Eric Trump Distances Himself From Tron Nasdaq Deal

Hi! In today’s edition:

• 🤷‍♂️ Eric Trump says no public role in Tron going public

• ⚠️ ZKJ collapse tied to Wintermute dump & liquidity holes

• ❌ Pump.fun silenced by X in mass crypto purge

• 🏦 JPM trademark suggests stablecoin or exchange push

• ⚖️ White House blocks ethics clause in crypto bill

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Eric Trump Claims No Public Involvement in Tron’s Nasdaq Entity

Eric Trump, the son of President Donald Trump, has denied any public or executive involvement in Tron’s planned Nasdaq debut, despite his advisory board role at Dominari Securities, the investment bank brokering the deal.

His denial comes after a report on Monday claiming he would take a formal position in the new entity, Tron Inc., which aims to go public via a reverse merger with SRM Entertainment — a Nasdaq-listed company.

Dominari Securities, where Eric Trump and Donald Trump Jr. serve as advisory board members, is the exclusive placement agent for a $210 million stock offering tied to Tron’s reverse merger.

“I’m the biggest fan of Tron and love Justin Sun - he is a great friend and an icon in the crypto space. That said the below is inaccurate - I don’t have public involvement in this company,” said Eric Trump on X, in response to these reports.

Tron’s plans to go public continue to advance, with SRM Entertainment set to rebrand as Tron Inc. and hold a significant amount of tron (TRX) tokens as part of its treasury strategy. 

Polyhedra Blames Onchain Liquidity Attack, Wintermute Deposits for ZKJ Crash

Polyhedra Network claims that the dramatic collapse of its ZKJ token, which fell more than 80% over a few hours on June 15, was primarily caused by a coordinated onchain liquidity attack and significant token deposits by major crypto market maker Wintermute.

“The initial investigation highlights substantial token transfers by Wintermute coinciding with extreme market volatility and a coordinated withdrawal of liquidity from PancakeSwap's ZKJ/KOGE pool,” said the Polyhedra team in its preliminary report of the incident. 

“In the hour surrounding the crash, Wintermute’s address deposited over 3.39 million ZKJ tokens to centralized exchanges,” they added.

The team also acknowledged that the affected trading pairs had fragile and imbalanced liquidity, making them highly vulnerable to large withdrawals and sales.

Pump.fun’s Official X Account Suspended

The X accounts of popular Solana-based memecoin launchpad Pump.fun and its co-founder Alon Cohen were suspended by the platform on Monday.

The suspensions appear to be part of a broader enforcement action targeting dozens of crypto-related accounts, including accounts linked to other services such as GMGN and ElizaOS.

Although X is yet to disclose the reasons these specific accounts were banned, industry observers speculated that possible causes could be the misuse of third-party APIs, platform manipulation, spam, and general regulatory scrutiny.

In recent months, Pump.fun has faced a number of lawsuits alleging the sale of unregistered securities and other claims tied to its role in facilitating highly volatile and controversial memecoin launches.

JPMorgan Files ‘JPMD’ Trademark, Hints at Bigger Crypto Offering

Wall Street banking giant JPMorgan Chase has filed a trademark application for a digital asset platform named JPMD, signaling a potential expansion of JPMorgan’s digital asset ambitions.

The application, submitted to the U.S. Patent and Trademark Office, outlines a broad suite of offerings including digital asset trading, exchange, transfer, payment processing, and the issuance of digital assets.

While the term "stablecoin" is not explicitly mentioned in the filing, it comes after reports that JPMorgan, along with other major U.S. banks such as Bank of America and Wells Fargo, are considering launching a joint stablecoin.

JPMorgan already operates a private blockchain payments network, Kinexys (the recently rebranded version of JPMorgan’s Onyx network), which uses the JPM Coin stablecoin for institutional transactions.

Trump Holds Market Structure Bill Hostage Over His Crypto Riches

Democrats and Republicans negotiated a compromise to limit President Donald Trump’s crypto profiteering as it seeks to pass key legislation. But the White House said no.

Congress is racing against the clock to pass market structure legislation. But it might not meet a key deadline unless Trump compromises on his rampant profiteering. 

• 🇺🇸 Trump Media filed to launch a dual bitcoin and ether ETF through Truth Social, allocating 75% to BTC and 25% to ETH, with Crypto.com providing custody and liquidity services, aligning with the Trump family’s Ethereum-heavy DeFi investments.

• ⚖️ The GENIUS Act, which mandates full dollar backing and audits for major stablecoin issuers, heads to a final Senate vote today after bipartisan negotiations addressed concerns over foreign issuers and Trump-linked World Liberty Financial’s recent stablecoin launch.

• 📄 CoinShares filed an S-1 with the SEC to launch a spot Solana ETF with Coinbase and BitGo as custodians and disclosed plans to stake a portion of the fund’s SOL holdings to generate rewards.

• 🎭 A satirical prison musical in San Francisco portrayed Sam Bankman-Fried alongside Luigi Mangione and Sean ‘Diddy’ Combs as cellmates mocking Silicon Valley, healthcare, and celebrity culture, drawing sold-out crowds with scenes like SBF proposing to tokenize incarceration.

• 🇪🇺 Gemini and Coinbase are reportedly close to securing EU-wide crypto licenses from Malta and Luxembourg respectively, stirring tensions among regulators over the rapid approvals and raising concerns that inconsistent enforcement of MiCA rules could weaken oversight across the bloc.

• 📜 Vietnam passed a sweeping law recognizing crypto assets as part of its digital economy framework, dividing them into virtual and crypto categories, and offering subsidies and tax breaks for blockchain startups ahead of a January 2026 launch.

• 💶 The Blockchain Group plans to raise $8.3 million by issuing 1.6 million new shares at $5.19 each as part of its $342 million program to grow its bitcoin reserves, adding to the $11.2 million already raised last week through equity and convertible bonds.

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3. Assume The Position by Maelstrom CIO Arthur Hayes