Crypto Pulse Media

There remains uncertainty around the CLARITY Act and when the crypto bill could hit the Senate floor for a vote. The inclusion of an ethics provision remains the major stumbling block, with the White House reportedly yet to sign off on it.
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In a statement marking the first anniversary of the House’s bipartisan passage of the Digital Asset Market Clarity (CLARITY) Act, committee leaders reiterated their warning that the current “regulation by enforcement” paradigm is stifling American innovation. Lawmakers emphasized that a persistent lack of regulatory stability has already forced digital asset firms offshore, making the legislative framework vital to maintaining the United States’ position at the center of the global digital economy.
The anniversary arrives as the bill remains in limbo, stalled in the Senate since last year. Despite mounting industry pressure, the legislation faces headwinds from financial institutions and political opposition.
Recent allegations concerning Donald Trump’s personal cryptocurrency earnings have further complicated the bill’s trajectory, as opponents attempt to leverage the controversy to derail its momentum. Nevertheless, proponents remain optimistic that a Senate vote could still occur before the August recess—a milestone that would represent a major step toward a defined federal framework for the digital asset industry.
Once that happens, the industry’s focus shifts from simply attracting capital to creating transparent, high-quality investment opportunities that can put that liquidity to work in the real economy,” Grigorov said.
While a consensus exists that the CLARITY Act is a step forward, some pro- Bitcoin market participants argue the framework is overly tailored toward utility token issuers and “decentralization maturity” metrics. Mark Zalan, CEO of Gomining, pointed out that these rules have less utility for bitcoin, which regulators have long accepted as a commodity.
For Bitcoin, which still commands more than half the crypto ecosystem, the largest regulatory gaps remain unaddressed,” Zalan explained. “Chief among them is tax treatment. Because Bitcoin is treated as property, every single transaction triggers a taxable event, making it impractical for daily commerce by consumers and merchants alike.”
Instead, Zalan concluded, a targeted de minimis tax exemption for small transactions—paired with clear, explicit protections for self-custody, mining, and noncustodial infrastructure—would do far more to unlock Bitcoin’s economic utility than sweeping market-structure rules alone.
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When the Fed chair was asked whether the central bank would rescue crypto in a crisis, he avoided one topic with lawyerly care: Section 13(3), the emergency lending power behind every modern bailout. Here is what it is, how 2010 rewrote it, and why a stablecoin rescue through it is closer to illegal than unlikely.
Every modern financial rescue Americans can name ran through the same fourteen words of statute. Bear Stearns, AIG, the alphabet of 2008 facilities, the pandemic programs of 2020: all of them drew their legal authority from the third paragraph of Section 13 of the Federal Reserve Act, which permits the Fed, in unusual and exigent circumstances, to lend beyond the banking system it normally serves. So when Representative Brad Sherman asked the new Fed chair on July 14 whether crypto would get the treatment money market funds got in 2008, and Kevin Warsh answered that the Fed does not want to be in the bailout business while conspicuously declining to discuss his emergency authority, the exchange pointed directly at this provision. For readers tracking the exchange, crypto.news has also covered the testimony this statute sits under. Most of the crypto market has never read it. That is worth fixing, because what the statute actually says, especially after Congress rewrote it in 2010, changes the question from whether the Fed would rescue a stablecoin issuer to whether it lawfully could. The answer is narrower than almost anyone trading on the assumption of a backstop believes.
Under current law, effectively no. A rescue of one named issuer is the single-firm assistance Dodd-Frank prohibits, and an issuer unable to meet redemptions would likely fail the solvency requirement outright. The only lawful use in a stablecoin crisis would be a broad-based liquidity facility serving a whole class of participants, aimed at stabilizing the markets where reserves are held, not at saving any particular company.
It maps closely. Kevin Warsh told the House on July 14 that the Fed does not want to be in the bailout business, while pledging to mitigate extraordinary risks and avoiding specifics on 13(3). The statute already forbids the firm-specific rescue and preserves the broad systemic tool, so his stated policy and his hedge track the actual legal boundary rather than a personal preference.
No, and the distinction matters. $USDC’s peg was restored because the FDIC invoked its systemic risk exception to make all Silicon Valley Bank depositors whole, and Circle was a depositor with $3.3 billion at the bank. That is a different authority, at a different agency, aimed at banking contagion. The Fed’s role that weekend was a broad-based bank lending facility, consistent with its post-2010 constraints.
Three layers. At least five members of the Federal Reserve Board must vote to authorize a program. The Treasury secretary must approve it before launch, which inserts a political checkpoint into every use of the power. And afterward, the program faces mandatory disclosure of participants and terms on a lag, plus audit by the Government Accountability Office.
The private architecture, not the Fed. Under the $GENIUS Act, issuers must hold full reserves in liquid assets and holders are paid ahead of other creditors if an issuer fails, though the detailed implementing rules remain unfinished after regulators missed the July 2026 deadline. Reserve quality, segregation, attestations, and that legal priority are the operative safety net. This is educational information, not financial advice.
