• An IPO marketing campaign could kick off in mid-October with a successful conclusion ahead of November’s midterm U.S. elections.
• The company plans to issue its IPO prospectus in late September as it closes on its $15 billion financing facility.

Anthropic is pushing its IPO timetable into mid-October, sources said. The artificial intelligence company will start pitching its IPO by mid-October at the earliest. As reported by Reuters, Anthropic also plans to list its stock several days before the U.S. midterm elections in November.

The revised timetable comes in contrast to initial plans. Two sources reported that Anthropic was expected to file its IPO prospectus as soon as next week. However, the artificial intelligence company now expects to file its prospectus publicly later in September. The sources pointed out that Anthropic can still revise the timetable. Companies frequently revise their IPO timetables when navigating various market considerations.

Prospectus Release Timing to Define the Offering

The delay might mean that one of the most eagerly awaited technology offerings of the year will be delayed. The rumored valuation for Anthropic is close to $2 trillion. This valuation will make the company one of the largest IPOs ever tried. It will also provide public market investors yet another chance to participate in the artificial intelligence sector.

Anthropic is currently working on defining the financing structure of the offering. The company needs to close a $15 billion revolving credit facility. After that, the analysts working for the participating banks could have a meeting with Anthropic. This was reported earlier by Bloomberg News. Usually, there is a gap of a few weeks between the analyst meeting and the filing of the prospectus. Nevertheless, Anthropic could act more quickly because analysts know about the company, one source notes.

AI IPO Race Draws Investor Interest

The anticipated IPO from Anthropic takes place amid investor interest in the AI IPO race as a whole. OpenAI may consider taking itself public as well, joining other prominent firms in the industry. In the meantime, SpaceX went public with an initial public offering in June, setting a new record with a valuation of $1.77 trillion.

A number of banks are helping with the IPO preparation for Anthropic. Among the banks assisting with the process are Morgan Stanley, Goldman Sachs, JPMorgan, and Citi, sources close to the situation say. Anthropic did not have anything to say about the timeline in question. Similarly, the banks declined to comment. Investors will need to wait until the end of September, when the company will release the prospectus.

Highlighted Crypto News:

Pencil Finance Completes $1M Onchain Student Lending Cycle Across Southeast Asia

• Pencil Finance has completed a $1 million onchain cycle of student lending, financing 6,600 students in 118 institutions in Southeast Asia.
• The cycle had 1,050 borrowers directly receiving the funds and investment from Animoca Brands, Open Campus, and New Campus.

Pencil Finance completes a $1 million on-chain student lending cycle in Southeast Asia. The milestone helps link the blockchain-based lending services to students who traditionally do not have access to financing options. Pencil provided the funds as a lender and managed to track the whole lending cycle on-chain. The borrowers paid back their debts, which helped the platform to repay the capital and interest to the original investors.

$1M Loan Cycle Benefited 6,600 Students

In all, the loan cycle helped around 6,600 students from 118 different institutions in Southeast Asia. Approximately 1,050 students received direct financing under the cycle. Moreover, Pencil Finance specifically designed the loan cycle to support students who lacked access to traditional financing. 50% of the borrowers were women. Students from poorer backgrounds made up 93% of the borrower population.

These statistics show how the loan cycle targeted students with limited access to financing options. However, the use of blockchain technology gave a clear view of the loan cycle. The company claimed that this loan cycle was their first onchain student loan cycle. Pencil referred to it as the first-ever onchain student lending cycle on the blockchain networks.

Financing Structure Supported by Animoca Brands

July 2025 saw the participation of Animoca Brands, Open Campus, and New Campus in the funding of the loan bundle.  In the structure of the loan bundle, senior and junior tranches were used to segregate returns and risks. The senior tranche provided fixed returns for participating funders, while the junior tranche had variable returns and first-loss risk. Pencil then allocated the $1 million to fund students before the end of the repayment cycle. Repayments by borrowers were used to repay the funders in the bundle. This is an example of how blockchain technology can track lending from allocation to repayment.

RWA Lending Goes Beyond Traditional Collateral

The financing process in Pencil’s case also highlights the growing use of tokenized real-world assets in lending markets. Moreover, RWA platforms are increasingly connecting physical and financial assets with blockchain-based financing systems. As a result, this approach could further integrate traditional lending structures with blockchain technology. The latest development has seen collateral tokenization take an unusual turn.

This month, B3, the Brazilian stock exchange, offered a loan of 100,000 Brazilian reais backed by 10 tokenized cows as collateral for the financing process. The tokens were individually created for each cow, and each animal had its encrypted digital identity. Cowmed AI-powered smart collars tracked each cow’s condition during the financing period. Such processes demonstrate how blockchain technology can be used to link the two–lending and real-world assets.  In the Pencil’s case, the financing process involves using the same technology for student loans across Southeast Asia.

Highlighted Crypto News:
SEC Chair Paul Atkins Unveils New Rules to Bring Crypto Firms Back to the U.S.

• Pocket Bitcoin found two datasets that were breached, affecting 5,411 customers following its investigation process.
• There was no compromise to core databases, customer Bitcoin, and private keys, and the authorities have been notified about the breach.

The Pocket Bitcoin has now widened its August security breach scope following its full forensic analysis. According to the Swiss Bitcoin company, there were two data sets in connection to the security issue involving 5,411 users. While the first dataset included bank transactions records for 5,120 users, the second one consisted of communication records of an additional 291 users.

Exposed Bank Records During Compliance Checks

The bigger data set was collected through transaction lists that Pocket Bitcoin received from partner banks during the compliance checks. The list comprised customers’ names, residence address, amount of transactions and dates. Some of these lists also had the IBAN number related to the individual transactions. Second data set was gathered through the correspondence of Pocket Bitcoin and its partner banks. Depending on customers, the correspondence contained information about postal addresses, Bitcoin public addresses, and copies of identity documents. Some of the correspondence also contained the source-of-funds information.

Pocket Bitcoin explained that the customers did not necessarily have each of the above types of information exposed. Pocket Bitcoin contacted each affected customer and gave him information about his case. Another type of information could be exposed to customers during the initial breach – email addresses or support communications.

Bitcoin Core Assets Were Unaffected

Pocket Bitcoin extended its statement regarding the August security incident following a forensic investigation into exposed information about 5,411 users. This compromised information comprised names, addresses, transaction history, and some IBANs, while for 291 users, there was a risk of compromising identity documents and funding information. Bitcoin Pocket stated that its core systems, user Bitcoins, and keys were unaffected by this security compromise. There were no indications of any misuse, but the risk of physical fraud was indicated.

Customers Notified About Physical Fraud

Pocket Bitcoin said that there is currently no reason to believe that any of the data was used by attackers for any malicious actions. However, the names, addresses, and transfer information can be used to conduct a more convincing social engineering attack against the targeted customers through physical communication channels.

The threat of fake letters and other physical communication was explicitly raised by Pocket Bitcoin. The company noted that the newly found databases do not have any information regarding email addresses and passwords, which makes it unlikely that targeted email phishing attacks can be conducted with their use.

Pocket Bitcoin informed the Swiss Federal Data Protection and Information Commissioner and the Liechtenstein Data Protection Authority about the breach. They also filed a police report after the investigation of the incident. The vulnerability has been closed, and new security measures have been implemented.

Highlighted Crypto News:

CFTC Seeks Dismissal of CME’s Kalshi Bitcoin Futures Lawsuit

• According to SEC Chairman Paul Atkins, the new fundraising regulations can attract cryptocurrency innovators and capital back to U.S. markets.
• He is in favor of the CLARITY Act that will create legal crypto regulation for the SEC and CFTC.

Paul Atkins, the chair of the SEC, has framed the Regulation Crypto Assets as an answer to years of ambiguity. The regulation will make the American market more welcoming for crypto-based firms and innovators. According to Atkins, the former administration was too aggressive in its enforcement efforts and thus pushed the fundraising efforts overseas. Founders required guidance rather than regulatory fights and uncertain registration requirements.

Atkins Seeks to Regulate Through Enforcement

The Atkins report was critical of the application of securities laws developed long ago before the emergence of digital assets. He claimed that regulators failed to consider crypto’s unique features in applying the regulations. In the view of Atkins, such an approach has undermined capital formation in the entire crypto industry.

The chairman of the SEC stressed that the new regulation is designed to increase the confidence of innovators while raising capital in the United States. In addition, he referred to the issue of American investors sending funds abroad. Digital technologies make it possible to move funds abroad almost effortlessly. Therefore, Atkins wants investors to have access to digital asset opportunities via U.S. markets and law. This is precisely what his reasoning relies on.

Regulation Crypto Assets Proposes Changes to Raising Capital

Two exemptions from the SEC’s proposal aim to decrease regulatory obstacles for crypto companies. Those exemptions were introduced by Atkins together with an initiative to develop clear guidelines for digital assets.

The proposal is developed amid discussions on how the old securities laws can be applied to tokens. It is already clear to Atkins that the current enforcement actions can never become a permanent basis for digital asset companies. Also, he believes that the introduction of the legislation by Congress is crucial to this transition process. Atkins still supports the CLARITY Act that is currently pending.

CLARITY Act Remains Integral to the Framework

According to the CLARITY Act, crypto will be regulated by the SEC and the Commodity Futures Trading Commission. According to Atkins, legislation can help formulate lasting rules more than agency actions can do. A future SEC can easily change rules formulated under agency rulemaking. Legislation can create statutory responsibilities and limitations for the regulators.

Atkins does not consider the two initiatives to be competing against each other. Rather, Atkins believes both to be part of the same initiative meant to improve America’s crypto market. The current SEC crypto policy initiative now puts capital formation as the core of its new policy framework. The ultimate aim of this initiative is to create clear ways for companies to build capital within the country.

Highlighted Crypto News:
CFTC Seeks Dismissal of CME’s Kalshi Bitcoin Futures Lawsuit

• The CFTC says that CME is unable to prove competitive injury from Kalshi’s Bitcoin perpetual futures.
• The case may impact how regulators in the United States regulate crypto perpetuals.

The Commodity Futures Trading Commission (CFTC)is seeking a dismissal of the lawsuit filed by CME Group against Kalshi’s Bitcoin perpetual futures in a federal court. The Commission asserts that CME does not have standing because the Commission has failed to demonstrate any actual competitive injury caused by its approval of the contract. Furthermore, the document rejects CME’s contention that Kalshi’s perpetual futures are a swap under the Commodity Exchange Act.

CFTC Defies CME Over Competition Concerns

In a 30-page dismissal filing, the CFTC submitted its motion in federal court in Washington, D.C., on September 2. CFTC described CME’s action as “much ado about nothing.” In doing so, the CFTC is defying CME’s core reasons for initiating the lawsuit. CME has not alleged that the CFTC doesn’t have jurisdiction over trading in perpetual futures. Also, it has not claimed that the CFTC did not have the power to give regulatory nod to the contract.

The CFTC believes that CME cannot prove any concrete financial harm from the approval. CME had claimed earlier that Kalshi’s product may become a competitive threat to retail traders. However, the CFTC highlights that CME admitted that there was no demand from its clients for the perpetual futures. CFTC also highlighted that CME’s cryptocurrency futures trading has grown after the approval.

Bitcoin Perpetual Trading Creates a Broader Regulation Controversy

On May 28, 2026, KalshiEX applied for review of its BTCPERP agreement. CFTC approved the agreement the next day according to the regulatory body’s futures regulations. The BTCPERP agreement follows the CF Benchmarks Bitcoin Real Time Index, which measures the spot price of Bitcoin. It is traded in units of 1/10,000 of Bitcoin and runs on a perpetual basis all week long.

The Kalshi exchange began trading Bitcoin perpetuals on June 3 and Ethereum perpetuals on June 4. The first day’s trading volume for Bitcoin went beyond $100 million, based on Kalshi reports and other sources. Within one week, notional trading volume had gone past $1 billion.

Possible Impact of Court Decision on Crypto Derivatives

According to the CFTC, CME cannot classify the contracts in an attempt to protect its business from competition under the CEA. The commission further states that the act is meant to ensure development of the futures market, customer protection, innovation, and supervision. Reclassification of the contract does not offer a solution because even though Kalshi would have done so, the contracts can still be classified as swaps. Judge Colleen Kollar-Kotelly has scheduled October 2 for opposition by the CME.

Highlighted Crypto News:
Crypto Council Urges SEC to Streamline Novel ETP Approvals

• CCI encourages the SEC to make the approval process for Novel ETPs more efficient in terms of timing and regulation.
• The organization also calls for parity of tax treatment, disclosure requirements, and confidentiality for novel ETPs.

Crypto Council for Innovation is advocating for a modernized framework for ETP by the Securities and Exchange Commission. CCI is calling for more clarity and predictability in the process of obtaining approvals for innovative ETPs. The suggestions from CCI were presented on August 31 concerning the framework for novel ETFs proposed by the SEC. The framework involves products that relate to crypto assets, blockchain opportunities, and event contracts. CCI is advocating for the same level of efficiency in the process of gaining approval for non-ETF products as that provided for qualifying ETFs.

CCI Pushes for Faster ETP Approvals

Existing regulations on ETFs may provide a blueprint for expanding the scope of reform to ETPs, according to CCI. For instance, Rule 6c-11 allows qualifying ETFs to conduct their activities without the need to receive exemptive orders on a case-by-case basis from the SEC. Similarly, Rule 485 allows ETP sponsors to file new funds using post-effective amendments with specific automatic effectiveness dates.

CCI calls for such efficiencies in the context of ETPs that do not qualify as ETFs. Additionally, CCI favors clear criteria in respect of which issuers will have a better idea of how much time is needed for product approval. The proposed measures would be especially applicable in developing products in the form of exchange-traded instruments based on digital assets.

Industry Group Targets Tax Differences

The second issue for which CCI seeks action by the SEC is coordination with the Treasury and IRS in respect of the taxation of the product. According to CCI, there are certain types of ETPs which are not ETFs, but whose tax status could be less favorable than that of ETFs.

