The U.S. Senate has temporarily put the Clarity Act aside, while X Money has started rolling out to Premium and Premium+ subscribers in the United States.
Clarity Act delayed as Senate handles other priorities
Senate Majority Leader John Thune has temporarily shelved the Clarity Act in order to move ahead with confirmations for government officials and a Russia sanctions bill. The Senate’s schedule this week is also constrained because Tuesday and Wednesday are being used for the funeral of late Senator Lindsey Graham.
Under Senate procedure, only one controversial bill can move at a time. That means the Clarity Act may not enter the voting process until next week, in the final days before the August 8 recess.
Democrats and Republicans are still negotiating an ethics provision that would restrict federal officials, including President Donald Trump, from taking part in crypto projects. The White House said last week that Trump agreed to accept the provision, but Democrats said the language does not go far enough. Both sides agreed to keep talking.
If the bill fails this year, the industry would continue to face regulatory uncertainty. Even if the Senate passes it, the House would still need to approve it again, and recent divisions among House Republicans have already affected progress on other legislation. The report said there may still be a few weeks after lawmakers return in September, followed by a lame-duck session after the November election.
BlackRock and Franklin Templeton back the bill
BlackRock has publicly backed the Clarity Act. Samara Cohen, the firm’s head of ETF and index investments and global market development, called it “an important step” toward “an investor-first digital asset regulatory framework” and said it would help the U.S. “shape the next era of market structure.”
The report also said Fidelity, Goldman Sachs CEO Solomon, and Charles Schwab have recently voiced support. Thune said Senate work could extend beyond the August recess, which leaves a narrower legislative window. Some policy analysts have lowered the probability of passage this year to 30%.
Franklin Templeton also came out in support, saying the bill would clarify the regulatory framework for crypto assets, help investors understand what protections apply, and give companies more certainty about which regulator has authority.
X Money begins U.S. rollout
X Money started rolling out today to Premium and Premium+ subscribers in the U.S. The report did not provide more detail on features or timing beyond that launch note.
South Korea weighs tighter controls on leveraged stock bets
Lee Eok-won, chairman of South Korea’s Financial Services Commission, said regulators will first watch the effect of supplementary measures, including stronger basic collateral rules, that take effect on July 31. If demand does not cool enough, regulators may prepare additional steps earlier than planned.
One proposal under review would impose total-volume management rules and cap single-stock leveraged exposure at 20% of an individual’s total financial investment products. In the example given in the report, if an investor holds KRW 100 million in financial investment products, no more than KRW 20 million could go into leveraged products tied to a single stock.
Ruling party weighs state compensation over leveraged ETF losses
Kim Eun-hye of South Korea’s People Power Party is exploring whether investors who lost money in single-stock leveraged ETFs tied to Samsung Electronics and SK Hynix could pursue state compensation. Fellow lawmaker Na Kyung-won also called for a full investigation into investor losses and said state compensation should be actively considered, including a parliamentary probe and special investigation into what she described as a rushed rollout by the Blue House and financial authorities.
The dispute goes back to a May 27 decision by the Financial Services Commission allowing products that track twice the daily move of Samsung Electronics and SK Hynix. Capital rushed in after listing, and mechanical rebalancing amplified price swings. As of June 25, 14 products had combined net assets of KRW 16.28 trillion and daily trading volume of KRW 14.48 trillion.
On July 16, regulators raised the base margin requirement from KRW 10 million to KRW 30 million in cash and moved forward measures originally planned for August to July 31. The FSC said the revisions followed legal procedure. The issue may now escalate into a confrontation at the National Assembly.
Hyperliquid says Trade.xyz is investigating SK Hynix contract incident
Hyperliquid said the SKHYNIX perpetual contract involved in the so-called wick incident was deployed and operated by the Trade.xyz team, which is investigating what happened and will provide an update after reaching a conclusion.
The platform also explained the HIP-3 market mechanism. A deployer is responsible for publishing its market’s mark price, oracle inputs, and external price feeds. It can use a mark-price method similar to validator-run perpetuals, where the protocol contributes one of three median components and the deployer supplies the other two, which affect the final mark price. In the example cited, if the on-chain median is 100 and the deployer pushes 150 and 151, the mark price becomes 150.
Earlier, Hyperliquid’s SKHX contract dropped 17.9% after an abnormal SK Hynix order in Korea, and four-hour liquidations exceeded Binance. The report said a single share changed hands at KRW 1.272 million, about $867, during NXT pre-market trading. Thin liquidity led to a 30% drop and a trading halt. Hyperliquid prices then fell as the oracle followed the move, while Binance prices also dropped through arbitrage. Prices have since normalized.
As SK Hynix fell, the largest SK Hynix short on Hyperliquid was sitting on an unrealized profit of $6.1 million. The trader shorted $40.5 million worth of SKHX at $1,275.7, with the contract later at $1,083. The same trader also shorted $19.15 million worth of BRENTOIL at $97.7 and was up $2.43 million.