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The U.S. Securities and Exchange Commission (SEC) has filed charges against Florida resident Zan Shaikh and his company, Mining Automatic, alleging they orchestrated a $22 million cryptocurrency mining investment fraud that misled hundreds of investors over a two-year period.
According to the SEC’s complaint, from June 2023 to May 2025, Mining Automatic raised approximately $22 million from more than 380 investors by promoting guaranteed monthly returns generated through cryptocurrency mining operations. The company marketed itself as a reliable investment vehicle for those seeking exposure to digital asset mining without the technical complexities.
However, the regulator alleges that only about 13% of the funds raised were actually deployed toward mining activities. The remaining money was diverted to marketing efforts, recruiting new investors—a hallmark of Ponzi-like structures—as well as personal expenses and other business ventures unrelated to mining.
The case underscores the SEC’s continued focus on fraudulent schemes within the cryptocurrency sector, particularly those that prey on retail investors with promises of high, guaranteed returns. The complaint seeks permanent injunctions, disgorgement of ill-gotten gains, and civil penalties against Shaikh and Mining Automatic.
For the affected investors, the losses represent a significant financial blow. Many were drawn in by marketing that emphasized safety and reliability, only to find that the core business was largely a fiction. The SEC’s action aims to recover funds and prevent similar schemes from proliferating.
This case serves as a cautionary tale about the risks inherent in cryptocurrency investment schemes that promise guaranteed returns. Investors are advised to conduct thorough due diligence, verify that companies are registered with regulators, and be skeptical of any opportunity that emphasizes recruiting new participants as a key revenue source.
The SEC’s charges against Zan Shaikh and Mining Automatic highlight the ongoing regulatory battle against fraud in the digital asset space. As the case moves through the legal system, it will likely provide further clarity on the boundaries of acceptable fundraising practices in the crypto mining industry. Investors are reminded that no legitimate investment can guarantee high returns with zero risk, and that regulatory actions like this are critical to maintaining market integrity.
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Chris Dixon recently expressed strong support for Mike Selig’s nomination to chair the Commodity Futures Trading Commission (CFTC). He emphasized that the timing is critical, as the agency needs to finalize market structure legislation to provide clear rules for both builders and consumers. This nomination comes at a pivotal moment for the regulatory landscape of cryptocurrencies, underscoring the urgency for clear guidelines in this evolving sector.
The broader crypto market is currently exhibiting mixed signals, with varying momentum influencing major assets. Mike Selig’s nomination as CFTC chair is particularly significant as it aligns with ongoing discussions about the Digital Asset Market Clarity Act, which aims to grant the CFTC exclusive jurisdiction over spot market transactions involving digital commodities. This legislation could enhance regulatory clarity, offering much-needed guidance to market participants who have long awaited definitive rules governing digital assets. Market experts believe that Selig’s leadership could facilitate progress in this area, potentially benefiting a wide range of stakeholders in the crypto ecosystem.
As of now, the current price of the cryptocurrency market remains stagnant, with no significant trading volume reported. This lack of price movement may reflect traders’ cautious sentiment, especially amid potential regulatory changes on the horizon. In the absence of definitive figures, the market appears to be in a holding pattern as participants await clearer direction from the CFTC under new leadership.
The Commodity Futures Trading Commission (CFTC) has been at the forefront of integrating cryptocurrencies into traditional finance. With its recent guidance allowing Bitcoin and Ethereum to be used as collateral in derivatives trading, the agency is actively shaping how digital assets are regulated. Mike Selig’s nomination is seen as a critical step toward enhancing this regulatory framework, particularly with the proposed Digital Asset Market Clarity Act potentially granting the CFTC expanded authority over digital commodities.
What traders are watching next includes the developments surrounding the Digital Asset Market Clarity Act and any forthcoming statements from the CFTC following Selig’s nomination. The agency’s approach to regulating digital commodities will likely influence market behavior and trader sentiment. If the CFTC moves swiftly to implement clear guidelines, it could provide a more stable environment for crypto investments, particularly as institutional interest continues to grow.
This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.
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As lawmakers in the US Senate are likely to vote soon on the Digital Asset Market Clarity (CLARITY) Act, representatives from advocacy organizations and companies are providing details of closed-door negotiations over the bill, which is expected to be the most comprehensive piece of legislation affecting the crypto industry.
In a Monday CNBC interview, Coinbase vice chair Ryan VanGrack said while the final negotiations over text of the CLARITY Act were taking place in the Senate, Democratic lawmakers had added additional protections for customers to give what he called “more teeth” to the legislation. He did not explicitly mention any progress on adding ethics provisions to the bill, which many Democrats said will be necessary for their votes.
[A]t the end of the day, this is about customer protections,” said VanGrack. “The status quo lacks this infrastructure, lacks these protections, and the Democrats used this opportunity, wisely, to make sure that customers were first and foremost in [this bill].”