In light of the above mentioned facts, the group feels that there should be coordination between the tax rules and securities market approval procedures. CCI is against any changes to the existing definition of an investment company under the Investment Company Act. It believes that the current statute provides regulators sufficient flexibility in determining whether Novel ETFs should be considered an investment company under the law.

Clearer Labels for Investors

CCI further called for clearer naming and disclosure requirements for products that are not deemed investment companies. CCI expects these products to be easily differentiated from ETFs. It cited exchange-traded commodity trusts and some digital asset products as examples. They can use the term “ETF” although they have varying structures under securities law.

CCI also favors confidential draft registration statements and pre-filing consultations voluntarily. It stated that such an approach will guard innovative products from copycat filings before their introduction. However, it isseeking confidentiality measures without extending timelines for Rule 485 filing. CCI’s proposal therefore includes a faster approval process with clear disclosure and greater protection for innovative products.

Highlighted Crypto News:
G20 Backs Clear Regulatory Pathways for Digital Asset Innovation

• G20 embraced a path to regulating responsible innovation in the digital assets arena, keeping stability measures intact.
• It is a supportive approach to the development of digital finance without any direct regulations on cryptocurrencies and stablecoins.

The G20 indicated an increased emphasis on digital asset innovation while remaining cognizant of maintaining financial stability in its approach to policy formulation. Financial ministers and central bank governors saw the opportunity that digital financial innovation provides as a means of achieving broader economic growth.

This new emphasis has come from the G20 Chair’s Statement in the aftermath of the second G20 finance meeting of the US 2026 presidency. The US Treasury Secretary Scott Bessent published the statement on September 1, 2026, after the meeting held in Asheville, North Carolina. This statement emphasizes the importance of developing regulatory and supervisory frameworks that establish “clear pathways” for safe digital financial innovation and digital assets.

G20 Makes Progress in Digital Assets Regulation

This language differs significantly from the G20’s previous focus on the dangers of crypto assets. In 2019, the G20 Finance Track members called for monitoring risks associated with crypto assets. Under India’s 2023 presidency, the G20 supported enhanced regulation, supervision, and oversight of the crypto economy. Similarly, the Financial Stability Board identified crypto and stablecoin risks in its 2025 G20 presidency (South Africa). The current 2026 statement recognizes digital innovation along with economic growth as key financial policy areas of the G20.

The language aligns with the United States’ priorities for its G20 presidency. According to Bessent, one of the Finance Track priorities included a thriving digital asset ecosystem. Nevertheless, the statement does not introduce any new regulations for G20 countries. It just offers guidance for the future.

Stablecoins Get Special Attention from the G20

Furthermore, the G20 reiterated its policy roadmap to enhance cross-border payments. In that context, officials emphasized extending operating hours for high-value payment systems, as well as the use of ISO 20022. At the same time, the G20 stressed the importance of cross-border data transfer for financial institutions, taking into account data security and domestic legal arrangements. However, stablecoins were given special consideration as part of the digital finance agenda. Thus, the G20 noted the FSB’s forthcoming report about global stablecoin arrangements and their impact on cross-border transactions.

Statement Indicates Policy Orientation

The statement holds a significant procedural feature in that it is not a G20 communiqué representing a consensus position. The U.S. Treasury stated that all present parties agreed except for China. China disagreed with paragraphs dealing with global economic disruptions, trade imbalances, IMF surveillance, and sovereign debt sustainability. 

These objections were not in regard to the digital asset part in paragraph 16. Consequently, the language related to digital assets remains part of the policy signal agreed upon. It promotes regulatory pathways while avoiding a global framework. Further rules will be defined by the national jurisdictions according to their procedures. The statement emphasizes the G20’s increasing interest in regulating innovation for investors and digital asset companies.

Highlighted Crypto News:
Hyperliquid Strategies Expands Chardan Equity Facility to $2.5 Billion

• Hyperliquid Strategies raised its Chardan equity facility from $1 billion to $2.5 billion to enhance its ability to raise capital.
• By the end of June, Hyperliquid had issued around $647 million worth of shares using the old facility.

The committed equity facility of Hyperliquid Strategies with Chardan Capital Markets has been increased to $2.5 billion from $1 billion. This development allows the digital asset treasury company to have more flexibility to secure funds by issuing stocks in the future. The information has been revealed by the company in its most recent SEC filing. The primary focus of Hyperliquid Strategies’ treasury management is HYPE, the native token of the Hyperliquid ecosystem.

Chardan Equity Facility Experiences Major Expansion

Hyperliquid Strategies revised its ChEF Purchase Agreement with Chardan Capital Markets, which was initially executed on October 22, 2025. Under the new deal, the company is permitted to issue shares of its newly issued common stock to Chardan. In case of sale of a $1 billion sale of shares, Nasdaq imposes a limit of $12.02, which can only be raised to 42,641,847 shares or 19.99% of issued and outstanding shares before the modification. It has not disclosed reasons for the $1.5 billion expansion. However, the filing suggests the company has sold approximately $647 million in shares under the old facility.

Company Has Already Raised $647 Million via Share Issuance

Hyperliquid Strategies had issued about $647 million in shares through the aforementioned deal by the end of June. As a result, the newly established facility leaves the firm with plenty of options regarding financing opportunities. Further share issuances would bring more cash for the company’s treasury strategy. Nonetheless, the latest filing fails to clarify whether all the proceeds from the extended facility would be used to purchase HYPE.

The company has been making itself more dependent on accumulating HYPE tokens as the key asset of its treasury strategy. As per the latest 10-K filing of Hyperliquid Strategies, the firm owns approximately 29.4 million HYPE tokens as of August 23. Such a treasury strategy allows investors to have direct access to the company’s strategy regarding the Hyperliquid ecosystem.

Company Has Already Raked In $647 Million Thanks to Share Issuance

Hyperliquid Strategies had already issued around $647 million in shares as of June through the above deal. This means that the newly opened facility has enabled the company to have several options regarding its financing opportunities. The further issuance of shares will add some funds to the company’s treasury strategy. However, the recent filing does not indicate whether all funds from the expanded facility will be used to purchase HYPE.

The company has become increasingly dependent on the accumulation of HYPE tokens as the primary assets in its treasury strategy. According to the latest 10-K filing of Hyperliquid Strategies, the company has around 29.4 million HYPE tokens as of August 23. This makes it possible for investors to get direct insight into the strategy of the company in the Hyperliquid ecosystem.

Highlighted Crypto News:
Ripple Unlocks 1B XRP as Escrow Balance Falls to 31.28B

• XRP was unlocked through 3 separate transactions, leaving about 31.28 billion XRP in active escrow.
• This move does not signify an actual sale by Ripple, while upcoming transactions will determine the net number of XRP unlocked by Ripple.

The company unlocked 1 billion XRP from escrow on September 1st through 3 transactions. These were 500 million XRP, 400 million XRP, and 100 million XRP, respectively. This was revealed by the blockchain monitoring account Whale Alert in relation to the XRP that was unlocked from Ripple-controlled escrow accounts. This is part of the scheduled monthly unlocking of XRP through timed escrow contracts by Ripple.

XRP Unlock in September by Ripple Lowers Escrow Holdings

About 31.28 billion XRP were left in active escrow after the September transactions executed by Ripple. An independent monitor estimated the number of coins by referencing trusted XRP Ledger information. The monitor identified about 32.28 billion XRP before the issuance of 1 billion tokens. This means that there was a decrease of about 1 billion XRP in the active escrow account due to the transaction. The coins left in the account are about 31.28% of the initial 100 billion coins supplied with XRP. There is still more total XRP owned by Ripple due to operational wallets that hold released tokens.

Unlocking XRP Does Not Indicate a Market Sale

Ripple created the escrow system back in December 2017 by locking 55 billion XRP in time-based contracts. The design was intended to introduce more certainty regarding the number of XRP that may be unlocked by Ripple on a monthly basis. The design ensures that up to 1 billion XRP can be unlocked on a monthly basis as a result of the release conditions.

An EscrowFinish transaction unlocks the XRP once the escrow conditions have been fulfilled. However, the unlock transaction does not guarantee the XRP tokens will move to the exchange, buyer, or liquidity providers. Consequently, the September transactions cannot reveal the usage of the XRP that has been unlocked. Investors should differentiate between the unlocking of XRP and XRP moving into public trading markets.

Re-Escrowed Tokens Will Influence the Final Net Release Amount

Ripple returned any unused monthly XRP tokens to new escrow deals. As Ripple stated before, all unused tokens will be added to new escrows after every token release process. Previously, the amount of tokens that Ripple put back into escrow in every cycle was between 600 million and 800 million XRP. But past trends do not guarantee how many tokens Ripple will re-escrow in September. At the time this report was written, no independently confirmed figure of re-escrowed tokens was announced. EscrowCreate deals will show us how much XRP is actually locked up once again under time limitations.

Ripple’s Upcoming XRP Unlock Expected in October

Ripple’s upcoming release window is expected to occur in October following the same existing monthly pattern. An additional 1 billion XRP may be released when escrowed objects mature on their respective release dates. The future re-escrows may push back the release date by locking away any unlocked XRP behind further restrictions. The XRP price was recorded at $1.39 for the period covered by the provided market data. Nevertheless, the upcoming escrow release does not necessarily explain the price fluctuation of XRP.

Highlighted Crypto News:
Lazarus Group Moves $30M Through Hyperliquid as Trump Backs US Expansion

• Data from Arkham reveals Lazarus-affiliated wallets transferred more than $30 million using Hyperliquid and HyperUnit.
• This was amid Hyperliquid’s efforts to access the U.S. markets through Bitnomial, which is owned by Payward.

Wallets affiliated with the North Korea-based Lazarus Group have sent over $30 million via Hyperliquid, according to chain analysis from Arkham. This information was revealed on August 31 by Arkham researcher Emmett Gallic. He identified the transactions carried out within about three weeks. These funds went through HyperUnit, where the wallets changed BTC for ETH and Solana before moving the funds through various blockchain networks. Finally, these funds were transferred to centralized exchanges such as KuCoin, LBank, and Kraken, among other Tron-based platforms. Several BTC outflows were seen in the transaction dashboard from Lazarus-affiliated wallets.

Lazarus Group-Associated Transactions Come Under Scrutiny

The transactions carried out via the wallet have raised more suspicion about Hyperliquid. Since US authorities have put sanctions on the Lazarus Group for their ties to North Korea’s regime and cyber activities. Blockchain analyst ZachXBT discovered some of the addresses in 2024 during an investigation of Lazarus-associated crypto money laundering operations. Previously, the analyst had linked the group to the proceeds from various crypto attacks and the methods of moving the stolen crypto funds.

The permissionless nature of the Hyperliquid platform has provided yet another avenue to shift native assets to the platform. The Hyperunit product offered by Hyperliquid enables users to lock their native Bitcoin, Ethereum, and Solana in exchange for corresponding tokens in the environment of Hyperliquid.

US Expansion for Hyperliquid Is Regulatory Driven

The timing of the decision is also crucial since Hyperliquid has an important regulatory development that takes place in the USA. President Donald Trump noted that CFTC Chairman Michael Selig is making efforts to bring Hyperliquid to the US under the right regulatory framework. This statement came after a meeting at the White House where the heads of cryptocurrency and financial firms participated. The market response to the HYPE coin of Hyperliquid was also significant after the statement.

Bitnomial Structure Fails to Overcome Regulatory Obstacles

Bitnomial will be responsible for managing onboarding of the customers, access to trading, and compliance issues. Whereas Hyperliquid technology will facilitate the functioning of markets associated with the listed contracts. The regulatory clearance is still pending, and no information about financial details has been released by the parties. Consequently, the Lazarus-associated transactions occur amid the attempts by Hyperliquid to gain market access regulated in the US.

Highlighted Crypto News:
Kalshi Faces Fresh Legal Setback as Ninth Circuit Backs Nevada Sports-Betting Rules

• Kalshi is under increased regulatory scrutiny now that the Ninth Circuit has denied its bid to stop Nevada from enforcing its sports contract regulations.
• The decision will bolster Nevada’s hand as it battles a contrary opinion from the Third Circuit.

The legal tussle involving Kalshi against state regulators has reached yet another significant stage following the dismissal of the latest legal challenge by the appeals court. The ruling handed down on August 28 was unanimous that Kalshi had failed to prove that Nevada’s rules for sports contracts were likely to violate federal laws on commodities.

Ninth Circuit Rejects Kalshi’s Preemption Theory

Kalshi claimed that federal commodity regulation preempted state law concerning its sports contract business from Nevada’s gaming statutes. Kalshi runs itself as a designated contract market regulated by the CFTC, classifying its contracts as swaps. But the Ninth Circuit concluded that Kalshi’s contracts probably do not fit within the definition because it operates similarly to sports bets.

The court denied Kalshi’s express, conflict, and field preemption claims during the preliminary injunction phase. Circuit Judge Ryan Nelson also stressed that the CFTC is not the national gambling regulatory agency. The decision invalidates an existing injunction that exempted Kalshi from any Nevada enforcement action throughout the legal process. The court also remanded the Nevada election contract dispute to the district court.

Legal Issues for CFTC Rulemaking on Its Own Terms

While addressing the major-questions doctrine, the court declined to render a decision declaring the CFTC’s rulemaking efforts unconstitutional. The court noted that Kalshi’s broad view of federal power could give rise to major-questions issues, but the judges did not determine whether the agency’s proposed rules in the future would infringe upon the doctrine. According to gaming attorney Daniel Wallach, the CFTC rule is facing serious legal challenges after the court’s decision and can become subject to an Administrative Procedure Act lawsuit.

