News linked to both this project and an event.
White House advisor Patrick Witt stated in May that he hoped the Clarity Act would be signed into law on July 4th, but the bill did not meet this deadline. CoinDesk reports that the biggest risk now actually comes from the House of Representatives. Recently, the U.S. House of Representatives has faced resistance in advancing multiple agendas, including important bills like the budget proposal. Market concerns are growing that declining legislative efficiency could further slow down the progress of the CLARITY Act.Additionally, the market believes that August 7th (the last working day before the Senate's summer recess) will become an important time window for advancing the bill. (CoinDesk).
the South African Revenue Service (SARS) released a draft guideline on crypto asset taxation on July 1, 2026, aiming to establish compliance rules for approximately 5.8 to 6 million cryptocurrency users in South Africa. The public comment period is open until August 31, 2026. According to the updated framework, crypto assets are classified as intangible assets, not as foreign currency or traditional money. Taxpayers holding these assets are not required to pay tax on unrealized gains or losses. Tax obligations arise upon the disposal of the asset. If an individual’s crypto activities are deemed to resemble business operations or short-term day trading, the profits will be classified as gross income and taxed at marginal rates ranging from 18% to 45%. If crypto assets are held as long-term investments, gains from disposal are subject to capital gains tax, with effective personal tax rates ranging from 18% to 36%. The draft also treats exchanges between different crypto assets as barter transactions, with tax consequences arising immediately at the time of the exchange based on local market value. SARS stated that it has deployed a Crypto Revenue Augmentation Unit to track and audit digital wallets and urged taxpayers who have not previously disclosed their crypto earnings to complete their filings through a voluntary disclosure program to avoid administrative penalties following stricter enforcement after the August deadline. (Bitcoin.com News).
Odaily Planet Daily reports that digital bank and fintech platform Revolut has notified some users that it will officially delist the dollar stablecoin Tether (USDT) after August 31, 2026, and will automatically convert users' remaining holdings into their base fiat currency at the exchange rate of that day.According to the official notice, Revolut will suspend USDT purchase services starting July 6, and will halt USDT deposits after July 30, at which point any incoming USDT transfers will be directly rejected.If users have not sold or withdrawn their USDT by the end of August, their holdings will be automatically converted by the system into the account's base currency. The company attributes this adjustment to "regulatory and risk-related considerations," but has not specified the exact regulatory framework triggering the move.This move reflects the trend of fintech platforms continuously tightening the scope of access to related assets amid the changing global regulatory environment for stablecoins. Previously, trading platforms including Coinbase have delisted USDT in the European market to comply with the EU's MiCA regulatory framework.Currently, Revolut has not clarified whether this policy applies to all regions, but the company has obtained an EU Crypto Asset Service Provider (CASP) license, indicating it is strengthening its compliance-oriented product structure adjustments. (Cointelegraph)
According to the latest report from investment bank Jefferies, the U.S. "Clarity Act," although having passed a bipartisan 15:9 vote in the Senate Banking Committee, still faces significant hurdles in the subsequent legislative process. Political uncertainty may exacerbate crypto market volatility in the coming weeks. The bill aims to clarify the regulatory boundary for digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and is considered a core legislative framework for the U.S. crypto market structure. Jefferies pointed out that passage would significantly boost institutional participation, while delays would prolong regulatory uncertainty.Currently, Polymarket data shows that the probability of the bill passing before the end of 2026 has dropped to 48%, a significant decline from 70% in mid-May, primarily due to disputes over ethical clauses, anti-money-laundering reviews, and a tight Senate agenda. Analysts note that with approximately only 20 legislative days remaining before Congress adjourns in August, it must complete the reconciliation of House and Senate versions, procedural votes, and submission to the President for signature. If it fails to advance before the recess, it may be delayed until next year, or even further postponed due to changes in the election cycle.Jefferies believes that if the bill is enacted, it will drive the expansion of businesses such as tokenized assets, custody, staking, lending, and crypto ETFs, benefiting the development of markets like Bitcoin (BTC) and Ethereum (ETH). However, if delayed, it could suppress institutional investment in on-chain infrastructure and crypto-related IPOs.Additionally, the market expects policy uncertainty to continue affecting the stock performance of crypto-related public companies such as Circle, Coinbase, and Bullish. Jefferies added that even as regulations gradually clarify, intensified competition in the stablecoin space could become a long-term source of pressure for companies like Circle. (CoinDesk)
the core US crypto regulatory bill, the "Digital Asset Market Clarity Act" (Clarity Act), has entered a critical two-week negotiation cycle for legislation. The Senate will be in recess until July 13. During the recess, bipartisan staff, the White House, and representatives from the crypto industry will continue to negotiate outstanding differences in the bill, focusing on resolving disputes over topics such as the integration of the two bill versions from the Senate Banking Committee and the Agriculture Committee, ethics clauses, and anti-money laundering rules.If all parties successfully reach a unified compromise version, the bill could be submitted for a full Senate vote as early as late July to early August. The market generally believes that the period before the August congressional recess is the only window for the bill to be passed this year. If the vote is not completed during this phase, the probability of the bill being enacted into law within 2026 will significantly decrease. (Crypto in America)
the Ethereum Layer 2 network Base mainnet experienced a "major failure," leading to unstable production of new blocks. According to the Base status page, the issue began around 16:03 UTC.Base resumed operations after approximately two hours of downtime. This failure previously halted block production and transaction processing.The Base team stated that an invalid block triggered the related issue. They are currently investigating the root cause and recommend that node operators restart their nodes. This incident marks another network interruption for Base following its previous downtime in August 2025.