Notably, Coinbase CEO Brian Armstrong may have contributed to a delay for a markup of an earlier version of the bill in the Senate Banking Committee, when he announced in January that the exchange could not support the legislation as written. Several Coinbase executives have since come out publicly in favor of the Senate passing the bill, including chief legal officer Paul Grewal.
Under the Biden administration, the US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for allegedly operating as an unregistered securities exchange, broker and clearing agency. The case was dropped shortly after US President Donald Trump took office, with the agency headed by his pick for acting SEC chair, Mark Uyeda.
Last week, following the death of Senator Lindsey Graham, Trump said on social media that members of the Senate should pass the CLARITY Act “in honor of” the South Carolina lawmaker, who he claimed had been “a big supporter” of the bill.
Republican lawmakers reportedly met with Trump on Thursday to discuss the bill amid Democrats’ concerns about the president’s ties to the crypto industry. In June, the president disclosed $1.4 billion in earnings related to his memecoin, Official Trump (TRUMP), his family crypto company World Liberty Financial and other digital asset investments.
Senate Democrats also reportedly held a closed-door meeting on Wednesday to assess their positions on the CLARITY Act. As of Monday, lawmakers had not released the final text of the bill or scheduled a floor vote.
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Kevin Warsh held stakes in a stablecoin venture and a dozen protocols, called Bitcoin the new gold, and became the friendliest Fed chair crypto has ever had. Then Congress asked whether the Fed would rescue the sector in a run, and he said the one word the industry was not expecting.
The most consequential sentence in crypto this month was not said by anyone in crypto. It was said in a House hearing room on July 14 by a Federal Reserve chair two months into the job, answering a question from a congressman who has spent years as the industry’s most reliable antagonist. Representative Brad Sherman asked Kevin Warsh whether the Fed would backstop failing digital-asset firms the way it supported money market funds in 2008. Warsh, who sat inside the Fed during that crisis and helped design those rescues, answered: “We do not want to be in the bailout business, full stop.” He then added that the goal is a position where nobody gets bailed out, crypto included. The industry has spent a decade assuming that if the worst happened, the safety net underneath the traditional system would stretch, however grudgingly, underneath the digital one. The friendliest chair in Fed history just said it will not, and the fine print of how he said it matters more than the headline.
Because he is simultaneously crypto’s most sympathetic chair and a career bailout skeptic. Before confirmation he disclosed stakes in a Bitcoin payments startup, Bitwise, a stablecoin venture, and more than a dozen protocols, all divested under ethics rules, and he has called Bitcoin the new gold for younger investors. He was also the youngest Fed governor during the 2008 crisis and later opposed quantitative easing and the 2020 emergency programs.
Once, by accident. In March 2023, $3.3 billion of Circle’s $USDC reserves were trapped at Silicon Valley Bank and the coin fell to roughly 87 cents. The FDIC’s systemic risk exception made SVB depositors whole, which restored the peg. The rescue targeted regional banking, and $USDC’s recovery was a spillover, which illustrates how a future intervention could reach crypto without being aimed at it.
Partly. The $GENIUS Act requires issuers to hold full reserves in liquid assets and pays stablecoin holders ahead of other creditors if an issuer fails. However, the FDIC has confirmed stablecoin wallets carry no pass-through deposit insurance, and the detailed rules implementing the law remain unfinished after regulators missed the July 18 statutory deadline. Protection rests on reserves and legal priority, not on any guarantee.
Transmission. Stablecoin reserves sit in Treasury bills, repo, and bank deposits, and a New York Fed staff report this year found stablecoin activity can transmit liquidity stress to banks. A run on a major issuer could force rapid asset sales in markets that banks and money funds also depend on, converting a crypto event into a money market event, which is the scenario Warsh’s extraordinary-risk hedge appears designed for.
Directly. On July 15, Warsh urged regulators to coordinate their $GENIUS rulemaking to prevent regulatory arbitrage, with the Fed described as racing to publish on time. Three days later, all the relevant agencies missed the law’s one-year rulemaking deadline. The sector is therefore operating with a disclaimed backstop and an unfinished resolution rulebook simultaneously, ahead of the law’s fixed January 18, 2027 effective date.
That the assumption of a federal safety net under large crypto platforms and issuers has been explicitly disclaimed, and risk should be priced accordingly. Reserve quality, redemption mechanics, and legal structure now carry the full weight of protection. Self-custodied assets are unaffected by the change, since they were never inside any rescue perimeter. This is not investment advice, and individual circumstances vary.
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Federal regulators have failed to meet a key deadline under the $GENIUS Act. This has left stablecoin issuers without final compliance rules despite the law’s one-year implementation schedule.
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With the Senate facing a narrow window to pass the Clarity Act before the August recess, White House crypto advisor Patrick Witt has secured a deferment from the Georgia Army National Guard service that threatened to pull him away at a very crucial moment.
