Coindesk

Crypto industry insiders so far expect the long-awaited House of Representatives bill to set up rules for U.S. crypto markets will garner at least 30 Democrat voters when it reaches time for a vote as soon as Wednesday afternoon, alongside the 220-member majority of Republicans in the chamber.Even as much of the sector prepares to celebrate one of its most consequential legislative wins, some in the industry still want to fix what they see as serious flaws in the Digital Asset Markets Clarity Act when it moves to the Senate. That may be an option, because crypto lobbyists have been advised by Senate contacts that the chamber expects to write its own bill, which will have some strong overlap with...

Congress may pass the most consequential crypto law of the decade this week while drawing a bright red line through one of DeFi’s murkiest gray areas: yield-bearing stablecoins.At first glance, the GENIUS Act appears to be a straightforward regulatory win. It will finally grant over $120 billion in fiat-backed stablecoins a legal runway, establishing clear guardrails for what qualifies as a compliant payment stablecoin.But dig into the details and it becomes clear this isn’t a broad green light. In fact, under the law’s rigorous requirements—segregated reserves, high-quality liquid assets, GAAP attestations—only about 15% of today’s stablecoins would actually make the cut.More dramatically, the Act explicitly bans stablecoins from paying interest or yield. This is the first time U.S. lawmakers have...

Two new crypto exchange-traded funds (ETFs) targeting Solana (SOL) and XRP (XRP) are launching in the U.S. on Tuesday, marking another step in the expanding intersection of traditional finance and digital assets.ProShares, a major player in leveraged ETFs, rolled out the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP). Both products aim to deliver twice the daily performance of their respective underlying cryptocurrencies, but do so using regulated futures contracts — not by holding the tokens themselves, ProShares said in a press release.The launches follow confirmation from NYSE Arca, which certified the “approval for listing” of both funds in coordination with the U.S. Securities and Exchange Commission (SEC), according to two letters filed Monday.While these ETFs...

The stablecoin market could start reshaping traditional finance if it grows to about $750 billion, according to Geoff Kendrick, Standard Chartered’s head of digital assets research.Kendrick, writing in a note Tuesday after a week-long trip through Washington, New York and Boston, said there’s a growing consensus among crypto industry players, fund managers and policymakers that this $750 billion mark would be the tipping point where stablecoins begin to influence government debt issuance, monetary policy and the structure of U.S. Treasury markets through sheer demand.The current stablecoin market stands at about $240 billion. But Kendrick’s contacts expect it could more than triple by the end of 2026, driven by broadening use and regulatory clarity, particularly if the bipartisan GENIUS Act becomes...

SharpLink Gaming (SBET), the Nasdaq-listed firm with a crypto treasury strategy centered on ether ETH, on Tuesday said it has become the largest corporate holder of the asset with 280,706 ETH worth roughly $840 million at current prices.The firm raised $413 million via the issuance of over 24 million shares between July 7 and July 11, according to a press release. It purchased a total of 74,656 ETH over the past week at an average price of $2,852 each.Roughly $257 million of that fundraising remained for future ETH acquisitions, the firm said.SBET shares were trading 5% higher in U.S. action on Tuesday even as ETH slipped modestly to $2,990. The stock has risen roughly six-fold since the ETH treasury pivot...