that its upcoming layer two chain, World Chain, is now open to developers. This means that selected developers can now request to build, test and provide feedback on tools for the World Chain network. The World Chain platform is built with Optimism's Op Stack, a customizable toolkit that allows developers to build their own blockchains. The World Chain network is expected to be available to users by the end of summer.
According to a recent research report from JP Morgan, the total cryptocurrency market capitalization fell 8% in June to around $2.25 trillion. This is a significant decrease from the earnings obtained in May. Bitcoin ETFs also had a poor month, with an estimated $662 million in net outflows. This fall in the cryptocurrency market contrasts with traditional markets, with the S&P 500 index gaining 4% for the month and the tech-heavy NASDAQ up 6%.
Despite general uncertainty in the digital asset market, stablecoins outperformed the rest of the cryptocurrency ecosystem in June. The market capitalization of US-listed miners also grew by nearly 20% as the sector benefited from gains related to AI-related power use cases.
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