Kripto para sektörünün ABD’deki düzenleyici geleceğini şekillendirebilecek CLARITY Act için kritik haftaya girildi. Kripto lobileri, 15 Eylül’de Senato’da yapılacak oylama öncesinde yasayı desteklemek amacıyla milyonlarca dolarlık ulusal reklam kampanyası başlattı. Ancak tasarının ilerlemesi için gereken 60 oyun hâlâ garanti olmadığı belirtiliyor.
CLARITY Act Oylamasında Neden 60 Oy Gerekiyor? Senato, 15 Eylül’de Digital Asset Market Clarity Act için görüşmelerin başlamasının önünü açacak cloture prosedürünü oylayacak. Bu aşamanın geçmesi için 60 senatörün desteği gerekiyor.
Oylamanın doğrudan yasanın kabul edilmesi anlamına gelmediğini belirtmek gerekiyor. Cloture başarılı olursa Senato tasarıyı tartışmaya başlayacak ve nihai onaydan önce başka prosedürel aşamalar da tamamlanacak.
CLARITY Act, dijital varlık piyasaları için federal kurallar oluşturmayı ve denetim yetkisini Securities and Exchange Commission (SEC) ile Commodity Futures Trading Commission (CFTC) arasında paylaştırmayı hedefliyor.
Kripto Lobileri Bankalara Karşı Neden Kampanya Başlattı? Görüşmelerin ilerlemekte zorlanması, kripto sektörünün siyasi baskıyı artırmasına yol açtı. Fairshake süper PAC ağıyla bağlantılı 501(c)(4) statüsündeki Cedar Innovation Foundation, üç ayrı televizyon reklamından oluşan yedi haneli bir kampanya hazırladı.
Reklamların ikisi tüketici korumasını ve kripto sektörü dışındaki destekçileri öne çıkarıyor. Üçüncü reklam ise yasanın bazı bölümlerine karşı çıkan bankaları hedef alıyor ve bankacılık sektörünün rekabeti engelleyerek büyük kâr elde etmeye çalıştığını savunuyor.
Özellikle küçük bankalar, stablecoin ödüllerine ilişkin hükümlerin sıkılaştırılmasını istiyor. Bankalar, kripto platformlarının getiri benzeri teşviklerle mevduatları geleneksel bankacılık sisteminden çekebileceğini savunuyor.
Kripto Piyasası İçin Tüketici Koruması Ne Sağlıyor? Kampanyanın diğer reklamları CLARITY Act’i yalnızca kripto şirketlerinin düzenleme talepleri üzerinden anlatmak yerine daha geniş bir seçmen kitlesine ulaştırmayı amaçlıyor. Bir reklamda büyük kolluk kuvvetlerinin desteği vurgulanırken AARP’nin yaşlıları hedefleyen kripto dolandırıcılıklarına karşı hükümleri desteklediği belirtiliyor.
Ancak AARP’nin desteği yasanın tamamını kapsayan bir onay niteliğinde değil. Kuruluş, özellikle kripto ATM dolandırıcılığıyla mücadele eden bir hükmü destekliyor.
Geçtiğimiz hafta National Sheriffs’ Association da önemli bir değişikliğe gitti. Kuruluş, CLARITY Act’in yasa dışı kripto faaliyetlerinin soruşturulmasını zorlaştırabileceği yönündeki itirazını geri çekerek tarafsız konuma geçti.
Trump Tartışması Tasarının Önündeki Engeli Büyütüyor Mu? Sektör ile bankalar arasındaki anlaşmazlıkların yanında daha büyük bir siyasi sorun ortaya çıktı: Başkan Donald Trump ve ailesinin dijital varlıklardan kazanç sağlamasını sınırlayacak etik kuralların kapsamı.
Cumhuriyetçi senatörler Mike Rounds ve Thom Tillis, Demokratlar ile Beyaz Saray arasındaki görüş ayrılıklarının tasarının geleceğini zayıflattığını belirtti. İki Demokrat yardımcı da Trump ve ailesini kapsayacak etik düzenlemesi konusunda fazla ilerleme sağlanamadığını söyledi.
Beyaz Saray ise bu değerlendirmeye karşı çıkıyor. Bir sözcü, Trump’ın CLARITY Act’in Kongre’den geçmesini istediğini ve yönetimin kapsamlı bir etik hükmü üzerinde çalıştığını açıkladı.
Başarısız Clarity Oylaması Kripto Düzenlemesini Geciktirebilir Mi? Senato’nun 60 oya ulaşamaması, daralan Kongre takvimi nedeniyle daha büyük sonuçlar doğurabilir. Temsilciler Meclisi eylül ayının ilerleyen dönemlerinde planlanan bazı oylama haftalarını iptal etti. Bu durum, Senato süreci başarılı olsa bile nihai kararın kasım ara seçimlerinin sonrasına kalma ihtimalini artırıyor.
Senato’nun yapacağı değişiklikler ayrıca Temsilciler Meclisi’nin onayını gerektirecek. Senatör Cynthia Lummis ise takvimin sıkışmasını, kararsız milletvekillerine yönelik siyasi baskıyı artırmak için kullanıyor.
Tasarıdaki önemli maddelerden biri, belirli aracıların müşteri varlıklarını şirket varlıklarından ayrı tutmasını ve uygun koşullardaki varlıkları iflas durumunda müşterinin mülkü olarak değerlendirmesini öngörüyor. FTX ve Celsius gibi iflaslar sonrasında ortaya çıkan sorunlar açısından bu düzenlemeler dikkat çekiyor.
Lummis, bu yıl başarısız olunması halinde piyasa yapısını düzenleyen kapsamlı bir yasanın 2030’a kadar yeniden hayata geçirilemeyebileceğini savunuyor. Bu ifade yasal bir zorunluluk değil, siyasi bir öngörü niteliğinde.
Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Customers of failed crypto exchanges often face substantial losses, finding themselves at the end of lengthy bankruptcy proceedings with little chance of recovering their digital assets. Senator Cynthia Lummis, a leading advocate for the CLARITY Act, has stated that her proposed legislation would address this ongoing issue.
The bankruptcy risk for crypto customersSenator Lummis emphasized that the risks are not merely hypothetical. In the event of an exchange bankruptcy, customers are typically required to line up behind lawyers and institutional creditors, who have higher priority. As a result, users may only reclaim a small portion of their holdings, if anything at all.
Senator Cynthia Lummis pointed out that, “When a crypto exchange goes bankrupt today, customers are forced to get in line behind lawyers and creditors with low priority in hopes of maybe recouping a fraction of their assets. The CLARITY Act ensures consumers’ assets are protected just like they would be with traditional institutions.”
Senator Lummis serves as a member of the U.S. Senate Banking Committee and has long advocated for regulatory clarity in the crypto sector.
Major collapses highlight urgent needSeveral high-profile crypto exchange failures, most notably the collapse of FTX in November 2022, have underscored this problem. Customers of FTX reportedly lost billions of dollars, as bankruptcy courts classified client funds as part of the exchange’s estate. This treatment left individual users competing with large institutional creditors over the remaining assets.
Similar situations occurred at other platforms such as Celsius, Voyager, and BlockFi, revealing that crypto users lack the legal protections afforded to traditional investors. Under current securities law, assets held by customers at licensed brokers are separated from company property, ensuring investors are prioritized during insolvency. No such mechanism currently exists for digital assets.
How the CLARITY Act would change the rulesThe proposed CLARITY Act aims to categorize digital commodities as customer property within the U.S. Bankruptcy Code, granting crypto customers rights comparable to those of holders of stocks or commodities. The bill would require exchanges and brokers to hold client assets at specialized custodians, entirely separate from their operating funds. Any commingling of client and company assets, the kind that contributed to the FTX collapse, would be prohibited.
Key portions of the legislation link digital commodities to existing bankruptcy protections applicable to other kinds of commodity contracts. The goal is to move customers to the front of the line in any bankruptcy distribution.
Mini dictionary: CLARITY Act – Proposed United States legislation designed to create clear rules for the treatment of customer digital asset holdings during crypto exchange bankruptcies, prioritizing customer recovery above other creditors.
Bankruptcy ScenarioTraditional SecuritiesCrypto Assets (Current)Crypto Assets (With CLARITY Act)Customer Fund PriorityFirstLastFirstAsset Segregation RequirementMandatoryNot requiredMandatoryCustodian StandardsRegulated Broker-DealersVaries by platformQualified digital custodiansLegislative outlook and next stepsSenator Lummis has championed the CLARITY Act for several years. She has stated that if the bill does not pass during the current congressional session, regulatory progress on digital assets could be delayed until at least 2030. The Senate is set to hold a crucial cloture vote on September 15, marking a key juncture for the bill’s advancement.
The Senator has warned that failure to enact the CLARITY Act could postpone comprehensive crypto safeguards for years, highlighting the urgency for legislative action.
Should the legislation clear the Senate, delays in the House of Representatives remain possible, although Republican leadership is reportedly pushing to deliver the bill to the President soon.
Implications for XRP and digital asset holdersXRP holders and the broader crypto community are closely following the bill’s progress, as the CLARITY Act would offer the first federal legal framework ensuring digital asset owners cannot be subordinated behind creditors in insolvency cases. If enacted, the legislation would fundamentally strengthen legal protections for crypto customers in the United States.
With the Senate vote on the horizon, the outcome is expected to set a precedent for future exchange bankruptcies and potentially reshape recovery processes for digital asset holders.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The collapse of FTX, which vaporized $8 billion in customer funds and sent its founder to prison for 25 years, is getting the prestige TV treatment. Netflix’s The Altruists premieres November 19, 2026, an eight-episode limited series that traces the rise and implosion of the crypto exchange through the relationship between Sam Bankman-Fried and Caroline Ellison.
Julia Garner, best known for her Emmy-winning turn in Ozark, plays Ellison, the former co-CEO of Alameda Research. Anthony Boyle takes on the role of Bankman-Fried.
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What the series covers The show is created by Graham Moore, who won an Academy Award for writing The Imitation Game. He co-showruns alongside Jacqueline Hoyt, with James Ponsoldt directing the first episode. Barack and Michelle Obama’s Higher Ground Productions is executive producing alongside Vox Media Studios.
The narrative is built around the intertwined personal and professional lives of Bankman-Fried and Ellison, two figures whose romantic relationship became inseparable from their business empire. The show draws inspiration from reporting in New York Magazine. Production began in Vancouver in mid-2025 and wrapped in November of that year. The supporting cast portrays other key figures from the FTX and Alameda orbit, including Gary Wang and Nishad Singh, both of whom cooperated with prosecutors in the real-world case.
The real-world legal fallout FTX filed for bankruptcy in November 2022 after a liquidity crisis revealed the massive shortfall in customer funds. Bankman-Fried was convicted in November 2023 on multiple counts of fraud and conspiracy. A federal judge sentenced him to 25 years in prison and ordered him to forfeit $11 billion.
Ellison pleaded guilty and became the prosecution’s star witness, delivering testimony that proved devastating to Bankman-Fried’s defense. Her cooperation earned her a two-year prison sentence, a fraction of what her former partner received.
Wang and Singh also cooperated with authorities. The FTX bankruptcy estate, under the leadership of restructuring specialist John Ray III, has been working to recover and distribute funds to creditors.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Caroline Ellison and Nishad Singh invested a combined $50 million in Anthropic during its 2022 Series B round. Federal courts finalized forfeiture orders in 2025, transferring their Anthropic shares to the US government. Business Insider reports the US Marshals Service sold the combined holdings to existing Anthropic investors sometime in 2025. Analysts estimate the shares could now be worth between $2.62 billion and $5.03 billion based on Anthropic’s latest valuation. FTX victims have not received identified proceeds from the sale as of June 2026. The US Marshals Service sold Anthropic shares once owned by former FTX executives Caroline Ellison and Nishad Singh sometime during 2025. Business Insider reported the sale on August 31, citing a person familiar with the transaction.
Ellison and Singh bought the shares in 2022 during Anthropic’s Series B financing round. Together they invested $50 million, with Singh putting in $40 million and Ellison contributing $10 million.