the US Senate is attempting to advance the crypto market structure bill, the "Clarity Act," in July. However, with multiple priority agendas piling up, including the National Defense Authorization Act, the Farm Bill reauthorization, and a housing bill, the time window for the bill's passage is narrowing.The Senate's agenda is packed for the coming weeks. In addition to the annual defense and farm bills, Trump stated on Wednesday that he would not support a major housing bill unless Congress first passes legislation requiring proof of citizenship for federal election voters. The housing bill also includes provisions to ban central bank digital currencies.As lawmakers will leave Washington before the August recess, if the relevant bills fail to advance before then, the political focus will shift to the November election upon their return, further reducing the floor time available for crypto legislation.Republican Senator Cynthia Lummis stated that she expects a new version of the text to be released around July 4th for final review by lawmakers, with a vote pushed forward in July. A Senate aide also noted that the "Clarity Act" will become one of the bipartisan priorities when the Senate returns in July.However, the bill still faces multiple uncertainties, including the level of Democratic support, controversy over Trump's crypto-related conflicts of interest, the priority of other major bills, and the Senate's limited agenda scheduling.
According to Crypto in America, the National District Attorneys Association, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs’ Association jointly sent a letter to Acting Attorney General Todd Blanche and Patrick Witt, Executive Director of the White House Crypto Council, expressing strong opposition to Section 604 of the “Clarity Act”—the Blockchain Regulatory Certainty Act (BRCA). Law enforcement groups argue that this provision could create regulatory loopholes exploitable by criminals for illicit activities including drug trafficking, fraud, child exploitation, sanctions evasion, and terrorist financing. Meanwhile, cryptocurrency-backed candidates achieved sweeping victories in primary elections across Maryland, New York, and Utah. Fairshake—a pro-crypto super PAC—has collectively spent over $7.6 million supporting these candidates, including $5.5 million backing Adrian Boafo, the candidate for Maryland’s 5th congressional district. Miller Whitehouse-Levine, founder of the Solana Policy Institute, warned that August 7, 2026, may be the final window for Congress to pass cryptocurrency market structure legislation. He stated that the industry is willing to make limited revisions to the BRCA provisions to address law enforcement concerns—but firmly opposes any fundamental changes that would weaken the core protections enshrined in the provision. Additionally, the House Financial Services Committee held a hearing on “The Future of Payments” the same day.