Circuit Split Puts Supreme Court Within Reach

The Ninth Circuit case poses a notable distinction from the Third Circuit ruling supporting Kalshi. This distinction may raise the chances of Supreme Court action, despite the fact that review is not assured. There was a deadline of September 3 for New Jersey to file for further review on the Third Circuit case. Kalshi can also seek Ninth Circuit rehearing or Supreme Court review.

As of now, Nevada will be able to enforce its gaming laws against Kalshi’s sports agreements. The CFTC proposed rules are also still pending at the agency after considering public feedback. So this issue is still ongoing in the federal courts, state agencies, and through federal rulemaking.

Highlighted Crypto News:
Bitcoin (BTC) Is Mirroring 2022: Does That Put $83K on the Table?

• Bithumb obtained its second victory in court while trying to get funds from the erroneous Bitcoin deposit in their February marketing event.
• Seoul Central District Court ruled that one of their users should repay around 194 million won for his mistake in selling Bitcoins.

Bithumb wins another case as it seeks payments from wrongly credited Bitcoin users. In an effort to collect money for wrongly credited Bitcoin from users in February 2018, the Seoul Central District Court ordered one of the defendants to pay back 194 million Korean won, roughly $140,513, according to Digital Asset. This is the second largest out of four civil suits Bithumb has filed after the February case. 

The biggest one is worth 500 million won which is worth $362,229. Bithumb has won two out of four civil lawsuits against users in February. The whole issue arose when Bithumb mistakenly credited more than 620,000 BTC to hundreds of people during a promotion activity. It was because of the mistake by one of its employees who mistook BTC for Korean won.

The Mistake Was Also Affecting Bithumb’s Market 

This strange crediting mistake soon started to have an impact on Bithumb’s overall market activity, as the BTC/KRW trading pair fell by 15% due to the incident. The fall did not concern only those users who were involved in the distribution mistake. In addition to this, Bithumb became the subject of an investigation by the South Korean regulators, who were checking the internal procedures that led to such a mistake and were discussing the measures taken to prevent this situation.

The latest victory in court for Bithumb does not end all the lawsuits related to this mistake. The decision is relevant to the defendant in this particular case, but it does not influence the decisions in other lawsuits. The exchange will continue to fight to obtain the rights through other legal processes.

Bithumb Strikes Balance between Legal Battle and IPO Plans

This ruling comes as Bithumb is gearing up for yet another important event in its corporate history. At the start of the month, the exchange announced plans for an IPO in 2028. The upcoming IPO represents another significant event for Bithumb as the exchange deals with the implications of its February Bitcoin mistake. In the meantime, the most recent ruling improves Bithumb’s position in its legal battle.

Highlighted Crypto News:
Grayscale’s Zach Pandl Says Rising U.S. Debt Could Boost BTC, ETH and ZEC

• According to Grayscale Investments’ Zach Pandl, increased US debt would put a strain on bonds and reduce confidence in fiat currencies.
• Pandl pointed out that investors would be looking for an alternative means of storing value, which would favor Bitcoin, Ethereum, and Zcash.

The chief research officer of Grayscale Research, Zach Pandl, connected the recent bond repurchases by the US Treasury to increased pressure exerted by the level of government debt. The US Treasury will conduct more open market purchases of long-term notes and bonds prior to their retirement. According to Pandl, the repurchases have the potential to lower the risk-adjusted supply of Treasuries and offer some stimulus to the economy. However, Pandl noted that bond repurchases tackle symptoms rather than solve the underlying fiscal issue of the country. According to Pandl, structural budget deficits and the fast growing debt of the government are issues that should be considered.

US National Debt Exceeds $40 Trillion

On the same day, the Treasury made it clear that the national debt of the United States had exceeded the $40 trillion mark for the first time. Pandl pointed out that it came together with a stock of debt that has been increasing almost continuously from the global financial crisis onwards. Pandl explained that, at the time, higher government debt did not have any notable impact on interest rates as a result of the housing collapse.

According to Pandl, times have changed since then, as both firms and investors borrow in large amounts to fund the construction of artificial intelligence. Higher government borrowing comes along with increased private sector borrowing, resulting in greater demand for financing.

Zach Pandl Catches Bitcoin in the Debasement Trade

Pandl also made a connection between government debt and the threat of a loss in credibility of fiat currency as well as the demand for other means of storing value. According to him, growing debt could result in the gradual loss of trust in conventional currencies. Such an atmosphere could lead to the demand for assets providing monetary and financial exposures outside the norm. Pandl considered physical gold and certain cryptocurrencies as examples of such beneficiaries. In the case of cryptocurrency, he believed that the “debasement trade” would be advantageous for Bitcoin, Ethereum, and Zcash. The inclusion of these cryptocurrencies in such a reaction to government debt is explained by Pandl’s vision of their place.

Highlighted Crypto News:
BlackRock Cuts IBIT In-Kind Bitcoin Minimum 96% to $1 Million

• IBIT’s in-kind conversion threshold has been reduced by BlackRock from $25 million to $1 million.
• This move enhances the Bitcoin ETF framework but does not include direct share-to-Bitcoin conversion under retail brokerage access.

BlackRock has lowered the minimum amount required for Bitcoin-to-IBIT conversion to $1 million. This is a 96% decrease from the previous threshold of $25 million. The move may open up opportunities for qualified individuals and institutions that wish to participate in the program, but it will not affect regular IBIT trading via brokers. With in-kind creation and redemption, investors get to convert their Bitcoin to the ETF format via authorized intermediaries rather than converting their BTC to cash first. According to BlackRock’s digital assets chief Robbie Mitchnick, IBIT has settled transactions worth more than $5 billion using Bitcoin swaps.

Role of IBIT in Bitcoin Market Infrastructures

The latest decision by BlackRock is part of the ongoing efforts by asset managers to establish institutional access to Bitcoin using investment vehicles under regulation. It is noted that Bitwise lowered its comparable threshold for conversion from $100 million to $3 million. Additionally, IBIT had a net asset value of around $60.65 billion as of August 25, according to BlackRock. The ETF was levying a 0.25% management fee on the same, while each creation basket contained 22.65 Bitcoin with a value of close to $1.79 million. The SEC has authorized in-kind creations and redemptions for spot crypto ETFs in July 2025. The authorized participants conduct the IBIT creations and redemptions directly with the trust.

Lower Threshold, Different Approach to Custody

The reduced threshold can be used by Bitcoin holders who want alternatives to holding their assets themselves. The process of institutional custody does not require users to take care of private keys, seeds, and hardware wallets but, at the same time, gives less control over the money. IBIT shareholders will not be able to redeem their Bitcoin, send their Bitcoin from the ETF, or spend their shares for purchases. Instead, they will hold securities, which reflect the value of Bitcoin, minus all costs and fees. Thus, the decision by BlackRock is more about infrastructure and not about retail redemptions.

Highlighted Crypto News:
Bitcoin Beach Sees Everyday Payments Fade as El Salvador’s Adoption Experiment Evolves

• Bitcoin Core Developer Jon Atack noted that Bitcoin transactions in El Zonte fell dramatically even though Bitcoin was still accepted there.
• Bitcoin Experiment in El Salvador Continues with Cards Becoming More Common While Bitcoin Is Widely Handed Out.

Bitcoin Beach, the El Zonte village that inspired El Salvador’s Bitcoin venture, appears to be seeing fewer everyday Bitcoin transactions. According to WuBlockchain, Bitcoin Core contributor Jon Atack said a local restaurant told him his Bitcoin payment marked its first such transaction in a month. Staff reportedly said customers now prefer cards, while one worker had even forgotten how to use her Bitcoin application. However, another visitor reportedly made a Bitcoin payment nearby, suggesting that some Bitcoin usage continues despite the broader decline. 

New Obstacles to Bitcoin Spending Emerged

The drop emphasizes the distinction between possessing Bitcoin and spending it on goods. Many people have started viewing BTC more as an investment, meaning they will not use their money when they anticipate a price increase. The Bitcoin reporter Juan Galt called such behavior “counter-economic,” pointing out that the Bitcoin economy requires spending.

Businesses also face difficulties accepting BTC. Bitcoin’s price fluctuations may lead to certain changes in value before converting to dollars. At the same time, traditional payments with cards are comfortable and familiar.

El Zonte Remains a Bitcoin Case Study

El Zonte got to feature in 2019 following an unnamed donor who started handing out Bitcoin in the region. This grassroots project is one of the factors that went into making the Bitcoin policy of El Salvador. The latter recognized Bitcoin as legal tender in September 2021, but it later allowed merchants to use discretion regarding the same following its IMF deal.

According to the IMF, the amount of Bitcoin that was held in El Salvador’s government did not change during the period covered by the loan program. The growth of holdings in the government was via wallet transactions and not new purchases. In spite of the lower payment activity, Atack still refers to El Salvador as a pioneer of Bitcoin adoption and regulation.

Highlighted Crypto News:
Tyler Winklevoss Reveals Gemini’s New XRP Ledger Support in Singapore

• Gemini extended its native XRP Ledger support in Singapore with the move announced by Tyler Winklevoss regarding XRP.
• XRP kept gaining momentum with increased ETF inflows, futures trading, and institutional involvement.

Gemini is offering native XRP Ledger deposits and withdrawals in Singapore, enabling users to transact in XRP via XRPL. Gemini co-founder Tyler Winklevoss disclosed the feature on Monday, describing it as “big news” for the XRP community in Asia. Singapore continues to be a leading financial capital and crypto hub regulated by the Monetary Authority of Singapore.

This move takes place amid increased recognition of the XRP Ledger in financial institutions and tokenization. For instance, Ripple became part of Singapore’s MAS BLOOM project, where the company will investigate RLUSD’s role in enhancing international business transactions. The XRP Ledger was also used by JPMorgan, Ripple, Mastercard, and Ondo Finance to conduct a cross-border tokenized treasury settlement. At the same time, XRPL 3.3.0 made alterations aimed at privacy and institutional adoption.

The Gemini decision provides yet another link between XRP infrastructure and the financial system in Singapore. Deposits and withdrawals of native XRPL also provide an opportunity for eligible customers to make payments using the XRP network directly.

XRP Price Surge Follows Alongside High ETF Activities

In the meantime, XRP has been exhibiting solid performance in the market. XRP had an increase of more than 50% over the week that has been reported. Retail and institutional demand for spot XRP ETFs was responsible for the rise. Inflow of spot XRP ETFs stood at $13.82 million on Monday, and trading volume came in at $97.24 million. XRP ETF managed by Bitwise was responsible for the maximum inflow of $8.25 million, while Goldman Sachs became the largest holder of the XRP ETF, as per the reports.

XRP was trading around $1.52, while the 24-hour trading range stood between $1.45 and $1.55. Additionally, trading volume increased by 15% during the period. Open interest in XRP futures increased by almost 6% to $3.81 billion in 24 hours. CME saw a rise of 18%, whereas Binance saw a fall of 1.32%.

Highlighted Crypto News:
Michael Saylor Says Bitcoin Is Entering a New Era of Digital Capital

• Michael Saylor’s Bitcoin Reformation connects the principles of Bitcoin to those of institutional finance and digital capital.
• The Reformation upholds the principles of Bitcoin but facilitates different financial institutions.

Bitcoin Reformation by Michael Saylor portrays Bitcoin not merely as an innovative experiment in a currency system based on digital scarcity. Saylor looks at how the system can keep its original ideas intact amid expansion in institutional finance and other areas. The author notes how the culture of Bitcoin formed its principles of self-custody, public verification, fixed issuance, and monetary sovereignty. However, he also looks at how those principles can turn into dogmas due to the nature of the historical processes.

Saylor’s Reevaluation of Bitcoin’s Dogma

From Saylor’s point of view, Bitcoin’s initial architecture belongs to a much bigger picture. Satoshi Nakamoto is responsible for designing the base of Bitcoin, but according to Saylor, the white paper does not have to work as an immutable constitution. Bitcoin became a basis for various investment products, custody solutions, corporate treasury management, derivatives, loan markets, and overall financial infrastructure. According to Saylor’s framework, all of this creates opportunities as well as risks of counterparties, regulation, operation, and governance.

Saylor also highlights the need to differentiate Bitcoin’s principles from the ritualism of the early days of its development. Self-custody is what makes Bitcoin sovereign in Saylor’s opinion, although there are cases when institutional custody serves different parties. Different ways to invest in Bitcoin’s scarcer monetary asset are available to investors.

Saylor’s Model in Relation to Bitcoin Governance and Development

Saylor’s model applies to governance and development of Bitcoin. Saylor stresses the openness of inquiry, debate, and analysis when participants discuss proposals for changes to the network. Proposals like BIP-110 show how Bitcoin participants are able to discuss different options without turning everything into an issue of loyalty. Financialization of Bitcoin does not mean that it loses its initial mission for Saylor. He sees wider accessibility as the way of linking Bitcoin with capital markets and companies that have never been involved with it before.

The Digital Capital Theory of Michael Saylor

Saylor believes exchange-traded products, custodial systems, derivatives, and other financial instruments are vehicles that can extend the influence of Bitcoin. Saylor understands that by adding such instruments in the mix, complexity is added along with it. What Saylor emphasizes more is the need to protect the fundamental nature of Bitcoin from being altered by sticking to old ways rather than evolving with the times.

Bitcoin Reformation by Michael Saylor

The Bitcoin Reformation theory is that of an evolution towards a system of finance where digital capital can function in more diversified markets. This theory does not demand that Bitcoin lose its intrinsic features as its ecosystem becomes larger. On the contrary, Saylor emphasizes the importance of keeping the intrinsic features of Bitcoin intact while building new financial systems on top of the network. In doing so, Saylor defines Bitcoin as more than digital money; he sees Bitcoin as infrastructure for digital capital.

Highlighted Crypto News:
TRUMP-Linked Wallets Withdraw $3.39M USDC From Solana Liquidity Pools

• TRUMP-connected wallets withdrew $3.39 million worth of USDC from liquidity pools of Meteora amid a 73.3% rise in one week.
• Traders are monitoring for any additional wallet activity and liquidity withdrawals from TRUMP’s unlocked supply.