Neither the Marshals Service nor Anthropic has confirmed the sale publicly. No auction record, court filing, or official statement has identified the buyers or the sale price.
How the shares were forfeited Ellison and Singh both pleaded guilty to criminal charges tied to the collapse of FTX and Alameda Research. They cooperated with prosecutors and testified against FTX founder Sam Bankman-Fried during his trial.
A jury convicted Bankman-Fried of fraud and money laundering in November 2023. A federal judge sentenced him to 25 years in prison in March 2024.
U.S. Government Sold Anthropic Stakes in 2025 That Former FTX Executives Bought Cheaply in 2022
According to Business Insider, the U.S. government seized Anthropic shares held by former FTX executives Caroline Ellison and Nishad Singh and sold them to existing investors in… pic.twitter.com/L8Bx3f0KGh
— Wu Blockchain (@WuBlockchain) August 31, 2026
Courts finalized Ellison’s forfeiture order in February 2025. It covered Series B preferred shares she acquired through an agreement purchased for $10 million in March 2022.
The government obtained Singh’s shares through a separate order in April 2025. His attorney said Singh bought the shares before joining the conspiracy and may have had a legitimate legal claim to them.
Singh still gave up the shares as part of his plea deal. His attorney told Business Insider that Singh wanted the proceeds to reach FTX victims quickly.
What the shares could be worth now Business Insider reported that the Marshals Service sold the combined holdings to existing Anthropic investors during 2025. The exact date, buyers, and price were not disclosed.
Anthropic’s valuation climbed sharply during this period. The company was valued at $61.5 billion in March 2025, then reached $380 billion in early 2026.
Anthropic announced a $65 billion Series H round in May 2026 at a $965 billion valuation. It said its annualized revenue had passed $47 billion.
UCLA professor Olav Sorenson estimated the shares were worth between $300 million and $1.1 billion at the time of sale. PitchBook analyst Harrison Rolfes gave a lower range of $250 million to $630 million.
Using Anthropic’s May 2026 valuation, Sorenson estimated the shares would now be worth between $4.17 billion and $5.03 billion. Rolfes put the current figure closer to $2.62 billion.
The wide gap between estimates reflects uncertainty over dilution, share terms, and the exact number of shares involved. These are outside estimates, not figures confirmed by Anthropic or the government.
This sale is separate from the FTX bankruptcy estate’s own liquidation of Bankman-Fried’s Anthropic shares. That estate sold its remaining shares for $452 million in June 2024, bringing its total from Anthropic holdings to about $1.3 billion.
Prosecutors have said forfeited assets could reach victims through a remission process handled by the Justice Department. Business Insider found no evidence that proceeds tied specifically to Ellison and Singh’s shares had reached the bankruptcy estate by the end of June 2026.
The estate received $638 million from government-controlled assets in 2025, mostly from Robinhood shares linked to Bankman-Fried. It expects roughly $400 million more, though it has not listed the Anthropic sale as part of that amount.
The Marshals Service declined to discuss the transaction. A Justice Department representative said sale and compensation details remain confidential while the matter is still ongoing.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Japan's 10-year government bond yield rises to 3% for the first time in 30 years.
Japan’s 10-year government bond yield climbed to the 3% level for the first time since September 1996.
5 minutes ago
The X-Agent AI MCP Hackathon 2026 will kick off on September 2, featuring two tracks competing for USDT and X-Points prizes.
X-Agent has announced that the X-Agent AI MCP Hackathon 2026 will officially launch on September 2, inviting global developers and teams to submit practical, verifiable Agent and MCP applications. The online global event is supported by OlaXBT and features two tracks: 1. The Open Innovation Track encourages participants to build any practical API-driven Agent or MCP capabilities, focusing on areas including AI, crypto assets, data, automation, and Agent infrastructure. 2. The OlaXBT × X-Agent Trading Challenge grants participating teams access to OlaXBT Nexus MCP, enabling them to develop trading strategies, run backtests, analyze performance, and utilize market data to validate strategies and build related Agent or MCP applications. Total rewards consist of USDT and X-Points. Each track’s first-place team will receive 500 USDT, while the top five teams in each track will split X-Points—tokens eligible for participating in the airdrop of X-Agent’s $XAGT. Winning and selected projects will also gain access to support such as MCP standardization, ecosystem exposure, market integration, and paid call commercialization. The registration and development period runs from September 2 to September 19. Technical review and judging will take place between September 20 and October 1, with the winner list expected to be announced from October 2 to 4. Participants must submit projects via the official GitHub repository. For registration and event details, please refer to the original link.
5 minutes ago
Trader 'CBB' bought $10.5 million worth of HYPE spot, completing a 1:1 spot-futures hedge by shorting an equal amount.
According to TradingBeats monitoring, trader "CBB"-linked sub-accounts have cumulatively purchased 125,492.4 HYPE spot tokens since 00:45 today, for approximately $10.5506 million at a weighted average price of $84.073. Meanwhile, alongside these spot buys, the account added a short position of 125,458.02 HYPE perpetual contracts on 10x cross margin, with a position size of around $10.5524 million and an average entry price of $84.111. The quantity and value of both trade legs almost perfectly align, forming a nearly 1:1 spot-perpetual hedge. Currently, HYPE’s funding rate remains positive, meaning long positions pay funding fees to shorts. The account has received roughly $1,818.6 in funding fees today via its short perpetual position. This strategy also uses borrowing to boost capital efficiency: the account has enabled portfolio margin, holding approximately 190,538 HYPE as assets while borrowing around 7.56 million USDC, resulting in a USDC balance of roughly -$5.96 million. The main account has seen a net inflow of around $10 million this cycle, with the remaining spot exposure primarily funded through USDC borrowing. This address is a sub-account named "2 HYPE DN" under the main wallet 0x49e9. The main account currently holds an additional ~15.696 million USDC and controls multiple related sub-accounts. Main account: 0x49e96e255ba418d08e66c35b588e2f2f3766e1d0; Trading sub-account: 0x642ed9529b2c4fc33da54d1005b6aa12aefdf814 On-chain perpetual and address analysis tool TradingBeats is now live, supporting real-time Hyperliquid data viewing, address-based tracing of whale operations, and comprehensive in-depth analysis.
5 minutes ago
PeckShield: 50 major hacking incidents hit the crypto industry in August, up 67% month-on-month.
According to PeckShield’s monitoring, 50 major hacking incidents hit the crypto industry in August 2026, a 67% rise from the 30 cases in July, with total losses of roughly $136.3 million—down 49.5% month-over-month. Among these, the Cronos ecosystem lending protocol Tectonic suffered a hack that caused about $74 million in losses, making it the largest single incident of the month and the fourth-largest crypto asset theft case of the year. The attackers only bridged approximately $6 million to Ethereum before Cronos suspended its network, leaving most of the remaining funds stranded on Cronos.
5 minutes ago
Monetary Authority of Singapore launches public consultation on stablecoin regulation.
Monetary Authority of Singapore (MAS) is soliciting public comments on proposed legislative amendments to the Payment Services Act 2019, aiming to establish a stablecoin regulatory framework in Singapore. The regulator is also seeking public feedback on related proposals for additional regulatory requirements, which draw on developments in the stablecoin industry since 2023. The consultation additionally collects input on policy stances including recognition of cross-jurisdictional and offshore-issued stablecoins. The comment deadline is October 16.
5 minutes ago
Robinhood CEO: Robinhood Banking's assets have topped $4 billion.
Robinhood CEO Vlad Tenev stated in a post on X that Robinhood Banking’s assets have exceeded $4 billion, adding that this growth reflects users’ trust in Robinhood’s fund management. Tenev also noted that Robinhood is developing "Trump Accounts", which it aims to make the default tool for charitable donations in the U.S. Traditional charitable giving involves complex rules and regulations, requiring donors to evaluate charities, confirm that funds are used as advertised, and assess their efficiency. Trump Accounts allow donors to directly invest funds into investment accounts held by U.S. children, reducing intermediary steps in the donation process. Donors can clearly track their funds’ destination, children own the related assets, no fees are charged, and account assets grow long-term via compounding at market rates—a model expected to bring positive changes to U.S. philanthropy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to market data from BIT (bit.com), Circle’s shares rose more than 6% intraday, currently trading at $92.67. Earlier reports noted that Hyperliquid is in discussions with Kraken’s parent company to enter the U.S. market.
2 hours ago
ByteDance's New Stock Guru Takes Over: US Stock Assets Surge 23-Fold in 7 Years, Core Strategy "Buy Early and Hold Steadfast"
The central figure behind the viral story "ByteDance Employee Makes 23x Gains Trading US Stocks", Dexter Yang, posted that over the more than 7 years since he joined ByteDance on January 14, 2019, ByteDance options have appreciated 4.5 to 5 times at the repurchase price, yielding an annualized return of 22% to 24%; based on the company's market valuation (USD 600 billion to USD 1 trillion), they have risen 8 to 13 times, with an annualized return of 31% to 40%. His personal US stock assets have surged 23 times over the same period, delivering an annualized return of 51%. If such returns are not attainable, excelling at work at ByteDance and earning more options is the optimal investment. Career development mirrors investing: it requires taking risks, entering early, staying committed, and achieving exponential growth through compound interest from personal growth and sector accumulation—essentially, it's about "buy and hold". Earlier, Leto Bao, a former ByteDance employee nicknamed "ByteDance Stock Trading Guy", reaped massive profits by capitalizing on the AI storage sector via US stock investments. Online reports claim he earned approximately RMB 30 million and subsequently resigned.
2 hours ago
Hyperliquid is in discussions with Kraken's parent company about entering the U.S. market.
According to market sources, Hyperliquid is in talks with Kraken's parent company to enter the U.S. market.
2 hours ago
Viewpoint: Bitcoin’s rebound momentum remains strong, with institutional allocations and speculative leverage rising in tandem.
Glassnode noted in a report that Bitcoin is currently trading around $78,600, having largely held onto the strong rally it launched from the $64,000 zone at the end of August after earlier breaking above $80,000. The broader digital asset market still shows strong institutional demand, though activity in spot and derivatives trading has cooled in some segments. Meanwhile, price momentum has clearly exceeded the upper bound of its statistical range. The secondary market’s trading volume and spot Cumulative Volume Delta (CVD) indicate that the balance of buying power in the market may be shifting, while retail participation has also weakened. Traditional finance capital continues to flow into regulated crypto investment products. U.S. spot Bitcoin ETF holdings remain profitable and have maintained weekly net inflows. At the same time, short-term, price-sensitive capital is entering the market, coinciding with high options open interest and a rapid narrowing of volatility spreads—signaling that market participants may be underestimating short-term volatility risks. On-chain data also reflects a pattern of "active settlement but weakening user participation": entity-adjusted transaction volumes are significantly above normal levels, while daily active addresses and total fee revenue have declined slightly. Overall, the Bitcoin market is in a transition phase from a strong rally to structural divergence. Sustained institutional capital allocation and a rebound in on-chain valuations are providing market support, though speculative leverage is rising and signs of short-term capital selling have begun to emerge. The market’s fundamentals remain solid, but short-term volatility and correction risks are on the rise.
2 hours ago
Iran's Revolutionary Guards: An MQ-9 drone was shot down east of the Strait of Hormuz.
The Iranian Revolutionary Guard Corps stated that an MQ-9 drone was shot down east of the Strait of Hormuz.
2 hours ago
Telegram Founder: Gram Wallet Is Ready, Now Open to Select Users
Telegram founder Pavel Durov announced in a post on his personal channel that Telegram’s Gram wallet is now ready for use and currently available to a select group of users. It will be gradually rolled out to over 1 billion users in the coming weeks. Durov thanked the validators who approved the core smart contract, noting this means future wallet upgrades will not require cumbersome wallet migrations. This is just one of many innovations Telegram has developed to enhance the usability of non-custodial wallets.
Update (Aug. 21, 9:50 pm UTC): This article has been updated to include information about the criminal case against Edward Zimbardi.