Exchange and platform updates
Binance said it will remove and cease trading in the spot pairs ERA/BNB, MAGIC/USDC, MASK/USDC, MOVE/TRY, MOVE/USDC, POL/BTC, STORJ/TRY, and SUSHI/USDC at 11:00 Beijing time on July 31, 2026. Spot trading bot services for those pairs will end at the same time. Binance said the delisting does not affect the availability of the tokens on its spot platform, and users can still trade them through other pairs.
Binance Wallet has launched perpetual trading for ChangXin Technology, with leverage of up to 20x.
South Korean crypto exchange Coinone and Korea Investment & Securities launched a joint service that adds a “stock investment” tab on the Coinone app home page. Users can click through to Korea Investment & Securities’ web trading system, check real-time popular domestic stocks, and trade directly after Naver authentication. Users without a brokerage account can open one on the redirected page. The two companies said the partnership is meant to make life easier for users who invest in both crypto assets and stocks, with broader cooperation planned later. Korea Investment & Securities made a strategic equity investment in Coinone in May.
Solido Money disclosed an attack over the weekend in which about 293.7 million SUPRA were stolen. Roughly 220 million SUPRA were deposited to what the report described as a suspected Gate deposit address. The project said about 90% of the affected funds belonged to the foundation.
Anthropic’s Claude sharing feature exposed user conversations to public search because shared links were missing a noindex tag. A Reddit user said on July 25 that a simple search surfaced hundreds of full Claude conversations, including crypto wallet seed phrases, Social Security numbers, and legal discussions. The issue also affected public Claude Artifacts, exposing salary spreadsheets, internal CRM chats, and unpublished product roadmaps. Google began removing the results on July 26, but Bing was still indexing them. A GitHub repository archived 453 Claude conversations and 519 Grok conversations, covering 11,241 messages. Users can revoke sharing from the settings page, but data already saved cannot be deleted. The report noted that OpenAI had a similar search engine leak in September 2025.
Moonshot AI open-sourced the Kimi K3 model weights and released a technical report. Kimi K3 is a 2.8 trillion-parameter Mixture-of-Experts model with native multimodal vision understanding and support for 1 million tokens of context. The team said the new architecture improves intelligence by about 2.5x under the same compute budget. It also released a high-performance attention operator, an MoE communication library, and infrastructure code for large-scale agent environments on Hugging Face, GitHub, and its technical blog.
Fundraising and venture activity
Singapore-based digital asset investment manager Psalion launched its third venture fund, a $50 million vehicle focused on blockchain technology applications. It is the firm’s largest fund to date.
The fund will target pre-seed and seed-stage companies in infrastructure, middleware, trade finance, real-world assets, stablecoins, and DeFi. It will also focus on consumer applications that reshape ownership, trading, and interaction in Web3. Managing partner Tim Enneking said Psalion’s first two funds were also launched during market downturns and said “the best opportunities often show up in down markets — valuations are more reasonable, and founders are more focused.”
AI robotics company Enigma raised a $71 million seed round led by Index Ventures and Ribbit Capital, with participation from Conviction Partners and individual investors from OpenAI, Anthropic, DeepMind, xAI, Cognition, and Wiz. The company was founded 11 months ago. The report described the round as one of the largest seed financings in physical AI. Enigma said it has developed more than 100 in-house robotic systems, operates in California and Israel, and allows remote interaction to collect training data.
Corporate and market developments
Hong Kong-listed Fenbi Group said in an earnings preview that it sold a number of ETF products and listed securities bought on the open market between July 1 and July 7, recording a total investment loss of about $8.3 million, or about RMB 56.15 million. As of the July 24 close, it still held listed securities in three public companies with a total fair-value amount of about $8.5 million. The board said it will closely monitor portfolio performance.
The report added that on June 3, former Fenbi CEO Zhang Xiaolong said during a Renmin University lecture that he had put RMB 80 million into the market and made RMB 53 million in one month, and advised students that “tech stocks are best, U.S. stocks are even better.” Zhang resigned earlier this month from his posts as executive director, CEO, and board chair. Fenbi shares at one point dropped nearly 17% on the day to a record low.
SK Hynix ADRs fell to a post-listing low on Monday. The company had raised $26.5 billion in its U.S. listing earlier this month. Shares dropped as much as 10% intraday to $139.01, well below the $149 offer price, before closing at $143.02. The report said SK Hynix joined SpaceX among the first of this year’s largest U.S. IPOs to fall below issue price. The broader semiconductor index also kept sliding and closed at its lowest level since May 19.
The same report said SpaceX has lost more than $1.2 trillion in market value since a June peak of $225.64. Shares closed at $113.50 on Monday, down more than 1%, marking the 13th decline in 16 sessions. Its first earnings report is due next week, and lockups on about 911.5 million insider shares, around 20% of total shares outstanding, begin to expire on August 6.
Apple overtook Nvidia on Monday to regain the title of the world’s most valuable company for the first time since April 2025. Nvidia fell nearly 5%, taking its market value down to $4.77 trillion, while Apple rose 1% to $4.95 trillion. The report said Nvidia shares are up 4% so far in 2026, compared with Apple’s 24% gain.
