House Advances CLARITY, GENIUS Acts After Longest Vote In History
The U.S. House of Representatives has taken a major step forward for digital asset regulation, advancing both the CLARITY Act and the GENIUS Act.
This came after what became the longest recorded procedural vote in congressional history, lasting nearly ten hours.
The drawn-out process saw intense negotiation behind the scenes. Several Republican holdouts, who had initially blocked Tuesday’s vote, flipped their stance after meeting with President Trump.
Absolutely! and talking about growing crypto adoption, Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin has made another major investment in the asset during the past week as BTC surged to new historic highs of $118,000.
Strategy acquired 4,225 Bitcoin for $472.5 million last week, the company announced in a US Securities and Exchange Commission filing on Monday.
Strategy’s new Bitcoin buy averaged $111,827 per coin, with BTC surging from about $108,000 on July 7 to $118,000 by the end of the week, according to CoinGecko.
In another interesting update ….Metaplanet, the largest corporate bitcoin holder outside North America, has purchased an additional 797 BTC, worth around $96 million.
The latest buy brings the firm’s total holdings to 16,352 BTC, worth nearly $2 billion. Simon Gerovich, CEO of the Tokyo-listed hotelier, recently told the FT that the firm aims to leverage these holdings as collateral to finance acquisitions of cash-generating businesses.
Yes, particularly in digital financial services and the CEO recently said that the firm aims to use its gigantic bitcoin holdings for acquisitions.
Simultaneously, Publicly traded Bitcoin solutions firm Matador Technologies says it is planning to buy up to 6,000 Bitcoin by 2027, in a significant acceleration of its Bitcoin buying strategy.
The Canadian blockchain and Bitcoin technology firm announced on Wednesday that it has an interim objective of buying 1,000 Bitcoin on or before 2026 and plans to develop a Bitcoin treasury strategy to accumulate 6,000 BTC by 2027.
The firm currently holds 77.4 BTC, worth around $9 million at current market prices. Its long-term goal is to hold 1% of the total supply and become a top 20 corporate Bitcoin holder globally.
Well, crypto adoption is rising globally and now, Nasdaq-listed biotech company Sonnet BioTherapeutics has also announced a strategic pivot into crypto, unveiling an $888 million entity to launch a Hyperliquid digital asset treasury.
On Monday, Sonnet said it formed a business combination with the newly created Rorschach to launch a treasury strategy focused on the HYPE token, the native crypto token of the fast-growing Hyperliquid ecosystem.
The deal includes transforming Sonnet into Hyperliquid Strategies Inc, which is expected to be the largest United States-listed public company holding the HYPE token on its balance sheet.
The company aimed to hold 12.6 million HYPE tokens, worth about $583 million when the agreement was made.
Well, firms are not only adopting treasury strategies but benefitting too. BitMine Immersion Technologies, the ether strategy firm led by Fundstrat’s Tom Lee, moved quickly to turn dollars into cryptocurrency.
The Las Vegas-based company’s share rose as much as 40% after it said it now holds 163,142 ETH, worth about $500 million, up from the $250 million it raised in a private placement on July 9.
Tom Lee likened the approach to Strategy’s well-known bitcoin play, arguing that that company’s large BTC holdings make the company attractive as a “sovereign put.”
Lee said Strategy was an attractive bet “if a nation ever wanted to acquire 5% of the Bitcoin network.”
In another interesting development in the space… Mercurity Fintech Holding Inc. has filed a Form K-6 with the U.S. Securities and Exchange Commission confirming the launch of its $500 million DeFi Basket Treasury.
The company says the treasury will focus on Solana and also include other digital assets like Ethereum, Cardano, Ripple and BNB.
According to the filing, the goal is to improve on-chain returns and create a more balanced digital asset portfolio.
The DeFi Basket marks a new step in Mercurity Fintech’s strategy to move deeper into the world of decentralised finance.
And now talking about an important regulatory development related to crypto in India, Amid growing security concerns, India’s Financial Intelligence Unit is intensifying its investigation into Binance and several cryptocurrency exchanges.
Right, the allegations involve digital assets being funneled through private wallets from Pakistan for illegal and terror-linked activities.
Officials stated that Binance is the most commonly used platform for these transactions and noted increased volumes near sensitive border zones.
FIU-IND, in collaboration with enforcement agencies, is collecting data to trace these fund flows and identify suspicious accounts.
Binance, registered with the FIU since August 2024, has cooperated with investigators.
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