U.S. CBDC Ban Becomes Law as Housing Bill Passes Without Trump's Signature

The U.S. housing bill becomes law at midnight, imposing a four-year ban on a Federal Reserve digital dollar. Circle receives OCC approval to operate as a national trust bank for USDC reserves. Bitcoin ETFs snap an 8-week losing streak with nearly $200M in inflows, pushing BTC above $64,000.

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US CBDC Ban Becomes Law as Housing Bill Passes Without Trump's Signature The bipartisan housing bill goes into effect at midnight, imposing a four-year ban on the Federal Reserve issuing a digital dollar. The crypto industry's long opposition to a CBDC is rewarded, though the Fed had no immediate plans to launch one. 1 2

Circle Receives OCC Approval to Operate as National Trust Bank Circle's new entity, Circle National Trust, will manage reserves for USDC under federal oversight, marking a shift from reliance on external custodians. The approval strengthens Circle's position in the stablecoin race and sent its stock up 5%. 3

Kraken Rebuilds App Around AI-Powered Agentic Trading Kraken's redesigned app will let users set financial goals and have AI agents autonomously execute trades. The move positions Kraken to compete with other exchanges in the AI-powered crypto service space. 4 5

Bitcoin ETFs End 8-Week Losing Streak with $200M in Inflows Spot Bitcoin ETFs recorded nearly $200M in net inflows for the week ending July 10, with BlackRock's IBIT contributing $86.83M on the final day. Bitcoin reclaimed $64,000 as institutional demand returned. 6 7

Robinhood Chain Stablecoin Market Cap Surpasses $270M in One Week Stablecoin supply on Robinhood's Ethereum Layer-2 network doubled to over $270M, driven by USDG deposits and a 7% APY lending product. The chain also saw $500M in daily Uniswap volume. 8

Morpho Becomes Top DeFi Lending Venue with $2.8B in USDC Deposits Morpho's peer-to-peer lending model on Ethereum and Base now holds $2.8B in USDC, surpassing other protocols. The milestone reflects growing institutional demand for modular DeFi lending. 9

Russia Lowers Crypto Reporting Threshold to 60,000 Rubles A draft amendment requires reporting of crypto transfers above 60,000 rubles ($780) to Rosfinmonitoring, down from 100,000 rubles. The rule targets sanctions evasion and could take effect September 1. 10

GENIUS Act Deadline Puts Stablecoin Issuers on the Clock The GENIUS Act, which would regulate stablecoin issuers, faces a Senate deadline as August recess approaches. The legislation could set federal standards for stablecoin reserves and oversight. 11