Odaily Odaily News, the Hong Kong District Court today sentenced a cross-border money laundering case. A 34-year-old mainland Chinese woman was convicted of four counts of money laundering and sentenced to 47.5 months in prison for opening multiple shell accounts at a local digital bank to assist a cross-border criminal syndicate in laundering criminal proceeds, and for purchasing cryptocurrencies at a virtual asset exchange shop to conceal the source and destination of the funds.Investigations revealed that the woman laundered approximately 9.29 million Hong Kong dollars in suspected criminal proceeds between August and September 2024. Furthermore, between June and September 2024, this cross-border money laundering syndicate used 43 local bank accounts to receive proceeds from 34 fraud cases, involving approximately 18 million Hong Kong dollars. It is suspected that they used local bank accounts for cryptocurrency transactions, laundering up to 230 million Hong Kong dollars in suspected criminal proceeds. (hk01)
Odaily reports, with just over two weeks left before the U.S. Congress recesses on July 4th, senators are intensifying behind-the-scenes negotiations to push the CLARITY Act into a full Senate vote as soon as possible after the recess. Sources indicate that bipartisan senators will meet this week to discuss disputed clauses and related controversies. A key point is clarifying that non-custodial software developers “should not be held legally responsible for third-party use of their code unless they knowingly participate in illegal activities.” Previously, law enforcement agencies expressed concerns that this clause could weaken the ability to hold on-chain illegal activities accountable.Industry insiders point out that with the legislative window narrowing, the CLARITY Act is entering a critical phase. If it cannot advance by August, the process may be further delayed due to the election cycle. (Cryptoinamerica)
the Chicago Mercantile Exchange Group (CME Group) announced plans to launch gold and WTI crude oil futures products available for trading 24 hours a day, 7 days a week, to meet global investors' demand for around-the-clock markets. It is reported that CME Group will launch the Micro WTI Crude Oil Futures contract on August 30, which will be one-tenth the size of the standard WTI crude oil futures contract. Meanwhile, the 1-ounce gold futures contract is planned to support 24/7 trading starting July 26. However, these products are still subject to regulatory approval. They will be listed for trading on the New York Mercantile Exchange (NYMEX) and the New York Mercantile Exchange's precious metals market (COMEX), respectively, and will be cash-settled. (Bloomberg)
the UK Financial Conduct Authority (FCA) has proposed allowing authorized investment funds (including UCITS schemes and most non-UCITS retail schemes) to allocate up to 10% of their assets to crypto Exchange Traded Notes (ETNs). This proposal is included in the FCA's Consultation Paper 52, with a five-week public and institutional comment period ending on July 13.The FCA stated that this move aims to bridge the regulatory gap between individual retail investors and authorized funds. Since the FCA lifted its four-year retail ban on crypto ETNs in August 2025, individual investors have been able to invest directly in ETNs, but funds had remained subject to an "effective ban." The FCA emphasized that the 10% limit is intentionally set, and exceeding this threshold could force a fund to be reclassified as a restricted mass-market investment product, impacting its retail fund status.Under the proposal, professional and qualified investor schemes are not subject to the cap; long-term asset funds and non-UCITS retail schemes operating as alternative investment funds are excluded. The FCA noted that cryptocurrencies do not align with the investment objectives of these funds.On the industry side, the Investment Association supports the proposal, believing that gaining exposure to crypto assets through regulated listed products is manageable in terms of risk, and that the 10% cap helps manage fund risk. Fund managers will need to ensure that holdings are consistent with the fund's disclosed investment objectives and risk profile, and disclose significant crypto ETN holdings.The FCA emphasized that it is not currently considering allowing authorized funds to hold crypto assets directly for investment purposes, and will decide after evaluating the impact of the upcoming crypto asset regulatory regime and client asset protection rules. (The Block)
the US Senate has returned from its Memorial Day recess, but with only about a four-week legislative window remaining before entering a two-week recess related to the July 4th Independence Day holiday, the crypto market structure bill, the Clarity Act, is facing time pressure to advance.The report indicates that during this period, the Senate must prioritize several agenda items, including the Department of Homeland Security appropriations, Pentagon budget supplements, and the extension of FISA Section 702 authorization, creating a highly congested legislative schedule. Even if the bill enters the deliberation phase, the associated voting process could take one to two weeks.Meanwhile, the bill itself is still in the coordination phase between versions from the Senate Banking Committee and the Agriculture Committee, with disagreements remaining on some key provisions, making negotiations relatively complex. The prolonged battles over issues such as stablecoin yields have already consumed significant political capital, while the current focus has shifted to unresolved clause differences within the Agriculture Committee's version.As the bill needs 60 votes in the Senate to overcome a filibuster, bipartisan consensus is critical. Several Democratic senators have indicated that ethical constraints on government officials' crypto asset holdings and the regulatory authority of enforcement agencies in the DeFi sector will be important prerequisites for supporting the bill.Analysts point out that even if it fails to pass before July 4, the bill could still advance before the August recess. However, if it is postponed deeper into the election cycle, its political momentum may face uncertainty. (Crypto In America)
According to CoinTelegraph, Kraken announced on May 30 that it plans to launch CFTC-regulated Bitcoin perpetual futures contracts via its subsidiary Bitnomial exchange within the next 30 days, targeting U.S. institutional clients. Earlier the same day, the CFTC formally approved perpetual futures contracts linked to the Bitcoin spot price, with KalshiEX becoming the first exchange to receive approval for listing such products. Meanwhile, Coinbase Financial Markets swiftly followed suit, leveraging Deribit—the world’s largest crypto options exchange, which it acquired in August 2025—to provide U.S. institutional clients with access to global crypto options and perpetual futures markets.
