The first week of June may turn crypto’s 2025 policy wins into hard deadlines. Comment periods for the GENIUS Act’s stablecoin rules start closing this week, reaching the point where a federal framework stops being statute and becomes the operating rules issuers have to build to.
What gets settled in those windows decides who can issue, what reserves they hold and whether yield survives. Banks have spent the past few months pushing to slow the rollout, a fight over yield-bearing stablecoins that has already stalled the Clarity Act for months. The Senate floor opens June 3 to try again.
The value of stablecoins in circulation, which Samara Cohen, BlackRock’s global head of market development, called the “bridge between traditional finance and digital liquidity,” has kept rising and hit a record $322 billion in late May. The ECB is now warning these instruments could cement dollar dominance.
Macro and geopolitical impact will also need to be closely monitored. While economic data will provide further hints on the Fed’s future policy direction, an earlier-than-expected ceasefire in the Middle East could revive risk appetite.
What to Watch
(All times ET)
- Crypto
- June 2: Comment periods for GENIUS Act stablecoin frameworks close for the Treasury, FDIC and FinCEN/OFA
- June 3: The Senate floor window reopens to consolidate the Clarity Act into a single vehicle with CFTC provisions and GENIUS Act updates, targeting a August signing.
- Q3: Ethereum to move forward with the ‘Glamsterdam’ upgrade, featuring parallel execution, ePBS MEV reforms, a 200M gas limit target, and lower layer-1 transaction fees.
- Macro
- June 1, 10 a.m.: U.S. ISM Manufacturing PMI for May est. 52.6 (Prev. 52.7); Prices est. 85.3 (Prev. 84.6)
- June 1, 6 p.m.: South Korea Inflation Rate YoY for May est. 3.0% (Prev. 2.6%)
- June 2, 5 a.m.: Eurozone Inflation Rate YoY Flash for May est. 3.3% (Prev. 3.0%); Core Inflation YoY Flash est. 2.4% (Prev. 2.2%)
- June 2, 10 a.m.: U.S. JOLTs Job Openings for April est. 6.8M (Prev. 6.866M)
- June 3, 8:15 a.m.: U.S. ADP Employment Change for May est. 110K (Prev. 109K)
- June 3, 10 a.m.: U.S. ISM Services PMI for May est. 53.6 (Prev. 53.6)
- June 4, 8:30 a.m.: U.S. Initial Jobless Claims for period ending May 30 est. 216K (Prev. 215K)
- June 5, 8:30 a.m.: U.S. Nonfarm Payrolls for May est. 96K (Prev. 115K); Unemployment Rate est. 4.3% (Prev. 4.3%)
- June 5, 8:30 a.m.: U.S. Average Hourly Earnings MoM for May est. 0.3% (Prev. 0.2%)
- June 7: OPEC+ 41st Ministerial Meeting and 66th JMMC
- Earnings
- June 1: HIVE Digital Technologies (HIVE), post-market, -$0.22
Token Events
- Governance Votes & Calls
- Superfluid DAO is voting on continuing the yield backends for both ETHx and USDCx with their current code across all networks. Voting ends on June 1.
- ENS DAO is voting on a social proposal to determine the structural framework and election timeline for Term 7 of its working groups. Voting ends on June 1.
- ShapeShift DAO is voting to distribute $150,681.30 of unallocated exploit revenue to affected DeFi communities and to add discostu to the engineering workstream for business development. Voting ends on June 2 and June 3.
- Decentraland DAO is voting on lowering the voting power (VP) threshold for governance proposals from 6 million to 5 million or less, aiming to address declining voter participation. Voting ends on June 2.
- 1inch Network DAO is voting to renew its recognized delegate program for 12 months with an updated $220,000 budget and stricter performance criteria. Voting ends on June 3.
- Arbitrum DAO is voting on proposals to fund the Arbitrum Foundation with $16M in RWAs, 1,740 ETH, and 230M ARB for continued operations, and to transition Arbitrum Nova into a minimized, low-cost maintenance state. Voting ends on June 4.
- Lightchain AI DAO is voting on migrating 4.42 billion LCAI from its Ethereum-based treasury to its native Lightchain mainnet DAO treasury at a 1:1 ratio, and on approving a BitMart listing agreement and $30,000 listing fee. Voting ends on June 5 and 6.
- Unlocks
- June 1: to unlock 0.36% of its circulating supply worth $12.88 million.
- June 5: Ethena (ENA) to unlock 2.07% of its circulating supply worth $15.17 million.
- June 6: Hyperliquid (HYPE) to unlock 2.54% of its circulating supply worth $673 million.
- Token Launches
- June 1: Venice (VVV) reduces token emissions by 1 million tokens per year.
- June 1: Drift (DRIFT) to be delisted from Upbit Korea.
- June 2: Sei (SEI) to unveil a “new blockchain revaluation framework for financial services” with Mastercard.
- June 4: Augur hard fork deadline.