Strategy Just Wrote Itself an Escape Hatch

Plus: 🏛️ White House courts law enforcement on the Clarity Act | 🏦 JPMorgan's version of clarity

June 30, 2026

Hi! In today’s edition:

  • 🔓 Strategy just gave itself permission to do the one thing Saylor spent years insisting he'd never do, at scale

  • 🏛️ The White House is trying to talk law enforcement out of blocking crypto's biggest bill, with weeks left on the clock

  • 🏦 JPMorgan outlines its stance on crypto clarity.

Strategy Authorizes Selling Up to $1.25 Billion in Bitcoin

Strategy adopted a new Digital Credit Capital Framework Monday that authorizes selling up to $1.25 billion in bitcoin to fund its USD Reserve, preferred dividends, and new stock buybacks, the company's first formal mechanism permitting bitcoin sales at scale. The framework also authorizes $2 billion in combined repurchases: $1 billion for its Digital Credit preferred shares and $1 billion for MSTR common stock.

Beyond the framework, Strategy raised the STRC dividend rate to 12.00% effective July 1. The company also announced that its USD Reserve now stands at $2.55 billion, covering roughly 17.4 months of its approximately $1.76 billion in annual preferred dividend and interest obligations. Combined with the new $1.25 billion bitcoin monetization capacity, the company says it now has approximately 25.9 months of total coverage.

White House Reportedly Meets Law Enforcement on Clarity Act

The White House invited law enforcement groups objecting to the Clarity Act's developer-protection language to a meeting Monday, according to CoinDesk

Clarity Act's Section 604 shields software developers who don't control user funds from being treated as money transmitters. Groups such as the National Sheriffs Association have expressed concern that the provision gives "mixers, tumblers, and DeFi a blanket exemption." 

Clarity needs 60 votes to pass and faces roughly four weeks of remaining floor time before the summer recess. The bill's path is complicated further by Trump's ongoing standoff with Congress over the separate housing bill.

JPMorgan Calls for Crypto Framework, Warns Against Stablecoin Yield

JPMorgan executives Umar Farooq and Peter Muriungi published a blog post Monday calling for a U.S. digital asset framework, while warning that stablecoins offering yield-like rewards risk becoming "shadow banking" if they operate without bank-level capital and liquidity rules. The two argued that assets functioning like securities should face securities-law obligations regardless of blockchain issuance, and that decentralized platforms acting as exchanges or brokers should meet the same standards as traditional finance.

The post echoes CEO Jamie Dimon's public opposition to stablecoin yield provisions in the bill, which he has pledged to fight. The most recent Clarity draft prohibits crypto exchanges from paying yield on passive stablecoin deposits.

🌋 DEX in the City Livestreams Today ⏰ 

Whoever controls transaction ordering may also control who gets sanctioned — and that's just the start.

This week on DEX in the City, Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le break down crypto's new margin rules, the Legion legal-tech case and whether your ChatGPT logs can be used as evidence, and where the CLARITY Act stands. Plus some rare good news on MiCA.

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  • 🟡 Ripple unveiled the XRPL Lending Protocol, a credit infrastructure layer that keeps underwriting decisions off-chain while standardizing loan origination, servicing, and repayment execution onchain through two components, Single Asset Vaults and a Lending Protocol, both still subject to validator approval. The design lets institutions borrow against tokenized holdings like RLUSD reserves for short-term liquidity needs without selling assets.

  • 📈 Tom Lee blamed quarter-end "window dressing" for recent crypto weakness as Bitmine added 27,084 ETH worth roughly $43 million, its smallest weekly purchase since early May, lifting holdings to 5.7 million ETH. 

  • 🏛️ Chainalysis proposed a formal ontology for blockchain analytics, aiming to standardize how investigators define wallet clusters and evaluate confidence in attribution claims used in court. 

  • 📊 Arkham launched an Elo-style rating system for prediction market traders that ranks accuracy rather than profit and loss, meaning smaller traders with high win rates can outrank larger bettors. The platform's top-rated trader, "GardenerCx," posted a 64.3% win rate across 2,644 bets trading short-term crypto price-direction markets on Polymarket.

  • 🔒 Loopring shut down its decentralized exchange, the first Ethereum zkRollup project, saying it "never gained meaningful adoption" due to its early architecture lacking a virtual machine and broader composability. The team will return all remaining user funds directly through a smart contract upgrade, with TVL having fallen roughly 99% from a November 2021 peak near $800 million to about $8 million.

  • 🏦 BlackRock's Aladdin platform will integrate Ethena's yield-generating USDe token, sending ENA up roughly 8%, with BlackRock's BUIDL fund set to serve as the primary reserve asset for a forthcoming white-label product and a planned liquidity facility for BlackRock's tokenized offerings. Aladdin is used by banks, insurers, and asset managers overseeing more than $20 trillion in combined assets.

  • 🏦 BNY expanded its relationship with Circle, making USDC the first stablecoin on its Digital Asset Custody platform and letting institutional clients mint and redeem USDC directly through BNY's existing custody infrastructure. BNY, which oversees $59.3 trillion in assets and already custodies USDC's cash reserves, said it plans to extend the service to additional stablecoin issuers over time.

  • 🇮🇳 India's USDT premium surged past 8.5%, more than double its typical 3-4% range, amid an Enforcement Directorate  Bengaluru crackdown on firms accused of routing more than $265 million in unauthorized cross-border transfers using the stablecoin. The crackdown caused market makers to pull back on sourcing USDT from abroad, tightening domestic supply just as the underlying remittance channel came under scrutiny.

  • ⚖️ Ukraine placed seized crypto under state management for the first time, transferring more than $8.3 million in USDT seized from an alleged international hacking ring to a wallet controlled by its asset-recovery agency, ARMA. The funds came from a group accused of ransomware attacks across Europe and the U.S. with estimated damages topping $100 million, and the milestone follows a 2025 overhaul of ARMA that unlocked EU support for more transparent asset management.