Crypto Industry News & Market Trends

Who should regulate prediction markets？ Senators push Clarity Act changes

Senators have pushed to preserve state and tribal control over sports betting by seeking changes to the Clarity Act as Congress weighs federal crypto market legislation.　　During a Senate Indian Affairs Committee roundtable on Tuesday, Indian Gaming Association Vice Chairman Tehassi Hill argued that prediction markets tied to sports and casino events should remain subject to state and tribal gaming laws instead of falling under the exclusive oversight of the U.S. Commodity Futures Trading Commission.　　The discussion comes as the Senate works to advance the Clarity Act before lawmakers leave Washington for the August recess, with limited legislative time remaining before attention turns to the November elections.　　Supporters of the proposal see the cryptocurrency market structure bill as a possible vehicle to clarify the limits of the CFTCs authority over prediction markets.　　Senators seek Clarity Act changes over prediction markets　　Speaking before the committee, Indian Gaming Association Vice Chairman Tehassi Hill urged Congress to amend the Clarity Act to explicitly prevent “sports and casino gambling through prediction markets” from bypassing existing gaming rules.　　Hill said the legislation should make clear that state gaming laws and the Indian Gaming Regulatory Act, rather than federal commodities law, govern those markets. Tribal gaming groups have argued that expanding federal

08-05Industry

CLARITY or not, crypto isnt going back in the bottle: Bitwise

A failure to pass the CLARITY Act this week will put the bill in a “walking dead” state, but won‘t stop the crypto industry’s march forward, according to Bitwise chief investment officer Matt Hougan.　　In a blog post on Wednesday, Hougan said while many, including himself, have called it the “make or break” week for the CLARITY Act, the reality is that the crypto industry has made too much progress to “go back in the bottle.”　　“The reality is that Washington is always late to major technology shifts, and it has rarely mattered as much as people feared,” said Hougan.　　His comments come as the Senate faces an Aug. 5 deadline to advance the landmark crypto market structure bill before its summer recess, with many concerned that failure to pass this week could see the bill pushed into the next year as lawmakers focus on the midterm elections in November.　　Prospects for CLARITY this year fade　　Market observers are increasingly pessimistic about the CLARITY Acts passage this year. In July, Galaxy Research lowered its probability of the CLARITY Act passing in 2026 to 30%, while Polymarket currently shows a 23% chance of it being signed into law this year, down from 82% in February.　　On July

08-05Industry

AI credit bubble could fuel Bitcoin ‘crack-up boom’ past $1M: Hayes

BitMEX co-founder Arthur Hayes said the debt-fueled artificial intelligence infrastructure boom could end in a 2008-style credit crisis and predicted the resulting government liquidity response could drive Bitcoin (BTC) to $1 million or higher.　　In a Tuesday blog post, Hayes said investors have mistakenly treated spending on data centers and power infrastructure as high-growth technology investment rather than leveraged real estate. He said he expects lenders to finance excessive construction before a slowdown in AI capital expenditure exposes weaker borrowers.　　The thesis connects the trillion-dollar expansion of AI infrastructure to a potential new source of crypto-market liquidity. However, Hayes predicted crisis, government bailout and subsequent BTC rally remain speculative.　　Hayes described the AI boom as a “credit story like 2008 and not an earnings story like 2000.” He said BTC could remain between $60,000 and $70,000, with possible downside to $50,000, before the credit cycle and resulting liquidity response drive a recovery. Hayes also forecast that Ether (ETH) would reach $5,000 by year-end and said Maelstrom intends to build a significant position while selling out-of-the-money ETH put options.　　Hayes‘ latest outlook builds on his earlier views on AI’s competing effects on crypto liquidity. On May 13, he said US-China competition in AI would encourage

