Crypto Regulation

Core Summary Senate Majority Leader John Thune filed the motion to proceed on the Digital Asset Market Clarity Act early Saturday, after a marathon overnight Senate voting session. While the motion came too late for a vote before the August recess, it sets the bill up for an initial vote almost immediately after the Senate returns in September. Event Details According to CoinDesk, Senate Majority Leader Thune pursued a formal motion to proceed on the crypto market structure legislation. The process is used for setting up debate on a bill that’s set for floor voting but doesn’t have a shot at unanimous approval. ...

[Brief] Crypto PAC Fairshake Scores Primary Wins in Michigan and Washington [Core Summary] Fairshake, the largest Political Action Committee (PAC) in the US crypto industry, achieved important victories in the August 4 primaries, with its backed candidates successfully securing nominations in Michigan and Washington. This result demonstrates the crypto industry’s growing influence in US politics, laying the foundation for advancing friendly regulatory policies in the future. Event Details According to The Block, Fairshake PAC invested heavily in supporting pro-crypto candidates in this round of primaries, ultimately achieving victories in multiple key districts. The organization is funded by crypto giants such as Coinbase and Ripple, aiming to elect members of Congress who are open to the crypto industry. ...

Russia’s central bank has released draft rules for digital asset custody, requiring digital asset platforms to hold up to $2.8 million in liquid capital. This move paves the way for a comprehensive crypto regulatory framework coming this fall.

Wall Street giants including BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi have publicly endorsed the crypto market structure bill known as the Clarity Act, adding significant weight to Senate deliberations. As the Senate timeline tightens, the bill’s passage prospects have become a market focus.

Nine industry leaders including BlackRock and Strategy have announced the formation of the Bitcoin Security Consortium, committing $15 million to fund post-quantum cryptography research to address potential future security threats that quantum computing may pose to the Bitcoin network.

Core Summary Alfa Bank, one of Russia’s major banks, has announced plans to launch a digital depository to provide cryptocurrency-related services for its clients. This move aligns with similar recent announcements from other large Russian banks, showing continued interest from the country’s banking sector in digital assets, while also reflecting the gradual formation of Russia’s crypto regulatory framework. Event Overview According to TheBlock, Alfa Bank’s digital depository will focus on providing compliant crypto asset custody and trading services for institutional and high-net-worth clients. This plan aligns with Russia’s recently passed crypto asset legal framework, which allows banks to provide digital asset services under specific conditions. ...

The U.S. Securities and Exchange Commission plans to propose new cryptocurrency regulations as early as this month, aiming to simplify fundraising for blockchain startups.

As the July 1 hard deadline for full implementation arrives, the EU is undertaking major revisions to its landmark Markets in Crypto-Assets regulation (MiCA), reflecting the ongoing tension between regulatory ideals and industry reality.

The European Securities and Markets Authority has called on unauthorized crypto-asset service providers to wind down operations as the MiCA transitional period ends on July 1, marking a critical enforcement milestone for the world’s first comprehensive crypto regulatory framework.

A sweeping cryptocurrency bill faces a narrowing path to passage as pressure grows on the Senate to take up the legislation next month.