The wallets associated with TRUMP pulled out $3.39 million worth of USDC from liquidity pools on Solana amid a strong rally. According to LookOnChain, the wallets are connected to the TRUMP crew and had been engaging in liquidity on Meteora. The wallets were using a one-sided position, which made it possible for the holding of TRUMP tokens to move into USDC tokens as people were purchasing TRUMP tokens. They then started pulling out liquidity that contained USDC and remaining TRUMP.

Liquidity Management Continues After Previous Wallet Transactions

The recent transactions have been observed following a trend that was monitored by LookOnChain starting in 2025. In April 2025, the TRUMP-related wallets withdrew roughly $4.6 million in USDC from liquidity pools. These funds went through Ethereum until they ended up in Coinbase Prime, according to previous blockchain monitoring. 

The transaction scale had grown substantially in December, when the very same wallet had withdrawn roughly $94 million in USDC within 30 days. Several large transactions were noted by Arkham Intelligence during the mentioned period, including those that involved transfers to Fireblocks custodial addresses linked to Coinbase.

Thin Liquidity May Increase the Price Impact

The outflows cannot indicate an immediate sell-off of TRUMP, but can create thin liquidity when trading activity is high. Thin liquidity can increase the price impact when the market rises. The watched wallet has over $5.3 million USDC in holdings, according to Solscan data. Transactions reveal nothing about moving the outflowed USDC to an exchange. On the other hand, the TRUMP team may use up to 96 million unlocked tokens for ecosystem building and buyouts. About one million holders suffer losses of $3.81 billion in total.

Highlighted Crypto News:
Upbit Launches LIT/KRW Market for Lighter With Temporary Order Restrictions

• The LIT/KRW pair trading will be launched by Upbit on August 24, with some provisional rules regulating initial trading and liquidity.
• Ethereum will be the sole network allowed for LIT deposit/withdrawals on Upbit.

The Upbit platform will be listing a Korean won market for the LIT token from the Lighter project at 1:00 p.m. KST on August 24. The token is currently available for exchange against Bitcoin, which will serve as a basis for pricing. According to Upbit, the LIT/BTC closing price was 0.00004500 BTC, which equals about 4,803 Korean won. However, this number is merely a trading guide and has nothing to do with the initial price of LIT.

Trading and Transfer Restrictions at Upbit

Buy orders for LIT/KRW on Upbit will be halted for 5 minutes, and sell orders will be restricted if the price falls more than 10% below the reference price. The exchange will allow only limit orders during the first two hours after the announcement and enable market orders afterward. Upbit may delay trading when there is not enough liquidity and suggests checking prices on the local and foreign markets. Upbit will allow LIT deposits and withdrawals only through the Ethereum network. South Korean Travel Rule restrictions apply for deposits and withdrawals, and private wallets must prove ownership. Upbit may request the source of funds for substantial deposits.

How Does LIT Connect Staking With Lighter’s Liquidity Pool?

Lighter runs a decentralized perpetual futures exchange on the order-book system with the use of cryptographic proofs. LIT is a utility token for Lighter, whereas staking grants access to the Liquidity Pool of Lighter. For now, each staked LIT allows users to deposit up to 10 USDC, with a three-day lock-up period. Stakers can get trading and funding benefits. Lighter gave 25% of LIT to community airdrops and 50% to the Lighter ecosystem.

Highlighted Crypto News:
Grayscale Files Fresh SEC Amendment for First U.S. Zcash ETF

• Grayscale filed the fifth amendment to the SEC application for the planned Zcash ETF with an annual fee of 2.5%.
• The ZCH fund, once approved, would replace Grayscale’s existing Zcash Trust to be the first U.S. Zcash ETF.

This brings Grayscale closer to introducing the first US exchange-traded fund to invest in Zcash directly. The company filed for the fifth amended registration statement with the U.S. Securities and Exchange Commission recently. The plan is to transform the Grayscale Zcash Trust into an investment spot ETF. This new filing has renamed the trust to “Zcash ETF” and set up the annual sponsor fee of 2.5%.

Grayscale Revises its Proposal for the Zcash ETF

Grayscale intends to trade the ETF on NYSE Arca with the ticker symbol of ZCH. Bank of New York Mellon will act as the transfer agent for the ETF. Coinbase Custody Trust Company will store the holdings of the ETF in Zcash in custody. The filing states that, following approval, the trust would be permitted to issue the shares perpetually. The share prices would be calculated based on the market price of the cryptocurrency ZEC, as well as the trading price of the ETF on the exchange. This latest filing by Grayscale comes shortly after the filing of another document by the company. The other filing reveals talks between a subsidiary of Digital Currency Group and the contribution of about 200,000 ZEC to the ETF.

Grayscale Zcash Trust Assets Exceed $260 Million Already

Grayscale has been running its Zcash Trust since 2017, providing a solid foundation for its new proposal for an ETF. The trust is managing more than $260 million in assets as of Friday. Grayscale currently manages more than a dozen crypto ETFs, including Bitcoin, Ethereum, Dogecoin, and XRP. Zcash is a crypto that debuted in 2016 and incorporates crypto technology that helps ensure transaction privacy.

The latest SEC filing is not an indication of approval or a definite timeline for launch. Analyst at Bloomberg Intelligence, James Seyffart, indicated that the amendment is a clear indication of progress towards converting the trust to an ETF. Should it be approved, it will be the first US ETF offering ZCH exposure.

Highlighted Crypto News:
Justin Sun Scores Partial Court Victory in World Liberty Financial Lawsuit

• Claims filed individually by Justin Sun against World Liberty will remain in the federal court after the August 20 hearing.
• Negotiation on where the claims from the company owned by Sun will be resolved is required.

Justin Sun secured a partial procedural victory in his legal battle against World Liberty Financial on August 20. A California federal judge apparently decided to allow Sun’s personal claims to proceed in court. This came after World Liberty had filed a motion to transfer the lawsuit to arbitration and put the federal proceedings on hold. Instead of granting their motion, Judge Donato ordered the two parties to engage in discussions about the corporate claims that would be tried in court. The judge’s decision did not resolve the issue of any fraudulent behavior, defamation, or contract breach by either party.

Individual Claims of Sun Stay in Federal Court

Sun claimed that the court did not accept World Liberty’s motion to send all the claims for arbitration. In the case, Blue Anthem Ltd and Black Anthem Ltd were also part plaintiffs along with Sun, filing the case against World Liberty in California. 

Sun invested $45 million in the early token sales by World Liberty, as per the complaints made by Sun. Sun filed a lawsuit against the company after World Liberty put restrictions on his WLFI tokens. Sun is claiming that World Liberty froze, restricted, or burned tokens using smart contract controls.

Neither court has issued any decision regarding these conflicting claims and misconduct by either side. World Liberty has also asked the court to compel arbitration, but the judge has not issued a decision following the August 20 hearing. Sun’s individual claims will continue in federal court, while the court has yet to decide the claims involving his companies.

Highlighted Crypto News:

MANTRA Chain Freezes Operations Following Undisclosed Network Incident

• All network operations have been paused by MANTRA Chain due to an unidentified problem that is under investigation.
• The stoppage comes following MANTRA Zone’s recent launch and coincides with Inveniam Capital Partners’ planned acquisition.

In light of an unexplained incident, MANTRA Chain has decided to suspend all network operations until the investigation is concluded. The suspension commenced on August 21 and paused all operations on public endpoints, validators, bridge services, and transactions within the network. While MANTRA Chain’s official status page announced the suspension and said that more information will follow, it has not provided any explanation concerning whether the problem is related to security issues, configuration problem, or another type of technical problem. This is the first time that MANTRA Chain is suspending network operations.

MANTRA Zone Upgrade Preceded the Halt

This occurred just three days after the launch of MANTRA Zone by MANTRA Chain on August 18. The update was meant to introduce an EVM interface that would allow for greater network interoperability and functionality. There has been no mention by MANTRA of any issue with its infrastructure in connection with the crash. 

MANTRA Chain is a Layer-1 blockchain that primarily tokenizes real-world assets. This happened despite the network experiencing no disruption even when its OM token collapsed in April 2025. OM dropped by roughly 90 percent during this period due to market-wide liquidations. Blocks were being mined, bridges were operational, and users could process transactions. In early 2026, MANTRA replaced OM with MANTRA as the gas token of the network via a one-to-four conversion.

Network Freeze Occurs at Acquisition Period

The freeze occurs as Inveniam Capital Partners prepares to take possession of MANTRA Chain, with the process expected to conclude in Q3 2026. MANTRA is subject to regulatory control from the United Arab Emirates, making the response to the issue even more crucial. MANTRA has kept mum regarding the scope of the investigation, the infrastructure involved, and the estimated recovery time. For MANTRA users, the validators that have been frozen no longer allow any transactions to be performed, while the bridges that have been put on hold restrict movement of assets to and from the linked networks.

Highlighted Crypto News:
South Korea Confirms 22% Crypto Tax on Private Wallets, Foreign Exchanges

• From January 2027 onwards, South Korea will tax income earned from crypto through wallets and foreign exchanges.
• Enforcement systems are still being developed, while the taxation on staking, lending, airdrop, and hard forks is under review.

South Korea has officially stated that its crypto tax will include taxable income generated by means of individual wallets and foreign exchanges as of January 1, 2027. According to the Ministry of Economy and Finance and NTS it doesn’t matter where the asset is located or how it is stored. They said it will still be liable for taxes.

Under the proposed system, income from digital assets will be classified as other income with an annual deduction of 2.5 million won. The income exceeding this amount will be taxed at 20% nationally and additionally by local income tax up to 22%.

Self-Custody Cryptocurrency Will Be Taxed

According to NTS, South Korean residents will have to declare their tax obligations related to cryptocurrency transfers and lending. They reported income regardless of whether individuals used self-custody or foreign exchanges. However, they acknowledged that monitoring self-custodied wallets presents challenges because individuals can generate multiple addresses without intermediaries.

In order to solve this problem, NTS will develop transaction tracking and analysis systems. At the same time, the government continues to work on ways to deal with self-custodied cryptocurrencies when investigating crimes. The new approach differs from the rules governing financial account reporting for foreign individuals. In 2024, foreign wallets that did not control people’s assets were exempted from reporting requirements.

Overseas Exchanges Under Increased Reporting Obligations

In terms of foreign exchanges, South Korea intends to employ Offshore Financial Account Disclosure and the OECD’s Crypto-Asset Reporting Framework for tracking the movements of cryptocurrency. South Korea has also imposed regulations for registration of cross-border transfers of cryptocurrencies. 

Government figures revealed that there was almost $60 billion worth of cryptocurrency that was transferred from local exchanges during the latter part of 2025. There are still political objections regarding this issue, as the People Power Party is demanding its abolition or that it be delayed further. A related petition has already reached more than 50,000 signatures. Yet still, preparations for 2027 are underway despite the objection.

Highlighted Crypto News:

Coinbase Adds Hyperliquid Perpetuals to Base App With Up to 50x Leverage

• Base App gains access to more than 290 perpetual futures markets via Hyperliquid with leverage up to 50x through Coinbase.
• This move boosts Base’s re-emphasis on trading following its failed social and creator-based approach that could not attract users.

Coinbase is enhancing Base App’s trading functionalities with the inclusion of perpetual futures via Hyperliquid. Qualified customers will be able to use over 290 markets for perpetuals that include Bitcoin, Ethereum, tokenized stocks, and commodity trading. The product features leverage of up to 50x for specific assets, while Hyperliquid is handling trade executions. “Chintan Turakhia, Coinbase’s Head of Engineering, explained that perpetual futures represent about 75% of all trading in cryptocurrency. He added that perps are the most requested product at Coinbase.” The product gives traders access to the markets without switching from their current custody wallets.

Base App Expands Its Trading Focus

Perpetual futures allow speculation regarding asset prices without holding such assets, and contracts do not have an expiration date. Coinbase will provide varying leverage depending on different markets, which will include some assets with 50x leverage available. Increased leverage can potentially increase not only gains but also liquidation risk. Hyperliquid is responsible for providing trade execution and liquidity, while users can access the markets through the Base App wallet.

This product is another step for Base App, whose strategy is changing. Coinbase initially aimed at building a trading app that would feature social elements, messaging, AI, and monetization of creators. Nevertheless, social features were less popular than anticipated. Jesse Pollak from Base noted that prediction markets, perpetuals, and stablecoins became major incentives for user activities; thus, Base decided to emphasize trading, payments, and AI.

Perpetuals Drive Adoption Forward

With the launch of the Hyperliquid integration at Coinbase, perpetual futures have been added to prediction markets and stablecoins, aligning with Base’s trading-oriented direction. The product increases the number of tradable assets that can be traded using the app, which goes beyond traditional cryptocurrencies. Tokenized stocks and commodity markets provide eligible traders with the opportunity to trade other markets in the same self-custodial space.

This is happening amid the growing importance of derivatives in the crypto world. By implementing perpetual futures into Base App, Coinbase provides eligible users with direct access to leverage-based trading without moving from the Hyperliquid execution platform.

Highlighted Crypto News:

Robinhood CEO Tenev Calls “Tokenization Supercycle” Early Stage as Tokenized Equity Trading Surges

• Tenev claims that tokenization can facilitate real-time settlement, trading 24/7, portability, and self-custody.
• On-chain tokenized equity trading amounted to $9 billion in 2026.

Robinhood CEO Vlad Tenev notes that markets globally are now entering the early stages of what will become a tokenization supercycle. According to The Kobeissi Letter, on-chain tokenized equity trading amounted to $9 billion in 2026, growing by over 207% quarter-over-quarter and 800% year-to-date. “Tokenization does not mean listing securities on blockchains; it means building new ownership infrastructure from scratch,” Tenev added. Robinhood Chain has facilitated over 100 million transactions, thus becoming the fastest EVM chain to reach that milestone. Exposure is provided to more than 190 US equities across 120 countries in a 1:1 ratio with underlying stocks.

