Crypto Industry News & Market Trends

Blocks bitcoin gross profit falls 31% after Cash App fee cuts as shares reverse initial gains

Quick TakeBlock raised its 2026 gross profit forecast to $12.51 billion after posting record adjusted operating income.Shares reversed an initial 4.5% gain and were last trading nearly 2% lower after hours.　　The Jack Dorsey-led fintech firm Block reported a 31% year-over-year decline in bitcoin ecosystem gross profit during the second quarter on Wednesday, after lowering certain Cash App transaction fees.　　Blocks bitcoin ecosystem generated $1.89 billion in revenue, down 13% from $2.17 billion a year earlier, but up 5% from the first quarter. Gross profit from the segment fell to $72 million from $105 million over the same period.　　The company attributed the decline to its “strategic decision” to reduce fees charged on certain bitcoin transactions through its payment app Cash App, alongside a slowdown in bitcoin trading throughout 2026.　　Cash App accounted for $1.81 billion of Blocks bitcoin ecosystem revenue during the quarter.　　Block recorded an $88.5 million paper loss as the value of its bitcoin holdings declined during the quarter, compared with a $212.2 million paper gain a year earlier.　　Block held 9,032 BTC in its corporate treasury as of May 8, according to Bitcoin Treasuries, up about 35 BTC from the 8,997 BTC it disclosed at the end of the first quarter. The

08-06Industry

Cloudflare OS: Here‘s What’s Inside the Open-Source AI Agent Platform

In briefCloudflare open sourced a new version of Cloudflare OS, a platform that gives every employee an agent, a workspace, and tools to build small apps.It bundles an agent workspace, a security and governance layer built around “Gatekeepers,” and a way to ship personal apps that run as Cloudflare Workers.The pitch: run the whole thing on your own systems, connected to your own data, instead of handing agents broad API keys.　　Cloudflare built the first version of Cloudflare OS for itself. In May, the company gave every one of its thousands of employees access, CEO Matthew Prince wrote, and people outside engineering started using it to draft documents, build slides, and automate repeatable work. Now Cloudflare is open sourcing a rebuilt version that any organization can deploy and connect to its own internal systems.　　“The security had to be part of the platform, not something every person building an app or using an agent has to implement correctly,” the company said in its announcement. Thats the real product.　　Whats actually inside　　Cloudflare OS combines three parts. First, theres an agent workspace that grounds each conversation in your companys curated context and skills, with an isolated runtime where the agent can write and run code.

08-06Industry

Senator Lummis still pushing for CLARITY vote before August recess

The window for the US Congress to pass a comprehensive market structure bill on cryptocurrencies is closing, with the Senate set to go on recess in a matter of days, and lawmakers still have not announced clear plans to vote on the legislation.　　In a Wednesday X post, Senator Cynthia Lummis said she anticipated that the Senate would vote on the Digital Asset Market Clarity (CLARITY) Act before the chamber breaks for its month-long August recess. The Wyoming lawmaker has been one of the biggest proponents for the crypto bill, which has split many members of Congress and industry leaders over different provisions on ethics, stablecoins and tokenized equities.　　“Its just time to get people on the record,” said Lummis.　　The CLARITY Act, which has been under consideration in the Senate since its passage in the House of Representatives in July 2025 with a 294-to-134 vote, still faces opposition from many Democrats looking for stronger ethics provisions affecting US President Donald Trumps investments. The president has been under additional scrutiny since he disclosed he earned more than $1.4 billion from investments tied to digital assets in 2025.　　Related: CLARITY Act failure could send crypto valuations lower: Bernstein　　60-vote hurdle needed to pass CLARITY　　As of Wednesday,