Former Alameda Research and FTX executives receive 5-year trading bansOn Tuesday, the US District Court for the Southern District of New York (SDNY) entered consent orders related to a 2022 enforcement action against former Alameda Research CEO Caroline Ellison and crypto exchange FTX co-founder Zixiao “Gary” Wang.
The orders imposed by the US Commodity Futures Trading Commission (CFTC) required that Ellison and Wang receive a five-year trading ban related to their roles in the crypto exchange’s collapse. The CFTC also ordered that the Alameda CEO receive a 10-year registration ban, while Wang received an eight-year registration ban.
According to CFTC enforcement director David Miller, the orders reflected Wang’s and Ellison’s “material assistance in the Commission’s FTX-related investigations.” The civil case is separate from criminal cases involving the misuse of customer funds at FTX, in which Ellison was sentenced to two years in prison and Wang received time served.
US prosecutors file opposition to Polymarket trader over $400,000 Maduro betOn Wednesday, lawyers representing the US government in SDNY filed their opposition to a motion to dismiss from Gannon Ken Van Dyke, a US soldier who allegedly made more than $400,000 using event contracts on prediction market platform Polymarket using nonpublic information. Van Dyke was tied to the military operation that removed Venezuelan President Nicolás Maduro in January.
The US soldier’s motion to dismiss, filed on July 31, included claims that the Commodity Exchange Act, at the center of three of the charges he faces, was “ambiguous” in treating event contracts as “swaps” under the CFTC’s purview. In its Wednesday filing, the US government argued that Van Dyke “advances hypotheticals, edge cases, and ongoing litigation over state gaming laws” that were unnecessary to decide in order to move forward with the case.
“Van Dyke’s motion asks the Court to make a factual determination not appropriate at the motion-to-dismiss stage,” said SDNY Deputy US Attorney Sean Buckley. “His argument relies on speculative assertions about facts, based on improper inferences from the Indictment and incorrect conclusions about the nature of the charge, to claim that facts do not amount to ‘property.’”
As of Friday, the court had not posted any decision on the motion to the public docket.
Judge unseals 25-count indictment against alleged $165 million crypto fraudsterOn Monday, a Georgia judge ordered an indictment unsealed involving an individual allegedly behind a $165 million cryptocurrency Ponzi scheme.
Initially indicted on July 8, Edward Zimbardi will face wire fraud and money laundering charges in the Northern District of Georgia after being deported from Fiji, where he fled after allegedly committing the crypto scheme. According to prosecutors, Zimbardi “tricked thousands of people to invest in his ‘Crypto Program’ with false promises of enormous returns.”
Magistrate Judge Anna Howard ordered Zimbardi’s indictment unsealed this week, showing that the alleged crypto fraudster was being charged with 12 counts of wire fraud, one count of money laundering conspiracy and 11 counts of transactional money laundering based on activities at the Crypto Program between 2022 and 2023.
Prosecutors are also seeking the forfeiture of the proceeds of Zimbardi’s alleged wire fraud and money laundering and crypto already seized upon potential conviction. The indictment listed 11.87 Bitcoin (BTC), 2.15 Ether (ETH), 713,344,695 Shiba Inu (SHIB), 47,110 USDt (USDT), 12,095 USDT0, 3.3 million XRP, 1,095 Dogecoin (DOGE), 10.2 million Osaka Protocol (OSAK) and 11.97 Polygon (POL) seized by Dutch authorities in 2024 — worth about $6 million combined.
Magazine: MiCA cracks down on USDT in Europe... but no one else cares
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
PANews reported on August 22 that crypto analyst Ali posted on social platform X that in the final stages of Bitcoin’s two historical bear markets, a key feature appeared—a sudden strong weekly reversal. Such “giant bullish candles” often caught most market participants off guard and could become a signal for the start of a new bull market. Such moves are usually driven by “short squeezes.” When the Bitcoin price rises, bearish traders keep adding short positions, and as the rally accelerates, these short positions are forced to close, further pushing prices higher.
Historical data shows that at the end of the 2019 Bitcoin bear market, there was a single-week gain of 31.98%, which was followed by a new uptrend cycle. In January 2023, against an extremely pessimistic market sentiment after the FTX collapse, Bitcoin rose 24.90% in a single week, reversing the previous bearish expectations.
A similar trend may be replaying in the current market. Although many investors expected a market bottom in October based on the “four-year cycle theory,” Bitcoin recently rose from $62,700 to $79,500, a weekly gain of 26.81%. If historical patterns continue, this strong weekly reversal may mean Bitcoin (BTC) has already entered the early stages of a new uptrend cycle.
According to market data from BIT (bit.com), Circle’s shares rose more than 6% intraday, currently trading at $92.67. Earlier reports noted that Hyperliquid is in discussions with Kraken’s parent company to enter the U.S. market.
2 hours ago
ByteDance's New Stock Guru Takes Over: US Stock Assets Surge 23-Fold in 7 Years, Core Strategy "Buy Early and Hold Steadfast"
The central figure behind the viral story "ByteDance Employee Makes 23x Gains Trading US Stocks", Dexter Yang, posted that over the more than 7 years since he joined ByteDance on January 14, 2019, ByteDance options have appreciated 4.5 to 5 times at the repurchase price, yielding an annualized return of 22% to 24%; based on the company's market valuation (USD 600 billion to USD 1 trillion), they have risen 8 to 13 times, with an annualized return of 31% to 40%. His personal US stock assets have surged 23 times over the same period, delivering an annualized return of 51%. If such returns are not attainable, excelling at work at ByteDance and earning more options is the optimal investment. Career development mirrors investing: it requires taking risks, entering early, staying committed, and achieving exponential growth through compound interest from personal growth and sector accumulation—essentially, it's about "buy and hold". Earlier, Leto Bao, a former ByteDance employee nicknamed "ByteDance Stock Trading Guy", reaped massive profits by capitalizing on the AI storage sector via US stock investments. Online reports claim he earned approximately RMB 30 million and subsequently resigned.
2 hours ago
Hyperliquid is in discussions with Kraken's parent company about entering the U.S. market.
According to market sources, Hyperliquid is in talks with Kraken's parent company to enter the U.S. market.
2 hours ago
Viewpoint: Bitcoin’s rebound momentum remains strong, with institutional allocations and speculative leverage rising in tandem.
Glassnode noted in a report that Bitcoin is currently trading around $78,600, having largely held onto the strong rally it launched from the $64,000 zone at the end of August after earlier breaking above $80,000. The broader digital asset market still shows strong institutional demand, though activity in spot and derivatives trading has cooled in some segments. Meanwhile, price momentum has clearly exceeded the upper bound of its statistical range. The secondary market’s trading volume and spot Cumulative Volume Delta (CVD) indicate that the balance of buying power in the market may be shifting, while retail participation has also weakened. Traditional finance capital continues to flow into regulated crypto investment products. U.S. spot Bitcoin ETF holdings remain profitable and have maintained weekly net inflows. At the same time, short-term, price-sensitive capital is entering the market, coinciding with high options open interest and a rapid narrowing of volatility spreads—signaling that market participants may be underestimating short-term volatility risks. On-chain data also reflects a pattern of "active settlement but weakening user participation": entity-adjusted transaction volumes are significantly above normal levels, while daily active addresses and total fee revenue have declined slightly. Overall, the Bitcoin market is in a transition phase from a strong rally to structural divergence. Sustained institutional capital allocation and a rebound in on-chain valuations are providing market support, though speculative leverage is rising and signs of short-term capital selling have begun to emerge. The market’s fundamentals remain solid, but short-term volatility and correction risks are on the rise.
2 hours ago
Iran's Revolutionary Guards: An MQ-9 drone was shot down east of the Strait of Hormuz.
The Iranian Revolutionary Guard Corps stated that an MQ-9 drone was shot down east of the Strait of Hormuz.
2 hours ago
Telegram Founder: Gram Wallet Is Ready, Now Open to Select Users
Telegram founder Pavel Durov announced in a post on his personal channel that Telegram’s Gram wallet is now ready for use and currently available to a select group of users. It will be gradually rolled out to over 1 billion users in the coming weeks. Durov thanked the validators who approved the core smart contract, noting this means future wallet upgrades will not require cumbersome wallet migrations. This is just one of many innovations Telegram has developed to enhance the usability of non-custodial wallets.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to market data from BIT (bit.com), Circle’s shares rose more than 6% intraday, currently trading at $92.67. Earlier reports noted that Hyperliquid is in discussions with Kraken’s parent company to enter the U.S. market.
2 hours ago
ByteDance's New Stock Guru Takes Over: US Stock Assets Surge 23-Fold in 7 Years, Core Strategy "Buy Early and Hold Steadfast"
The central figure behind the viral story "ByteDance Employee Makes 23x Gains Trading US Stocks", Dexter Yang, posted that over the more than 7 years since he joined ByteDance on January 14, 2019, ByteDance options have appreciated 4.5 to 5 times at the repurchase price, yielding an annualized return of 22% to 24%; based on the company's market valuation (USD 600 billion to USD 1 trillion), they have risen 8 to 13 times, with an annualized return of 31% to 40%. His personal US stock assets have surged 23 times over the same period, delivering an annualized return of 51%. If such returns are not attainable, excelling at work at ByteDance and earning more options is the optimal investment. Career development mirrors investing: it requires taking risks, entering early, staying committed, and achieving exponential growth through compound interest from personal growth and sector accumulation—essentially, it's about "buy and hold". Earlier, Leto Bao, a former ByteDance employee nicknamed "ByteDance Stock Trading Guy", reaped massive profits by capitalizing on the AI storage sector via US stock investments. Online reports claim he earned approximately RMB 30 million and subsequently resigned.
2 hours ago
Hyperliquid is in discussions with Kraken's parent company about entering the U.S. market.
According to market sources, Hyperliquid is in talks with Kraken's parent company to enter the U.S. market.
2 hours ago
Viewpoint: Bitcoin’s rebound momentum remains strong, with institutional allocations and speculative leverage rising in tandem.
Glassnode noted in a report that Bitcoin is currently trading around $78,600, having largely held onto the strong rally it launched from the $64,000 zone at the end of August after earlier breaking above $80,000. The broader digital asset market still shows strong institutional demand, though activity in spot and derivatives trading has cooled in some segments. Meanwhile, price momentum has clearly exceeded the upper bound of its statistical range. The secondary market’s trading volume and spot Cumulative Volume Delta (CVD) indicate that the balance of buying power in the market may be shifting, while retail participation has also weakened. Traditional finance capital continues to flow into regulated crypto investment products. U.S. spot Bitcoin ETF holdings remain profitable and have maintained weekly net inflows. At the same time, short-term, price-sensitive capital is entering the market, coinciding with high options open interest and a rapid narrowing of volatility spreads—signaling that market participants may be underestimating short-term volatility risks. On-chain data also reflects a pattern of "active settlement but weakening user participation": entity-adjusted transaction volumes are significantly above normal levels, while daily active addresses and total fee revenue have declined slightly. Overall, the Bitcoin market is in a transition phase from a strong rally to structural divergence. Sustained institutional capital allocation and a rebound in on-chain valuations are providing market support, though speculative leverage is rising and signs of short-term capital selling have begun to emerge. The market’s fundamentals remain solid, but short-term volatility and correction risks are on the rise.
2 hours ago
Iran's Revolutionary Guards: An MQ-9 drone was shot down east of the Strait of Hormuz.
The Iranian Revolutionary Guard Corps stated that an MQ-9 drone was shot down east of the Strait of Hormuz.
2 hours ago
Telegram Founder: Gram Wallet Is Ready, Now Open to Select Users
Telegram founder Pavel Durov announced in a post on his personal channel that Telegram’s Gram wallet is now ready for use and currently available to a select group of users. It will be gradually rolled out to over 1 billion users in the coming weeks. Durov thanked the validators who approved the core smart contract, noting this means future wallet upgrades will not require cumbersome wallet migrations. This is just one of many innovations Telegram has developed to enhance the usability of non-custodial wallets.
