Readability might get a vote, however don’t get your hopes up but
Regardless of rich memecoin entrepreneur Donald Trump agreeing to an ethics deal, the Readability Act is floundering because the August recess deadline looms.
Senate Majority Chief John Thune doesn’t consider the Act has the votes to go simply but, however might deliver it to a vote anyway to “get Readability began. We’ll see the place the votes are.”
The ethics deal would prohibit all US officers from issuing or sponsoring digital property, however comprises some “get out of jail free” provisions for the President that the Democrats are sad with, together with the very fact the foundations expire the day he’s scheduled to depart workplace in 2029.
The ethics provisions can even be enforced by the Lawyer Common that Trump appointed. The Democrats as a substitute need state Lawyer Generals to implement it — however Trump appears unlikely to conform to empower dozens of state AGs to try to prosecute him.
The White Home described the invoice because the “most complete and wide-ranging ethics provision in historical past,” whereas Democratic Senator Ruben Gallego described it as a “piece of shit” and “not a severe effort.”
Negotiations are persevering with to discover a deal either side can stay with, however given the dearth of belief, it’s not going to be straightforward to discover a compromise.
Goldman Sachs CEO David Solomon conceded the invoice is “not good” however has supported it anyway, together with Constancy and Charles Schwab who symbolize many trillions in property beneath administration every.
Legislation enforcement organizations have additionally begun to sign help, with The Nationwide Fraternal Order of Police representing a whole lot of hundreds of members, stating the newest model of the BRCA (which protects builders of decentralized protocols) wouldn’t impede investigations into cash laundering and fraud.
The chances of the invoice passing this yr are at 38% on Polymarket.
BitMEX to close down after 11 years as class motion launched in opposition to it
BitMEX, one of many pioneers of cryptocurrency derivatives buying and selling, introduced it is going to shut down operations in September after 11 years.
BitMEX launched in 2014 and have become recognized for introducing the 100x leverage perpetual swaps.
Lately volumes have tanked elevated competitors from main exchanges like Binance and decentralized protocols like Hyperliquid.
CryptoQuant CEO Ki Younger Ju stated BitMEX’s share of the Bitcoin futures market has fallen to simply 0.08%, with roughly $84 million in every day buying and selling quantity.
“It was an excellent trade that helped form the business, and now it’s passing the torch to the following technology of exchanges it impressed,” Ju stated.
BitMEX’s utility token BMEX collapsed in worth after the announcement. That very same day, information emerged of a category motion lawsuit accusing the crypto derivatives platform of fraudulently engineering buyer liquidations to grab merchants’ collateral. BitMEX denied the allegations and stated it had efficiently defended itself in opposition to comparable claims previously.
Restructuring adviser Roshan Dharia advised Cointelegraph the trade’s demise exhibits the business is consolidating.
The highest 5 platforms now management an estimated 80% of worldwide spot quantity, leaving mid-tier and regional exchanges with shrinking margins and no viable path to scale… The headwinds are structural, not cyclical.
As if to undescore the purpose, BitMart subsequently introduced it could additionally shut within the coming months.
S&P launches blockchain fundamentals index for digital property
S&P Dow Jones Indices and Pantera Capital have launched a digital asset index that tracks the main crypto property — however doesn’t embody Bitcoin or XRP.
The S&P Pantera Digital Asset Index is designed to be the benchmark crypto index for establishments, however it screens out blockchains primarily based on minimal thresholds for protocol income, market capitalization and liquidity.
The index launched with 18 constituents, with Ether (ETH), BNB (BNB), Solana (SOL), TRON (TRX) and Hyperliquid (HYPE) as its 5 largest holdings, whereas Bitcoin (BTC) and XRP (XRP) are the most important non-constituents.
The newest index follows a broader business push to develop institutional-grade benchmarks for digital property, with comparable merchandise together with the Nasdaq Crypto Index US ETF, the Franklin Crypto Index ETF and the the Coinbase Retailer of Worth Index amongst others.
Robinhood to increase prediction markets as CFTC points new warning
Robinhood is reportedly discussing plans to increase its present prediction markets choices with crypto trade Crypto.com.
In accordance the Wall Avenue Journal the talks contain integrating yes-or-no occasion contracts provided by Crypto.com. Robinhood launched its prediction markets in March 2025, initially facilitated by Kalshi with the intention to adjust to regulatory necessities from the US Commodity Futures Buying and selling Fee (CFTC).
Bernstein analysts final week raised its value goal on Robinhood (HOOD) inventory to $160 from $130 per share, primarily based on the corporate’s outlook for prediction markets and tokenized equities.
In the meantime the CFTC, which goals to develop into the first regulator of prediction markets, issued a shot throughout the bow of suppliers final week, telling platforms they should get much more particular about occasion contracts certifications.
The advisory addresses issues in regards to the follow of submitting broad, template-style certifications that mix many potential occasion contract variations right into a single certification.
Carl Kennedy, a accomplice at New York legislation agency Katten Muchin, additionally advised a Home Agriculture Committee listening to final week, that the CLARITY Act may assist the CFTC’s efforts to supervise the “explosive progress of prediction markets.”
Balaji’s Community College turns to Kazakhstan amid Malaysia setback
Balaji Srinivasan’s Community College, a neighborhood of “digital nomads,” is eyeing a brand new campus in Kazakhstan after its Forest Metropolis campus had its enterprise license in Malaysia revoked over alleged premises-use violations.
