CLARITY hinges on Trump’s ethics
Polymarket suggests the chances of the CLARITY Act passing this yr are simply 40%, after a raft of Democratic Senators, together with Chris Murphy, Jeff Merkley and Chris Van Hollen, spoke out in opposition to the invoice.
An important Senate vote might occur as early as this week, with Senate Majority Chief John Thune stating it is going to positively be held earlier than Aug. 10.
Democrat Senator Elizabeth Warren is making an attempt to spoil the vote by highlighting how a lot cash President Trump has extracted from the business. She demanded Trump voluntarily launch his crypto earnings for this yr, after his 2025 disclosure, confirmed he earned greater than a billion {dollars} from crypto final yr. The controversy signifies that Senate Democrats are unlikely to assist the invoice with out a provision banning elected officers selling or issuing cryptocurrency.
Summer season Mersinger, the CEO of the Blockchain Affiliation and a former commissioner on the US Commodity Futures Buying and selling Fee, mentioned: “Ethics is the massive elephant within the room.”
“For my members and what we’re advocating for on the Hill… look, no matter you resolve on ethics, that’s actually not our concern. That’s politics. That’s Congress. That’s elected officers. However please don’t let it kill all of the arduous work that we put in the remainder of the invoice.”
Supply: Polymarket
Prediction markets see report Q2 quantity, France blocks Polmarket
Crypto markets continued to flounder within the second quarter, with the notable exception of prediction markets.
Spot buying and selling quantity throughout the highest 10 centralized exchanges (CEXs) fell from $2.7 trillion within the first quarter to only $1.95 trillion within the second, in response to CoinGecko’s newest Crypto Business Report.
CEX perps quantity additionally declined 10% to $12.7 trillion, whereas the stablecoin market slipped 1.6% to $305.1 billion. In distinction, prediction markets recorded their strongest quarter on report with $113.8 billion in notional quantity.
Polymarket’s World Cup winner market alone has attracted greater than $3.3 billion in buying and selling quantity, whereas contracts tied to the 2028 US presidential election rank among the many platform’s largest markets, in response to Polymarketscan knowledge.
In the meantime, France’s Nationwide Playing Authority has simply ordered web service suppliers to dam entry to Polymarket because it considers prediction markets to be unlawful playing.
Polymarket is blocked in 33 nations… except you’ve gotten a VPN in fact.
Technique grew to become an emblem of the dot-com crash: May historical past repeat?
Senate agrees SBF ought to serve his time as FTX distributes one other $900M
The US Senate has adopted a decision opposing government clemency for former FTX CEO Sam Bankman-Fried.
The measure can’t block a presidential pardon however displays bipartisan Senate opposition.
Bankman-Fried was sentenced to 25 years in federal jail in March 2024 after being convicted of fraud and conspiracy prices linked to FTX’s collapse in 2022.
Hypothesis a couple of potential presidential pardon grew after Bankman-Fried utilized for clemency from Trump in June 2026.
On Friday, the FTX Restoration Belief mentioned it could distribute about $900 million to collectors within the fifth spherical of repayments. The belief has now paid out about $10 billion because the firm filed for chapter.
Tokenized shares hit report $2.3B
The worldwide market capitalization of tokenized shares rose to a report $2.3 billion on Wednesday, as extra buyers sought publicity to blockchain-based fairness merchandise.
The Ethereum community boasted the most important market share, at 34%, adopted by BNB Chain with 30% and the Solana community with 23%, knowledge aggregator Token Terminal shared in a Wednesday X publish.
The most important improve got here from Kraken alternate’s xStocks, which accounted for $507 million price of tokenized shares and Binance’s bStocks, with $334 million. Ondo Finance remained the most important tokenized inventory issuer with $955 million in onchain equities, in response to Token Terminal knowledge.
The Depository Belief & Clearing Company, which is the custodian of $114 trillion in property, final week launched a trial of tokenized securities in partnership with greater than 40 monetary companies.
Robinhood Chain additionally goals to turn out to be a frontrunner in tokenized shares, nonetheless its quantity to this point is essentially pushed by memecoins.
Is Robinhood Chain’s success bullish or bearish for ETH the asset?
US and UK to align stablecoin guidelines, however Genius Act guidelines are TBA
The US Division of the Treasury and HM Treasury within the UK have issued 4 joint suggestions on digital property.
The duty pressure beneficial that authorities think about a private-sector-led group centered on “testing of cross-border use instances for tokenized property” and that monetary businesses within the US and the Financial institution of England determine shared approaches on the regulation of tokenized property.