According to market data from BIT (bit.com), Circle’s shares rose more than 6% intraday, currently trading at $92.67. Earlier reports noted that Hyperliquid is in discussions with Kraken’s parent company to enter the U.S. market.
2 hours ago
ByteDance's New Stock Guru Takes Over: US Stock Assets Surge 23-Fold in 7 Years, Core Strategy "Buy Early and Hold Steadfast"
The central figure behind the viral story "ByteDance Employee Makes 23x Gains Trading US Stocks", Dexter Yang, posted that over the more than 7 years since he joined ByteDance on January 14, 2019, ByteDance options have appreciated 4.5 to 5 times at the repurchase price, yielding an annualized return of 22% to 24%; based on the company's market valuation (USD 600 billion to USD 1 trillion), they have risen 8 to 13 times, with an annualized return of 31% to 40%. His personal US stock assets have surged 23 times over the same period, delivering an annualized return of 51%. If such returns are not attainable, excelling at work at ByteDance and earning more options is the optimal investment. Career development mirrors investing: it requires taking risks, entering early, staying committed, and achieving exponential growth through compound interest from personal growth and sector accumulation—essentially, it's about "buy and hold". Earlier, Leto Bao, a former ByteDance employee nicknamed "ByteDance Stock Trading Guy", reaped massive profits by capitalizing on the AI storage sector via US stock investments. Online reports claim he earned approximately RMB 30 million and subsequently resigned.
2 hours ago
Hyperliquid is in discussions with Kraken's parent company about entering the U.S. market.
According to market sources, Hyperliquid is in talks with Kraken's parent company to enter the U.S. market.
2 hours ago
Viewpoint: Bitcoin’s rebound momentum remains strong, with institutional allocations and speculative leverage rising in tandem.
Glassnode noted in a report that Bitcoin is currently trading around $78,600, having largely held onto the strong rally it launched from the $64,000 zone at the end of August after earlier breaking above $80,000. The broader digital asset market still shows strong institutional demand, though activity in spot and derivatives trading has cooled in some segments. Meanwhile, price momentum has clearly exceeded the upper bound of its statistical range. The secondary market’s trading volume and spot Cumulative Volume Delta (CVD) indicate that the balance of buying power in the market may be shifting, while retail participation has also weakened. Traditional finance capital continues to flow into regulated crypto investment products. U.S. spot Bitcoin ETF holdings remain profitable and have maintained weekly net inflows. At the same time, short-term, price-sensitive capital is entering the market, coinciding with high options open interest and a rapid narrowing of volatility spreads—signaling that market participants may be underestimating short-term volatility risks. On-chain data also reflects a pattern of "active settlement but weakening user participation": entity-adjusted transaction volumes are significantly above normal levels, while daily active addresses and total fee revenue have declined slightly. Overall, the Bitcoin market is in a transition phase from a strong rally to structural divergence. Sustained institutional capital allocation and a rebound in on-chain valuations are providing market support, though speculative leverage is rising and signs of short-term capital selling have begun to emerge. The market’s fundamentals remain solid, but short-term volatility and correction risks are on the rise.
2 hours ago
Iran's Revolutionary Guards: An MQ-9 drone was shot down east of the Strait of Hormuz.
The Iranian Revolutionary Guard Corps stated that an MQ-9 drone was shot down east of the Strait of Hormuz.
2 hours ago
Telegram Founder: Gram Wallet Is Ready, Now Open to Select Users
Telegram founder Pavel Durov announced in a post on his personal channel that Telegram’s Gram wallet is now ready for use and currently available to a select group of users. It will be gradually rolled out to over 1 billion users in the coming weeks. Durov thanked the validators who approved the core smart contract, noting this means future wallet upgrades will not require cumbersome wallet migrations. This is just one of many innovations Telegram has developed to enhance the usability of non-custodial wallets.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Former FTX executives Caroline Ellison and Gary Wang have finalized CFTC consent orders that impose permanent trading and registration bans, adding another regulatory closeout to the long-running FTX collapse.
The settlements do not add new civil monetary penalties, according to the validated CFTC materials. Instead, the focus is on permanent bans tied to their roles in the FTX and Alameda Research misconduct.
This is not a new criminal case.
Both figures have already been central witnesses in the wider FTX proceedings. The CFTC consent orders are part of the civil regulatory aftermath, showing how agencies continue to close enforcement actions even after the main criminal storyline has moved forward.
For more details, visit the official Cftc platform.
TL;DR Caroline Ellison and Gary Wang finalized CFTC consent orders. The orders impose permanent trading and registration bans. The settlements do not add new civil monetary penalties. Why The CFTC Orders Matter The FTX collapse involved several regulatory tracks.
Criminal prosecutors pursued fraud cases. Bankruptcy teams worked through creditor claims. The SEC and CFTC brought civil actions. Customers waited for recovery processes. Each track moved at a different pace.
The CFTC orders are one piece of that wider cleanup.
Permanent bans prevent Ellison and Wang from participating in CFTC-regulated markets in the future. That is a serious restriction, even without new monetary penalties attached.
It also shows regulators are still formally closing the loop on individuals involved in FTX’s failure.
Civil Settlements Are Different From Criminal Cases The distinction matters.
A CFTC consent order is a civil regulatory resolution. It is not the same thing as a new criminal indictment, a new prison sentence, or a new trial. In this case, the settlement terms center on market bans rather than additional fines.
That reflects the broader context.
Ellison and Wang cooperated extensively in the criminal proceedings against FTX founder Sam Bankman-Fried. Their roles as cooperating witnesses shaped how different authorities approached their cases.
The CFTC settlement continues that pattern: accountability, but in a specific civil regulatory form.
Permanent Bans Carry Long-Term Consequences A permanent ban is not symbolic.
It prevents individuals from registering with the CFTC, trading in regulated markets, or participating in certain market activities under the agency’s jurisdiction. For former executives of a major crypto exchange, that effectively removes them from regulated derivatives market participation.
That matters because FTX’s collapse was not only about customer losses.
It was also about trust in market infrastructure. Regulators want to show that executives involved in misconduct cannot simply reappear in another regulated role later.
FTX Enforcement Is Still Unwinding The FTX story has lasted far longer than the exchange itself.
Even after convictions, settlements, bankruptcy developments, and customer recovery updates, regulators continue to process the aftermath. That is normal for a collapse of this size.
Large financial failures take years to resolve.
There are individual cases, corporate claims, asset recovery, customer distributions, civil penalties, cooperation agreements, and regulatory reforms.
The Ellison and Wang consent orders are part of that long tail.
What The Market Should Take Away The market should not treat these settlements as a fresh FTX shock.
They do not reveal a new collapse or new exchange failure. They are part of the continued legal cleanup from one of crypto’s biggest scandals.
But they do matter because they reinforce the regulatory consequences of FTX-era misconduct.
Crypto markets have moved on in many ways. ETFs launched. Institutions returned. New exchanges grew. DeFi changed. But regulators are still using FTX as a benchmark for enforcement, governance, custody, and market integrity.
The CFTC’s permanent bans keep that lesson alive.
This article is based on CFTC consent orders and enforcement materials relating to Caroline Ellison and Gary Wang.
This article was written by the News Desk and edited by Samuel Rae.
The US Marshals Service sold Anthropic shares seized from two FTX executives during 2025. Anthropic tripled in value that same year.
Caroline Ellison and Nishad Singh invested $50 million in the company in 2022. Both of them directly helped FTX funnel customer funds through a backdoor and into private investments. A judge stripped them of the stake after they pleaded guilty.
The Year Anthropic TripledEllison paid $10 million while Singh paid $40 million, and both ended up holding Series B preferred stock. A federal judge signed Ellison’s final forfeiture order on February 18, 2025, court records show.
Singh’s followed in April, and the Marshals then sold both blocks to investors already on Anthropic’s cap table.
Timing mattered enormously, because Anthropic closed a round at a $61.5 billion valuation on March 3, 2025. Six months later, it closed another round at $183 billion.
Anthropic's valuation timeline:
• 2021: Founded
• 2023: $4.1 billion
• 2024: $18.5 billion
• Mar 2025: $61.5 billion
• Sep 2025: $183 billion
• Nov 2025: $350 billion
• Feb 2026: $380 billion
• May 2026: $965 billion https://t.co/N4Uandb6Cb
— Polymarket Money (@PolymarketMoney) June 9, 2026
Nobody outside government knows which side of that jump the sale landed on. The price, the buyers, and the date all remain secret.
The US government’s move to sell Anthropic shares saw them miss out on significant gains, much like what SBF did with several shares of multiple companies, including Anthropic itself.
SBF Sold Too Early: These Exited Bets Later Turned Into Multi-Billion Winners
“Sam Bankman-Fried is the greatest investor of all time…That means if he weren’t in jail today and still owned all this equity, he’d be worth ~$100 billion… He’d be top 20 richest people in the world,” stated Alex Finn, Founder/CEO of Henry Intelligent Machines PBC.
What FTX Victims Know and What They Do NotAnthropic raised again in May 2026 at a $965 billion valuation. Four days later, it confidentially submitted a draft IPO registration to the SEC. Analysts at PitchBook and UCLA now value the forfeited stake between $2.6 billion and $5 billion.
The FTX estate made a comparable exit first. Its lawyers sold two-thirds of the company’s Anthropic position in March 2024. The price was $884 million, one of several bets they exited early.
That deal was public, with a court filing naming every buyer, from Jane Street to an Abu Dhabi sovereign wealth unit. No such list exists for the Marshals sale.
“It’s a very opaque process… It’s completely at the discretion, by law, of the attorney general of the United States,” Duncan Levin, a white-collar defense attorney who teaches forfeiture at Harvard Law School, reportedly told Business Insider.
Nevertheless, seized money can still be recovered, as seen when Robinhood bought Sam Bankman-Fried’s confiscated shares from the government for $605.7 million in 2023.
Robinhood, $HOOD, to buy back Sam Bankman-Fried's stake in the company from the US government for $605.7 million.
— unusual_whales (@unusual_whales) September 1, 2023
The estate has since kept paying creditors down. No Anthropic entry had surfaced by the end of June 2026.
The Justice Department calls victim compensation a priority and the sale details confidential. For now, only the buyers know what they got.
Genius Group plans to resume buying Bitcoin in Q4, with the goal of growing its Bitcoin treasury to $827 million by fiscal year 2031.
Genius Group announces a $1.2 billion capital plan, intending to use the shelf registration declared effective by the U.S. SEC in July 2025 to raise funds for its dual AI and Bitcoin treasuries. The company’s board of directors has approved goals to build an $800 million AI treasury and an $827 million Bitcoin treasury by fiscal 2031, while boosting total assets to $2 billion. Genius Group plans to use perpetual preferred securities as its primary financing instrument, a method it says is designed to increase net asset value (NAV) per share and reduce dilution of common shareholders. The firm intends to first issue $12.5 million in perpetual preferred securities, which are expected to be non-convertible and pay floating returns monthly. Proceeds will be allocated to the AI treasury, Bitcoin treasury, and a U.S. dollar reserve covering approximately 18 months of preferred stock dividends; specific terms and timing of the offering have not yet been finalized. Currently, the company holds a net asset value of $106.6 million, with a NAV per share of $0.62, and its closing price on August 26 stood at $0.18 per share. Genius Group projects its NAV per share could rise to $2–$4 over the next five years, though this target depends on financing execution and market conditions. The firm previously exited its Bitcoin holdings and plans to resume purchasing BTC in the fourth quarter of 2026.