A memorandum of understanding was signed between Kazakhstan’s related Minister Zhaslan Madiyev and Srinivasan to ascertain the primary Community College campus within the nation, which goals to develop into a digital hub.
The College was pressured out of Johor in Malaysia, following an issue in Malaysia over permitting Israeli twin residents to attend. The Muslim majority nation has no diplomatic relations with Israel. Regardless of an investigation discovering no visa violations, the Community College was ordered to close down on one other pretext.
Dragonfly Capital managing accomplice Haseeb Qureshi stated the drama has validated Balaji’s Community State thesis.
“The entire concept of a community state is taking a dense group of expertise and capital, and collectively negotiating with states. The Malaysia drama arrange Balaji to barter higher phrases with one other state to repeat and paste the community there.“
Winners and losers
On the finish of the week, Bitcoin (BTC) is at $65,395, Ether (ETH) is at $1,958, and XRP (XRP) is at $1.11. The whole market cap is at $2.24 trillion based on CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin winners of the week are Audiera (BEAT), which gained 53%, Shinba Inu (SHIB) with a 29% achieve, and Venice Token (VVV), which elevated 19%.
The highest three altcoin losers of the week are DeXe (DEXE), which misplaced 89%, Midnight (NIGHT), which fell 26%, and Pyth Community (PYTH), which dropped 10%.
Prediction of the Week
Bitcoin will get ‘carry’ from Hyperliquid, Robinhood in subsequent crypto bull market
Bitcoin (BTC) is “lastly displaying indicators of a backside,” based on Matt Hougan, chief funding officer at Bitwise.
Houghan predicts that TradFi integrations, notably Hyperliquid and Robinhood, will drive the following crypto bull market, and the ensuing tide ought to “carry” the most important cryptocurrencies together with Bitcoin and Ether.
Houghan believes crypto is bringing main advantages like 24/7 buying and selling to conventional markets, and famous that right this moment “almost half the quantity on Hyperliquid is in standard property like oil, silver, and the S&P 500 [and] it’s increasing into spot commodities, prediction markets, and choices,”
Bitwise information additionally suggests obvious demand for BTC is displaying indicators of reversal. The metric measures the distinction between newly-mined BTC and the availability inactive for a minimum of one yr.
Supply: Matt Hougan
Prime FUD of the Week
Dwelling invasions turned most typical crypto wrench assault in H1 2026: CertiK
Dwelling invasions turned the commonest type of crypto wrench assaults throughout the first half of 2026, rising to twenty publicly reported incidents from only one a yr earlier, based on blockchain safety agency CertiK.
On Thursday, CertiK stated it verified 52 wrench assaults worldwide within the first half of 2026, up 33.3% from 39 incidents throughout the identical interval in 2025. Kidnappings rose to 16 from 12, whereas robberies declined from 5 incidents to at least one.
CertiK stated the recorded monetary publicity linked to the assaults reached about $124.1 million, up from $10.5 million a yr earlier.
The rise in dwelling invasions suggests criminals are more and more bypassing digital safeguards by bodily coercing crypto holders and their households.
Hackers steal $31.6M in 2 crypto bridge assaults inside 7 hours
Hackers stole greater than $31.6 million throughout two unrelated crypto bridge exploits spaced simply hours aside, concentrating on bridges operated by decentralized perpetual trade AFX and Verus Protocol.
In accordance with Blockaid, AFX, a decentralized perpetual trade working on Arbitrum, reportedly misplaced $24.15 million on Wednesday by a hack concentrating on one among its cross-chain bridges. Hours later, Blockaid stated it detected an exploit concentrating on the Verus Ethereum Bridge that resulted in about $7.5 million in crypto being stolen.
“One other bridge, one other exploit. Bridges will at all times be a weak hyperlink, till safety is upgraded,” onchain investigator TheCrypticWolf stated in a put up on X.
Ethereum ETFs shut week in purple, finish 5-day influx streak
US-listed spot Ethereum exchange-traded funds (ETFs) logged $70.62 million in internet outflows on Friday, ending a five-day influx streak.
Ethereum funds noticed $211.25 million in internet inflows over the earlier 5 classes from July 17, based on SoSoValue information. They nonetheless posted $103.9 million in internet inflows for the week ended Friday.
Regardless of the outflows, Ethereum ETFs prolonged their weekly influx streak to a few straight and have attracted $337.74 million in internet inflows to date in July.
The Bitcoin ETFs reversed positive factors made earlier within the week to finish up with $33.9 million of inflows.
Prime Journal Tales of the Week
Each events say they need US crypto market construction laws, however a dispute over ethics guidelines and who enforces them is turning into the invoice’s largest impediment.
A Bitcoin growth roadmap that addresses quantum computing dangers may see the worth surge by “double digits” in a short time, based on Charles Edwards.
Are the fears of an AI pushed hacking epidemic completely overblown, or is that this simply the lull earlier than the storm?
Cointelegraph publishes long-form journalism, evaluation and narrative reporting produced by Cointelegraph’s in-house editorial group with subject-matter experience. All articles are edited and reviewed by Cointelegraph editors in step with our editorial requirements. Content material printed in right here doesn’t represent monetary, authorized or funding recommendation. Readers ought to conduct their very own analysis and seek the advice of certified professionals the place applicable. Cointelegraph maintains full editorial independence.