In the official post, Patrick Witt said, “Last week, it was reported that I was set to leave for mandatory training as part of my service in the Georgia Army National Guard, right before Clarity hits the Senate floor. While I remain committed to fulfilling my service obligation, I am grateful to report that my training has been deferred, and that I will be able to see this effort through to the end
According to multiple sources, the bill still needs 7 votes of Democratic members to reach the required threshold of 60 votes to pass. However, there is still major debate on final negotiations over ethics language and consumer protections.
Witt had already postponed his Guard training once in April to advance the CLARITY Act. In the post, he thanked President Trump and former crypto czar David Sacks for the opportunity to remain on the job.
Earlier today, Patrick Witt took an indirect shot at US lawmakers for the delay in the approval of the Clarity Act while countries like Russia are actively working with pro-crypto legislation. Patrick Witt quoted an earlier post which he shared a few days ago, saying that “The world won’t wait on America forever. We can either lead the way on digital assets by passing the Clarity Act, or watch as someone else sets the rules of global finance for us.”
This week is one of the final opportunities for the Digital Asset Market Clarity Act (CLARITY Act) to appear in the Senate before the August recess. There is a very small window of legislative days as lawmakers are planning to depart Washington around August 7-10. If the bill misses this time period, then it would be postponed until the post-midterm lame-duck session or even 2027 due to the midterm election campaign.
This bill will divide regulatory roles between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) for digital assets. This bill has already been approved by the House in 2025 and advanced through the Senate Banking Committee with a 15-9 vote in May 2026.
The bill is currently on the Senate calendar, but a floor vote has not yet been scheduled. Senator Cynthia Lummis has stated that the bill is “ready for prime time” and it could be introduced in the coming days.
However, there is still discussion around major provisions mentioned in the bill. Democrats are demanding stronger ethics rules. In their demand, they need provisions that would ban federal officials from holding or trading certain digital assets. This includes the President, Vice President, and members of Congress.
U.S. President Donald Trump has publicly urged the Senate to pass the bill with the support of Senate leaders Cynthia Lummis, Tim Scott, who chairs the Banking Committee, and Majority Leader John Thune. A revised merged draft is expected to be introduced this week. The possible cloture motion or floor debate is expected to be targeted before the August recess.
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The White House has reached an agreement on a key ethics provision within the Clarity Act, a major cryptocurrency market structure bill, according to Eleanor Terrett, host of Crypto In America. Terrett reported on X that the administration has shared the details of the agreement with some Republican senators, signaling a potential breakthrough for the legislation.
While the specifics of the ethics provision have not yet been publicly confirmed, the development marks a significant step forward for the Clarity Act. The ethics provision had been a primary sticking point in negotiations, with lawmakers and the administration seeking common ground on how to manage potential conflicts of interest within the digital asset industry. Industry insiders expect that revised bill language could be released in the coming days or weeks.
Market participants view this agreement as a critical factor that could substantially improve the bill’s chances of passing the Senate. The timeline, however, remains tight. The Senate is scheduled to begin its summer recess after the first week of August, leaving only a matter of weeks for the chamber to process and vote on the legislation this year.
The Clarity Act aims to establish a comprehensive federal framework for regulating digital assets in the United States. A successful passage would provide much-needed regulatory clarity for exchanges, issuers, and investors, potentially reducing legal uncertainty and encouraging institutional adoption. The ethics provision, in particular, is designed to ensure that regulators and policymakers act in the public interest rather than being unduly influenced by industry players.
The White House’s agreement on the ethics provision removes a major obstacle for the Clarity Act, though the bill still faces a narrow legislative window before the Senate’s summer recess. The coming weeks will be critical in determining whether this momentum translates into final passage, a development that would reshape the regulatory landscape for cryptocurrency in the United States.
The Clarity Act is a proposed U.S. law designed to create a comprehensive regulatory framework for cryptocurrency markets, addressing issues like market structure, investor protections, and oversight of digital asset exchanges.
The ethics provision is intended to prevent conflicts of interest among regulators and policymakers involved in overseeing the crypto industry. Its inclusion has been a major point of negotiation between the White House and lawmakers.
With the White House’s agreement on the ethics provision, revised bill language is expected to be released soon. The Senate must then debate and vote on the bill before its summer recess begins after the first week of August.
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South Korea’s government is set to hold its first official forum on stablecoin legislation today, marking a formal step toward regulating the digital asset sector. The forum, chaired by Deputy Prime Minister for Economic Affairs Koo Yun-cheol, will kick off legislative discussions on the second phase of the Digital Asset Basic Act, which specifically targets stablecoins, according to a report by Edaily.
The forum is described as the first government-hosted and government-organized event focused solely on stablecoin regulation. Deputy Prime Minister Koo’s direct involvement signals the high priority the administration places on establishing a legal framework for stablecoins. The move comes as the United States prepares for the full implementation of its $GENIUS Act in January, which is expected to accelerate the global spread of dollar-pegged stablecoins.