12 minutes ago
realtrumpcoins has not launched or authorized any digital tokens and is cooperating with law enforcement agencies to investigate related incidents.
realtrumpcoins released a statement saying reports that Trump Coins has launched, promoted or authorized digital tokens are "completely untrue", noting the information is a malicious act by a third party. The statement emphasized that Trump Coins has never authorized any digital tokens, and will not launch, promote or authorize any such tokens in the future. It is currently cooperating with relevant law enforcement agencies to investigate the incident and seek to hold responsible parties accountable. Earlier reports noted that meme coin GOLD was created on Solana at 7:38 yesterday. Related addresses controlled more than 82% of the token’s total supply via distribution and post-launch buying. Around 9 a.m., Trump merchandise partner account @realtrumpcoins1 posted a tweet containing the GOLD contract address, pushing the token’s market cap to a peak of $66 million. At around 11:48 a.m., the tweet was deleted, and the associated addresses immediately began concentrated selling. GOLD’s market cap plummeted from $55 million to $1 million in roughly 30 seconds; the scammers then continued to offload their holdings, eventually selling all their tokens for a total profit of approximately 9,784.6 SOL (equivalent to around $1.01 million).
12 minutes ago
Iran's deputy foreign minister says there is no urgency to reopen the Strait of Hormuz.
Local time on August 29, Iranian Deputy Foreign Minister Gary Babadi stated that Iran has reached an understanding with Oman on transit arrangements for the Strait of Hormuz, but the agreement will not automatically enter the implementation phase. Babadi added that the Iran-Oman understanding on the Strait of Hormuz will not be implemented unless the U.S. fulfills its obligations, noting that Iran is in no hurry to reopen the strategic waterway. (Source: CCTV)
12 minutes ago
SK Hynix: Open to Investing in the U.S.
SK Hynix CEO Guo Luzheng recently stated that the company is open to further investments in the U.S. semiconductor industry, while predicting the global memory chip shortage will persist until the end of 2030. "We have always been open to more investments, but no decisions have been made yet," Guo Luzheng said. He noted that SK Hynix is searching globally for potential locations that can meet its R&D and testing needs, with power supply, water resources and government incentives being key considerations. "We are open to any location that can provide sufficient infrastructure and resources," he added. Guo Luzheng also expressed hope that the company will bring "more good news" to the U.S. artificial intelligence industry in the future. (Jinshi)
12 minutes ago
Sony and Warner Sue Anthropic, Accusing the Firm of "Brazenly Stealing" Intellectual Property
Beating AI News Flash: Sony Music and Warner Music’s publishing subsidiaries sued Anthropic in the U.S. District Court for the Northern District of California on Friday evening, naming CEO Dario Amodei and co-founder Benjamin Mann as defendants, accusing the firm of large-scale music copyright infringement during the development and operation of its Claude AI model series. In a 48-page complaint, plaintiffs allege Anthropic obtained copyrighted works through illegal seed downloading, scraping, and other means, and used "tens of thousands" of musical works to train its models—far exceeding the scope of BMG’s prior related lawsuit over 493 works. They further accuse Anthropic of pirating thousands of copyrighted musical works, seeking hundreds of thousands of dollars in damages for each infringing work. Anthropic responded: "We disagree with the publishers’ allegations and will actively defend ourselves in court." Earlier, Anthropic reached a $1.5 billion copyright settlement with writers and publishers in September 2025.
12 minutes ago
Well-known trader Killa: It is highly unlikely that Bitcoin will fall to $50,000 in October, and $62,000 has become the bottom of this cycle.
Renowned trader Killa stated in a post tonight that data from Bitcoin’s multiple bull and bear cycles shows the depth of bear markets is gradually shrinking, and the bottom of this cycle may have already formed. The expectation of some who missed out on gains that Bitcoin will fall to $50,000 in October is highly unlikely. However, Killa also pointed out that if Bitcoin drops to $61,000, the expected value of long positions being liquidated could reach as high as $20 billion, noting that market makers have the motivation and possibility to liquidate long positions before re-establishing new ones. Killa, a quantitative trader focused on BTC, previously predicted the peak of this bull market in May 2025 and has over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688 and switched to long positions during the broad market sell-off on June 5.
A U.S. federal court has resolved the CFTC’s cases against Caroline Ellison and Gary Wang by imposing five-year trading bans and registration bans of up to 10 years.
Summary
Ellison received a five-year trading ban and a 10-year CFTC registration ban. Wang received a five-year trading ban and an eight-year registration ban. Both sanctions date back to the initial consent orders entered on Dec. 23, 2022. The CFTC is not seeking additional financial penalties, citing their cooperation and an $11.02 billion forfeiture order. The Commodity Futures Trading Commission said on Aug. 19 that the U.S. District Court for the Southern District of New York had entered supplemental consent orders against Ellison, the former chief executive of Alameda Research, and Wang, who co-founded Alameda and FTX.
Under the orders, both former executives must continue assisting the regulator. Ellison cannot trade for five years and is barred from registering with the CFTC for 10 years, while Wang received a five-year trading ban and an eight-year registration ban.
The restrictions did not begin with the latest ruling. According to the regulator, each period runs from Dec. 23, 2022, when the court entered the initial consent orders against the pair.
Those earlier orders also permanently barred Ellison and Wang from violating the antifraud provisions of the Commodity Exchange Act and related CFTC rules. Combined with the supplemental orders, they close the regulator’s enforcement actions against both former executives.
CFTC declines additional financial penalties The CFTC is not seeking restitution, disgorgement, or civil monetary penalties from Ellison and Wang at present. In explaining its decision, the agency pointed to their assistance in its investigation, their cooperation in connected proceedings, and the financial consequences imposed through the parallel criminal case.
Both pleaded guilty to several federal charges, including conspiracy to commit commodities fraud, in December 2022. Their criminal cases also carried an $11.02 billion forfeiture order for which they were jointly and severally liable, according to the CFTC.
The agency treated their cooperation as a central factor when setting the civil sanctions.
“Ellison and Wang were senior executives who committed fraud at Alameda and FTX for which they were found liable,” CFTC Enforcement Director David I. Miller said. “Their sanctions, however, reflect their material assistance in the Commission’s FTX-related investigations.”
Miller said the resolution showed the value that the enforcement division placed on “robust cooperation.” Although the financial remedies differ from those originally requested, the trading and registration restrictions prevent both defendants from participating in CFTC-regulated markets or registering with the agency during the stated periods.
Ellison and Wang admitted liability in 2022 The cases began after FTX collapsed in November 2022, and the CFTC expanded its fraud lawsuit against founder Sam Bankman-Fried and his companies.
In its December 2022 amended complaint, the regulator accused Ellison and Wang of taking part in a scheme that caused more than $8 billion in FTX customer deposits to be lost. The CFTC charged Ellison with fraud and material misrepresentations involving digital asset commodities, while Wang faced a fraud count tied to their sale in interstate commerce.
Ellison was found liable on both fraud counts included in the amended complaint. Wang was found liable on the single count brought against him.
According to the CFTC’s 2022 allegations, Wang helped create code that gave Alameda an essentially unlimited credit line on FTX. Other exceptions allegedly let the trading firm execute orders faster and avoid the exchange’s automatic liquidation process, even when Alameda lacked enough money to support its positions.
The regulator claimed those features allowed Alameda to withdraw billions of dollars in customer assets without disclosing the special treatment to FTX users. FTX had publicly represented that customer funds were held in custody and separated from company assets, but the complaint alleged that Alameda routinely received and mixed those assets with its own funds.
After becoming Alameda’s sole chief executive, Ellison allegedly directed the firm to use billions of dollars from FTX for trading on other exchanges and investments in digital asset companies. The CFTC also accused her of making misleading public statements about the separation between FTX and Alameda.
Ellison and Wang did not contest their liability under the Commodity Exchange Act and CFTC Regulation 180.1. Their Dec. 23, 2022 consent orders formalized those findings while leaving the court to determine the remaining sanctions later.
Criminal sentences treated cooperation differently The supplemental CFTC orders follow separate criminal sentences that also consider how extensively each defendant assisted U.S. prosecutors.
Ellison received a two-year prison sentence in September 2024 after serving as a key government witness at Bankman-Fried’s trial. She reported to federal prison in Connecticut that November.
U.S. District Judge Lewis Kaplan imposed prison time despite prosecutors detailing Ellison’s cooperation. At sentencing, the judge said her assistance did not remove the need to deter fraud, according to the November 2024 report.
Wang avoided an additional prison term. In November 2024, Kaplan sentenced him to time served and three years of supervised release after prosecutors described his help in tracing funds and explaining FTX’s code and internal financial systems.
The court found Wang’s cooperation especially useful because he had written parts of the exchange’s software and could explain the privileges given to Alameda. During Bankman-Fried’s criminal trial, Wang testified about the code that allowed the trading firm to access customer funds and operate without the restrictions applied to ordinary users.
As Wang’s sentencing report detailed, prosecutors said he was the first member of Bankman-Fried’s senior group to approach U.S. authorities in 2022. Ellison later became a central witness against Bankman-Fried, who received a 25-year prison sentence in March 2024.
FTX litigation has continued into 2026 Legal claims connected to FTX have remained active beyond the criminal cases against its former executives.
In May 2026, crypto.news reported that law firm Fenwick & West had agreed to pay $54 million to settle a class action brought by former FTX customers. The proposed settlement still required court approval when it was announced.
The customers accused Fenwick of helping establish corporate and legal structures that allowed FTX and Alameda to move and mix customer funds without adequate controls. According to filings cited in the report, the plaintiffs relied in part on testimony from Ellison, Wang, and former FTX engineering director Nishad Singh concerning improper loans, false statements, and the handling of customer money.
Singh reached his own supplemental settlement with the CFTC in April 2026. He agreed to pay $3.7 million in disgorgement and accepted a five-year trading ban and an eight-year registration ban, with the regulator also citing his cooperation with investigators.
The agency declined to seek restitution, disgorgement or civil penalties from the two cooperating FTX executives, pointing to their assistance and the $11.020 billion criminal forfeiture order.
Original Image Credits: mundissima / Shutterstock.com
Posted August 20, 2026 at 6:18 am EST.
The Commodity Futures Trading Commission said Wednesday that the U.S. District Court for the Southern District of New York entered supplemental consent orders against Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, who co-founded Alameda and FTX. The orders resolve the agency’s enforcement actions against both, and the CFTC is not seeking any money from either.
Ellison received a five-year trading ban and a 10-year registration ban. Wang received a five-year trading ban and an eight-year registration ban. Both run from the entry of the initial consent orders on December 23, 2022, which puts the trading prohibitions’ expiry at the end of 2027, Ellison’s registration ban at the end of 2032, and Wang’s at the end of 2030. Both must continue cooperating with the Commission.
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The CFTC said it is not seeking restitution, disgorgement or civil monetary penalties at this time, based in part on the level of cooperation the two provided in its FTX investigations and related proceedings, and on the $11.020 billion forfeiture order in the parallel criminal cases, “for which they are jointly and severally liable.”
The initial orders, entered the same day in December 2022, found Ellison liable on both fraud counts in the CFTC’s amended complaint and Wang liable on the single count charged against him, and permanently enjoined both from violating the antifraud provisions of the Commodity Exchange Act. In the criminal cases in the same court, both pleaded guilty in December 2022 to several charges, including conspiracy to commit commodities fraud.
The civil resolution lands well after the criminal chapter closed. Ellison was sentenced to two years in September 2024 and released from federal custody in January after serving roughly 14 months. Wang and former engineering head Nishad Singh received no prison time, while Sam Bankman-Fried is serving 25 years. Ellison was the government’s central witness at his trial, where she testified over two days about how Alameda and FTX handled customer funds as the exchange unraveled.
Related Listen: DEX in the City: The CFTC’s Kalshi Rescue and the Limits of Emergency Power
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
The CFTC has concluded its civil cases against former FTX executives Caroline Ellison and Gary Wang in relation to their roles in the FTX saga, and they have avoided more fines.
They both received temporary trading bans, and they can also not register with the regulator. Their cooperation with investigators helped with the outcome, and the regulator said that cooperation must continue, bringing another part of the FTX saga to an end.
CFTC gives Ellison and Wang temporary bans Final orders were entered in a federal court on August 18, as seen in the court documents that were obtained.
Ellison[who ran Alameda Research] received a five-year trading ban and cannot register with the CFTC for ten years, while Wang [another co-founder of FTX & Alameda] also received a five-year ban with an eight-year registration restriction.