08-06Industry

Strategy offers $250 yearly for employee Trump Accounts

Strategy will contribute $250 annually to Trump Accounts for eligible children of its U.S. employees, expanding its benefits beyond its core Bitcoin treasury operations.　　SummaryStrategy will provide $250 annuallyfor every eligible employees child under 18.Eligible children born from 2025 will also receive a one-time $1,000 company contribution.The benefit will begin after final Treasury guidanceand employer contribution systems become available.Strategy still reports 842,138 BTC, despite a later unconfirmed transfer involving 1,030 BTC.　　Strategy adds Trump Accounts to employee benefits　　Strategy announced on Aug. 5 that it had joined the Invest America Business Pledge, committing to fund Trump Accounts for the children of its U.S. workers.　　The company will contribute $250 each year for every eligible child under 18, regardless of the child‘s birth year. For children born on or after Jan. 1, 2025, Strategy will also provide a one-time $1,000 contribution matching the U.S. government’s initial deposit, according to the companys announcement.　　Strategy CEO Phong Le said the program could promote financial education and longer-term saving among American families.　　“Trump Accounts and the Invest America initiative can help build a stronger financial future for Americas children.”　　Le said Strategys contributions would supplement the government deposit and give eligible children another source of long-term investment capital.　　The Bitcoin treasury company

08-06Industry

Crypto's campaign efforts see rare loss, but crypto roster in Congress likely to grow

Fairshake has been building and maintaining a cohort of crypto supporters in Congress, already adding a number of news names in primary victories over past months in races in which the PACs favored candidate is expected to win in the November elections. While the vast majority of candidates the PAC and its affiliates supported have won their primaries, the effort saw a significant setback in Illinois, where Fairshake spent more than $10 million trying to defeat Lt. Gov. Juliana Stratton in her Senate bid.　　Every member of next years Senate could be vital, depending especially on whether the industrys chief policy aim — the Clarity Act — prevails in its last-second drive for a Senate vote this week. Even if Clarity is resolved this year, the crypto sector is hoping for a number of other legislative answers to user needs, including crypto tax rules.

08-06Industry

CryptoQuant says bitcoin, ether and XRP whales are accumulating, signaling a 'late-stage bear market'

Quick TakeLarge crypto holders are accumulating bitcoin, ether, and XRP as prices remain under pressure, CryptoQuant said.The firm said this suggests the bear market is likely in its final stage, but prices may fall further before a clear bottom is confirmed.　　Large crypto holders are increasing their bitcoin (BTC), ether (ETH), and XRP (XRP) positions as prices remain under pressure, according to CryptoQuant, suggesting they may be preparing for the next market cycle.　　CryptoQuant said the activity signals that the bear market is likely in its final stage. However, the firm said the market has not reached a confirmed bottom, and prices may still fall further.　　“Across bitcoin, ether and XRP, the largest cohorts are adding supply as prices sit near or below their realized prices,” CryptoQuants head of research, Julio Moreno, said in a Wednesday report. “This positioning lowers downside pressure and is consistent with the final phase of the cycles decline.”　　Bitcoin whale balances, excluding exchanges and mining pools, have climbed to about 3.06 million BTC after it bottomed near 2.87 million BTC in December 2025, CryptoQuant said. The data also excludes exchange-traded funds or digital asset treasury companies, Moreno told The Block.　　Bitcoin whale holdings have recorded positive 30-day growth for most

08-06Industry

Western Union brings stablecoin remittances to Visa network with Stablecard

Western Union has partnered with stablecoin infrastructure provider Rain to launch Stablecard, a digital wallet and Visa-branded card that enables users to hold and spend a US dollar-backed stablecoin, marking one of the companys biggest moves into blockchain-based payments.　　On Wednesday, Western Union said Stablecard allows users to hold, receive, transfer and spend USDPT, a US dollar-backed stablecoin issued by Anchorage Digital Bank on the Solana blockchain.　　Stablecard launched in 37 markets, with Western Union aiming to expand availability to more than 60 markets by the end of the year. Users can receive Western Union money transfers directly into a USDPT wallet, transfer funds to compatible crypto wallets and exchanges and spend their balances anywhere Visa is accepted, including through Apple Pay and Google Pay.　　The launch reflects Western Unions effort to expand its role in the global remittance market as stablecoins gain traction for cross-border payments. The product is aimed at remittance recipients and consumers in countries with volatile local currencies, offering them the ability to hold savings in a dollar-backed digital asset while spending through existing payment networks.　　Western Union unveiled USDPT in May as part of its broader digital asset strategy, describing it as a stablecoin designed to align with the

