CLARITY might get a vote, however don’t get your hopes up but
Regardless of rich memecoin entrepreneur President Donald Trump agreeing to an ethics deal, the Clarity Act (CLARITY) is floundering as the August recess deadline looms.
Senate Majority Chief John Thune stated he doesn’t imagine the act has the votes to move simply but, however might convey it to a vote anyway to “get Clarity began. We’ll see the place the votes are.”
The ethics deal would prohibit all US officials from issuing or sponsoring digital assets, 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 will even be enforced by the Legal professional Basic that Trump appointed. The Democrats as a substitute need state Legal professional Generals to implement it — however Trump appears unlikely to comply with empower dozens of state AGs to aim to prosecute him.
The White Home described the invoice as the “most complete and wide-ranging ethics provision in historical past,” whereas Democratic Senator Ruben Gallego described it as a “piece of s—” and “not a serious effort.”
Negotiations are persevering with to discover a deal each side can reside with, however given the shortage of belief, it’s not going to be straightforward to discover a compromise.
Goldman Sachs CEO David Solomon conceded the bill is “not perfect” however has supported it anyway, along with Fidelity and Charles Schwab who symbolize many trillions in property below administration every.
Regulation 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 towards it
BitMEX, one of many pioneers of cryptocurrency derivatives buying and selling, introduced it will shut down operations in September after 11 years.
BitMEX launched in 2014 and have become identified for introducing the 100x leverage perpetual swaps.
In recent times 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 amazing change that helped form the business, and now it’s passing the torch to the subsequent technology of exchanges it impressed,” Ju said.
BitMEX’s utility token BMEX collapsed in value after the announcement. That very same day, information emerged of a category motion lawsuit accusing the crypto derivatives platform of fraudulently engineering customer liquidations to seize traders’ collateral. BitMEX denied the allegations and stated it had efficiently defended itself towards comparable claims up to now.
Restructuring adviser Roshan Dharia instructed Cointelegraph the change’s demise shows the industry is consolidating.
The highest 5 platforms now management an estimated 80% of world 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 announced it would also close 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 major crypto assets — but doesn’t include 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 based mostly 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 most recent 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 Store of Value Index amongst others.
Robinhood to increase prediction markets as CFTC points new warning
Robinhood is reportedly discussing plans to increase its present prediction markets offerings with crypto exchange Crypto.com.
In accordance the Wall Avenue Journal the talks contain integrating yes-or-no occasion contracts equipped by Crypto.com. Robinhood launched its prediction markets in March 2025, initially facilitated by Kalshi with a purpose to adjust to regulatory necessities from the US Commodity Futures Buying and selling Fee (CFTC).
Bernstein analysts final week raised its price target on Robinhood (HOOD) inventory to $160 from $130 per share, based mostly on the corporate’s outlook for prediction markets and tokenized equities.
In the meantime the CFTC, which goals to turn into the first regulator of prediction markets, issued a shot across the bow of providers last week, telling platforms they need to get a lot more specific about event contracts certifications.
The advisory addresses considerations concerning the observe of submitting broad, template-style certifications that mix many potential occasion contract variations right into a single certification.
Carl Kennedy, a companion at New York legislation agency Katten Muchin, additionally instructed a Home Agriculture Committee listening to final week, that the CLARITY Act might help the CFTC’s efforts to oversee the “explosive growth of prediction markets.”
Balaji’s Community Faculty turns to Kazakhstan amid Malaysia setback
Balaji Srinivasan’s Community Faculty, a group of “digital nomads,” is eyeing a brand new campus in Kazakhstan after its Forest Metropolis campus had its business 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 Faculty campus within the nation, which goals to turn 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 Faculty was ordered to close down on one other pretext.
Dragonfly Capital managing companion Haseeb Qureshi stated the drama has validated Balaji’s Community State thesis.
“The entire thought 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 in accordance with 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 ‘elevate’ from Hyperliquid, Robinhood in subsequent crypto bull market
Bitcoin (BTC) is “lastly displaying indicators of a backside,” in accordance with Matt Hougan, chief funding officer at Bitwise.
Houghan predicts that TradFi integrations, notably Hyperliquid and Robinhood, will drive the subsequent crypto bull market, and the ensuing tide should “lift” the largest cryptocurrencies including Bitcoin and Ether.
Houghan believes crypto is bringing main advantages like 24/7 buying and selling to conventional markets, and famous that in the present day “practically half the amount on Hyperliquid is in typical property like oil, silver, and the S&P 500 [and] it’s increasing into spot commodities, prediction markets, and choices,”
Bitwise knowledge additionally suggests obvious demand for BTC is displaying indicators of reversal. The metric measures the distinction between newly-mined BTC and the provision inactive for at the least one yr.
High FUD of the Week
Residence invasions grew to become most typical crypto wrench assault in H1 2026: CertiK
Residence invasions became the most common form of crypto wrench attacks during the first half of 2026, rising to twenty publicly reported incidents from only one a yr earlier, in accordance with blockchain safety agency CertiK.
On Thursday, CertiK said 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, targeting bridges operated by decentralized perpetual exchange AFX and Verus Protocol.
In line with Blockaid, AFX, a decentralized perpetual change working on Arbitrum, reportedly misplaced $24.15 million on Wednesday via a hack concentrating on considered one of 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 all the time be a weak hyperlink, till safety is upgraded,” onchain investigator TheCrypticWolf said in a put up on X.
Ethereum ETFs shut week in pink, finish 5-day influx streak
US-listed spot Ethereum exchange-traded funds (ETFs) logged $70.62 million in net outflows on Friday, ending a five-day inflow streak.
Ethereum funds noticed $211.25 million in web inflows over the earlier 5 classes from July 17, in accordance with SoSoValue data. They nonetheless posted $103.9 million in web inflows for the week ended Friday.
Regardless of the outflows, Ethereum ETFs prolonged their weekly influx streak to 3 straight and have attracted $337.74 million in web inflows to date in July.
The Bitcoin ETFs reversed positive aspects made earlier within the week to finish up with $33.9 million of inflows.
High 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 improvement roadmap that addresses quantum computing dangers might see the value surge by “double digits” in a short time, in accordance with 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 workforce with subject-matter experience. All articles are edited and reviewed by Cointelegraph editors consistent with our editorial requirements. Content material revealed 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.
