US Senate passes Trump’s budget bill. First Solana staking ETF hits $12M.

Hello there! 👋

It’s been a relatively quiet week compared to the previous ones, which were packed with rising trade and even military tensions worldwide. Still, there was no shortage of important crypto news, so let’s dive into what happened over the past seven days 👇

quick weekly news

US Senate passes Trump’s budget bill without provision on crypto taxes

This week, much of the attention in the U.S. was drawn to the so-called “Big, Beautiful Bill,” a tax and spending proposal put forward by President Trump and his administration. While it sparked debate over its provisions on healthcare, AI regulation, wealth redistribution, and the rising deficit, we would like to focus on a part that could significantly impact the Web3 industry.

Just before the Senate vote, Wyoming Senator Cynthia Lummis raised concerns about what she described as the “unfair tax treatment” of crypto miners and stakers. As she explained, they are currently being taxed twice: once when they receive block rewards, and again when they sell them.

This policy is clearly harmful to the future of the crypto industry in the U.S., so Lummis proposed taxing miners and stakers only at the point of sale. Additionally, she reportedly suggested a tax exemption for small crypto transactions under $300. Under the initial rules of the bill, even everyday purchases, like a can of soda, would be taxable, effectively discouraging the use of crypto as a payment method.

Unfortunately, none of these proposed changes made it into the final version of the bill, which passed without them.

First Solana staking ETF hits $12M in ‘healthy’ first trading day

Another major headline this week broke yesterday, as Rex Shares, an asset management firm, launched the first-ever Solana staking ETF, which had a strong and successful debut. The REX-Osprey Solana Staking ETF started trading on the Cboe BZX Exchange, recording $12M in inflows and $33M in volume on its first day.

What’s even more interesting is the contrast with previous ETFs, such as those for Bitcoin and Ethereum, which were closely followed by the crypto community for months due to strict regulations under the prior SEC administration. In this case, the process moved much faster. Rex Shares had been among the first to apply for a Solana ETF at the beginning of the year, but as the SEC was still shaping its new crypto policy, discussions around altcoin ETFs largely disappeared from headlines.

Then, earlier this week, on Monday, Rex Shares received a response to its ETF filing. The SEC simply stated it had “no comments on the application for now.” And just two days later, Rex Shares launched its Solana ETF, with trading starting on Wednesday. For comparison, the Ethereum ETF took two months to begin trading after receiving approval, a delay that seemed to dampen investor enthusiasm at the time.

Reportedly, this Solana ETF is expected to serve as a test for investor interest in altcoin funds. With pending applications for Cardano, XRP, and several other tokens, such a successful debut could push the SEC to accelerate its review process, especially amid renewed attention from the crypto community.

BNB Chain Completes Maxwell Hard Fork Upgrade

But Solana wasn’t the only altcoin making headlines this week. Its main competitor, BNB Chain, also rolled out a major network upgrade, the Maxwell upgrade. According to BNB Chain’s official X account, the update introduced three key improvements:

• BEP-524 to reduce block time almost double, from 1.5s to 0.75s;
• BEP-563 to enhance Validator Network messaging and reduce the risk of missed votes or delayed proposals
• BEP-564 to optimize block-fetching logic, improving syncing and reducing latency during propagation.

However, as reported by crypto media outlet Contribune, these changes are unlikely to be noticeable for everyday users. Instead, they are primarily aimed at developers building within the Binance ecosystem.

Interestingly, BNB Chain has recently surpassed Solana in trading volume, despite having nearly half the TVL. One possible factor behind this surge is the Binance Alpha Points mania, which started a few months ago and has continued to drive user engagement.

ECB to pilot blockchain-based euro settlement system by 2026

Another dose of bullish news came from Europe this week, as the European Central Bank announced plans to launch a blockchain settlement pilot by late 2026. The initiative aims to enable the settlement of distributed ledger technology (DLT) transactions using central bank money, a key step toward modernizing Europe’s financial system.

The pilot will follow two development tracks, named Pontes and Appia.

Pontes is the short-term solution. It will link blockchain-based DLT platforms with the Eurosystem’s suite of financial services, known as TARGET Services. Designed to streamline payments and securities settlements within the eurozone, it will leverage data from the ECB’s DLT trials conducted in 2024 to test settlements using central bank money.

Appia, on the other hand, is focused on long-term development. Its goal is to build an integrated European ecosystem that also supports safe and efficient operations on a global scale. Under this track, the ECB will collaborate with both public and private partners to further explore DLT use cases in wholesale central bank settlements.

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