Bitcoin’s consensus rules have historically treated valid transactions equally regardless of purpose. BIP-110 prompted concerns that rules aimed at discouraging one category of transaction risked opening the door to future restrictions on others.

BIP-110 rejected

The means by which the proposal sought approval was equally contentious. Bitcoin upgrades typically only proceed after overwhelming support has emerged across miners, businesses, wallet providers and the wider ecosystem. BIP-110, instead, revived discussion around a user-led activation approach, with upgraded nodes enforcing the new rules if predefined conditions were met.

Supporters viewed that as a necessary safeguard if miners refused to act against what they considered abuse of block space. Opponents warned that attempting to introduce new consensus rules without broad agreement risked creating incompatible versions of Bitcoin, a scenario that many veterans still associate with the divisive block-size wars of 2017.

This was where BIP-110 fell short in winning support. Mining companies had little inventive to reject transactions that paid competitive fees, while institutional investors had no appetite for governance battles.

Michael Saylor, founder of Strategy, the largest corporate holder of bitcoin BTC$64,541.11, said BIP-110 “turns a spam dispute into a consensus change that would invalidate some currently valid, fee-paying transactions.”

“That precedent is the danger,” he wrote on X on July 11. “We shoul save our energy for threats that really matter.”

The U.S. Commodity Futures Trading Commission threw itself in between Michigan courts and prediction market firm Kalshi on Tuesday, issuing an order to disallow the company from meeting a local court demand that it cancel previous customer transactions.

The CFTC move amplifies its legal fight with state governments and courts over what its chairman argues is its unbreakable and exclusive regulatory authority over trading at Kalshi, which it regulates as a designated contract market (DCM).

“The commission will not allow states or state courts to bully registered entities into violating the Commodity Exchange Act and CFTC regulations,” said CFTC Chairman Mike Selig in a statement alongside his agency’s order. Selig has embraced prediction markets and promised to institute friendly regulations, and he’s also vigorously defended his agency’s authority to regulate them in a way that negates state powers.

The CFTC has sued a number of states that have sought to halt or penalize event contract businesses as illegal gambling. The agency noted Tuesday that Michigan is the first state to attempt to interfere in transaction activity directly.

Bitcoin BTC$64,405.36 has fallen in the past 24 hours to $62,600 as traders exited riskier investments amid growing inflation concerns tied to rising oil prices.

Brent crude is up nearly 4% in the period, reflecting the renewed open conflict between the U.S. and Iran. That’s reigniting the so-called Nacho (Not a Chance Hormuz Opens) trade, which bets the strategic waterway stays shut.

The broader CoinDesk 20 (CD20) index lost 0.6% of its value over the same period while equities benchmarks in Europe are down about 1% and U.S. index futures 0.3%.

Attacks on tankers have reduced traffic through the Strait of Hormuz, which carried about one-fifth of global oil and gas supplies before the conflict and has been de-facto closed for 136 days. Oil prices reached a four-week high after hostilities restarted.

The move reverses part of the peace trade that helped bitcoin recover from its late-June lows. Higher oil prices raise near-term inflation risks, pushing up Treasury yields and reducing demand for rate-sensitive assets.

The U.S. Department of the Treasury and the UK’s HM Treasury have released joint recommendations as part of a transatlantic working group aimed at coordinating financial-market oversight for digital assets—specifically stablecoins and tokenized finance.

In a statement published Tuesday, the two agencies said they want to align regulatory expectations in ways that promote financial stability without creating unnecessary market distortions. The guidance also points toward cross-border testing for tokenized assets and closer coordination between U.S. regulators and the Bank of England on shared approaches to tokenized-asset rules.

Key takeaways

• The U.S. and UK called for regulatory alignment around stablecoins, emphasizing requirements that avoid undermining cross-border competition.
• Stablecoins, under the joint framework, should be fully backed—at least on a one-to-one basis—by high-quality, liquid assets.
• For tokenized finance, the statement suggests authorities should consider a private-sector-led group to test cross-border use cases.
• The UK is pushing tokenization forward with a government-backed report that links adoption to meaningful economic gains by 2035.