08-05Industry

Crypto PAC Fairshake scores primary wins in Michigan and Washington

Quick TakeSeveral U.S. representatives backed by Fairshake won their party primaries in Michigan and Washington on Tuesday.Fairshake reportedly spent over $1.3 million supporting Michigan‘s Bill Huizenga, Washington’s Suzan DelBene, Kim Schrier, Marilyn Strickland, and Amanda McKinney.　　Several pro-crypto U.S. representatives won their party primaries in Michigan and Washington on Tuesday after receiving hundreds of thousands of dollars in campaign funding from the crypto industry.　　In Michigan, Republican Rep. Bill Huizenga secured his partys nomination, according to the AP elections portal. Huizenga received nearly $512,000 from Defend American Jobs, Fairshakes Republican-facing PAC, according to political funding tracker Tech Influence Watch. A16z, Winklevoss Capital and Coinbase also backed his campaign.　　Huizenga, who is seeking another term, will face off against Democratic Sen. Sean McCann in November. Huizenga has been a strong crypto supporter, and said in March 2025 that it is essential to provide regulatory clarity for crypto assets.　　“As legislators, its ultimately up to us to provide the regulatory clarity needed to ensure that the U.S. dollar remains the dominant reserve currency, and I believe stablecoins can do that,” Huizenga previously said at a House hearing on stablecoins in March 2025.　　Meanwhile in Washington, incumbent Democratic Reps. Suzan DelBene, Kim Schrier and Marilyn Strickland all won

08-05Industry

New Ethereum proposal would cut issuance to zero if staked ETH reaches $112 billion

Validators would still be paid the same way for doing the same work, and they keep all the transaction fees and tips they earn from building blocks. Only the newly created ETH gets burned. The deduction from validator rewards arrives slowly, phasing in over 18 months, with about six months before that while the upgrade ships, so roughly two years to adjust.　　The current curve never switches off. The proposed one hits zero at 50%. (Shaurya Malwa/CoinDesk)　　Six researchers signed the proposal, including Justin Drake of the Ethereum Foundation. It landed days before the deadline for smaller changes to be considered for Hegotá, Ethereums next network upgrade.　　The problem, as the authors see it, is that staking never stops paying. Even if every ETH were staked, the yield would still sit near 1.5%, so there is always a reason to add more.　　Jérôme de Tychey, one of the proposals authors, projects more than 70 million ETH staked by January 2028 if nothing changes. Past a certain level, the proposal states, extra stake makes Ethereum less secure rather than more, because the ETH ends up held by exchanges and staking providers instead of its owners, while small individual stakers get squeezed out.　　About 41 million ETH

08-05Industry

Proof of Play shuts down despite a16z backing

Proof of Play announced on Aug. 4 that it will cease operations after failing to turn its blockchain gaming vision into a scalable and sustainable business.　　The studio said it could not build a product or business model that validated its Web3 gaming thesis at scale.　　The company did not disclose a final closure date, the number of employees affected or its remaining financial position. It also did not identify the buyer of mobile game Shiba Story Go or reveal the acquisition terms.　　The closure follows earlier efforts to preserve elements of Pirate Nation, Proof of Play‘s flagship blockchain game. The studio released the game’s client, smart contracts and artwork through public GitHub repositories rather than leaving all development materials inaccessible.　　Proof of Play could not make its Web3 model sustainable　　Proof of Play launched with a thesis that blockchain technology could give players lasting ownership and allow games to survive beyond their original developers. Its seed round was led by a16z and Greenoaks. Fortune reported that the company raised $33 million in September 2023.　　The studio focused much of that funding and development work on Pirate Nation, a fully onchain role playing game. Proof of Play described the title as both a game and a

08-05Industry

CLARITY Act may stall, but crypto can grow: Bitwise

Bitwise Chief Investment Officer Matt Hougan said on Aug. 4 that the crypto industry would continue expanding even if the U.S. Senate fails to advance the CLARITY Act before its August recess.　　In a new investor memo, Hougan said crypto “will be fine” without immediate congressional action. He argued that Securities and Exchange Commission rulemaking could provide an alternative path while traditional financial companies continue adopting digital assets. His assessment is a forward looking industry view, not a confirmed regulatory outcome.　　The bill‘s immediate prospects remain uncertain. The Senate’s Aug. 4 floor schedule did not include H.R. 3633, and the chamber‘s official list of pending cloture motions named two unrelated matters. No cloture filing for the CLARITY Act had been announced by the end of Tuesday’s session.　　CLARITY Act Delay May Not Stop Crypto After All　　Crypto can continue growing even if the CLARITY Act stalls this week, Bitwise CIO Matt Hougan says.　　He expects the SEC to introduce rules that could prove even more crypto friendly.　　Hougan cited recent comments from SEC Chair… pic.twitter.com/NOlzePaFUI　　— BSCN (@BSCNews) August 5, 2026　　CLARITY Act faces an Aug. 5 procedural test　　Hougan identified Wednesday, Aug. 5, as the practical deadline for Senate leaders to file cloture and preserve a possible Friday

