Category: crypto

Protect Progress, a crypto industry-aligned political action committee, has spent over $2 million in Michigan’s 13th Congressional District supporting Democratic incumbent Shri Thanedar and opposing challenger Donavan McKinney before the Aug. 4 primary. The spending includes advertisements and is affiliated with companies like Coinbase and Ripple. Thanedar’s support for crypto-related legislation has drawn industry backing.…

BNB Chain is pursuing legal action against a former employee who retained unauthorized access to a seed phrase and used it to create a new memecoin. The former employee allegedly bought a large portion of the new token’s supply before selling it for profit. BNB Chain has not disclosed further details about the legal action.

South Korea’s major crypto exchanges experienced 560.3 billion won in stablecoin outflows to overseas platforms in June 2026, marking 18 consecutive months of outflows. The transfers were used for overseas derivatives, RWA products, DeFi, and staking services not available in Korean exchanges. Regulators are urged to strengthen investor protection as funds move offshore.

In July 2026, decentralized exchange spot trading reached around 24% of centralized exchange volume, the highest level since tracking began in 2019. This increase was driven by the rise of new chains like Robinhood Chain and wider token access, with Solana, BNB Chain, Ethereum, and Base leading in spot DEX volume.

Minnesota banned crypto ATMs statewide on August 1, 2026, due to nearly $1 million in scam losses reported by residents. The law prohibits the installation, operation, and maintenance of crypto kiosks. Existing kiosks must cease transactions by December 31. The state is actively enforcing compliance to prevent further financial losses.

The passage odds of the CLARITY Act have fallen to 25% as the White House reviews a bipartisan ethics proposal. Anthony Scaramucci expects President Trump to approve the proposal, but Senate leaders have not confirmed the timing of any floor action. The proposal includes enforcement authority for state attorneys general.

Grayscale Investments is urging the Senate to vote on the CLARITY Act before the August recess to resolve disputes holding up the crypto market structure bill. The bill would establish a regulatory framework for digital asset markets, with bipartisan negotiations facing challenges related to ethics restrictions involving federal officials. Treasury Secretary Scott Bessent has also…

Bitcoin price fell below $63,000 on Friday, dropping 3% in 24 hours and extending its weekly loss to 2%. Asian semiconductor stocks weakened, with Samsung and SK Hynix losing momentum. The Crypto Fear & Greed Index signaled “Extreme Fear.” August historically has negative returns for Bitcoin, with a focus on $58,000 support.

Tether reported $1.5 billion in operating profit for the second quarter of 2026, with $4.1 billion in excess reserves. The company’s assets totaled $187.7 billion, with US Treasury holdings and repo operations contributing to earnings. Tether also reduced secured loans by $2.4 billion and added 14 tons of gold to its reserves.

Pump.fun reportedly laid off employees just before their token grants vested, causing at least one former worker to lose a seven-figure allocation. The company dismissed employees due to rapid expansion, canceling their unvested PUMP allocations. Allegations of a second round of layoffs were also made. Pump.fun distribution moved $86.49M to 121 wallets.