CLARITY hinges on Trump’s ethics
Polymarket suggests the chances of the CLARITY Act passing this 12 months are simply 40%, after a raft of Democratic Senators, together with Chris Murphy, Jeff Merkley and Chris Van Hollen, spoke out towards the invoice.
An important Senate vote might occur as early as this week, with Senate Majority Chief John Thune stating it should positively be held earlier than Aug. 10.
Democrat Senator Elizabeth Warren is attempting to spoil the vote by highlighting how a lot cash President Trump has extracted from the trade. She demanded Trump voluntarily launch his crypto earnings for this 12 months, after his 2025 disclosure, confirmed he earned greater than a billion {dollars} from crypto final 12 months. The controversy signifies that Senate Democrats are unlikely to help the invoice with out a provision banning elected officers selling or issuing cryptocurrency.
Summer time Mersinger, the CEO of the Blockchain Affiliation and a former commissioner on the US Commodity Futures Buying and selling Fee, stated: “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 onerous work that we put in the remainder of the invoice.”
Supply: Polymarket
Prediction markets see document 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 keeping with 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 document 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 keeping with 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 international locations… except you’ve gotten a VPN in fact.
Technique grew to become an emblem of the dot-com crash: Might 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 not 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 expenses linked to FTX’s collapse in 2022.
Hypothesis a few doable presidential pardon grew after Bankman-Fried utilized for clemency from Trump in June 2026.
On Friday, the FTX Restoration Belief stated 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 document $2.3B
The worldwide market capitalization of tokenized shares rose to a document $2.3 billion on Wednesday, as extra buyers sought publicity to blockchain-based fairness merchandise.
The Ethereum community boasted the biggest 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 put up.
The most important enhance got here from Kraken change’s xStocks, which accounted for $507 million price of tokenized shares and Binance’s bStocks, with $334 million. Ondo Finance remained the biggest tokenized inventory issuer with $955 million in onchain equities, in keeping with 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 corporations.
Robinhood Chain additionally goals to grow to be a pacesetter in tokenized shares, nonetheless its quantity so far is basically 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 power really useful that authorities contemplate a private-sector-led group targeted 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 stated that stablecoins “needs to be totally backed, on no less than a one-to-one foundation, by high-quality, liquid property,” aligning with the US legislation.
Satirically, just a few 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 end in 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 full market cap is at $2.21 trillion, in keeping with 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) could hit as much as $80,000 by August if it clears close by resistance, a brand new prediction says. A macro tide may very well be the spark to ignite the subsequent transfer larger.
Crypto dealer and analyst Michaël van de Poppe stated earlier this week that BTC/USD has efficiently defended “essential” help.
“It’s holding the essential degree at $61,000 and flipping essential MAs for help, indicating that there’s extra momentum on the horizon,” he wrote, referring to transferring common pattern traces.
“I’m anticipating to see a rally to $68,000 within the subsequent 1-2 weeks, adopted by a continuation in direction of $75,000-80,000 in August.”
Not everybody agreed with the evaluation, together with nichoxbt who thinks the value is heading again below $60,000.
Supply: Nichoxbt
Prime FUD of the Week
Consensys unknowingly outsourced developer work to North Korean
Blockchain firm Consensys by accident used a software program developer linked to North Korea, who had entry to a few of its techniques for a month.
First reported on Friday by Drop Website, Consensys earlier this 12 months took on a software program developer by way of a “respected third social gathering service supplier” who was later found to have ties to the Democratic Individuals’s Republic of Korea.
The transfer brought on the Metamask developer to briefly droop product releases, however stated an investigation has “confirmed there was no misappropriation of property or knowledge, no malicious code deployed, and no affect to consumer security and safety.”
Kaspersky identifies malware framework concentrating on crypto buyers
Cybersecurity firm Kaspersky stated a newly recognized malware framework is concentrating on cryptocurrency buyers.
Dubbed “OkoBot,” the malware initiates an an infection chain that begins with social engineering techniques akin to ClickFix, which tips customers into operating malicious instructions, or trojanized GitHub apps that ship a backdoor to contaminated gadgets, the cybersecurity firm wrote in a Wednesday report.
A separate malware marketing campaign seeks to infiltrate the gadgets of Web3 builders by way of pretend LinkedIn recruitment alternatives, in keeping with SlowMist.
Attackers contact blockchain devs by way of 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 stated 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 “improper wager” on social, leaving the chain to fall behind on prediction markets and perpetual futures.
In a put up to X on Wednesday, Pollak stated he had wager that creator, content material and messaging apps would drive adoption, however as an alternative the market “disintegrated utterly.”
Pollak stated he now realized monetary purposes are the way in which ahead for the community, with a concentrate on buying and selling, funds and AI brokers.
The Base App will now return to Coinbase, and shall 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: Might historical past repeat?
MicroStrategy blew up in the course of the dot-com period, earlier than Michael Saylor remodeled it into the world’s largest company Bitcoin holder. Did he study his lesson?
Is Robinhood Chain’s success bullish or bearish for ETH the asset?
Surging volumes on Robinhood Chain may very well be superb for Ethereum, however provided that the “ETH is cash” crowd change into proper.
Playing on random Pokémon playing cards: Onchain gagcha hits document excessive as crypto sinks
Customers spent a document $324 million on onchain gacha in June, at the same time as Bitcoin hit a 21-month low. The joys of scoring a prime Pokemon card from a random pack is changing into huge enterprise.
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