Real-Time Settlement and 24/7 Trading Become Prominent

According to Tenev, one of the major benefits blockchain technology can provide to American investors is the real-time settlement of transactions. Traditional exchanges utilize intermediaries to handle risks from execution to settling trades. Stock Tokens may help to trade, settle, and move securities in real time, thus relieving the pressure from settlements. Additionally, Tenev mentions continuous trading as another possible benefit of tokens. Global investors react to information beyond regular hours of the U.S. market. 

Robinhood currently offers 24/5 trading with the help of traditional infrastructure, building its way towards a 24/7 approach. Blockchain networks will allow continuous trading and fractional ownership without using many traditional platforms. “24/7 trading is not only about capturing opportunities; it is about risk management as well,” Tenev says. Tokenization may also enhance asset portability across financial services platforms and decentralized finance applications. Self-custody will increase investors’ power, while allowing assets in tokens to lend and serve as collateral.

Regulation Remains Paramount in U.S. Adoption

Though technology has made progress, according to Tenev, there is a need for modernization of regulations as well as blockchains in the U.S. adoption of blockchains. Securities rules have been developed through financial market infrastructure that is more than a century old. According to him, regulators may keep the benefits of investor protection even as they work to develop new regulations.

This includes the use of blockchain technologies in market infrastructures. Robinhood recognizes potential in assets that lack broad liquidity and access, including private company stocks. Even though accredited investor rules limit many Americans’ access to the asset, private company stocks are seen as an area where tokenization infrastructure can be applied in the future. Public equities, in his view, form the basis of broad tokenization.

Highlighted Crypto News:

25-Year-Old Man Arrested by Gujarat CID in 1,090 Cybercrime Cases, ₹16 Crore Crypto Trail Linked to China

• Police have linked Rafiqool Alam to 1,090 cybercrime cases involving more than ₹1,071 crore.
• Investigators traced ₹16 crore through 23 cryptocurrency wallets and linked the transactions to a Chinese gang.

Rafiqool Alam, aged 25, has been arrested by the Gujarat Police in Assam through a three-day sting operation and was found to be involved in 1,090 cybercrime cases. The total estimated damage from these cases is more than ₹1,071 crores. Fraudsters allegedly trapped individuals from various Indian states in a money laundering scheme. The operation began when cyber police helped a person targeted by fraudsters using forged Maharashtra Police and Supreme Court documents.

Bank Accounts Form a Link to Cryptocurrency

According to police allegations, Alam had distributed the looted money across thousands of bank accounts in India. And later, converted some portions of them into cryptocurrency. One of the transactions found by investigators reportedly allocated money to 1,754 bank accounts in just about an hour. They also seized 23 wallets containing approximately ₹16 crore in traceable transactions on Alam’s phone.

In addition, police found that chip sellers and online game accounts were another mode of money transaction during the operation. In addition to that, investigators alleged that Alam had shared information related to wallets, passwords, scanners, user IDs, and criminal instructions with Chinese associates via WhatsApp and Telegram.

Victims Escaped from Losing More

This particular investigation led to the prevention of further payments from victims to the fraudsters. In Ahmedabad, fraudsters allegedly demanded ₹20 lakh from an old person by threatening to implicate him in a illegal online content case. In Surat, another victim had made preparations for a ₹20 lakh transfer because he was blackmailed in terrorism cases and Enforcement Directorate cases. Police have been able to prevent these transactions from happening.

In Jamnagar, an investment broker was promising a return of 50% to 60% in exchange for an already transferred ₹9.5 lakh, and a further ₹10 lakh was also prevented. This includes Mumbai, Raipur, Sundargarh, and Bhubaneswar as well. This particular case is one of many others concerning crypto-related cyber fraud in India.

Highlighted Crypto News:

Payward Uses Anthropic’s Claude Mythos 5 to Strengthen Crypto Security

• Payward is a part of Anthropic’s Project Glasswing and has access to Claude Mythos 5. This project will help with defensive cybersecurity.
• The company intends to scan its software environments and report vulnerabilities to the relevant open-source projects.

Payward, which is Kraken’s parent firm, has partnered with Anthropic’s Project Glasswing since Aug. 17 in cybersecurity activities. This collaboration enables Payward to have limited access to Claude Mythos 5, which is a cybersecurity AI model from Anthropic. In the coming weeks, Payward will be conducting a scan for vulnerabilities in its software environment. After reviewing the results, the security experts in the firm will sanction the implementation of any necessary corrections. The firm has not been mentioned by the firm whether Mythos 5 will scan production, isolated code, or test environments.

Mythos Accessibility is Limited Due to Risks Posed by Its Capabilities

Project Glasswing was created by Anthropic in April 2026 to provide some organizations with an opportunity to access advanced cybersecurity models earlier. At first, the project consisted of major companies representing different industries, including technology, finance, cybersecurity, and infrastructure. Anthropic added about 150 organizations from more than 15 countries to the project. 

All organizations willing to access Mythos 5 should meet the security standards. Anthropic restricts access to this tool because it is capable of revealing vulnerabilities and developing exploitable components. According to the company, Mythos 5 is the most powerful tool created by Anthropic for cybersecurity and biological research. Anthropic’s security dashboard detected 1,596 vulnerabilities within 281 open-source projects by May 22. 1,900 candidates were checked by external security firms with a 90.8% true-positive rate. Researchers still have to confirm the results.

Open-Source Findings Create Security Obligations 

Payward intends to alert relevant maintainers when Mythos 5 detects valid vulnerabilities in third-party open-source software. The firm has not shared any information on the timeline of such alerts or on any public release of the identified vulnerabilities. In addition, it is unclear how teams will manage projects that do not respond to any security alerts. 

Payward has been involved in a previous security issue with regard to its Kraken deposit vulnerability, which was identified using outside research. This incident shows the significance of testing, validating, and communicating during a security investigation process. Anthropic’s requirement for Mythos 5 clients is the thirty-day retention of data for safety monitoring purposes. Payward has yet to clarify what data is subject to this process.

Highlighted Crypto News:
BitMart Faces Aug. 19 Deadline as Users Demand Reserve Disclosure and Repayment Plan

• Users and workers from BitMart wish to have verified information on the reserves, withdrawal reasons, and payment plan by Aug. 19.
• The list of requests comes after the announcement of BitMart’s shutdown, with trading stopping on Aug. 26.

The BitMart users and employees have set Aug. 19 as the deadline for the exchange to respond to the problem of asset withdrawals and provide details about customer assets. An independent audit is also among the demands made of BitMart. These demands come following the shutdown notice issued by the exchange on Jul. 26 after nine years of operations. The exchange ceased new registrations, deposits, and trading but maintained the withdrawal process. Trading will be stopped on Aug. 26, while full operation will stop on Jan. 31, 2027.

Questions About Withdrawals Create More Pressure

Moreover, the open letter questions BitMart about reported withdrawal limitations and seeks information about when it became aware of such issues. Customers wonder who authorized the withdrawal restrictions and whether BitMart had continued encouraging deposits despite being aware of the problems. In connection with the withdrawal issues, BitMart earlier said that withdrawal issues were due to risk controls designed to deal with a scam that was exploiting activity subsidies provided by the platform. Once it announced its closing down, it said that withdrawals would still be allowed but may require extra verification steps. These steps may include identity verification, device verification, IP address check, withdrawal destination verification, funding source verification, and sanctions check.

Employees Demand Remuneration in the Wake of Increased Investigations

The statement further outlines claims of non-payment of salary and remuneration concerning some BitMart employees. The group is calling for investigations into the accounts and individuals that could be associated with customer funds. It also called on Yi Li to explain the ownership and sources of funding found in the unverified documents. The statement noted that allegations cannot prove anything without any proof. In 2021, BitMart experienced a $196 million crypto hack and had committed to compensation thereafter. The users now demand a timeline, estimates, priorities, and other relevant information by August 19.

Highlighted Crypto News:
Ethereum Explores Bitcoin-Style UTXOs to Improve Blockchain Scaling

• Utreexo for Bitcoin was brought into the discussion by Vitalik Buterin, while describing the hybrid approach suggested by Ethereum.
• Native UTXO, recursive STARKS, and Frame Transactions are among the things that are being researched for Ethereum.

Vitalik Buterin, the co-founder of Ethereum, praised the progress of UTXO research by Bitcoin developers while explaining Ethereum’s new scaling direction. This shows how the new hybrid architecture can be created using Ethereum’s account system along with the UTXO state system.

Such an architecture will enable various activities to take place using various states depending on the needs of activities. However, Ethereum researchers want to achieve scalability without reducing decentralization, censorship resistance, and availability of nodes.

Native UTXOs Could Cut Down Payment State

Utreexo provides a model that Ethereum researchers can leverage to minimize the amount of data stored individually by the nodes using the concept of cryptographic accumulators. Researchers have been exploring the same idea to apply to the Ethereum blockchain, which operates on account-based infrastructure. Toni Wahrstätter proposed the use of native UTXOs in Ethereum for simple payments, while retaining the existing Ethereum accounts. The model would be able to cut down the amount of permanent state by about 99.8% for payment applications.

Recursive STARKs Aim at Bandwidth Usage

A recursive-STARKs mempool study conducted by Buterin aims at solving bandwidth consumption issues associated with the growing Ethereum network. According to the study, the STARK proof is assumed to be optimized to reach about 128 kilobytes. Proofs related to validity may be grouped instead of transmitting each of them separately. With eight peers and a 500-millisecond aggregation period, additional consumption is estimated at around 2 megabytes per second per node. The study is oriented toward efficient proof transmission rather than unbounded transactions.

Frame Transactions Still Under Consideration

The native UTXO proposal relies upon EIP-8141, called Frame Transactions. This proposal is about a programmable transaction frame that includes validation, gas, and execution. Currently, Frame Transactions are considered for Hegotá but are not yet approved by Ethereum. Only the FOCIL proposal has been approved for Hegotá. As per the Ethereum roadmap, Hegotá is scheduled to take place in 2027 after Glamsterdam in late 2026. Hence, Buterin’s Utreexo indicates that Ethereum is still actively working on this research aspect.

Highlighted Crypto News:
White House Plans Crypto Meeting as CLARITY Act Faces Senate Hurdles

• The White House is expected to convene an Aug. 19 meeting with crypto and prediction market CEOs as the CLARITY Act is stalled in the Senate.
• According to Polymarket traders, the odds of the bill becoming law by 2026 are priced at 21%.

White House to Meet Crypto and Prediction Market Executives on August 19, Reports Politico. However, there is no disclosure of the agenda and names of attendees. Further, it is unclear whether President Trump will attend the meeting. This meeting is taking place at a time when Congress is facing difficulties in moving forward with the Digital Asset Market CLARITY Act. On one hand, the House had approved it by a vote of 294-134 in July 2025. In May 2026, the Senate Banking Committee had approved it 15-9. But Senate leaders have decided to defer any decision until September 14.

Ethics Controversies and Stablecoins Keep Lawmakers On Hold

The Senate negotiations will be centered on government ethics, reward systems in stablecoins, decentralization, and financial crime prevention. Ethics will include the possible imposition of regulations on crypto asset holdings as well as income generation from such assets related to government employees. The package for ethics has been created by two senators, Tillis and Gallego, and is bipartisan, but it has not been accepted yet by the White House before recess. 

Rewards for stablecoin use are another key issue that has caused a clash between banks and crypto firms. Banks fear that rewards might motivate clients to withdraw funds from banks. Crypto firms want to preserve some sort of incentives for the usage of stablecoins through platforms. In July, large banks requested the revision of Section 404, which allowed the possibility of creating a reward system similar to bank interest, even though the draft forbids interest on idle payment stablecoins.

Stablecoin and Ethics Disputes Keep Lawmakers Divided

Senate negotiations remain focused on government ethics, stablecoin rewards, decentralized finance, and anti-money laundering rules. Ethics discussions center on proposed limits for crypto holdings and income involving senior officials. Senators Thom Tillis and Ruben Gallego have developed a bipartisan ethics package, but the White House has not approved it.

Stablecoin rewards remain contentious between banks and crypto firms. Banks warn incentives could shift deposits away from traditional institutions, while crypto firms want transaction-based rewards. In July, major banking groups urged Senate leaders to revise Section 404, arguing its language could allow rewards resembling bank interest. 

Highlighted Crypto News:

Metaplanet Transfers 5,014 BTC Between Custody Addresses, CEO Denies Sale

• 5,014 BTC was transferred between Metaplanet’s custody wallets, while CEO Simon Gerovich stated that the company had not sold any Bitcoin.
• This transaction occurred amid major unrealized losses, weak stock prices, and altered treasury funding dynamics.

Metaplanet transferred 5,014 BTC from one custody address to another within 24 hours, according to the company’s CEO Simon Gerovich. Gerovich assured that Metaplanet has not sold any of its Bitcoin in the process. “It was just a regular custody transfer rather than liquidation,” he added. Metaplanet incurred $8 for the transfer costs while holding 43,000 BTC of its inventory. 

Publicly available Bitcoin addresses are maintained by Metaplanet for market surveillance purposes. Reports revealed transfers from the company’s wallet addresses, including 3,881 BTC mentioned on Lookonchain. Another transfer of 4,176 BTC was also reported through blockchain data. No sale of Bitcoin was confirmed in both transfers.

Treasury Holding Still Same

According to Metaplanet, the average acquisition cost of its 43,000 BTC is $95,982. The price of Bitcoin at the time of transfer was about $63,500, which means there was an unrealized loss of more than 30%. This is due to the fact that Metaplanet has not realized the loss by selling out its Bitcoin holdings. Several other companies with Bitcoin holdings in their treasuries have sold some of their Bitcoin holdings recently. 