South Korea’s ruling Democratic Party and the government have aligned on a goal to pass the stablecoin bill within this year. The legislative push is part of a broader strategy outlined in the government’s 2026 economic growth plan, announced on July 14 by the Ministry of Economy and Finance, the Financial Services Commission (FSC), and other related agencies.
The second-phase legislation aims to subdivide the digital asset industry, establish a comprehensive regulatory framework for business conduct, and build a legal foundation for the formal regulation of stablecoins. This follows the first phase of the Digital Asset Basic Act, which focused on investor protection and market integrity for virtual assets.
Authorities have indicated that the new law will address key issues such as reserve requirements, issuance standards, and operational guidelines for stablecoin issuers. The goal is to create a stable and transparent environment that protects consumers while fostering innovation in the digital asset space.
South Korea is one of the world’s most active cryptocurrency markets, and its regulatory decisions often influence policy in other jurisdictions. By moving to regulate stablecoins, Seoul is positioning itself to align with international standards, particularly those emerging from the U.S. and the European Union. The passage of the bill could provide greater legal clarity for businesses and investors, potentially attracting more institutional participation in the Korean digital asset market.
The government’s timeline—aiming for passage within the year—reflects a sense of urgency, driven by the rapid growth of stablecoin usage globally and the need to preempt potential risks to financial stability.
Today’s forum in South Korea represents a critical milestone in the country’s journey toward comprehensive digital asset regulation. With Deputy Prime Minister Koo leading the discussion and a clear legislative target set for 2025, the stablecoin bill is poised to become a cornerstone of South Korea’s crypto policy. The outcome will be closely watched by market participants and regulators worldwide as the global stablecoin landscape continues to evolve.
The forum, chaired by Deputy Prime Minister Koo Yun-cheol, is the first government-hosted event to begin legislative discussions on the second-phase Digital Asset Basic Act, which focuses on regulating stablecoins. It aims to gather input and build consensus for a formal bill.
The government and the ruling Democratic Party have set a target to pass the stablecoin legislation within this year, as part of the broader 2026 economic growth strategy announced in July.
The U.S. $GENIUS Act, set to take full effect in January, is expected to increase the global circulation of dollar stablecoins. South Korea’s government views this as a catalyst to accelerate its own regulatory framework to ensure domestic stability and international alignment.
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The CLARITY Act has entered a critical week as the Senate approaches its August recess without updated legislative text or a scheduled floor vote. Negotiations could still produce an agreement, but the compressed calendar leaves little room for unresolved language issues, procedural delays, or shifting political priorities.
Stand With Crypto (SWC), a grassroots advocacy organization backed by Coinbase that mobilizes cryptocurrency supporters to influence public policy, said the CLARITY Act has entered a decisive stage, with only 18 Senate days remaining before the August recess. The group is urging lawmakers to stay in Washington until the legislation is completed, citing pressure from its 2.9 million advocates.
Negotiators must settle outstanding provisions, release revised text, and secure enough Senate time to move the bill before lawmakers leave Washington. Missing that window could push consideration until after Congress returns in September, prolonging uncertainty for crypto companies awaiting federal market rules.
The urgency also reflects U.S. Senator Cynthia Lummis’ warning that Congress may not receive another comparable opportunity to enact comprehensive digital asset legislation before 2030. Lummis argues that election pressures and the remaining congressional calendar could reduce the likelihood of major action later in the decade, potentially leaving the United States to follow rules established elsewhere.
Stand With Crypto intensified its call after reports that Russia was preparing to finalize legislation establishing a legal framework for crypto. Responding directly to that development, the organization wrote:
Russia’s advancing crypto legislation adds competitive pressure to the U.S. debate by reinforcing concerns that other major economies are establishing digital asset rules while Washington remains divided. Supporters of the CLARITY Act argue that further delays could weaken U.S. influence over global crypto policy and prolong regulatory uncertainty for domestic companies.
The White House joined discussions over ethics language last week, according to Smith, raising hopes that negotiators can find common ground. She framed the bill as a defining opportunity for the administration, noting:
As the August recess approaches, lawmakers face increasing pressure to resolve the remaining disputes and advance the CLARITY Act. Failing to do so could significantly reduce the chances of Senate action until Congress returns in September.
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Celsius co-founders Shlomi Daniel Leon and Hanoch “Nuke” Goldstein have been ordered to pay over $6 million to settle Federal Trade Commission charges alleging they misrepresented the safety of the Celsius platform before the company collapsed.
Goldstein, Celsius’ former chief technology officer, was ordered to pay $2.014 million under an order signed Monday by US District Judge Denise Cote. Leon, the firm’s former chief strategy officer, was ordered to pay $4.1 million under a separate order entered on June 29.
The settlements extend the fallout from the 2022 collapse of Celsius beyond its former CEO Alex Mashinsky. The crypto lending platform, which held $25 billion in assets at its peak, owed its users $4.7 billion when it filed for bankruptcy in July 2022.
