Hi! In todayβs edition:
ποΈ The Senate is heading home, and crypto's market structure bill wonβt get its voteΒ
π° The ethics provision meant to constrain Trump may have an upside for him
π Bitcoin developers turned AI loose on the ecosystem projects and did not like the results
βοΈ Ondo Finance now has two people claiming to run it
Todayβs newsletter is brought to you by 1inch!
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Clarity's Floor Vote Slips to September
The Senate will leave Washington without voting on the Digital Asset Market Clarity Act, pushing crypto's market structure bill into September at the earliest. Lawmakers return Sept. 14 with three weeks to work with.
Majority Leader John Thune confirmed the delay through a spokesperson, saying Democrats were "insistent on no Clarity vote" and that the bill would be queued up first thing when the Senate comes back. Instead, senators will spend Friday morning on a government funding measure, a Russia sanctions bill and a block of nominations.
Republicans including Josh Hawley and Jerry Moran have said they will oppose the bill without changes, and Democrats still want a tougher ethics provision aimed at President Donald Trump.
Trump's Crypto Exit Comes With a Tax Break
The bipartisan Clarity Act ethics deal senators have pitched to President Donald Trump would force him to sell his crypto businesses. It would also let him defer the capital gains taxes on those holdings, potentially for years, Bloomberg reported Thursday, citing people familiar with the matter.
Trump disclosed more than $1.4 billion in income from his family's crypto ventures last year, including memecoin royalties and World Liberty Financial token sales.Β
Senate Democrats conditioned their support for the Clarity Act on ethics language that stops officials from profiting off crypto while in office. The proposed ethics addendum has not been released publicly and is still being negotiated with the White House.
AI Auditors Are Breaking Bitcoin Projects Open
A volunteer group pointing AI models at Bitcoin codebases says it has filed 4,962 findings across 390 projects, including 85 critical and 635 high-severity issues. "Situation is extremely bad," wrote βCalle,β the pseudonymous developer behind the Cashu ecash protocol who is coordinating the effort.
Calle said the 16-person Bitcoin Red Team is averaging 2.31 high or critical findings per person per hour, roughly 27 hours into the campaign. Project owners have verified most of the critical reports, Calle said, with proofs of concept reproduced in local test environments before disclosure.
Calle apologized to maintainers buried in reports and said the group is still learning to filter noise. Rob Hamilton, who built the automated harness used by the team, said routing findings to the right people is harder than finding them.
Is the Bitcoin Treasury Trade As We Know It Over? π
The pure-play Bitcoin treasury strategy may be dying, and Strategy's own credit-based pivot is showing cracks.
In this week's Bits + Bips Premium, we break down why the pure-play BTC treasury play is unraveling, what's replacing it, and what it all means for MSTR.
Subscribe to Bits + Bips Premium to get the full analysis.
Ondo Founder's Mother Moves to Seize Control
Kathleen Allman, mother of late Ondo Finance founder Nathan Allman, has asked a Delaware court to confirm that she controls the tokenization company and that Ian De Bode is no longer its CEO, according to The Block. Allman alleges that De Bode wrongly declared himself chief executive after her son's death in May, with no board in place to appoint him, The Block first reported Thursday, citing filings in the Delaware Court of Chancery.
Nathan Allman died as Ondo's CEO, sole director and controlling shareholder, so his voting power passed into his estate, CoinDesk quoted his mother as saying in the filings. A Hawaii court named her his personal representative on June 26, she said. She reconstituted the board and, at a July 24 meeting, voted to strip De Bode of every role, according to the reports.
De Bode has reportedly called the claims "meritless" and said Ondo retains the backing of its lead investors and the Ondo Foundation.
π¨ Sun Raghupathi on Unchained Livestream Today π¨
Yesterday's stream was postponed to today due to unavoidable circumstances, but the topic is only getting more timely.
Onchain vaults have quietly grown into a $67 billion market, right as SEC Commissioner Hester Peirce warned that some could trigger federal securities law.
Today, Sun Raghupathi, cofounder and CEO of Veda, sits down with Laura Shin to unpack how vaults actually work, what Stream Finance's collapse revealed about curator risk, and why he thinks Peirce's statement is a bullish signal rather than a warning shot.
Tune in live today.
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π Chainalysis counted more than $30 million stolen in violent "wrench attacks" through mid-2026, putting the year on pace to pass 2025's $58 million. France has logged 30 publicly known incidents this year, a surge the firm traces to a 2024 breach in which a Paris-area tax official allegedly sold dossiers on wealthy crypto holders.Β
πͺπΊ EU regulators are warning of scams from fraudsters impersonating watchdogs and exchanges since MiCA's July 1 deadline, France's AMF and ESMA told the Financial Times. Roughly 323 firms have secured MiCA licenses while more than 1,700 unlicensed companies must stop serving EU clients, leaving a large pool of customers in the middle of moving assets.Β
π¬π§ Coinbase opened US stock trading to UK users on Thursday, offering nearly 4,000 stocks on a 24/5 basis with zero commission and fractional orders from Β£1. Trades can be funded in GBP or USDC and are routed to Coinbase Capital Markets, a FINRA-registered broker-dealer.Β
π€ MetaMask launched Agent Wallet, a self-custodial wallet that lets AI agents from frameworks including Claude Code, Codex and Cursor execute trades on Hyperliquid and supported EVM chains. Users set spend limits and allowlisted protocols, then choose Guard Mode, which enforces human approval for anything outside policy, or Beast Mode, which cuts the interruptions.Β
π¦ Wintermute registered a US broker-dealer with the SEC and FINRA, letting affiliate Wintermute USA trade equities and equity options and act as an authorized participant for ETPs, including digital asset ones, for its own account. The group handles more than $10 billion in average daily volume across over 60 venues.Β
ποΈ Nine Senate Democrats pressed the CFTC to ban wildfire event contracts, arguing they create incentives for arson, insider trading and profiteering off disasters. The letter, led by Jeff Merkley and addressed to Chair Michael Selig, cites more than $1.2 million in Polymarket bets tied to the 2025 Palisades and Eaton fires and requests answers by Aug. 14.Β
π‘ Tether is bringing its Hadron platform to Saudi Arabia through a collaboration with First Data and BKN301, starting with institutional-grade real estate. First Data will serve as issuer and primary market operator, with the two firms framing the work around the kingdom's Vision 2030 agenda.Β
π Sui is adding two post-quantum schemes, ML-DSA-65 for native accounts and hash-based SLH-DSA-SHA2-128s inside Move contracts for high-value vaults, with keys derived from the recovery phrase users already hold. Quantum-safe vaults are targeted for mainnet this year and native account authentication for Q1 2027.

π° JPYC raised 6 billion yen ($38 million) in an extension of its Series B, with Japanese logistics group AZ-COM Maruwa Holdings among the new backers. That brings the yen stablecoin issuer's total to $106 million since November 2021, and AZ-COM plans to settle payments in JPYC across a partner network that includes Amazon Japan.Β
πΈ Vangrid raised $9 million in a token round to build a decentralized network that turns consumer smartphones into a spatial data layer for physical AI and autonomous systems. The DePIN project says it has logged more than 100,000 verified captures, with settlements running on Base.



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