In the first half of 2026, MARA Digital Holdings sold 23,093 BTC after holding its holdings until then. Similarly, Strategy has sold Bitcoin for below its average acquisition cost while building up its cash reserves. Hut 8 has transferred 493 BTC from its wallets, but the reason behind this move is unknown.

The Stocks and Funding of the Firm are Still Struggling

Shares of Metaplanet have been declining by more than 43% since January and currently trade at a price of about ¥221. Even with the fall, the firm managed to increase its holdings of 2,833 BTC in July. They secured $50 million from their 20th ordinary bond issue in April and around $137 million from overseas equity and warrant funding this year. The firm has not made any other form of funding after these two deals. The firm reportedly holds about $280 million in cash versus liabilities of about $403 million. The firm’s CEO, Simon Gerovich, talked about financial services for Japanese retail clients.

Highlighted Crypto News:

CFTC Uses Emergency Powers to Keep Kalshi Operating Amid New York Dispute

• The CFTC ordered Kalshi to continue operating after calling New York’s enforcement action a market emergency.
• The dispute centers on whether federal derivatives rules override New York gambling laws governing event contracts.

The CFTC invoked emergency powers to keep Kalshi operating amid its legal dispute with New York. The commission classified New York’s enforcement action and temporary restraining order request as a market emergency. It directed Kalshi to continue operations under the Commodity Exchange Act and its Core Principles. New York seeks to block Kalshi from offering sports, election, cultural, and other event contracts statewide. The state also seeks at least $36 billion in compensatory damages, according to the CFTC. Chair Michael Selig said federal derivatives markets require uniform rules, warning against conflicting state gambling laws. 

New York Challenges Kalshi’s Event Contracts

New York filed its lawsuit against Kalshi on July 31, accusing the company of operating an illegal gambling business without state authorization. The state seeks restitution, disgorgement, damages, and penalties connected with Kalshi’s event contracts. New York also seeks penalties equal to three times Kalshi’s alleged gains and $100,000 for each unauthorized sports wagering offer. Kalshi argues that states cannot shut down an exchange registered under federal derivatives regulations.

 The CFTC similarly argues that federal law grants it exclusive jurisdiction over swaps traded through designated contract markets. A federal judge previously rejected Kalshi’s request for preliminary relief in a separate New York case. That ruling found New York gambling laws could apply to Kalshi’s sports contracts at that stage. The CFTC also faces a separate federal lawsuit against New York involving similar jurisdictional questions.

Federal Authority Faces Broader State Challenges

The CFTC filed a federal case in April after New York continued enforcing gambling laws against federally registered contract markets. Judge Jed Rakoff denied the agency’s emergency request for temporary relief without prejudice, citing insufficient evidence of likely success and irreparable harm. 

The latest CFTC order allows Kalshi to continue operating but does not resolve the underlying jurisdictional dispute. It also leaves unanswered whether federal derivatives law overrides state gambling rules. The CFTC said it has sued eight other states alongside New York. The broader litigation could shape regulatory authority over prediction markets and event contracts nationwide. 

Highlighted Crypto News:

Strategy CEO Confirms Bitcoin Buying Will Resume Before Year-End

• According to Strategy CEO Phong Le, the firm intends to continue buying Bitcoins prior to the end of 2026.
• Strategy has acquired 175,000 BTC while selling 7,000 BTC in the current year, making it a net buyer by 25x.

According to Phong Le, the company’s CEO of Strategy, the company is set to purchase more Bitcoin before the end of 2026. In an interview at FOX Business, Phong disclosed that the company had bought approximately 175,000 BTC since January but had sold 7,000 BTC during the same period, making Strategy a net buyer of Bitcoin by about 25 times. 

In addition, Phong mentioned that Strategy had moved from being the second-largest institutional holder of Bitcoin to becoming the largest holder. Strategy holds over 840,000 BTC, making it one of the largest corporations by cryptocurrency holdings. Phong indicated that Strategy would continue purchasing Bitcoin throughout the year. These remarks were made following a series of Bitcoin sales that called into question the firm’s crypto treasury strategy.

                                                 Source: Fox Business

Sales of Bitcoins Helped Satisfy Corporate Financial Liabilities

Strategy sold four transactions of Bitcoins in total since May. Its latest transaction consisted of about 1,690 BTC. Strategy utilized funds received from these transactions to finance dividend payments for preferred stockholders, purchase back shares, and establish a dollar reserve. In doing so, Strategy departed from its previous approach, which implied that it refrained from selling its bitcoins. 

This change was due to the financial liabilities that Strategy had in terms of its huge Bitcoin treasury. Strategy should take into account the needs of common stock and preferred stock holders while increasing the size of its Bitcoin treasury. Sales of bitcoins enabled the firm to gain extra liquidity while keeping the rest of its treasury intact. During the year 2026, the company’s purchases surpassed its sales.

Corporate Bitcoin Treasuries Face Financing Challenges

The Bitcoin strategy by Strategy takes into account problems that corporate crypto treasuries face in light of changes in the environment of finance. Public companies own more than 1.26 million BTC in total, and funds and ETFs own more than 1.6 million BTC, based on cited data from Bitcoin Treasuries. Previously, companies used premiums on top of Bitcoin positions to acquire additional financing through either stocks or debt. Poor premium levels make fundraising difficult and cause dilution for shareholders who buy the stock at a price lower than net asset value.

Highlighted Crypto News:
Riot Platforms Signs $9.1B AI Data Center Deal Reportedly With Anthropic

• A 20-year agreement for 191 MW capacity AI data center was inked by Riot Platforms, worth $9.1 billion.
• Anthropic was reportedly the tenant, according to Bloomberg.
• Riot is still using its Bitcoin mining facilities for funding AI projects.

The transition of Riot Platforms from Bitcoin mining will be quickened following its 20-year deal for 191 megawatts of power in its Rockdale campus in Texas. Riot Platforms anticipates that the deal will yield about $9.1 billion before June 2048, and two five-year extension deals would bring the total potential earnings to $16.1 billion.

According to the firm, the delivery of the power will occur in phases such that it delivers 96 megawatts by December 2027 before completing the remaining 95 megawatts by June 2028. Riot Platforms referred to the client as an industry-leading frontier AI lab, while Bloomberg named the tenant Anthropic based on people informed of the deal. However, there was no public confirmation from either side of Anthropic’s identity.

Rockdale Becomes Riot’s AI Power Hub

Riot’s Rockdale campus currently holds 700 megawatts of built-out and powered power capacity with fiber and electrical infrastructure. Riot has also entered into a deal with AMD, whose power usage increased to 50 megawatts after choosing another option. The deal gives Riot 241 megawatts of IT capacity leased with signed contracts in Rockdale. The combined income from the deal with AMD and the announced deal is expected to bring about $9.8 billion. 

Riot recorded $23.2 million in second-quarter data center revenue as its AMD buildout started contributing to its operations. This move comes amid increasing demand from tech companies looking to get power capacity to perform their AI calculations. Previously, activist shareholder Starboard Value asked Riot to pursue this route, which it could capitalize on using its power capacity in the US.

Bitcoin Mining Is Supporting Riot’s Expansion

Despite that, Riot continues to mine Bitcoin and directs its resources toward AI development. In Q2 of this year, the firm mined 1,587 BTC, compared to 1,426 BTC in the same period last year, while the company’s mining revenues fell 15% due to lower Bitcoin prices and increased competition on the network. As of June, Riot had a total of 11,380 BTC that amounted to $666 million and $548.9 million in cash. Riot utilizes the proceeds from the Bitcoin sales for further AI growth. This 191 MW project is estimated to cost between $2.1 billion and $2.3 billion, and Morgan Stanley will invest $573 million.

Highlighted Crypto News:

Ethereum’s New Roadmap Targets Privacy, Quantum Resistance and Scaling

• The new Strawmap of Ethereum emphasizes privacy, quantum resistance, and verification.
• There is more attention paid to native rollups and specialization of scaling.
• Buterin’s comparison reveals substantial changes after 2023.

Vitalik Buterin has described how the roadmap of Ethereum for the latest year differs from its 2023 roadmap. There are several points in both roadmaps that are similar; however, there are some changes in terms of technical priorities of Ethereum. First of all, quantum security became more important to developers because they started preparing for possible advances in computing technologies. At the same time, there is no mention of verifiable delay functions and some improvements of Ethereum Virtual Machine anymore. 

Moreover, there were some changes in Verkle trees; they are now replaced by unified binary trees and PBT designs. In addition, there was a shift in the area of state expiry, which is now developed into new types of blockchain states. The new roadmap includes such priorities as privacy, post-quantum scaling, native rollups, and markets for the capacity of blob and gas in the future.

Privacy and Quantum Resilience Are Now Top Priorities

Privacy has emerged as a more important aspect of Ethereum’s long-term development approach. Buterin emphasized the usage of keyed nonces, recent roots, lean privacy pools, wormholes, and aspects of FOCIL. All of these can help reduce the metadata revealed about transactions and improve privacy in decentralized applications and wallets. The FOCIL aspect will be particularly useful in making Ethereum more resilient to transaction censorship by block builders. 

Another emerging priority is that of quantum resilience. Developers are investigating LeanSPHINCS signatures, signature aggregation, and zkzk frames. All these can be helpful in preparing Ethereum for quantum attacks without any overheads in signature size, cost of verification, and network bandwidth.

Native Rollups and AI Advance Ethereum’s Architecture

With the improvement in zero-knowledge technology over the past years, native rollups have emerged prominently in Ethereum’s latest roadmap. Native rollups can potentially enable state transition validation within the Ethereum base layer, leading to more consistent scaling. Other possible innovations in Ethereum’s architecture include customized solutions for transactions, trading, and privacy applications. 

The blob and gas futures can assist users in handling their future data and execution costs. Artificial intelligence may enable automation of formal verification, and STARKs can offer machine-verifiable proofs in execution, consensus, and data layers. However, Strawmap is just a coordination roadmap, and not a timetable.

Highlighted Crypto News:
UMX Launches Crypto and U.S. Stock Trading Platform in Invitation-Only Beta

• UMX launched a closed beta combining crypto with U.S. financial assets.
• Users can convert USDT to dollars or use crypto as collateral for securities.
• UMX also links securities holdings to crypto margin through cross-asset trading.

UMX, the Unified Market Exchange incubated by Li Lin’s Avenir Group, launched an invitation-only beta on August 10. The platform targets professional investors seeking crypto and U.S. securities through one trading environment. Users can trade crypto spot, margin, contracts, and options alongside U.S. stocks, ETFs, and stock options. 

UMX says its securities service provides actual share ownership rather than CFDs or price-tracking products. The platform also supports fractional shares and trading during premarket, regular, after-hours, and overnight sessions. According to a PANews report citing official disclosures, the platform combines cryptocurrency trading with access to U.S. stocks, ETFs, and stock options. Access depends on location, account status, and eligibility. UMX has not confirmed whether U.S. residents can access its securities services.

Stablecoins Connect Crypto and Securities

UMX’s beta connects crypto holdings with securities purchasing power through several cross-asset features. Its Exchange Transfer tool lets users convert USDT into U.S. dollars before moving funds into securities accounts. Loan Transfer allows eligible crypto assets to serve as collateral for purchasing stocks, ETFs, and U.S. stock options.

The Shares to Token feature extends this connection by allowing users to convert eligible securities into corresponding stock tokens. UMX says these tokens can contribute toward crypto account margin requirements at applicable discount rates. Users can later convert the positions back into securities. However, UMX has not disclosed the blockchain, token issuer, or custody structure behind these conversions. During the beta, UMX also advertises annualized yields of up to 2.5% on BTC products and 5.5% on USDT products, subject to eligibility and product terms.

Avenir’s Institutional Exposure Helps with Context

Following UMX’s launch, Avenir Group continues linking traditional finance with cryptocurrency investments and infrastructure. An SEC filing signed by Li Lin showed Avenir Tech held 18,276,100 BlackRock iShares Bitcoin Trust shares worth approximately $702.2 million on March 31. Avenir submitted the filing on May 15. In February, the firm partnered with CoinRoutes to improve institutional execution and capital efficiency across fragmented markets.

Meanwhile, UMX’s invitation-only beta connects stablecoins, crypto collateral, securities, and margin tools within one platform. Users without invitations can reserve future access, while UMX has not announced a wider launch date. Future disclosures will clarify jurisdictional restrictions, custody arrangements, service providers, and stock-token conversion mechanics.

Highlighted Crypto News:
NYSE Advances Tokenized Securities Plans With Onchain Settlement Infrastructure

• NYSE further develops on-chain settlement for tokenized securities via the production pilot being conducted by DTCC.
• NYSE is testing tokenization alongside other financial and digital asset institutions.
• The 24/7 trading system that NYSE plans to launch remains pending regulatory approval.

NYSE is pushing blockchain settlement infrastructure as tokenized securities inch towards live markets. This was indicated by Lynn Martin, the president of NYSE, who revealed that the exchange continues building settlement infrastructure using blockchain technology during his comments in Seoul. NYSE was also part of the July tokenization pilot conducted by the Depository Trust Company together with over 30 financial and digital assets firms.

The practical exercise involved the use of tokenized securities in the processes of equity delivery, Treasury trade, repo trading, securities lending, collateral posting, and margining. The participating firms included BlackRock, Goldman Sachs, JPMorgan, Nasdaq, Circle, Ondo Finance, Citadel Securities, and Vanguard. The pilot used DTCC private Besu network and the public Canton network.

Tokenized Securities Join Existing NYSE Market Structures

NYSE presented its proposed venue for tokenized securities in January via its parent organization, Intercontinental Exchange. The planned venue would utilize NYSE’s Pillar matching engine in combination with blockchain technology post-trade infrastructure. It will be designed for trading 24/7, instant settlement, fractional shares, orders in dollars, and payments in stablecoins, depending on regulatory clearance. The venue might provide opportunities to list tokenized securities and native blockchain assets.