The assertion mentioned that stablecoins “must be totally backed, on not less than a one-to-one foundation, by high-quality, liquid property,” aligning with the US regulation.
Mockingly, a couple of days later it emerged the US regulatory businesses had all missed Saturday’s rulemaking deadline for the GENIUS stablecoin act. Lacking the statutory deadline doesn’t invalidate the GENIUS Act, however will lead to issuers having much less time to conform earlier than the foundations go into impact in January.
Supply: ZachXBT (however DYOR)
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $64,620, Ether (ETH) at $1,868 and XRP (XRP) is at $1.09. The whole market cap is at $2.21 trillion, in response to CoinMarketCap.
Among the many greatest 100 cryptocurrencies, the highest three altcoin winners of the week are Pump.enjoyable (PUMP) which gained 36%, Venice Token (VVV) on 10%, and Litecoin (LTC) which is up 7%.
The highest three altcoin losers of the week are DeXe (DEXE) after it misplaced 27%, Lighter (LIT) which was down 17%, and Worldcoin (WRLD) which fell 14%.
Prediction of the Week
Bitcoin will get new $80K August goal
Bitcoin (BTC) might hit as much as $80,000 by August if it clears close by resistance, a brand new prediction says. A macro tide might be the spark to ignite the subsequent transfer greater.
Crypto dealer and analyst Michaël van de Poppe mentioned earlier this week that BTC/USD has efficiently defended “essential” assist.
“It’s holding the essential degree at $61,000 and flipping necessary MAs for assist, indicating that there’s extra momentum on the horizon,” he wrote, referring to transferring common pattern strains.
“I’m anticipating to see a rally to $68,000 within the subsequent 1-2 weeks, adopted by a continuation in the direction of $75,000-80,000 in August.”
Not everybody agreed with the evaluation, together with nichoxbt who thinks the value is heading again beneath $60,000.
Supply: Nichoxbt
Prime FUD of the Week
Consensys unknowingly outsourced developer work to North Korean
Blockchain firm Consensys by chance used a software program developer linked to North Korea, who had entry to a few of its programs for a month.
First reported on Friday by Drop Web site, Consensys earlier this yr took on a software program developer through a “respected third celebration service supplier” who was later found to have ties to the Democratic Folks’s Republic of Korea.
The transfer brought on the Metamask developer to quickly droop product releases, however mentioned an investigation has “confirmed there was no misappropriation of property or knowledge, no malicious code deployed, and no influence to person security and safety.”
Kaspersky identifies malware framework focusing on crypto buyers
Cybersecurity firm Kaspersky mentioned a newly recognized malware framework is focusing on cryptocurrency buyers.
Dubbed “OkoBot,” the malware initiates an an infection chain that begins with social engineering techniques reminiscent of ClickFix, which methods customers into working malicious instructions, or trojanized GitHub apps that ship a backdoor to contaminated units, the cybersecurity firm wrote in a Wednesday report.
A separate malware marketing campaign seeks to infiltrate the units of Web3 builders through pretend LinkedIn recruitment alternatives, in response to SlowMist.
Attackers contact blockchain devs through LinkedIn, posing as recruiters. They then ship pretend GitHub repositories to victims, claiming they include code that must be assessed earlier than the interview, the safety firm mentioned in a Saturday report.
Base’s social wager left it trailing in prediction markets and perps: Pollak
Base creator Jesse Pollak says he’s stepping again from main the Base App after admitting he made a “mistaken wager” on social, leaving the chain to fall behind on prediction markets and perpetual futures.
In a publish to X on Wednesday, Pollak mentioned he had wager that creator, content material and messaging apps would drive adoption, however as an alternative the market “disintegrated fully.”
Pollak mentioned he now realized monetary purposes are the best way ahead for the community, with a deal with buying and selling, funds and AI brokers.
The Base App will now return to Coinbase, and can be overseen by crypto influencer and dealer Jordan Fish, higher recognized on X as “Cobie.”
Prime Journal Tales of the Week
Technique grew to become an emblem of the dot-com crash: May historical past repeat?
MicroStrategy blew up through the dot-com period, earlier than Michael Saylor reworked it into the world’s largest company Bitcoin holder. Did he be taught his lesson?
Is Robinhood Chain’s success bullish or bearish for ETH the asset?
Surging volumes on Robinhood Chain might be superb for Ethereum, however provided that the “ETH is cash” crowd grow to be proper.
Playing on random Pokémon playing cards: Onchain gagcha hits report excessive as crypto sinks
Customers spent a report $324 million on onchain gacha in June, whilst Bitcoin hit a 21-month low. The fun of scoring a prime Pokemon card from a random pack is turning into massive enterprise.
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