In an 8-K filing with the SEC, Strategy said it sold 5.429 million MSTR shares through its ATM program from July 20 to July 26, raising about $545 million net. No other series of preferred shares were sold during the week. As of July 26, about $22.98 billion of MSTR issuance capacity remained. The company also repurchased 288,930 STRC preferred shares for $25 million under its buyback plan, while no MSTR common shares were repurchased. Strategy did not add to its BTC holdings during the week and remained at 843,775 BTC, acquired for about $63.69 billion at an average price of about $75,476 per coin. Its dollar reserves stood at $3.75 billion.
The report also said a Shanghai state-backed company has started small-batch production of domestically made immersion DUV lithography machines, with around five units planned for delivery this year and around 20 in 2027. The first machines will go to SMIC, Hua Hong Semiconductor, and ChangXin Technology. Validation of precision, stability, and production-line compatibility may take months or longer. Most parts are domestically sourced, according to the report, but some key components still depend on Japan, and overall performance and manufacturing quality still trail ASML, which delivered about 131 immersion DUV systems in 2025 alone.
Views and analysis
Btc.top founder Jiang Zhuoer said he is no longer shorting ETH in this cycle and has switched to shorting BTC. His previous strategy was to stake ETH into WBETH as collateral and short the same amount of ETH perpetuals, which he described as economically similar to selling spot without leverage or liquidation risk, while keeping staking yield and collecting long funding payments. He said the new strategy uses WBETH as collateral to short an equivalent amount of BTC spot value based on the exchange rate.
Jiang said BTC has broken below its upward channel, while ETH is still near the lower edge of its own channel. He thinks this cycle may repeat the prior bear market pattern in which BTC and ETH did not bottom at the same time. The report cited ETH’s prior-cycle low on June 18, 2022, at an exchange rate of 0.05, and BTC’s low on November 21, 2022, at 0.0698. Jiang said ETH may already have bottomed on June 6, 2026.
Coinbase CEO Brian Armstrong said AI will make crypto more important, not less. He said AI agents will rely on stablecoins and blockchain networks for payments, transactions, and financial services, and that daily transaction volume handled by AI agents could one day exceed that of all humans combined. Armstrong said traditional banking systems were not designed for software that runs around the clock, while AI agents need real-time programmable money. Coinbase is positioning USDC, the Base blockchain, and the x402 payment protocol as core infrastructure for that market. The company refers to the strategy as “agentic finance,” or AiFi, and recently launched USDC payment features for AI agents through Coinbase Business for companies.
At the first Energy Investment Forum in Dallas, participants said the AI wave is driving a major buildout of energy infrastructure rather than a pure software race. Bitcoin miners have some advantages in the expansion of AI data centers because of their experience sourcing low-cost power, building modular compute facilities, and participating in grid balancing. But the report said access to power does not automatically mean a miner is equipped to build an AI data center.
Alexander Neumüller, a researcher at the Cambridge Centre for Alternative Finance, said preliminary data show annual global bitcoin mining electricity use rising from 138 TWh to about 190 TWh between June 2024 and December 2025. About 10% of mining firms have already begun shifting part of their power to AI or high-performance computing, and more than 40% are exploring such a move. The report said possible paths include building large AI data centers, supplying distributed compute, continuing bitcoin mining, or becoming grid service providers.
Market data and on-chain signals
CryptoQuant analyst Darkfost said bitcoin spot trading volume across major exchanges has dropped by more than 75% from late 2024 levels. Binance handled more than $35 billion in July, far below the $246 billion seen in November 2024. Bybit was down 85%, Coinbase 61%, and OKX 67%, which the report described as the lowest level since the later stage of the 2023 bear market. The analyst said the Israel-Iran conflict, inflation-driven high-rate concerns, and continuing liquidity absorption by equities have all weighed on speculative assets.
Another CryptoQuant analysis said Binance bitcoin inflows are splitting sharply between whales and retail traders. Whale inflows over 30 days totaled $3.9 billion, down 44.3% from a peak near $7 billion on June 12. Retail inflows totaled $7.8 billion, down just 22% from about $10 billion on June 5. Retail inflows are now about twice whale inflows, a gap of $3.9 billion. The divergence comes ahead of the July 28-29 FOMC meeting. Fed funds futures are pricing roughly a 36% chance of a 25 basis point rate increase, while keeping the target range unchanged at 3.50%-3.75% remains the more likely scenario. The report said Wednesday’s Fed decision will be the key test for whether the divergence continues or begins to narrow.
South Korea’s KOSPI index widened losses into the close and plunged 11% on the day, falling below 6,000 for the first time since April 14 and more than 30% below its June peak. SK Hynix was down more than 14% and Samsung Electronics more than 13%. A later line in the roundup added that the KOSPI’s decline widened to 7%, with SK Hynix down 10%.
Deposits into applications on Robinhood Chain have surpassed $600 million, up about 50% over the past week.
Two newly created wallet addresses withdrew 6,765 BTC from Binance, worth about $440 million.
Binance said Gen Z accounts for nearly half of new TradFi users on the platform, with trading volume reaching $80 billion this year.
At the open of A-shares, C ChangXin fell 7.7%.