At the same time, an April SEC filing defined the rules that enable certain tokenized securities to trade along with common stocks. These eligible securities should have identical ticker symbols, CUSIPs, rights, and privileges. Eligible securities include stocks from Russell 1000 and ETFs, tracking major indexes. However, the DTC pilot is running on a T+1 settlement model, not on the instant-settlement model of NYSE’s proposed venue.

DTCC Launch May Signal Further Significant Progress

After the July trades, DTCC will release its Tokenization Service in October through its current timetable of releases. The service is preceded by a no-action letter from the SEC staff in support of the service. In addition, NYSE teamed up with Securitize in March to aid blockchain-enabled securities in its planned digital market infrastructure platform. 

This made Securitize the first announced digital transfer agent for the future market infrastructure. On the other hand, NYSE needs to give 30 days’ notice to its members before tokenized trades through the DTC pilot program. This highlights the gradual adoption of blockchain technology by traditional finance markets.

Highlighted Crypto News:
Tether Expands Tokenization Strategy With Saudi Arabia Real Estate Initiative

• Institutional Real Estate Tokenization in Saudi Arabia was spearheaded by Tether in collaboration with Hadron, First Data, and BKN301.
• The project kicks off with real estate and aims to move on to other tangible assets.
• The collaboration is consistent with the Vision 2030 blockchain strategy of Saudi Arabia.

The Tether group has made efforts in moving beyond stablecoins. They brought institutional real estate tokenization in Saudi Arabia using its Hadron platform. This company has entered into a partnership with First Data and fintech company BKN301. Basically to enable the issuance and administration of tokenized real estate assets for institutions. In the beginning, this effort is aimed at providing blockchain-based access to commercial real estate in Saudi Arabia. 

Hadron will provide the required infrastructure that will help to issue and administer tokenized ownership stakes. Further, this partnership aims to extend Hadron to cover other classes of real-world assets. Also, including energy projects, infrastructure finance, and other institutional investment products.

The expansion represents another phase of the diversification efforts made by Tether from USDT. Ever since the launch of Hadron in 2024, Tether has worked to improve its tokenization business, as well as issuance of digital assets in compliance with regulations. Notably, Tether operates XAUT, which is the largest tokenized gold product worth about $2.6 billion.

Vision 2030 Facilitates Increasing Opportunities for Tokenization

The interest of financial institutions in tokenization is increasing, as more banks and asset managers use blockchain technology to upgrade their investment infrastructure. The number of cases where financial institutions tokenize money market funds, private credit, equity, and commercial real estate is increasing.

Citi estimated in previous times that the total amount of tokenized securities could grow up to around $5.5 trillion by the end of this decade. Saudi Arabia appears to be an important player for blockchain innovation thanks to Vision 2030. This is an economic diversification plan developed by Saudi Arabia. It promotes the adoption of enterprise blockchain technologies in such industries as finance, governmental operations, logistics, and supply chain management.

According to the CEO of Tether, Paolo Ardoino, Saudi Arabia is a perfect market for showcasing how Hadron can tokenize real estate assets for institutions within the Vision 2030 program. This new agreement is a good match for Tether’s tokenization strategy and the goals of the kingdom concerning the implementation of blockchain technologies in different industries. With each company introducing tokenized real estate products, institutions will track their adoption as well as future developments in other real-world assets.

Highlighted Crypto News
Clarity Act Vote Postponed to September as Senate Prioritizes Funding and Budget Bills

• The Senate postponed the vote on the Clarity Act to September.
• The legislators had other priorities to address before their recess.
• Prediction markets decreased the probability of passing the bill by 2026.

The United States Senate postponed deliberation on the Clarity Act to September due to the legislative priority of other business before the recess. The House passed the cryptocurrency market structure bill, and it now awaits Senate approval. Time pressure caused the postponement, not an official withdrawal of the bill. After the decision was announced, the prediction markets decreased the probability of passing the bill into law in 2026.

Senate Prioritizes Funding, Sanctions, and Nominations Before Recess

As reported by Politico, Senate leader John Thune explained a tight legislative agenda prior to members departing Washington, D.C., for the summer break. The Senate was concentrating on issues relating to the budget bill, Russia sanctions, confirmation of judges, budget resolution, and other procedural votes prior to debating the cryptocurrency bills. Thune conceded some confusion regarding many issues.

“I would expect that would be in whatever the final tranche of votes [is].”

Thune also described ongoing negotiations with Democratic lawmakers regarding remaining legislative priorities.

“We’ve been having these conversations with Democrats trying to figure out what’s the path – so we’ve tried to set up a series of votes to deal with all the unfinished business with one exception, so anyway we’ll see how it goes.”

Though there was much industry interest in the Clarity Act, it did not appear on the Senate’s immediate legislative agenda. This legislation is intended to address the issue of regulatory oversight responsibilities between the SEC and CFTC. However, lawmakers decided to focus their attention on appropriations, sanctions, nominations, and other important issues before entering their summer break.

Market Expectations Decline in the Wake of Legislative Delay

The prediction market swiftly responded upon confirmation that the Senate would postpone the voting on the Clarity Act until September. Prediction markets lowered the probability of the law being enacted before the end of 2026 to 15.5%, from 18% the previous day and 30% a week earlier. This was due to lower expectations in terms of regulatory developments in the near future, despite the continued interest of Congress in digital currencies. Moving forward, analysts will pay attention to the timing of legislation by the Senate following the recess of Congress.

Highlighted Crypto News:
UAE Expands Digital Payments as Dubai Duty Free Integrates Crypto.com Pay

• Dubai Duty Free has integrated Crypto.com Pay to facilitate crypto payments.
• Shoppers can make payments using 30 different cryptocurrencies from the airports or online stores.
• Crypto.com converts the transactions into UAE dirhams immediately for the merchants’ benefit.

Dubai Duty Free has integrated the payment system through incorporating crypto payments in all of its airport stores and even online. Customers will be allowed to make purchases through Crypto.com Pay if they are eligible to do so. The integrating cryptocurrencies in one of the busiest international airports in the world. This development is aligned with Dubai’s broader strategy of becoming a world leader in blockchain integration and cashless transactions.

Kazinform says, customers will now be able to pay with a total of 30 cryptocurrencies that include major digital currencies and meme coins like Shiba Inu (SHIB). The service will operate from the Dubai International Airport (DXB) and Al Maktoum International Airport (AMIA).

Instant Settlement of Crypto Payment in Dirhams

Customers can pay via the Crypto.com Pay wallet by approving their payments inside the Crypto.com app itself. Crypto.com instantly converts the selected cryptocurrency into UAE dirhams (AED). This offers protection against price volatility and ensuring instant settlements for Dubai Duty Free. Also via the regulated payment system of Crypto.com. 

Crypto.com and Dubai Duty Free announced the rollout following the Memorandum of Understanding they signed in July 2025. According to which both companies agreed to develop blockchain-based payment solutions. “This innovative payment solution further adds options for digital payment and also supports the vision of Dubai to become the leader of digital commerce across the world,” said Dubai Duty Free Managing Director Ramesh Cidambi.

Digital Commerce Strategy Moves Forward

Eric Anziani, President and Chief Operating Officer at Crypto.com, said that the collaboration will help make regulated cryptocurrency payments a part of regular retail operations while offering a safe payment experience and immediate fiat settlements to merchants. The launch is done in accordance with the regulations set out by the Central Bank of the UAE, and Crypto.com became the first Virtual Asset Service Provider (VASP) of the country to have a Stored Value Facilities (SVF) license. 

Now, Crypto.com Pay serves alongside other payment methods such as Apple Pay, Alipay, and TerraPay available in Dubai Duty Free. This program also contributes to the Dubai Cashless Strategy set out in the Dubai Economic Agenda (D33), aiming for 90% cashless transactions by the end of 2026. In January this year, Dubai Duty Free set a record for the strongest January sales, earning AED858.21 million ($235 million).

Highlighted Crypto News:
GSR Increases Bitcoin Exposure After Crypto Core3 Portfolio Drops 57.78%

• The Crypto Core3 portfolio of GSR fell by 57.78% in the last one year.
• GSR increased exposure to Bitcoin while decreasing allocation to Ethereum.
• Bitcoin, Ethereum, and Solana experienced sharp drops in their market performance.

The institutional crypto portfolio usually tends to represent the market environment in times of high volatility. In a recent disclosure made by crypto market maker GSR, the company stated that its Crypto Core3 portfolio had fallen by 57.78% in the last one year, indicating the tough times that professional digital asset managers are facing. 

The portfolio even underperformed a cryptocurrency basket weighted equally in this time period. The Crypto Core3 portfolio as of August 5 consisted of 44.1% Ethereum, 36.5% Solana, and 19.3% Bitcoin. Although Ethereum has been the largest allocation in the portfolio, GSR increased its Bitcoin allocation while decreasing the allocation of Ethereum.

Portfolio Rotation is Adaptation to Changing Market Environment

The Crypto Core3 portfolio mirrored the general underperformance seen in the major cryptos in the last 12 months. Solana had the sharpest year-to-date performance of -40.21%, Ethereum lost 35.49%, and Bitcoin had 24.82%. Even though the portfolio consisted of the three major cryptos in terms of market capitalization, the portfolio posted huge negative returns due to the overall price weakness in the segment. 

To counteract this negative market environment, GSR increased its Bitcoin position and decreased its position in Ethereum. This portfolio rotation shows that the institutional portfolio manager rotates the portfolio to cope with risk during prolonged periods of downturns. However, the portfolio still remained underperforming because of the unfavorable market conditions.

Institutional Portfolio Performance Shows Market Risk

The performance of the Core3 portfolio illustrates the risks that are inherent in diversified cryptocurrency investments amid prolonged periods of market weakness. While Bitcoin suffered the smallest loss among the three assets, the greater weight given to Ethereum and Solana has made losses for the portfolio even worse. 

The example shows that no matter how well diversified a portfolio is, it won’t be fully immune to losses when the prices of major cryptocurrencies decline. GSR has likely opted for more Bitcoin exposure and less Ethereum exposure due to the current uncertainties in the market. In this regard, institutional portfolio disclosure can give an important idea about the prevailing market mood and strategy in the industry.

Highlighted Crypto News:
Russia Approves New Crypto Trading Framework While Maintaining Domestic Payment Ban

• Putin signed Russia’s first comprehensive cryptocurrency law.
• The law regulates crypto trading, exchanges, and investors.
• Russia permits regulated investing but keeps its domestic crypto payment ban.

Russia has formally established its first comprehensive legal framework governing cryptocurrency markets after President Vladimir Putin signed landmark legislation regulating digital asset activities nationwide. The new law introduces structured oversight across cryptocurrency exchanges, custodians, brokers, investors, clearing organizations, and other market participants. 

As reported by Tass, the legislation expands regulated investment opportunities, authorities continue to prohibit cryptocurrencies from serving as legal payment instruments for domestic commercial transactions. The measure represents Russia’s most significant cryptocurrency policy development while balancing market access with financial oversight and regulatory control.

New Framework Defines Investor Access and Exchange Requirements

The new law establishes separate rules for retail and qualified cryptocurrency investors in Russia. Retail investors may purchase approved liquid cryptocurrencies through registered intermediaries, subject to an annual investment limit of 300,000 rubles (approximately $3,700), although authorities have not identified the eligible assets. Qualified investors face no investment limits once they meet regulatory requirements. Both investor categories must complete mandatory suitability testing, while retail participants may qualify for unrestricted status based on their cryptocurrency transaction history. 

The legislation also introduces stricter operating standards for crypto exchanges. Every exchange must register with a special government registry, maintain minimum equity of 15 million rubles (around $185,200), and join an approved financial market self-regulatory organization before offering cryptocurrency trading services.

Regulatory Expansion Continues Across Russia’s Digital Asset Sector 

Russia will continue banning cryptocurrency payments for domestic goods and services while permitting cross-border crypto settlements for international trade. Authorities first introduced cross-border cryptocurrency transactions during 2024 to support foreign trade following Western sanctions. The new legislation takes effect on September 1, 2026, while rules governing cryptocurrency issuance and circulation begin on September 1, 2027. Existing exchanges have until March 1, 2027, to meet the new compliance requirements. 

The law follows approval by the State Duma last month after its first parliamentary reading in April. It builds on draft regulations issued by the Bank of Russia. Separately, the government recently banned cryptocurrency mining. Also, participation in mining pools in Moscow, the surrounding Moscow region. And parts of the Kursk region from August 15 through 2032, strengthening oversight of the digital asset sector.

Highlighted Crypto News:
Eliza Token Shut Down as Founder Winds Down Foundation Following Legal Settlement

• The Eliza token was announced as dead by Shaw Walters after the foundation settled the lawsuit.
• The foundation settling the lawsuit also means that the foundation is officially shutting down.
• Development of ElizaOS will continue regardless of any tokens or token buybacks.

The future of Eliza is now entering a new era since the founder of the project, Shaw Walters, has officially announced that the foundation of the project is shutting down for good. He announced that the Eliza token is now officially dead. Although the foundation made sure to settle all of the lawsuits that were pending against it, transferring the remaining treasury. This announcement does not mean that the development of the technology itself stops.

Legal Solution Alters the Project

Walters announced the settlement in a public statement after resolving the lawsuit filed by Burwick Law. Walters said the foundation lacked the financial resources to defend the lawsuit, even though he considered the claims groundless. Instead of prolonging costly legal disputes, the foundation has decided to distribute the last funds in its treasury to token holders as part of the settlement.

The legal battle initiated back in April in the US District Court for the Southern District of New York. It claimed that Walters, Eliza Labs, and associated entities engaged in false advertising, deceptive business practices, negligent misrepresentation, and unjust enrichment. The plaintiffs alleged that insiders controlled Eliza Labs while presenting it as an autonomous AI-managed fund. In addition, it criticized the transition of the project from ai16z to ElizaOS due to concerns about branding with Andreessen Horowitz.

