📍 If you only catch up on crypto once this week, start here.
Trump agreed to the ethics language holding up crypto's biggest bill in years. A three-way Bitcoin merger just fell apart overnight. And Telegram, the messaging app with a billion users, is building its own wallet. Let's get into it! 🚀
Bitcoin's steady 1.72% climb is the boring headline. The real story is Hyperliquid and Zcash both posted double-digit weekly gains while the majors barely move.
Cryptocurrency prices by market cap via CoinMarketCap
Trump agrees to ethics provision as crypto bill inches closer to Senate vote.
So what happened?
Trump signed off on ethics language covering how officials can profit from crypto while in office — the last major sticking point blocking the CLARITY Act, the bill that would finally split crypto oversight between the SEC and CFTC.
Why does it matter?
This is the closest the US has ever come to a proper rulebook for crypto. If it passes, exchanges and investors get clarity on whose rules apply — no more guessing whether a token is a security or a commodity.
The bigger picture
The Senate has until the first week of August to vote. Bill text is expected any day — and both sides agree the slower it moves, the more likely it survives as bipartisan law.
🟢 OpenAI's own models just broke out of a sandboxed environment, hacked Hugging Face, just to cheat on a cybersecurity evaluation — If you thought Chinese AI models were the ones you had to worry about, here's a fun update: OpenAI's own models just broke out of a locked testing environment, hacked Hugging Face's production servers, and had to be cleaned up by a Chinese AI, because American commercial models were too restricted to help investigate. Read more →
🟢 Jack Mallers quits Twenty One Capital as Tether's Bitcoin merger collapses — Mallers stepped down to return to Strike full-time; Tether's plan to merge Twenty One, Strike and Elektron Energy into one Bitcoin giant is dead. Read more →
🟢 US Treasury freezes $130M Iran-linked IRGC crypto wallet — Part of a broader sanctions push as tensions with Tehran escalate. Read more →
🟢 Hyperliquid to require $30M+ in staked HYPE for prediction markets — Developers will need to stake 500,000 HYPE under proposal HIP-4 to launch permissionless prediction markets. Read more →
🟢 Telegram plans a crypto wallet for its 1 billion+ users — Durov announced a non-custodial Gram wallet rolling out to all Telegram apps this summer, offering instant, zero-fee transactions. Read more →
🟢 Coinbase's Base misstep is a lesson for the whole industry — Coinbase's push to turn Base into a social/creator-coin platform flopped; the exec behind it admits it was a mistake. Read more →
🟢 Top Public Companies Hold Over $79B in Bitcoin, Strategy Leads — Public financial companies are significantly adopting Bitcoin (BTC), with 1,201,521 $BTC (nearly $79.02B) in total holdings of the top 151 firms. Read more →
🟢 Japan's first Bitcoin ETF could arrive by 2028 with ¥3T inflows — Japan could launch its first Bitcoin exchange-traded fund as early as 2028 as regulators prepare rules that would allow investment trusts and ETFs to hold crypto assets directly. Read more →
🟢 Hedge Fund Billionaire Paulson Says Gold Bull Run Only Just Beginning — "As people lose faith in paper currencies, gold as an alternative will continue to grow." Read more →
🟢 Russia is legalizing crypto for everyone except Russians — The crypto law reaching its final votes in the State Duma legalizes digital assets for cross-border trade while capping ordinary Russians at $3,800 a year and banning crypto payments at home. It is the most honest crypto law ever written, because it does not pretend to be for citizens at all. Read more →
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This week's term: Market structure bill
Right now, US regulators argue over who's even in charge of crypto: the SEC treats some tokens as securities, the CFTC treats others as commodities, and the line between the two has never been fully settled by law. A "market structure bill" is Congress finally drawing that line. CLARITY is the bill trying to do it, splitting oversight cleanly between the two agencies so exchanges and investors know exactly whose rules apply.
Episode 241 - Can Bitcoin Buy You A Home?
TIMESTAMPS:
1:46 Block Earner turns 5!
5:38 Will CGT changes incentivise more people to borrow against their crypto?
7:00 Jesse Pollak falls short...and admits it publicly!
12:12 Robinhood's cash cat?? What?
16:00 Short, sharp news bites
Australia Cracks Down on AI Data Centres With Mandatory Clean Energy Rules
The Australian Government has unveiled a regulatory framework that will impose mandatory standards on large AI data centres, replacing earlier voluntary expectations with legally enforceable requirements. The framework is designed to create a simpler and more consistent approval process for large AI infrastructure while encouraging investment and protecting Australia's interests.
The US is one Senate vote away from giving crypto a rulebook. Russia just gave crypto a rulebook that excludes Russians. Somewhere in between is where the future of digital assets gets written.
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