An important detail in those timelines is that the bans run from December 23, 2022, when the original consent orders were entered, meaning that both trading restrictions will expire in December 2027. The Ellison registration ban will last until December 2032, while that of Wang will end in December 2030.
But both remain permanently barred from violating the antifraud rules involved in their cases.
Cooperation helps them avoid new financial penalties The CFTC isn’t currently seeking restitution, repayment of gains, or civil fines from either of them, and their assistance to investigators was one reason.
CFTC Enforcement Director David Miller said Ellison and Wang were senior executives who committed fraud at Alameda and FTX but noted the “material assistance” they provided during the investigation.
But that leniency comes with conditions.
They will continue to cooperate and attend interviews, hearings, or trials if required; if not, the CFTC will go back to court and seek financial penalties against the two of them.
Their criminal cases also influenced the regulator’s decision.
Ellison was given a sentence of 2 years in prison followed by three years of supervised release, and Wang was only given the time already served and three years of supervised release.
In addition, both remain also liable jointly for $11.02 billion from a forfeiture order made in the criminal proceedings.
Final Summary Ellison and Wang were banned by the CFTC from trading and registering temporarily as members back in December 2022. Whilst the CFTC has imposed no further financial penalty, it may pursue them via litigation against them if/when they decide to stop cooperating with ongoing investigations.
The crypto Fear and Greed Index climbed to 62 on Thursday, a Greed reading that wipes out yesterday’s score of 46. The 16-point daily jump ranks among the sharpest sentiment swings of 2026.
Bitcoin (BTC) drove the shift. The largest cryptocurrency gained 8.8% over 24 hours to trade near $69,803, while ether and other majors posted even bigger moves.
What Pushed the Crypto Fear and Greed Index Into GreedThe index blends five inputs, and two of them carry most of the weight. Volatility and market momentum count for 25% each. Both flipped hard once prices moved.
Ether (ETH) led the majors with an 18.5% daily gain to $2,259. Solana (SOL) added 11.9%, and XRP rose 11.2%. Meanwhile, Bitcoin’s market capitalization recovered to roughly $1.4 trillion.
Crypto Fear and Greed Index. Source: alternative.meThe scale runs from zero to 100. Readings above 50 count as Greed. Scores near 25 signal Extreme Fear. Thursday’s print is the highest level on the index’s 30-day chart. Weekly investor surveys and Bitcoin dominance make up the smaller inputs.
Short sellers accelerated the climb. Roughly $1.23 billion in bearish positions unwound during the surprise crypto market rally, which forced traders to buy back exposure at higher prices.
Social media activity and Google search interest, which together account for a quarter of the score, typically spike after moves like this. Therefore, the reading may keep rising before it cools.
Fear and Greed Index over time chart, Source: alternative.meWhy This Sentiment Flip Still Deserves CautionContext matters here. The index printed 29 last week and 25 a month ago, deep inside Extreme Fear. Traders spent nearly all of July and early August below 35.
However, liquidity has not recovered at the same pace as the mood. Stablecoin balances held on exchanges have dropped about 20%, according to exchange stablecoin reserve data. Less idle cash therefore sits ready to absorb the next round of selling.
Contrarians read extremes in both directions. In late June, Fundstrat head of research Tom Lee argued that crypto sentiment had sunk below post-FTX levels. Coverage of those peak market fear signals looks early rather than wrong today.
Other traders watch market structure instead of mood. Bitcoin dominance has tested support since July, a setup that keeps the altcoin season debate open. In contrast to sentiment gauges, that signal has barely budged.
Leverage cuts both ways. The same short liquidations that lifted prices leave fewer bears to squeeze. A quiet session could drag the volatility and momentum scores straight back down.
One day of Greed confirms nothing on its own. Still, the index rarely travels 16 points without follow-through in one direction or the other. The next few readings will show whether buyers stay committed or whether fear returns just as quickly.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Former Alameda CEO Caroline Ellison and former FTX co-founder Gary Wang have received additional sanctions from the CFTC as part of the agency’s resolution of its enforcement actions related to the FTX collapse.
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A US District Court for the Southern District of New York ordered Ellison and Wang to continue cooperating with the regulator and barred both from trading for five years, while also imposing registration bans lasting 10 years for Ellison and eight years for Wang, according to an Aug. 19 release.
The supplemental orders follow December 2022 consent orders that found Ellison and Wang liable for CFTC fraud charges and permanently enjoined them from violating the agency’s antifraud rules.
The regulator said it is not seeking restitution, disgorgement or civil monetary penalties at this stage, citing the pair’s cooperation and their guilty pleas in parallel criminal cases, along with the over $11 billion forfeiture order they are jointly and severally liable for.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Caroline Ellison and Gary Wang are finally done with US regulators. The FTX insiders who helped convict Sam Bankman-Fried (SBF) settled their last fraud case on Wednesday. They took trading bans but no new fines.
The Commodity Futures Trading Commission (CFTC) said a New York federal court entered the supplemental consent orders. The case opened weeks after FTX collapsed in November 2022.
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Why the CFTC Went Easy on the FTX InsidersThe numbers tell the story. Ellison, who ran trading firm Alameda Research, gets a five-year trading ban and a 10-year registration ban. Wang, the co-founder who built FTX’s code, gets the same trading ban plus an eight-year registration bar.
Both bans run from December 2022, when the court first found them liable for fraud. So Ellison can trade again in late 2027. Wang’s registration bar ends in 2030, hers in 2032.
The CFTC also walked away from restitution, disgorgement, and civil fines. It gave two reasons. The pair cooperated extensively, and they already owe an $11.02 billion forfeiture from their criminal cases.
“Today’s resolution further underscores the high value this Division places on robust cooperation. Ellison and Wang were senior executives who committed fraud at Alameda and FTX for which they were found liable. Their sanctions, however, reflect their material assistance in the Commission’s FTX-related investigations,” CFTC Director of Enforcement David I. Miller said in the agency’s announcement.
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The agency first sued SBF, FTX, and Alameda in December 2022. It accused them of misusing more than $8 billion in FTX customer deposits. Regulators said Wang wrote the code that let Alameda quietly drain those funds. The companies paid instead, settling with the CFTC for $12.7 billion in 2024.
The Securities and Exchange Commission (SEC) took the same path last December, imposing long-term leadership bans without new fines. The mirror is exact. Ellison got 10 years there too, and Wang got eight.
SBF Watches From Prison as His Former Allies Move OnCooperation was the trade of their lives. Ellison served just 14 months of a two-year sentence. She left prison in January.
Wang never saw a cell. A judge sentenced him to time served in November 2024, citing his help.
“I’ve never seen anything quite like what happened here. You’re entitled to a lot of credit,” US District Judge Lewis Kaplan told Wang at his sentencing.
SBF fought instead, and it cost him. He is serving 25 years. An appeals court upheld his conviction in June, and the appeal mandate issued on August 4 made it final.
Only two paths remain for him. He can petition the Supreme Court or hope for a presidential pardon. Meanwhile, bipartisan senators have already introduced a resolution opposing any clemency.
The FTX story is nearly closed. The estate’s wind-down is almost done, with the FTX bankruptcy fight reduced to one final claim dispute.
The insiders who flipped have their futures back. The question left is whether the man they flipped on serves all 25 years.
The CFTC has settled its civil cases against Caroline Ellison and Gary Wang, imposing multi-year trading and registration bans while recognizing their cooperation in the wider FTX investigation.
CFTC Imposes Trading and Registration Bans The U.S. District Court for the Southern District of New York issued supplemental consent orders on August 19. The orders resolve the CFTC civil enforcement cases against Ellison and Wang.
Ellison, the former Alameda Research CEO, received a five-year trading ban and a 10-year registration ban. Meanwhile, Wang, an FTX co-founder, received a five-year trading ban and an eight-year registration ban.
The restriction periods began on December 23, 2022, when the court entered the original consent orders. Both defendants must also continue cooperating with the CFTC’s investigation and related proceedings.
The court previously found Ellison liable for two fraud counts brought by the CFTC. Wang was found liable for one fraud count, while both accepted permanent restrictions against future violations of federal commodities laws.
Cooperation Factors Into CFTC Settlement The CFTC is not currently requiring either defendant to pay restitution, disgorgement, or civil monetary penalties. The regulator cited their cooperation with authorities and the financial recovery ordered in the related criminal proceedings.
David I. Miller, director of the CFTC’s Division of Enforcement, said the outcome reflects the agency’s focus on “effective cooperation.” Both defendants provided assistance during investigations into the collapse of FTX and Alameda Research.
Ellison and Wang also pleaded guilty to federal criminal charges in December 2022. Their cooperation later formed part of the government’s criminal case against FTX founder Sam Bankman-Fried.
A federal jury convicted Bankman-Fried in November 2023 following testimony from former executives, including Ellison and Wang. The court later sentenced him to 25 years in federal prison.
FTX Case Carried Billions in Financial Claims The CFTC accused FTX executives of improperly transferring billions of dollars in customer assets to Alameda Research. The regulator initially added Ellison and Wang as defendants through an amended complaint filed in December 2022.
Separately, the court approved $12.7 billion in monetary relief against FTX Trading and Alameda Research in August 2024. The order included $8.7 billion in restitution and $4 billion in disgorgement.
The latest orders close the remaining civil monetary questions involving Ellison and Wang. However, both must continue assisting the CFTC under the terms of their settlements.
The regulator also cited an $11.02 billion forfeiture order connected with the federal criminal proceedings when determining the financial terms of their cases.
For global retail investors looking to resume trading securely in the wake of the exchange’s collapse, consulting a comprehensive regulated crypto exchanges comparison is an essential first step.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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ToplineTrump Media & Technology Group reported second-quarter results showing $238 million in losses, the majority of which the Truth Social parent attributed to digital assets, but a footnote in a regulatory filing warned of potentially significant losses ahead.
The Truth Social parent warned its crypto assets could be drained amid broader lending risks.
Getty Images
Key FactsTrump Media, in a Securities and Exchange Commission filing on Monday, disclosed a new risk factor absent from the firm’s prior filing, warning the firm had deployed some of its bitcoin holdings to third parties to generate additional income, exposing the assets to lending risks that could result in losses.
The filing warns the third parties handling Trump Media’s bitcoin may not have established credit ratings and could lend or pledge the assets to other firms, with no government insurance protecting Trump Media from losses if the counterparty fails or goes bankrupt.
Trump Media changed how it described income from selling bitcoin options, indicating it would now be paid in cash or, when a deal is completed, in bitcoin, after its first-quarter filing said those payments would be “immediately paid in cash.”
The second-quarter filing explicitly names FTX, Celsius, Voyager and BlockFi as cautionary examples, warning if a third party holding its bitcoin goes bankrupt, Trump Media’s cryptocurrency could become part of its bankruptcy estate and the firm would be left with “limited or no recovery.”
The filing warns of “significant contagion risks” in the crypto industry, where the failure of one firm could spread to others, and that Trump Media’s reliance on a limited number of third parties to generate income from its bitcoin increases its exposure.
big number6,338.07. That’s how much of Trump Media’s bitcoin—more than two-thirds of its roughly 9,477 bitcoin—is tied up: 4,260.73 bitcoin are being used as collateral backing $1 billion of debt, and 2,077.34 bitcoin are pledged as part of the firm’s bitcoin options strategy.
key backgroundTrump Media raised $1 billion in convertible notes, a form of debt that can be converted into company stock, as part of its strategy to build a bitcoin treasury. The strategy heightened Trump Media’s sensitivity to bitcoin price swings. The company recorded nearly $361 million in realized and unrealized digital asset losses through the first half of 2026. Shares of Trump Media stumbled to a two-week low following its earnings report this week, and the social media platform has reportedly faced a 36% decline in monthly visitors from a year ago.
tangentTwo media organizations sued President Donald Trump on Wednesday over Truth Social’s plan to sell faster access to his social media posts in a program called “Truth API.” The Intercept Media and nonprofit Freedom of the Press Foundation alleged the president “stands to gain financially” by giving government information to those who are “willing and able to pay his personal company” in a practice they called “extraordinary, corrupt and unconstitutional.” Trump Media CEO Kevin McGurn said during the firm’s earnings call that more than 10 companies had reached agreements for Truth API, “generally in the range of $60,000 to $100,000 a month.”
further readingForbesTrump Media Tanks 8% To 2-Week Low As Company Reports Latest LossesBy Antonio Pequeño IV
According to Arkham’s monitoring, addresses linked to Alameda Research transferred a total of $8.25 million worth of SOL to BitGo’s custodial wallet via 24 transactions, with the transfers speculated to be used for compensating FTX creditors. Arkham data shows Alameda still holds over $200 million worth of SOL currently.