ElizaOS Development Proceeds without Tokens

The legal settlement marks the end of foundation funding for the Eliza token, with Shaw Walters confirming that there will be no treasury, no buyback, and no future funding for the token price. In addition, Walters confirmed that he does not own any tokens associated with Eliza and that he will not develop any new cryptocurrency linked to the project. 

While ceasing all operations related to tokens, Walters said that ElizaOS will proceed with its independent development. As he is the owner of the intellectual property rights for it. Launched in January 2025, ElizaOS is an AI agents platform built on a modular architecture and includes AI agents on Solana, Ethereum, and TON, in addition to integrating OpenAI, Llama, and Qwen models.

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Strategy and MARA Bitcoin Transfers Raise Questions as Markets Await Official Confirmation

• A Strategy-linked wallet sent 1,030 BTC despite no confirmation of the sales.
• Another company that made its own move is MARA, transferring its Bitcoin balance.
• Official documents from companies confirm these transactions.

Bitcoin transactions of significant amounts from wallets associated with Strategy and MARA have once again brought focus towards corporate treasury activities in the cryptocurrency space. According to the on-chain analytics firm Lookonchain, there was a transaction amounting to 1,030 Bitcoin worth $66.14 million coming from a wallet associated with Strategy on August 4. The transaction came just days after Strategy announced another Bitcoin sale, making it imperative for investors to follow up on further developments in the treasury department of Strategy.

Onchain Activity Sparks Market Speculations

The onchain analytics firm Lookonchain speculated on whether Strategy resumed selling Bitcoin following the identification of the movement of 1,030 BTC across wallets owned by the firm. Nonetheless, blockchain activity cannot provide conclusive evidence of an ownership transfer or market sale since firms may shift their assets across custodial services, settlement wallets, and institutional platforms. Strategy’s latest SEC filing shows that the firm is holding 842,138 Bitcoin as of August 2 without any filing reflecting reduced holdings after then. 

The most recent blockchain transaction has been carried out outside that period, and hence any transaction can only be reported in the next disclosure. Strategy has indicated that the firm reports all material transactions in its treasuries via Form 8-K and the Bitcoin dashboard publicly. Meanwhile, Strategy officially sold 1,638 Bitcoin between July 27 and August 2 for $104.73 million post-fees while holding 842,138 Bitcoin that were purchased for $75,419 each.

MARA Transfer Brings Further Focus

In addition, Lookonchain reported MARA transferring 6,000 Bitcoin worth about $384.6 million to addresses controlled by Two Prime. According to the analytics service, the transfer is not necessarily related to a sale since MARA already had a relationship with the institution as part of its institutional asset management. In previous reports, SEC stated that MARA put 2,000 Bitcoin into separately managed accounts for institutional trading, lending, and bitcoin yield opportunities.

This transfer could be expanding the partnership or restructuring the custody, among other transactions. However, MARA has yet to disclose the purpose of the latest transfer, although their annual report continues to allow the purchase or sale of Bitcoin as dictated by circumstances and priorities in capital allocation. Therefore, it would be up to investors to await future company announcements regarding the transfers’ purposes.

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US, UK Advance Stablecoin Rules as GENIUS Act Moves Into Implementation

• Discussions on the regulation of stablecoins between US and UK officials took place in London.
• There is agreement on the need to fully require one-to-one stablecoin reserves.
• The issue of cooperation in cross-border regulation and market access was raised.

The two countries have been ramping up their efforts related to the regulation of stablecoins because both countries are in the process of refining their regulations concerning digital assets. A delegation from HM Treasury and US Treasury met in London on July 8 for the 13th session of the Financial Regulatory Working Group between the UK and US. The participants in this meeting included members from the Bank of England, FCA, Federal Reserve, SEC, CFTC, FDIC, and OCC. No proposals of rules were made in this meeting, only alignment of regulatory principles.

Stablecoins Go from Law to International Cooperation

Digital finance continued to be at the heart of the London summit of US and UK regulators. Where US regulators provided an update on the implementation of the GENIUS Act. This introduces the federal framework for payment stablecoins, as well as broader digital assets market reform. The British regulators provided information on the progress made in the development of Wholesale Financial Markets Digital Strategy, as well as the designation of Christopher Woolard as Wholesale Digital Markets Champion. 

The regulators also discussed tokenization, payment innovations, and G20 Cross-Border Payments Roadmap. Both countries confirmed their commitment to responsible development of digital assets and consumer protection and financial stability in this area. At the same time, they support stablecoins backed one-for-one with liquid assets.

Restrictions Relaxed by Bank of England

Although the UK is still working on its stablecoin regulations, the Bank of England has already made some changes based on consultations with the industry. For instance, it decided to abandon the initial proposal to place limits on the number of coins an individual user could hold. Moreover, the Bank of England decided to implement a temporary cap on issuance of systemic stablecoins at £40 billion per year. 

In addition, it changed the proportion of assets that should be kept as non-interest-bearing deposits at central banks. Initially, it was proposed to hold 40% of assets in this way; now the amount is 30%. Thus, 70% of reserves could be held in UK government bonds. These regulatory changes make the UK closer to the new transatlantic approach to stablecoin regulation.

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FBI Agent Charged in $1M Crypto Theft After Allegedly Using ChatGPT to Plan Escape

• A federal prosecutor indicted an FBI agent for the alleged theft of almost $1 million worth of cryptocurrency.
• The money reportedly originated from government-controlled crypto wallets.
• Investigators reported that he used ChatGPT to plan investments and relocate to Europe.

The Department of Justice has indicted a supervisory special agent of the FBI for theft of nearly $1 million in cryptocurrency during the investigation of a crime. According to court filings, Patrick Steven Yaroch, a counterintelligence agent with a Top Secret clearance, allegedly abused his official position to move cryptocurrencies stored in the wallets being investigated by the government. In addition, it is alleged that he later used the assistance of ChatGPT to investigate investment opportunities, residency possibilities in Europe, and financial planning after having moved the money. As pointed out by the authorities, the charges against Mr. Yaroch are still pending; however, he enjoys the benefit of innocence at this point.

Alleged Thief Gained Access Internally 

According to the federal affidavit presented in the Eastern District of Virginia, Patrick Steven Yaroch worked in the FBI’s Counterintelligence and Espionage Division after joining the bureau in 2017. The prosecutors believe that he had access to cryptocurrency wallets associated with the adversarial nation. He learned recovery seed phrases, set up his own wallets, and moved assets in various transfers in 2024 and 2025. 

The investigators have managed to recover about $925,426 worth of the funds with ongoing efforts to trace more money. Yaroch voluntarily contacted Department of Justice officials and admitted making poor decisions involving cryptocurrency. Investigators reported that he revoked consent to recover the wallet seed phrases and requested legal counsel.

Searches for ChatGPT Conversations Extend Investigation

The investigators managed to extract the ChatGPT conversations from Yaroch’s mobile in the course of their investigation. Yaroch asked questions regarding his plans to invest $1 million and move to Europe. With his discussions involving Portugal, Italy, Turkey, and Greece. In addition, the investigators uncovered travel reservations for Portugal. Along with documents empowering him to act on behalf of the Portuguese tax authorities. It is also alleged that Yaroch transferred approximately $1.02 million to Suilend, a lending protocol on the Sui blockchain. While investigators found more cryptocurrency stored in his Kraken wallet.

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Mastercard Completes $1.8B BVNK Acquisition to Expand Stablecoin Payments

• Mastercard has wrapped up its $1.8 billion purchase of BVNK.
• This deal will help to increase the payment infrastructure of Mastercard’s stablecoin payments.
• The platform offers services for making payments, settlements, and treasuries in stablecoins.

Mastercard has finalized its acquisition of the stablecoin payment infrastructure provider BVNK, completing the deal worth $1.8 billion. This deal is another significant milestone on the way to the expansion of digital assets payment capabilities across the globe. Through the integration of Mastercard’s global payments network and BVNK’s blockchain infrastructure, Mastercard seeks to enhance the connection between the traditional financial ecosystem and digital currencies. The deal is also a response to growing demand for stablecoin payment infrastructure that can be used in commercial payments, treasuries, and cross-border settlements.

Combined Infrastructure Enables Stablecoin Payment Services 

In this regard, Mastercard pointed out that the integration of BVNK’s technology with the payment system will enhance stablecoin usage in several financial services. The combined platform will enable cross-border business payments, payouts for merchants, treasuries, settlement solutions, and tokenized assets payments. Banks, payment providers, and fintechs will have more infrastructure for the integration of digital currency together with the fiat currency payment infrastructure. Mastercard believes that the acquisition will allow businesses to make payments more efficiently and increase their access to the financial services built on the blockchain.

Moreover, BVNK also confirmed that it officially joined Mastercard while informing its customers that everything concerning their current products, integrations, and support will stay the same. As per the company, banks will be able to use the infrastructure in order to provide stablecoin payment services, making connections between the customers’ bank accounts and their digital wallets. Payment providers will be able to provide continuous settlements to the merchants throughout the day without using the bank’s hours. Mastercard’s international payment network will enhance BVNK’s card solutions and fund transfers.

Acquisition Agreement Puts Focus on Digital Asset Growth Strategy

As reported in March, Mastercard agreed to buy BVNK for up to $1.8 billion, which includes $300 million of deferred consideration based on performance metrics. The acquisition was preceded by a proposed $2 billion agreement between Coinbase and BVNK, which had progressed to due diligence but was subsequently abandoned by both parties in November 2025. 

The deal represents Mastercard’s strategic move toward integrating stablecoins and tokenized assets into financial services operations. By combining its blockchain technology with its payment network, Mastercard seeks to assist financial institutions and fintech companies in developing digital payment offerings. The agreement is also a response to increasing demand among institutions for stablecoin infrastructure to facilitate international payments, settlements, and treasuries.

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NEAR Sovereign Fund Proposal Could Transform Treasury Management and Token Supply

• NEAR co-founder Illia Polosukhin proposed a Sovereign Fund backed by approximately 30 million NEAR.
• This fund will produce yield to finance network security, validators, and public goods.
• With this proposal, a fixed supply of NEAR could be possible in the future.

A new governance proposal from NEAR Protocol will bring a radical change. Especially to the way NEAR manages its treasuries and future economic strategy of tokens. The proposal was brought forth by one of the co-founders of NEAR, Illia Polosukhin, on August 3, 2026, through the NEAR Governance Forum. It involves an idea called the NEAR Sovereign Fund aimed at pooling together the treasury funds in order to earn sustainable yields for use in the operation of the network. The proposal also involves a long-term vision of finding alternative ways of funding the network’s security, other than token inflation.

Sovereign Fund Targets Sustainable Network Funding

The proposal suggests the creation of the NEAR Sovereign Fund, which would be created from the initial issuance of 30 million NEAR tokens. Instead of keeping treasury funds idle, the NEAR Sovereign Fund would create yield and support validator rewards, network security, Multi-Party Computation providers, and public goods. Furthermore, it could also support the common infrastructure and other services for the NEAR community. 

The NEAR House of Stake would govern this fund and enable token owners. This is to oversee the decisions made by the treasury. In addition, the proposal takes into account some problems that were previously raised by the community regarding the treasury and NEAR Foundation. Polosukhin introduced the initiative as a discussion one, not as a decision that was made. Public comments would last two weeks before governance actions.

Fixed Supply Vision is Dependent on Treasury Success

Apart from the treasury management system described above, the proposal outlines a vision for tokenomics in the NEAR ecosystem. The majority of proof-of-stake blockchain networks use constant token issuance to reward validators securing the network. On the contrary, Polosukhin recommends using investment income from the Sovereign Fund to cover such costs.

If income from the treasury consistently covers such operational costs, then, in the long run, the protocol can minimize or stop token issuance through inflation. This situation would make the environment ideal for achieving a fixed supply of tokens without undermining the security of the network.

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Bithumb Targets 2028 IPO as Exchange Begins 2027 Listing Review

• Bithumb will go public listing after 2028.
• The firm is set to launch the IPO evaluation process in 2027.
• Bithumb will continue improving compliance and internal control before listing.

The company has pushed back its IPO plans in order to concentrate on compliance and corporate governance. According to the South Korean cryptocurrency trading platform, Bithumb now plans to list its shares in 2028, abandoning its earlier plans for listing within either 2025 or 2026. The change in strategy was announced by Bithumb executives at its annual shareholders’ meeting, where they made clear that management will be busy conducting the pre-IPO process in 2027. The change of plans indicates that Bithumb intends to make sure of its stability before listing its shares.

Governance and Compliance Are Essential for New Strategy

Jeong Sang-gyun, who occupies the position of the chief financial officer, stated that Bithumb is going to continue preparations to go public in 2027.Bithumb signed an advisory agreement with Samjong KPMG to support its listing process through the end of 2027. Shareholders re-elected CEO Lee Jae-won for a two-year term during the April 2026 annual meeting. 

Initially, Bithumb was planning to list on Nasdaq but kept postponing it while developing accounting standards, a governance framework, and controls. However, this new timeline appeared after the February 2026 system failure, which caused more than USD 40 billion of erroneous transactions along with an anti-money laundering violation investigation.

Institutional Interest in Bithumb Remains Intact Despite Delays

Despite postponing its initial public offering, Bithumb continues attracting interest from institutional investors. Specifically, one of the biggest South Korean brokerages called Kiwoom Securities is currently proceeding with the analysis of its investment in Bithumb through private placement of its new stock offerings. 

This analysis process is set to be completed by October 2026. Meanwhile, Upbit, which is the biggest cryptocurrency exchange in the country in terms of trading volume. This keeps moving towards listing of its shares, thereby putting even more pressure on the South Korean crypto market. Unlike most cryptocurrency projects, Bithumb has not issued an official token, leaving investors focused on its future stock listing.

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