08-05Industry

Bitcoin flat at $64,000 as stocks print records and Hormuz deal nears

SK Hynix rose 6.4% after the Seoul open and Nvidia added over 2% after hours, though AMD dropped 9% on a soft sales outlook and SpaceX fell 7.5% on higher projected AI spending.　　Brent crude fell 1.1% to about $78.50 a barrel after Axios reported Washington, Tehran and Oman were close to an agreement to reopen the Strait of Hormuz, with an announcement targeted for Wednesday. Treasuries and gold both advanced as traders trimmed bets on further rate hikes.　　Equities are printing records while bitcoin sits roughly 49% below the $126,000 it reached last October, and the second-largest asset is falling on the week.　　Cheaper oil, easing rate expectations and a risk-on equity bid have now failed to move crypto for three straight sessions, which points the drag inward rather than at the macro.　　Watch what happens if the Hormuz announcement lands Wednesday as reported. That is the cleanest macro catalyst crypto will get this week, and a market that cannot rally on a confirmed deal after failing to rally on the prospect of one is telling you the buyers are elsewhere.

08-05Industry

Bybits EU payments arm secures Austrian e-money license

Bybits European payments subsidiary has secured an electronic money institution license in Austria, providing the exchange with a regulatory basis to add payment and e-money services to its regional platform.　　On Tuesday, Bybit said Bybit Payments GmbH received the license from Austrias Financial Market Authority. The authorization provides a legal basis for future payment capabilities, which may include person-to-person payments, merchant payment solutions, open banking features and card products.　　The payment services will be offered through Bybit.eu alongside services provided by Bybit EU GmbH, a separate Austrian entity authorized under the European Unions Markets in Crypto-Assets Regulation since May 2025. Bybit.eu serves users across the European Economic Area (EEA), with Malta excluded.　　Bybit has not specified the reason why Malta was excluded, but said on its website that services are available only in jurisdictions where applicable MiCA passporting requirements have been met.　　Bybit said the two entities will maintain distinct regulatory permissions and responsibilities. Bybit EU GmbH is authorized to provide crypto custody, exchange, placement and transfer services, while Bybit Payments GmbH will handle regulated electronic money and payment products as they are introduced.　　The exchange said the new regulatory milestone could help strengthen its relationship with banks, payment providers and enterprises while reducing its

08-05Industry

Western Union launches USDPT Visa card with Rain

Western Union and stablecoin payments company Rain launched Stablecard on Aug. 4, giving customers in 37 markets a way to receive, hold and spend Western Unions USDPT stablecoin.　　Summary37 markets now offer Western Union Stablecard access, with expansion targeting more than 60 markets.USDPT remittances can fund a Visa card for spending online, in stores, or at ATMs.Anchorage Digital Bank issues USDPT on Solana and publishes monthly independent reserve attestation reports online.Western Unions second quarter digital transactions rose 25%, supporting its wider shift toward digital services.Solana Explorer showed 5.92 million USDPT outstanding, above the amount covered by Junes attestation report.　　The product combines a digital wallet with a Visa card and is available through dedicated applications on Apples App Store and Google Play.　　USDPT is issued by Anchorage Digital Bank on Solana and is redeemable at a one to one rate for U.S. dollars. Customers can receive eligible Western Union transfers into the Stablecard wallet, transfer USDPT from compatible wallets or exchanges, and spend through Visa merchants or ATMs.　　BREAKING: Western Unions Stablecard is live.　　Spend instantly anywhere Visa works, across 175M merchant locations in 37 markets at launch. 　　The card runs on USDPT, @WesternUnions own stablecoin issued onchain on Solana and powered by @raincards. https://t.co/A0ycTQP68X

08-05Industry

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