Hi! In today’s edition:

President Trump urged the Senate to pass the Digital Asset Market Clarity Act "in honor of" Lindsey Graham, the South Carolina senator who died over the weekend, framing the crypto market-structure bill as a race against China in a Monday Truth Social post.

Graham never negotiated the bill, sat on neither relevant committee, and cast no vote on it. 

Clarity needs 60 votes to clear a filibuster, and Senate Democrats have withheld them without language barring Trump and his family from crypto profits, after his 2025 disclosure showed at least $1.4 billion in crypto income.

New text is expected this week with no ethics provision, per The Block. Graham's death cut the GOP majority to 52-47, and with Mitch McConnell hospitalized, the margin is thin. The Senate has about four weeks before its August recess.

Wall Street transfer agents want the SEC to pick sides in tokenized stocks. The Securities Transfer Association, whose members keep the official shareholder records for most US public companies, in a recent letter urged regulators to reserve any new tokenization exemption for issuer-authorized tokens and shut out the third-party versions crypto platforms have raced to launch.

The group says synthetic tokens from the likes of Kraken's xStocks and Ondo hand investors price exposure without real shareholder rights, exposing them to platform and custody risk.

Citi projects tokenized securities could hit $5.5 trillion by 2030. Transfer agents are paid by issuers, so a move to non-issuer tokens threatens their franchise.

Strategy went a third straight week without buying Bitcoin, instead raising $466.7 million by selling common stock and lifting its cash reserve to $3 billion, according to a Monday filing.

The cash reserve, meant to cover preferred dividends and debt interest, now gives the company more than 20 months of coverage on $1.76 billion in annual obligations. Strategy still holds 843,775 Bitcoin.

The defensive turn follows a new capital framework that authorizes the company to sell Bitcoin at scale. With Bitcoin near $62,600, its stack sits roughly $11 billion underwater.

Bolivia is weighing whether to let Tether's USDT circulate in its national payments system alongside the boliviano and the US dollar, a remarkable turn for a country that banned crypto transactions until 2024.

A dollar shortage is driving it. After the ban lifted in June 2024, crypto transaction volume jumped more than 630%. Economy Minister José Gabriel Espinoza said Friday the government is studying a framework for banks and wallets.

Bolivia sits on the FATF grey list, so any rollout would demand tighter anti-money-laundering controls. The proposal is still under technical review, with no timeline or legal-tender status yet.

This week on DEX in the City, Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le unpack the Supreme Court's Trump v. Slaughter ruling handing the president at-will removal power over independent agency heads, MiCA's July 1 split from the FCA's new rulebook, and what Cloudflare's x402 stablecoin rollout means for AI agents paying onchain. Live Tuesday at 12pm ET.

Then stick around at 1pm ET for Unchained: a founder self-delegated half of ENS's voting power, an attacker spent $4M to legally drain $20M from BonkDAO, and the biggest DAOs keep dissolving back into companies. Laura sits down with Jito Foundation's Nick Almond and MetaDAO's Prophet, two people who run governance for a living, to ask whether onchain governance is broken beyond repair or finally growing up.

Join us on X, YouTube or PumpFun.