Senators Reach Clarity Act Ethics Deal as SEC Launches Project Crypto

Senators finalized a compromise on ethics rules for the Clarity Act, potentially breaking the legislative logjam, while the SEC and CFTC launched Project Crypto as an administrative alternative. Elsewhere, Binance's bStocks hit $500M AUM, Multicoin Capital deposited significant HYPE holdings, and Zcash activated its Ironwood upgrade. Institutionally, spot ETF flows showed Bitcoin, Solana, and XRP attracting capital while Ethereum saw outflows.

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Senators finalize Clarity Act ethics deal, SEC launches Project Crypto Senators Tillis and Gallego struck a compromise on ethics rules governing presidential crypto ties, aiming to salvage the Clarity Act. Separately, the SEC and CFTC advanced Project Crypto, a joint rulemaking effort that could serve as an administrative alternative if the bill remains stalled. 1 2 3

Binance bStocks hits $500M AUM in seven weeks The platform attracted $500 million in assets under management, with 41.5% of users new to traditional investing, positioning the product as a bridge between crypto and equities. 4

Multicoin Capital moves $41M in HYPE to Coinbase Prime The VC firm deposited millions to the exchange just weeks after publishing a price target of $319 for 2028, joining Bitwise in a selloff that dragged HYPE down 8% to ~$58. 5

Zcash Ironwood shielded pool secures $80M on day one Roughly 176,000 ZEC migrated to the new pool following the NU6.3 security upgrade, replacing the Orchard pool where a zero-knowledge bug was patched. 6

BTC, SOL, XRP ETFs see inflows, ETH funds bleed $18.6M On July 29, Bitcoin spot ETFs took in $32.11 million, while Solana and XRP ETFs added $19.06M and $584K respectively. Conversely, Ethereum spot ETFs suffered net outflows of $18.65 million. 7

Kenya tightens stablecoin rules, targets offshore issuers New VASP regulations give the central bank authority to restrict foreign stablecoins like USDT, forcing local exchanges to only list CBK-approved tokens. 8

South Korea consolidates 10 crypto bills into unified law The FSC's Digital Asset Basic Act would create a single framework for exchanges, stablecoins, and investor protection, with implementation targeted for late 2026. 9

UK FCA names cross-border payments strongest stablecoin use case Following its Stablecoin Sprint, the regulator found stablecoins most valuable for remittances and emerging market transfers, though domestic adoption drivers remain limited. 10

Fed holds rates steady, Bitcoin steadies above $64K The FOMC voted 9-3 to maintain the target range at 3.5-3.75%, with three officials dissenting in favor of a hike. Bitcoin rose toward $64,500 on the decision. 11 12