08-06Industry

Marex invests in Digital Prime to expand institutional crypto lending

Marex Group, a Nasdaq-listed financial services firm, has invested an undisclosed amount in institutional crypto infrastructure provider Digital Prime Technologies, underscoring traditional finances growing interest in digital asset markets.　　The companies announced Wednesday that the investment will support the continued development of Tokenet, a digital asset lending and borrowing platform built by Digital Prime in partnership with EquiLend. Marex said the investment is part of its strategy to expand its institutional digital assets business.　　Last week, Digital Prime said Tokenet had surpassed $1 billion in lending inventory and more than $1 billion in borrowing demand from its launch partners. The figures referred to the amount of digital assets available to lend through the platform and the volume of borrowing interest expressed by participating institutions, rather than completed loans. Launch partners included Galaxy Digital and Ripple Prime, among others.　　The investment makes Marex the latest major financial services company to expand its digital asset business through investments in crypto market infrastructure. Other institutions, including Barclays, BNY and Wells Fargo, have recently targeted different segments of the industry, from stablecoin infrastructure to tokenized deposits.

08-06Industry

CLARITY Act misses cloture as bipartisan talks drag on

The CLARITY Act missed a key procedural opening after Senate Majority Leader John Thune filed cloture on several other measures while bipartisan negotiations over the crypto bill continued.　　CLARITY Act left out of Senate cloture filings　　On Wednesday, Senate Majority Leader John Thune filed cloture on the motion to proceed to S. 4668, the Protect College Sports Act of 2026, according to the U.S. Senate Daily Press. He also filed cloture on H.R. 6500, a substitute amendment to the continuing-resolution vehicle and Todd Blanches nomination to be attorney general.　　However, the majority leader did not make a corresponding filing for the CLARITY Act, leaving the crypto market structure bill without the procedural countdown required for an initial cloture vote.　　Cloture on a motion to proceed would allow the Senate to limit debate and begin considering the legislation. The motion requires support from 60 senators, meaning Republicans cannot advance the bill without Democratic votes.　　Crypto journalist Eleanor Terrett said Thunes decision to proceed with the college sports legislation indicated that negotiators had not reached a bipartisan agreement.　　“Thune has filed cloture on the motion to proceed to the college sports bill,” Terrett wrote, adding that it “signals theres still no bipartisan agreement on the Clarity Act.”　　The omission

08-06Industry

Feds Say an NFT Founder Raised $10 Million Only to Blow It All on Gambling, Trading, and a DJ Hobby

In briefDOJ charged Few and Far founder Taj Tarsha with securities fraud and wire fraud.Prosecutors allege he raised more than $10 million through token sales before misusing investor funds.If convicted, he faces up to 20 years in prison on each count.　　Federal prosecutors have charged the founder of NFT marketplace Few and Far with securities fraud and wire fraud, alleging he raised more than $10 million from investors to build a Web3 platform before spending much of the money on online gambling, speculative cryptocurrency trades, and personal expenses—like funding a DJ hobby.　　On Wednesday, the U.S. Attorneys Office for the Southern District of New York said that Taj Tarsha, 34, was indicted for allegedly defrauding investors in Few and Far, a startup that sought to build a decentralized marketplace for non-fungible tokens better known as NFTs.　　“Taj Tarsha is alleged to have concealed fraudulent conduct behind his crypto startup, using investor funds for personal benefit,” FBI Assistant Director in Charge James C. Barnacle, Jr. said in a statement. “Protecting the integrity of our financial markets is a priority, and the FBI remains steadfast in its commitment to conducting thorough and fact-driven investigations into potential financial offenses.”　　According to prosecutors, Tarsha allegedly began raising money

08-06Industry

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