Author: John Smith

Kraken parent Payward entered a definitive agreement on July 27 to acquire Magic Labs’ wallet-as-a-service business through an asset purchase. Summary Payward will acquire Magic Labs’ wallet business, adding infrastructure that has powered 60 million wallets. The wallet platform processed over $10 billion in stablecoin volume for more than 200,000 developers. Newton Labs will focus on pre-settlement policy checks after the transaction closes in coming weeks. The financial terms were not disclosed, and the companies expect the transaction to close within several weeks, subject to customary closing conditions. The deal covers Magic’s embedded, non-custodial wallet infrastructure rather than the entire…

Cantor Fitzgerald is advising Swiss digital asset lender AMINA Bank on a possible public listing as the Wall Street firm expands its role in crypto capital markets. Summary AMINA Bank is considering a public listing, although its valuation and preferred exchange remain undisclosed. Cantor’s mandate follows its onchain IPO partnership with Securitize, announced earlier in July. AMINA recorded 69% revenue growth in 2024 and holds regulatory approvals in Switzerland and Europe. Cantor is also reportedly pursuing a separate deal involving up to 30,000 Bitcoin from Blockstream. AMINA Bank considers a public listing According to reports, Cantor Fitzgerald is advising AMINA…

New York Attorney General Letitia James has urged Congress to revise the CLARITY Act, warning that the crypto market structure bill could restrict states from prosecuting fraud and enforcing investor protection laws. Summary James said the bill could preempt state investor protection laws and weaken local enforcement. State and local authorities account for about 98.8% of arrests nationwide, according to her testimony. Senate Republicans need 60 votes to advance the legislation through the cloture process. Banking, ethics and enforcement disputes remain unresolved before the Senate’s August recess. James challenges the CLARITY Act’s enforcement rules James raised the concerns in written…

X Money has begun rolling out to Premium and Premium+ subscribers in the United States, adding deposit accounts, instant transfers, and a Visa debit card directly to the social media platform. Summary X Money offers annual yields of up to 6% and free transfers between users. Eligible X Card purchases can earn 3% cashback, with free ATM withdrawals also available. A cash sweep program provides eligible users with up to $10 million in FDIC coverage. X has not announced support for Bitcoin, Dogecoin, or any other cryptocurrency. X Money brings banking tools inside the social platform X Money combines peer-to-peer…

Metaplanet plans to use its newly acquired Japanese brokerage to develop Bitcoin-backed bonds offering yields of roughly 4% to 6%, according to Benchmark. Summary Metaplanet envisions issuing Bitcoin-backed bonds yielding between 4% and 6%. Its JPY 2.1 billion Siiibo Securities acquisition provided a regulated Japanese securities platform. Future Bitbonds could move onchain with stablecoin settlement and trade on a secondary market. Benchmark maintained its Buy rating and JPY 405 price target for Metaplanet stock. Metaplanet Securities could become a Bitbond platform Benchmark analyst Mark Palmer argued that investors have underestimated the importance of Metaplanet’s acquisition of Siiibo Securities, which closed…

Senate Republicans are seeking Democratic support for the Clarity Act as lawmakers consider starting a floor process before the August recess. Summary The Clarity Act needs 60 Senate votes to advance through the chamber’s cloture process. Senate Majority Leader John Thune could file cloture on a motion to proceed this week. Seven Democratic senators said the revised bill still falls short on several policy issues. A major US police union has endorsed the bill after lawmakers revised its DeFi provisions. Clarity Act faces a 60-vote Senate test Crypto industry groups hope Thune will begin the floor process by filing cloture…

The U.S. Commodity Futures Trading Commission has asked a federal court to expedite its ruling against Minnesota before the state’s prediction-market ban takes effect on Aug. 1. Summary Minnesota’s ban takes effect Aug. 1, leaving the court only days to decide on injunctive relief. Kalshi and Polymarket joined the CFTC’s request for a temporary administrative stay. The CFTC may seek emergency appellate relief if the district court does not act promptly. Industry groups argue that one federal framework should govern regulated event contracts across the United States. CFTC presses court as Aug. 1 deadline approaches The CFTC requested expedited handling…

Tesla has secured a UK Supreme Court victory that revives its legal challenge over the licensing terms for patents needed to launch 5G-enabled vehicles in Britain. Summary Tesla can resume its FRAND licensing claim against InterDigital and patent platform Avanci. Avanci’s proposed licence reportedly cost $32 for each 5G-connected vehicle when proceedings began. Tesla continues to hold 11,509 Bitcoin despite recording a $112 million quarterly digital-asset loss. Dogecoin remains available for eligible Tesla Shop products, but not for vehicle purchases. Tesla revives UK lawsuit over 5G patents Britain’s Supreme Court ruled in Tesla’s favor on July 27, overturning earlier decisions…

The Hyperliquid Policy Center and Multicoin Capital have filed a joint comment supporting the Commodity Futures Trading Commission’s proposed prediction-market framework. Summary Hyperliquid Policy Center and Multicoin support clear federal standards for regulated prediction market contract reviews. They want settlement terms to determine whether contracts involve gaming, war, assassination, or restricted activities. The groups seek published reasoning whenever the CFTC approves or rejects reviewed event contracts publicly. The groups said written federal standards would help operators design event contracts and reduce policy swings between administrations.  The filing arrived on July 27, the proposal’s comment deadline. The rule would explain how…

Coinbase chief executive Brian Armstrong has argued that artificial intelligence will increase demand for crypto rather than replace it. Summary Armstrong says AI agents will increase crypto demand by using programmable money for autonomous transactions. Chainalysis counted over 100 million x402 payments on Base, though meme-coin farming drove early growth. Coinbase combines Base, USDC, x402 and agent wallets to build its agentic finance payment stack. In a July 27 post on X, he described Base, USDC and the x402 payment standard as the core of Coinbase’s “Agentic Finance,” or AiFi, strategy. Armstrong wrote that “AI being a megatrend takes nothing…