The Digital Asset Market Clarity Act — the crypto industry's best shot at a federal regulatory framework this year — has been shelved. Senate Majority Leader John Thune is instead prioritizing federal nominations and a Russia sanctions bill, pushing any debate on the legislation to an uncertain future. The news came as Bitcoin briefly slipped below recent support levels after a sharp selloff in Asian equity markets, though the token later stabilized.
New York AG warns against the bill
New York Attorney General Letitia James argued the CLARITY Act could weaken states' ability to prosecute crypto fraud and preempt state investor protection laws. Her opposition adds to a growing chorus of state-level regulators who see the bill as a threat to their enforcement powers.
Thailand SEC files criminal complaints against Bitkub
Thailand's Securities and Exchange Commission filed criminal complaints against Bitkub and two former executives for allegedly concealing a 2021 cyberattack that cost the exchange about $50 million. The case highlights the long tail of security failures in the crypto space.
Prediction markets get a temporary win in Minnesota
A U.S. judge temporarily blocked Minnesota's restrictions on prediction markets like Kalshi and Polymarket, citing potential conflict with federal commodities law. The ruling is a narrow victory for platforms that have faced state-level pushback.
Bitcoin's cautious range
Bitcoin had rebounded from July lows but struggled to reclaim higher resistance levels as buying pressure softened. Spot Bitcoin ETFs continued attracting inflows over recent weeks, but significant late-week withdrawals indicated institutional demand remains sensitive to macroeconomic shifts. Large holders avoided aggressive accumulation during the decline; Strategy (formerly MicroStrategy) did not announce new purchases. Meanwhile, Bitcoin network difficulty is set for its first annual decline in nearly two decades, potentially providing relief to miners. The price may stay in a cautious range until clearer signals from the Federal Reserve and lawmakers emerge.