According to CoinDesk, prediction market platform Kalshi has filed a federal lawsuit challenging a new Minnesota law set to take effect on August 1 that criminalizes operating, hosting, or promoting prediction market platforms. Kalshi argues the law is unconstitutional, asserting it infringes upon the Commodity Exchange Act’s grant of exclusive federal jurisdiction over derivatives markets to the CFTC and violates the First Amendment by restricting advertising. Earlier, on May 19, the CFTC filed a motion making the same constitutional challenge against the state law. U.S. President Trump has also publicly voiced support for the CFTC’s sole regulatory authority over prediction markets. Kalshi previously secured preliminary injunctions in similar enforcement actions brought by New Jersey and Arizona.
blockchain infrastructure platform and stablecoin issuer Paxos has announced that its subsidiary, Paxos Securities Settlement Company, has obtained registration as a clearing agency with the U.S. SEC, allowing it to provide clearing and settlement services as a central securities depository in the United States. In October 2019, the SEC issued a no-action letter to Paxos, permitting a pilot for blockchain-based U.S. stock settlement services, which went live in February 2020. Paxos stated that the pilot achieved same-day settlement, reduced costs, and improved operational efficiency within a regulated framework. Stablecoins and digital assets issued by Paxos include PayPal USD, Global Dollar, and Pax Gold. The SEC issued a Wells Notice to Paxos in 2023 regarding the issuance of Binance USD and concluded its investigation in 2024. Additionally, Paxos reached a $48.5 million settlement with the NYDFS in August 2025 concerning compliance issues related to Binance and BUSD. (Cointelegraph)
crypto journalist Eleanor Terrett posted on platform X, stating that due to ongoing disagreements within the Republican party over the border security coordination bill, the US Senate failed to advance relevant agenda items before the Memorial Day recess. As a result, the crypto market structure bill, the CLARITY Act, will need to compete for Senate floor time again after Congress reconvenes in early June. The Senate's current schedule is already very tight, with housing legislation, the farm bill, and the FISA Act deadline on June 12 also needing to be addressed. Therefore, the crypto market structure legislation is likely to be postponed for consideration until July, thereby affecting the probability of its final passage before the August recess. It is reported that staff from the Senate Agriculture Committee and the Banking Committee have already begun coordinating and merging bill texts behind the scenes, and related technical drafting work will continue during the recess.
: Galaxy Digital founder Mike Novogratz testified in the Delaware Court of Chancery that the U.S. Securities and Exchange Commission (SEC) made it very difficult for the company to proceed with the planned $1.2 billion merger with BitGo in 2021. The merger was the largest cryptocurrency merger plan at the time. Galaxy Digital canceled the deal in August 2022, and BitGo subsequently demanded a $100 million termination fee from Galaxy Digital.Mike Novogratz stated that regulatory approval was unlikely to be achieved, and BitGo failed to provide the required financial information on time, thus forfeiting its right to the $100 million termination fee. BitGo CEO Mike Belshe, however, said BitGo had provided all necessary information. The trial is currently expected to conclude this week, and the judge will decide whether BitGo is entitled to the $100 million fee. (Cointelegraph)
Odaily Odaily The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Minnesota, Governor Tim Walz, Attorney General Keith Ellison, and Public Safety Director Jon Anglin. The lawsuit stems from Minnesota's legislative approval of SF 4760, which imposes a comprehensive ban on prediction markets.The bill prohibits advertising, creating, operating, or promoting prediction market platforms, classifying event contracts on platforms like Kalshi and Polymarket as wagers and banning them, with an original effective date of August 1. In the lawsuit, the CFTC argues that under the Commodity Exchange Act, it has exclusive jurisdiction over prediction markets, and is seeking a court order to block the state law. (cointelegraph)
the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice have filed a lawsuit against the state of Minnesota and Governor Tim Walz, opposing the state's newly signed ban on prediction markets.The new Minnesota law, set to take effect on August 1, prohibits users from engaging in prediction market trading related to outcomes in sports, weather, company valuations, and government events. In the lawsuit, the CFTC stated this is the first state-level law in the U.S. to explicitly impose a comprehensive ban on prediction markets.The CFTC and the Department of Justice argue that the relevant products fall under federally regulated derivatives and "swap" contracts, over which the CFTC holds exclusive regulatory authority, and that state governments are not permitted to classify them as illegal gambling or prohibit them.This lawsuit further escalates the jurisdictional conflict between federal regulators and state-level gambling oversight authorities. Previously, the CFTC had sued states such as Illinois, Arizona, and Connecticut to oppose their attempts to shut down prediction market platforms like Kalshi and Polymarket.