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Your crypto exchange balance is not yours. Not in any legally meaningful sense of possession. It is an IOU, a promise from the exchange that when you ask for your funds, they will be there. For most of trading history this distinction barely mattered. Then FTX collapsed in November 2022, and billions in customer balances became unsecured creditor claims in a bankruptcy proceeding. The funds existed on screens. They did not exist in wallets. Understanding what IOU in crypto explained actually means, and where the concept appears across DeFi, is now one of the more consequential pieces of financial literacy a trader can have.
What an IOU Actually Is Table of Contents
What an IOU Actually IsIOUs in DeFi: Where the Concept Gets InterestingAssessing IOU Quality: the Questions That MatterThe “Not Your Keys” Principle as IOU Risk ManagementConclusion An IOU (from the spoken phrase “I owe you”) is an informal acknowledgment of debt: a record indicating that one party owes a specific amount to another, without the legal structure of a formal bond or promissory note. In finance, it captures a fundamental distinction between owning something and having a claim against someone who holds it on your behalf.
When you deposit $100 in a bank, you do not own $100 in cash. You have a $100 IOU from the bank, which promises to return that amount on demand. The bank has lent most of that cash to other borrowers. Your balance is a ledger entry, not a pile of bills. This is how the entire modern banking system functions: banks issue deposit IOUs far in excess of their physical cash holdings, because the fractional reserve model assumes not everyone will demand redemption simultaneously. When they do, when confidence in the IOU breaks, that is a bank run.
The crypto equivalent played out at FTX. Customer balances were IOUs from the exchange promising to return funds on demand. When FTX became insolvent, those IOUs became worthless. Users who had moved their crypto to non-custodial wallets, where they held the actual private keys, had real ownership and were unaffected. Those who left funds on FTX held claims against an entity that could no longer honour them.
IOUs in DeFi: Where the Concept Gets Interesting The IOU structure did not disappear in decentralised finance. It evolved into new forms, some of which are more transparent and verifiable than their traditional counterparts.
Stablecoins are the most common crypto IOUs. USDT (Tether) is a dollar-denominated IOU from Tether Ltd promising that each token can be redeemed for one US dollar. The reliability of that promise depends entirely on the quality and existence of the dollar reserves backing it. USDC (Circle) publishes monthly attestations by major accounting firms confirming its reserve composition in short-duration US Treasuries and cash, making its IOU considerably more verifiable. Tether settled with US regulators in 2021 over misrepresentation of reserve composition, illustrating what happens when IOU backing claims do not match reality.
Lending protocol tokens are a more sophisticated DeFi IOU. When you deposit ETH into a lending protocol, you receive a receipt token representing your claim against the pool. That token is an IOU: it entitles you to your original deposit plus accrued interest, redeemable when you return it to the protocol. Unlike a bank’s IOU, the collateral backing this claim is visible on-chain rather than sitting on a company’s opaque balance sheet.
Wrapped tokens create a third category. Wrapped Bitcoin (WBTC) is an ERC-20 IOU for Bitcoin, backed 1:1 by actual BTC held by a custodian network. The IOU here is from the custodian. If they fail or are compromised, WBTC holders have claims against an insolvent counterparty rather than actual Bitcoin. When WBTC trades at a discount to BTC, that discount is the market pricing custodian risk directly.
IOU vs. Direct Ownership: the Line That Matters
Liquidity
Interest
Feature
IOU (custodial claim)
Direct ownership
What you hold
Promise of future delivery
The asset itself
Counterparty risk
Yes, issuer solvency matters
None
Examples
Exchange balance, stablecoin, wrapped token
BTC in non-custodial wallet
Recovery if issuer fails
Unsecured creditor claim
No recovery needed
Convenience
High
Lower, self-custody required
The table above captures the tradeoff every crypto participant navigates continuously. IOUs are convenient: they enable fast trading, cross-chain use cases, and yield generation. They also carry counterparty risk that direct ownership does not. Neither is universally superior. The question is whether the convenience justifies the risk in a specific context.
For actively traded positions, exchange IOUs are essentially unavoidable. You need assets on the exchange to trade them. The risk management implication is sizing: keeping only the capital needed for active trading in custodial IOU form, with significant holdings in non-custodial wallets where direct ownership eliminates the counterparty dimension entirely.
Assessing IOU Quality: the Questions That Matter Not all IOUs carry equivalent risk. The analytical framework is straightforward: what exactly is the issuer promising, and what assets back that promise?
For stablecoins, the backing matters more than market cap or trading volume. A stablecoin IOU backed by short-duration US Treasuries held in regulated custody is structurally safer than one backed by commercial paper, crypto collateral, or unspecified other assets. Both claim dollar parity. The probability of honouring that claim differs substantially depending on what backs it.
For exchange IOUs, regulatory oversight and insurance create the primary quality distinction. A bank deposit IOU in the US is backstopped by $250,000 FDIC insurance, mandatory capital requirements, and central bank lender-of-last-resort access. A crypto exchange IOU typically operates with varying regulatory oversight and no deposit insurance. The bank IOU is structurally more reliable because the safety net constrains the issuer’s ability to misuse assets, not because banks are inherently more trustworthy as institutions.
For DeFi lending protocol tokens, IOU quality depends on smart contract security, the quality of the collateral backing outstanding loans, and the reliability of the liquidation mechanism. A well-audited protocol with overcollateralised positions and tested liquidation logic offers a more reliable IOU than a new protocol with minimal audit history and complex collateral arrangements that have never been stress-tested under real market conditions.
The “Not Your Keys” Principle as IOU Risk Management The crypto community’s principle, “not your keys, not your coins,” is a risk management rule derived directly from IOU analysis. It recognises that exchange balances are IOUs, that IOUs carry counterparty risk, and that the probability-weighted expected loss from holding large balances in exchange IOUs is non-negligible given the absence of deposit insurance and the history of exchange failures.
The practical application is a tiered approach: exchange IOUs for working capital that needs to be readily deployable for trading, direct ownership for value storage that does not require immediate exchange access. The allocation between the two depends on how actively a trader operates and how much weight they assign to the possibility of exchange failure given a specific platform’s regulatory status and track record.
DeFi introduces a third tier: protocol IOUs that eliminate the single-custodian failure mode while introducing smart contract risk. Spreading exposure across well-audited protocols reduces concentration risk without requiring full self-custody of all assets. It is a middle path between the convenience of exchange IOUs and the security of non-custodial wallets, with its own distinct risk profile that belongs on the balance sheet of anyone building significant on-chain exposure.
Conclusion The IOU is one of the oldest financial instruments in existence, predating banks and bond markets by centuries. In crypto, it reappeared in forms that stripped away the regulatory backstops that make traditional finance IOUs relatively safe: exchange balances with no deposit insurance, stablecoins with opaque backing, wrapped tokens with custodian risk. DeFi added smart contract-based IOUs that address some of these weaknesses while introducing new ones. The framework for navigating all of them is the same: know what is promised, know what backs the promise, and size exposure to any single IOU issuer in proportion to the consequences if that promise fails.
Intel is down 1% in pre-market trading after announcing it expanded its stock offering size and priced the offering.
According to BIT (Bit.com) market data, Intel (INTC.O) shares fell 1% in pre-market trading. Earlier, the company announced an increase in the size of its stock offering and completed the relevant pricing.
According to official announcements, KuCoin has obtained ISO 22301:2019 Business Continuity Management System (BCMS) certification, further enhancing its global operational resilience and service continuity capabilities. As an internationally recognized standard for business continuity management, ISO 22301 is designed to help enterprises identify operational risks, improve business continuity mechanisms, and enhance the ability to maintain and recover critical services amid sudden disruptions. This certification, along with ISO/IEC 27001:2022 and SOC 2 Type II, forms the three pillars of KuCoin’s trust framework, covering information security, operational reliability, and business continuity. The three international standards and certifications complement each other, reflecting KuCoin’s long-term commitment to continuously improving its global operations and security systems, ensuring stable operation of critical services, and delivering secure, reliable digital asset services to users worldwide.
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The Jaredfromsubway exploiter is really bad at trading—buying high and selling low again! 4 days ago, he bought back ...
The Jaredfromsubway exploiter is really bad at trading—buying high and selling low again! 4 days ago, he bought back 2,063 $ETH ($3.94M) at $1,912. Today, he sold 2,167 $ETH ($4.05M) at $1,872.
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Goldman Sachs expects July CPI to come in slightly lower than expected, though the rebound in oil prices will prevent markets from fully easing.
Goldman Sachs' economic team forecasts July's core CPI will rise 0.19% month-over-month, slightly below the market consensus of 0.2%, with a year-over-year growth rate of 2.47%—also lower than the consensus expectation of 2.5%. For nominal CPI, Goldman projects a mere 0.05% month-over-month increase, below the market forecast of 0.1%, mainly reflecting the impact of earlier energy price declines. However, inflation risks have not fully dissipated. The bank notes its core CPI forecast corresponds to a 0.26% month-over-month rise in July’s core PCE, with components like portfolio management likely driving a larger gain. Looking ahead to the coming months, Goldman expects core CPI monthly gains to hover around 0.2%, housing inflation will continue to cool, the contribution of tariff-related price hikes will fall, and the pressure from jet fuel prices that previously lifted airfares will ease. July’s U.S. CPI is set to release at 20:30 Beijing time on August 12, with markets awaiting the data to chart the next move for U.S. Treasury yields and tech stock rotation. Ahead of the release, the 10-year U.S. Treasury yield returned to near 4.70%, while oil prices climbed back above $87. Goldman warns that if oil market disruptions and price rises persist longer than expected, inflation risks will tilt to the upside.
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SK Hynix will resume investment in its NAND flash memory production line in Dalian, China, with production capacity expected to increase by 50%.
According to South Korean media Maeil Economic Daily, Solidigm, the NAND flash subsidiary of SK Hynix, plans to resume construction of the second phase of its NAND flash production base in Dalian, China. Equipment installation is expected to begin in November this year, with formal production set to launch in the first half of next year. The Dalian Phase II project had been stalled for a long time due to factors including the sluggish NAND market, inventory adjustments, and U.S. restrictions on semiconductor equipment exports to China. Driven by the expansion of AI data centers, demand for enterprise-grade solid-state drives (eSSDs) has grown, prompting SK Hynix to resume investment to expand NAND production capacity. The current monthly production capacity of Dalian Phase I is approximately 100,000 wafers; upon completion of Phase II, an additional monthly capacity of around 50,000 wafers is expected, boosting overall production capacity by about 50%. SK Hynix plans to adopt a "dual-track production" strategy: manufacturing mature-process NAND at its Dalian facility, while concentrating high-end NAND production at its M17 plant in Cheongju, South Korea.
The Second Circuit Court of Appeals has just sealed the fate of Sam Bankman-Fried. The official mandate confirms the 25-year prison sentence of the former head of FTX. This is the crypto exchange that collapsed in 2022. His legal arguments therefore were not sufficient against the federal judges.
In brief The Second Circuit Court of Appeals has officially filed its mandate confirming the conviction of Sam Bankman-Fried. The former boss of the crypto platform FTX definitively receives 25 years in prison and an $11 billion confiscation. His last appeals now appear very unlikely. Justice confirms the crypto fraud of Sam Bankman-Fried On August 4, 2026, the Second Circuit Court of Appeals officially filed its judicial mandate in the Sam Bankman-Fried (aka SBF) case. This document records the decision rendered last June 12 by three federal judges. They had already confirmed the conviction of Sam Bankman-Fried. The former leader of the crypto platform FTX therefore definitively receives 25 years of firm prison for seven criminal counts.