The order also bars Leon from marketing or selling products or services that can be used to deposit, exchange, invest or withdraw assets, the FTC said in a statement Monday.
The FTC alleged that Celsius falsely told customers it held sufficient reserves to meet withdrawal demands, maintained a $750 million insurance policy covering customer deposits and did not issue unsecured loans.
The FTC, however, alleged that the promises were false and that its top executives continued to claim that customers’ deposits were safe days before the company filed for bankruptcy,” it said.
In April, Mashinsky agreed to an FTC settlement that permanently bars him from promoting asset-related products and required him to pay $10 million as part of a broader, partially suspended $4.72 billion judgment
The $2.014 million and $4.1 million payments from Goldstein and Leon, respectively, will also be credited against the $4.72 billion judgment. The judgments reflect the consumer harm alleged by the FTC.
Separately, Mashinsky was sentenced to 12 years in prison in May 2025 after pleading guilty to commodities and securities fraud charges, with prosecutors saying he misled Celsius customers about the company’s profitability, investment risks and the safety of customer funds.
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UK politicians want to know the extent to which the country’s banks have choked-off cryptocurrency firms by refusing them bank accounts and introducing restrictions on crypto-related payments, in a cross-party inquiry kicked off on Tuesday.
The UK’s Crypto and Digital Assets All-Party Parliamentary Group (APPG) is chaired by Lord Vaizey of Didcot, the former UK Government Minister for the Digital Economy, and Labour MP Gurinder Singh Josan CBE, according to a press release.
Ever since crypto came into being, difficulties around attaining banking relationships have made life hard for players in the space, with a systematic debanking of firms and individuals, particularly in the U.S. being referred to as “Operation Chokepoint 2.0.”
Several major UK banks have also introduced restrictions on crypto-related payments, the APPG said in a statement. As such the inquiry will focus on a dearth of bank accounts for crypto businesses, including associated professional services such as insurance.
The APPG will also look at restrictions placed by banks on crypto-related transactions, amid concerns that some UK banks have introduced measures such as blocking payments to certain crypto firms, or imposing transfer limits. The inquiry wants to understand how these restrictions are being applied, whether they are proportionate and what impact they have on consumers, businesses, innovation and competition, APPG said.
Over a number of years, the APPG has heard consistent reports from crypto and digital asset businesses that they face difficulties accessing bank accounts and banking services, alongside concerns about restrictions on crypto-related transactions by banks,” APPG co-chair Lord Vaizey of Didcot said.
The APPG is inviting written evidence from across the banking, payments, fintech and crypto sectors over a six-week call for evidence before publishing a report setting out its findings and recommendations to the Government.
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The blockchain-based metaverse gaming platform The Sandbox ($SAND) has officially announced the upcoming launch of its artificial intelligence-powered game engine, named ‘The Sandbox Studio.’ The company shared the news via its official X account, positioning the engine as a tool designed for the next generation of creators. Applications for early access to the engine are now open.
The Sandbox Studio represents a significant step in the platform’s evolution, integrating AI capabilities directly into the game creation process. While specific technical details about the engine’s features have not been fully disclosed, the announcement suggests that the tool aims to lower the barrier to entry for building interactive experiences within The Sandbox’s virtual world. This move aligns with a broader industry trend where major gaming and metaverse platforms are increasingly adopting generative AI to streamline asset creation, world-building, and gameplay logic.
The Sandbox, which has been a prominent player in the blockchain gaming and metaverse space since its launch, has faced a challenging market environment. The price of its native token, $SAND, has experienced significant volatility, mirroring broader trends in the cryptocurrency market. The introduction of an AI-powered creation suite could serve as a catalyst to attract new users and developers, potentially driving increased engagement on the platform.
This launch comes at a time when the metaverse concept, while still a subject of debate, continues to attract investment from major technology companies. By offering an AI engine, The Sandbox is attempting to address one of the key criticisms of metaverse platforms: the complexity and cost of content creation. If successful, The Sandbox Studio could enable a wider range of users—from hobbyists to professional studios—to build and monetize experiences without requiring deep technical expertise in blockchain or 3D modeling.
For existing creators within The Sandbox ecosystem, the new engine promises to accelerate production workflows. AI-assisted tools can handle repetitive tasks such as terrain generation, object texturing, and basic animation, freeing creators to focus on design and narrative. For the $SAND token, increased platform utility and user activity could have positive implications, although the market’s response will depend on the engine’s actual adoption and the quality of experiences produced.
It is important to note that the announcement is for early access, meaning the engine is not yet widely available. The success of The Sandbox Studio will depend on its ease of use, the quality of its AI outputs, and how well it integrates with the existing LAND and ASSET ecosystem. The company has not yet announced a public release date.
The Sandbox’s launch of ‘The Sandbox Studio’ marks a strategic effort to modernize its creation tools by leveraging artificial intelligence. By opening early access applications, the company is signaling a commitment to empowering a new wave of metaverse builders. While the full impact remains to be seen, the move reflects a broader industry shift toward AI-assisted development. Observers and investors will be watching closely to see whether this engine can deliver on its promise of making metaverse creation more accessible and efficient.
The Sandbox Studio is an upcoming AI-powered game engine announced by The Sandbox platform. It is designed to help creators build interactive experiences within the metaverse more easily.
Applications for early access are currently open. Interested creators can apply through the official announcement on The Sandbox’s X (formerly Twitter) account.
While increased platform utility from a successful engine could positively influence demand for $SAND, token prices are subject to many market factors. The announcement alone does not guarantee price movement.
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This June, the Solana ecosystem revived with a resurgence of operational activity in games on Solana through massive multiplayer online (MMO) titles. Interactive onchain developments built on the high-speed network are attracting a continuous flow of active users despite the sector’s initial projections.
The simulation and technical role-playing projects surpassed 20,000 monthly active users during the course of the current quarter of 2026. According to analytical records compiled by the specialized platform Dune Analytics, the internal marketplace of the game Kintara exceeded the figure of $450,000 in net transaction volume within its first weeks of operational availability. The game’s administration confirmed the technical restriction of 4,000 automated accounts or bots to preserve the platform’s financial transparency.
On the other hand, the agricultural simulation application FarmTown showed a parallel acceleration since its commercial deployment recorded on June 17, 2026. Blockchain data reveals that this platform added more than 20,000 unique wallets in a single week. The operational dynamic of this environment requires participants to use the native token $FARM to acquire virtual infrastructure upgrades. Market reports suggest that this model of constant reinvestment could directly influence the asset’s long-term volatility.
The financial behavior of the new digital assets shows much higher magnitudes compared to projects developed during the bearish period of 2022 and 2023. The previous ecosystem was led by representative collections such as The Heist, which accumulated a historical trading volume exceeding 807,000 $SOL in the Magic Eden marketplace records.
The native token of that former ecosystem, named $NANA, mobilized an estimated $616,000 daily around August 25, 2023. Data taken from the historical registry of Blockworks indicated that this figure represented 3.14% of the total trading within Solana’s decentralized exchanges (DEX) on that date. In contrast, current metrics reveal that modern tokens like $KINS process several million dollars in daily transaction volume in June 2026. This difference in scale signals that the network’s base liquidity has experienced a considerable expansion.
This increase in commercial metrics contradicts the statements made earlier this year by the leadership of the Solana Foundation, which posited that this class of digital entertainment would not regain relevance on blockchains. Technical monitoring will continue through the close of the quarterly season to evaluate whether current user retention manages to sustain the in-game token economies over the medium term.
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Elon Musk’s net worth has dropped below $900 billion after a decline in SpaceX shares wiped out more than $500 billion from his fortune in less than a month. The reversal follows a strong rally that made Musk the world’s first trillionaire after SpaceX’s public market debut in June. As the stock declined toward its listing price, Tesla shares also fell, further eroding his overall wealth.
Despite the recent losses, the Bloomberg Billionaires Index still ranks Musk as the world’s richest person by a wide margin.
According to the Bloomberg Billionaires Index, Musk’s fortune fell to $879.3 billion on Monday after another decline in SpaceX shares.
SpaceX shares, listed on Nasdaq under the ticker SPCX, debuted on June 12 at $135. The stock rallied above $225 after the listing before reversing course. By July 17, the shares were trading around $126 after extending a long sell-off.
The stock has declined in 11 of its first 17 trading sessions and now trades by more than 38% below its post-listing high. Bloomberg also recorded a $40.7 billion single-day decline in Musk’s wealth on July 17 as Tesla shares moved lower alongside SpaceX.
SpaceX raised $75 billion during its initial public offering after pricing 555.6 million shares at $135 each. Total proceeds later increased to $85.7 billion after underwriters exercised the greenshoe option.
Following the listing, the company’s market value exceeded $2 trillion before retreating as the stock lost momentum. Tesla shares also declined by 3% during the latest sell-off, adding further pressure to Musk’s overall wealth.
Recent market performance has not altered SpaceX’s operational schedule. On Monday, the company launched 27 additional Starlink satellites from Vandenberg and is scheduled to conduct Starship Flight 13 on Thursday, carrying 20 functional Starlink V3 satellites.
Meanwhile, Evercore ISI opened coverage of SpaceX with an Outperform rating and a $230 price target, representing roughly 65% gain from recent trading levels. The firm’s projections estimate annual revenue growth of 106% through 2028, with margins expanding from 35% to 69%. The target is close to the broader analyst consensus of $236.
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The fiat-pegged crypto coin sector, as tracked by defillama.com on Saturday, Jul. 18, shows that more than $1.5 billion in stablecoin value has exited the market since Jul. 11. In fact, the pullback has totaled more than $12 billion in outflows over the past 62 days, dating back to May 17, 2026. It’s one of the largest contractions the stablecoin sector has seen in over four years.