That’s not all! The court also validates the $11 billion confiscation order issued in New York in the context of this case.
Mandate issued by the Second Circuit Court of Appeals More explicitly, the magistrates rejected the defense’s core argument. Bankman-Fried argued that the crypto exchange had sufficient liquidity to fully reimburse its investors, with no actual loss observed. Judge Barrington D. Parker thus ruled unequivocally in the court’s opinion. According to him, the fraud was already consummated as soon as the crypto funds were transferred to Alameda Research, regardless of the stated intention to reimburse later.
Bankman-Fried’s defense failed on appeal, here’s why! The former boss of the crypto platform FTX hoped to convince judges that his investments remained economically sound (although unauthorized). He claimed to want to reimburse his clients in the long term. This defense line was swept away by the panel of three judges, who deemed it legally misleading and harmful.
The court recalls that the federal wire fraud statute does not require proving an intent to cause economic loss. It is enough that a crypto investor was deceived by a material false statement to characterize the offense.
According to the judges, Bankman-Fried was therefore the true engine of a fraudulent system that diverted billions of dollars belonging to the clients and investors of the FTX platform. This strict reading of American law sends a strong signal to the entire crypto industry: the promise of future reimbursement never protects a leader against fraud prosecution, as soon as funds have been diverted from their intended use by clients.
What judicial future remains for the former boss of the crypto exchange FTX? With this now official mandate, the legal options of Sam Bankman-Fried dwindle dramatically. He theoretically has two remaining routes:
a presidential pardon; an appeal to the Supreme Court. Unfortunately, Donald Trump himself ruled out this hypothesis as early as January by stating he had no intention to pardon the former head of the crypto platform. Last month, the U.S. Senate even unanimously adopted a resolution formally opposing any leniency toward Bankman-Fried. This further tightens his political and judicial maneuvering room.
An appeal to the Supreme Court remains legally possible. However, crypto analysts consider this route extremely uncertain. The fact is the high court accepts only a tiny minority of cases submitted every year. Also, there is no indication that it wishes to reopen a debate already decided twice by federal courts.
For the crypto ecosystem, this case thus closes a major judicial chapter five years after the resounding collapse of FTX. Once presented as a rising figure in crypto finance, the fallen billionaire now embodies the symbol of one of the biggest financial scandals in the recent history of digital markets.
Sam Bankman-Fried will therefore have to serve his entire sentence. Meanwhile, the liquidation of FTX continues: a fifth distribution cycle recently allowed $900 million to be returned to former users of the crypto platform.
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Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
The Senate’s decision not to advance the CLARITY Act this week leaves digital asset markets in a familiar limbo. But the case for the bill has a surprisingly tangible anchor: the parts of FTX that survived its collapse. When the exchange imploded in 2022, the entities that had complied with U.S. legal and regulatory requirements—such as its CFTC-regulated derivatives platform—were able to be separated, preserved, and eventually sold, returning value to creditors. That outcome is now being wielded as a live experiment proving why precisely the kind of framework the CLARITY Act would provide is needed.
In an op-ed published Friday, Randi Abernethy of the exchange group Bullish argued that the bill’s failure to pass the Senate represents a missed opportunity to extend the same legal protections that allowed parts of FTX to survive to the entire digital asset market. The original report points to the irony that mainstream finance is converging with digital assets, yet the law meant to govern that convergence remains stalled.
The CLARITY Act is designed to delineate how digital assets are classified under securities and commodities laws, a gap that has left exchanges and issuers navigating enforcement actions rather than clear rules. While the bill has broad industry support, it has faced resistance from banking interests wary of a more direct regulatory path for non-bank digital asset platforms. As previously reported, banks were lobbying aggressively to kill a major crypto bill just days before the Senate was set to vote, demanding changes to a compromise they had earlier agreed to. That pushback mirrors the political headwinds that ultimately stalled this week’s effort.
For traders and institutions, the consequences of inaction are not abstract. The current regulatory landscape forces platforms to make go/no-go decisions based on interpretive letters and enforcement precedents, not statutes. FTX’s non-U.S. operations, which operated outside that legal perimeter, became the epicenter of fraud, while the regulated U.S. entity remained solvent. That split is exactly what the CLARITY Act aims to eliminate—by bringing the entire market under a coherent legal umbrella, it would reduce the ability of bad actors to exploit offshore regulatory voids.
Bullish and the Institutional Push for Clarity Bullish itself is no bystander. The exchange group has been building an institutional-grade infrastructure, including a recent $4.2 billion acquisition of Equiniti, a move that underscores the scale at which traditional and digital finance are already merging. For such mergers to work without legal chaos, a clear federal framework is essential. Without it, every integration carries additional regulatory risk, slowing the convergence that Abernethy describes. The CLARITY Act is not just a consumer-protection measure; it’s a market-structure bill that would define the playing field for the next wave of tokenized assets.
What Remains Uncertain Despite the compelling FTX narrative, the bill’s path forward is murky. The banking lobby’s concerns center on how such a law might enable non-bank entities to offer services traditionally reserved for banks, raising systemic risk questions that are unlikely to be resolved quickly. Moreover, the broader political calendar leaves a shrinking window for major crypto legislation. The bill may need to be reintroduced, and its provisions could be altered or watered down to gain traction.
For now, the industry is left pointing to the FTX case study every time a lawmaker questions the need for new rules. The survival of FTX’s U.S. arm is not just a talking point—it’s evidence that clear jurisdictional lines protect customers and markets. The Senate’s failure to act means that protection remains piecemeal, leaving the bulk of crypto activity governed by enforcement rather than legislative intent.
AUTHOR
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
U.S. Capitol Building (Getty Images/aire images)In the weeks the Senate spent not passing the CLARITY Act, the largest institutions in American finance kept moving onchain. JPMorgan tokenized ETF holdings through the Depository Trust & Clearing Corporations (DTCC) production pilot, and more than 50 firms, among them BlackRock and Goldman Sachs, have signed on to tokenize stocks and Treasuries through the same infrastructure. BlackRock's CEO calls tokenization a way to "update the plumbing of the financial system.” The matter before Congress has stopped being about crypto.
If you run a traditional desk and treat CLARITY as a problem for the digital asset industry rather than your own, consider 2008. A new instrument grew up fast, inside the regulated system, on rules that had never been stress-tested, and when it broke the loss did not stay where it started. It reached firms that never touched a subprime mortgage and erased some $17 trillion in household wealth.
Randi Abernethy is the Head of Clearing and Group Risk at Bullish Exchange. She testified on the CLARITY Act before a House Financial Services subcommittee in July 2026. Read her full congressional testimony here.
The parallel is not that tokenized assets are the next subprime; it is that a shock travels through shared plumbing whether or not you touched what broke. The wiring is no different now: stablecoins alone hold well over $100 billion dollars in Treasury bills, and if a large stablecoin breaks and is forced to sell, the shock lands in the funding markets a traditional desk relies on every morning. Federal Reserve staff have flagged the risk; it nearly happened in 2023, when a Circle’s USDC briefly lost its peg because its reserves sat in a failing bank. International bodies like the IMF warn that such a shock would now travel faster than in 2008, because these markets are volatile, without clearing requirements there is no clearinghouse to contain a default before it spreads. The financial machinery is being rebuilt on rules that are not yet law, and when the first crisis reaches it, the loss will not ask whether your desk went onchain.
The bill has backers well beyond crypto: Fidelity, Goldman Sachs, and Franklin Templeton have all urged Congress to pass it, arguing clear rules would protect investors. Its critics counter that the rules are too soft, and that argument deserves a hearing. A bill like CLARITY writes the binding frame required for nation-wide investor protection into federal law, ensuring firms are supervised by the federal agencies, setting out key protections such as the segregation of customer assets, conflict of interest management, capital adequacy and transparency, and leaves the details to rulemaking, in the same way that Dodd-Frank set the architecture and the agencies spent years filling it in. Whether to make any of it law at all is the question the Senate left unanswered this week, and from here the calendar only hardens: a thin window in September, then an election year.
So the protections stay what they are: at the federal level not law, but an interpretive notice sorting 16 tokens, a collateral pilot, a few no-action letters, a memorandum of understanding between two federal agencies, any of it revocable without a vote. The rest is left to the states, where investors get real protection in certain states, less elsewhere, and in some states none at all, none of it reaching a market that is national. The last great collapse already showed which protections hold and which give way.
When FTX failed, its offshore exchange misused its customers’ assets for years. But several entities under the FTX umbrella — including LedgerX, a CFTC-regulated exchange and clearinghouse — came through the collapse whole, their customers’ assets segregated and intact. LedgerX survived for one reason: its protections were law. Not a clever mechanism but a plain one, customer segregation a regulator required and checked, which held whether or not anyone chose to honor it once the panic set in. The unregulated part of FTX ran on promises. In one collapse, under one roof, law held and promises broke.
FTX sat offshore for a reason. For years the United States met this industry with enforcement in place of rules, and its capital and talent went where the rules were clear, to Europe, Asia, and the Gulf. The rest went where there was no real oversight, and that is the gap an exchange like FTX grows in. When Washington started to offer clarity, the firms started returning to the U.S: Nexo came back after years away, London's Wintermute opened a New York office, and Switzerland's Taurus set up in New York to serve its bank clients. Law protects what it can reach, and the CLARITY Act would make that migration permanent instead of leaving the next firm to choose the dark. It would make the regulated, onshore model the norm for firms such as Bullish, a NYSE-listed digital asset market infrastructure firm (and the parent company of CoinDesk) already regulated in financial centres including Frankfurt, Hong Kong and New York, now pursuing CFTC registration as a designated contract market and derivatives clearing organization.
The difference between a failure the system absorbs and one it does not is the line LedgerX already drew: federal law holds; promises do not. The CLARITY Act would write that line into law before the next crisis writes it in losses. Every system at scale meets its test of rigor. Only those built on law survive it.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
FTX, the exchange that became crypto’s most spectacular cautionary tale in 2022, keeps finding ways to stay relevant. The FTX Recovery Trust is preparing to distribute approximately $900 million to creditors on July 31, 2026, the latest in a series of payouts that have exceeded most expectations. Meanwhile, an updated text of the Digital Asset Market Clarity Act, better known as the CLARITY Act, landed in the Senate on July 22, 2026.
From rubble to recovery FTX Trading Ltd. and its affiliated debtors officially emerged from Chapter 11 bankruptcy on January 3, 2025. The reorganization plan, confirmed by the court in October 2024, valued recoverable assets between $14 billion and $16 billion. The plan promised more than 100% recovery for many non-governmental creditors, a rarity in any bankruptcy proceeding and essentially unheard of in crypto.
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The CLARITY Act takes shape First introduced on May 29, 2025, the bipartisan CLARITY Act aims to build the regulatory infrastructure that was conspicuously absent when Sam Bankman-Fried’s empire imploded. The bill tackles custody rules, disclosure requirements, and market practices.
The updated Senate text released on July 22, 2026, sharpens several key provisions. It includes risk disclosures designed to give retail investors a clearer picture of what they’re buying. It establishes insider safeguards, the kind that might have flagged Alameda Research’s relationship with FTX before billions went missing. And it introduces enforcement tools that would give regulators more precise authority to act when things go sideways.
One of the bill’s central goals is drawing a clear line between SEC and CFTC jurisdiction over digital assets. Senate Banking Committee materials from January 2026 affirm the legislation’s focus on consumer protections.
Why FTX’s ghost haunts the debate The exchange’s collapse exposed every gap in the existing regulatory framework simultaneously: commingled customer funds, opaque corporate structures, no meaningful disclosure requirements, and regulators who lacked clear authority to intervene. The fact that FTX’s estate ultimately recovered $14 billion to $16 billion in assets doesn’t erase the damage — it underscores that the money was recoverable, but the guardrails that should have prevented its misuse in the first place simply didn’t exist.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