This week, Tether‘s $USDT still wears the stablecoin crown with a $184.055 billion market cap, while Circle’s $USDC follows at $73.376 billion. The two heavyweights barely blinked over the past week, with $USDT easing 0.06% and $USDC slipping 0.04%. Sky’s USDS holds third place at $6.66 billion but took the hardest hit among the top 10 stablecoins, tumbling 12.30%.
Dai ($DAI), World Liberty Financial’s $USD1 and Ethena’s USDe fill out the middle of the pack, with $USD1 falling 4.59% over the past week and Sky’s $DAI edging 0.43% lower. Global Dollar’s USDG stole the show with the strongest weekly performance among the top 10, climbing 9.08% to a $3.164 billion market cap. Paypal‘s PYUSD also joined the winners’ circle, adding 1.60% to reach $2.877 billion.
Circle USYC and Blackrock’s BUIDL headed the other way, slipping 3.64% and 8.68%, respectively, leaving BUIDL with a $2.633 billion market cap. The mixed showing across tokenized treasury and yield-bearing stablecoins suggests this slice of the market is still sorting itself out, even as the two largest fiat-backed issuers barely broke a sweat.
The timing is the giveaway. This contraction began in mid-May and picked up speed during a stretch when bitcoin and most major altcoins largely held their ground instead of unraveling. That separates the stablecoin pullback from the usual “risk-off panic” narrative. If fear were truly calling the shots, you’d expect the decline to move in lockstep with a broader market selloff. So far, that script hasn’t played out.
That shifts the conversation away from a simple bearish interpretation. The bigger story may be a stablecoin market that’s growing up, where issuers increasingly compete on yield, features and utility instead of merely offering a digital parking space for dollars.
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BlackRock attracted nearly $350 million in net inflows across its spot Bitcoin (BTC) and Ethereum ($ETH) exchange-traded funds (ETFs) over five trading days, highlighting renewed institutional demand for the two largest cryptocurrencies.
Data covering July 13 to July 17 shows BlackRock’s spot Bitcoin ETF, IBIT, recorded net inflows of $204.1 million during the period.
Meanwhile, the asset manager’s Ethereum ETFs, ETHA and ETHB, added a combined $139.3 million. Together, the funds attracted approximately $343.4 million in net new capital over the five-day stretch.
The strong performance came despite a sharp $185.5 million outflow from IBIT on July 13. However, subsequent inflows more than offset the redemption, with the fund posting four consecutive days of positive flows through the end of the week.
The latest crypto ETF inflows align with broader trends across BlackRock’s investment business
The asset manager recently reported record assets under management of more than $15 trillion, supported by strong ETF demand and substantial client inflows during the second quarter
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JPMorgan Chase CEO Jamie Dimon told analysts in April that the roughly $1.8 trillion private credit market doesn't pose a systemic risk. “You have to have very large losses in private credit before, at least it looks like, banks are going to get hit,” he said.
He made that comment the same week executives at Citigroup, Bank of America, and Wells Fargo used nearly identical language to describe their own exposures as “comfortable.”
But a Reuters analysis of 53 publicly traded business development companies found that 28 had swung into the red during the first quarter of 2026. Average profit collapsed from positive $26 million a year earlier to negative $7.6 million.
The visible losses may be only the first layer of a funding structure that runs from stressed borrowers through leveraged lenders and back onto the balance sheets of the very banks insisting the danger is contained.
Business-development companies, or BDCs, are essentially publicly traded private credit funds. They lend money to mid-sized companies that can't easily get bank loans, and they pass most of their income back to shareholders as dividends.
Reuters conducted the analysis with S&P Global Market Intelligence, examining standardized financials across 53 of them. Twenty-eight were loss-making in the first quarter of 2026, up from just 12 one year earlier. Average profit fell to negative $7.6 million from positive $26 million, a shift driven largely by loan markdowns and rising borrowing costs.
BDCs often emphasize net investment income in their own reporting, but the standardized approach captures debt expenses and changes in loan valuations that managers sometimes obscure beneath adjusted metrics. It's a gap that can mislead anyone relying on headline figures alone. When a BDC says it's earning steady income, it might not be counting the loans that are steadily losing value on its books.
A private-credit default that reaches an insurer, bank, or pension investor would remove any doubt. Direct-lending volume continuing to collapse despite strong fundraising would confirm that capital is retreating from the real economy rather than merely rotating.
Wall Street's argument that private-credit stress is too small and dispersed to threaten the financial system rests on the assumption that exposures remain measurable and contained. Regulators say the true connections remain difficult to measure. The contradiction between Dimon's confidence and the BDC losses now piling up is that the system looks stable until the moment funding lines snap shut.
By then, the losses have already traveled from borrower to lender to bank, and the only question left is who gets left holding them.
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