Transatlantic recommendations target stablecoins and tokenization

The Treasury and HM Treasury’s joint statement was issued under the Transatlantic Taskforce for the Markets of the Future, a bilateral effort focused on cooperation across financial markets. According to the agencies, the recommendations reflect an intent to tailor rules in each jurisdiction while aiming for comparable outcomes for comparable risks and activities.

For stablecoins, the two governments said their goal is to support a “dynamic stablecoin market across borders.” The statement frames this as a balancing act: moving toward regulatory alignment while avoiding outcomes that could destabilize markets or discourage cross-border competition.

Crucially, the stablecoin guidance does not stop at general principles. The statement explicitly says stablecoins should be “fully backed, on at least a one-to-one basis, by high-quality, liquid assets.” That requirement mirrors the core concept embedded in U.S. legislation discussed in the same context.

The U.S. side did not explicitly name the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in the joint recommendations, though the statement’s “fully backed” framing is aligned with the approach that U.S. law takes. GENIUS was signed into law last year, and is waiting for regulations to be approved before its effective date in January 2027.

Cross-border testing and shared approaches for tokenized assets

Beyond stablecoins, the joint statement contains recommendations for tokenized finance and cross-border activity. The task force urged authorities to consider the creation of a private-sector-led group focused on “testing of cross-border use cases for tokenized assets.”

That emphasis on use-case testing matters because tokenization can mean very different implementations depending on the asset class, settlement structure, and counterparties involved. Cross-border testing is positioned as a practical step to identify where regulatory expectations diverge and where common standards might emerge through real-world experimentation.

On regulation itself, the statement says U.S. financial agencies and the Bank of England should identify shared approaches to the regulation of tokenized assets. While the statement does not lay out specific rule text, it signals that regulators on both sides of the Atlantic are looking for convergence in how tokenized assets are treated from a supervisory and risk-management perspective.

UK report links tokenization to economic upside—by 2035

The U.S.-UK recommendations arrive after renewed attention in the UK on tokenization’s potential economic benefits. Earlier coverage from Cointelegraph highlighted a UK government-backed industry task force report claiming the country could add up to $44 billion to annual economic output by 2035, if the UK becomes a leading jurisdiction for tokenization, tokenization scales globally, and domestic adoption grows alongside major peers.

In that report, the task force called for the UK to issue tokenized bonds by the first quarter of 2027 and proposed testing financial transactions on the blockchain. Those proposals point toward a strategy of moving from policy discussions toward concrete market infrastructure steps—something that would likely raise the stakes for regulators to define consistent frameworks for tokenized securities and settlement.

Read together, the transatlantic message from Treasury and HM Treasury underscores how tokenization is increasingly being treated not just as a technology topic, but as a cross-border financial market issue requiring coordination. If tokenized debt instruments and other blockchain-based transactions expand, regulators will need shared expectations on matters like custody, settlement finality, disclosure, and the perimeter of existing financial rules.

What investors and builders should watch next

These joint recommendations are best viewed as a direction-setting effort: they establish how the U.S. and UK want to align on stablecoin backing standards and how they may collaborate on tokenized-asset testing and regulatory coherence. For market participants, the most immediate question is how quickly alignment translates into implementable guidance—especially given that the U.S. stablecoin regime is still waiting on implementing regulations under GENIUS.

As the UK pursues tokenized bonds and blockchain transaction testing toward 2027, and as U.S. rulemaking progresses toward GENIUS’s timeline, the key watch items are whether cross-border use-case testing produces concrete recommendations and whether “comparable outcomes” on stablecoin and tokenized-asset regulation become more specific in practice.

Dogecoin price has climbed more than 2% after softer US inflation boosted risk appetite, even as Binance traders have offloaded $1.2 billion in memecoins since October.

According to CryptoQuant analyst Darkfost, traders have reduced memecoin exposure because they consider these assets the riskiest part of the crypto market. Although Dogecoin has joined the latest recovery in risk assets, Darkfost warned that the rebound may fade unless buyers return with sustained demand.

Dogecoin (DOGE) was trading near $0.074 at the time of writing, up about 4.4% over the past 24 hours. The move followed a decline in US inflation to 3.5%, which lowered pressure on the Federal Reserve to raise interest rates and improved demand for speculative assets.

Even after the daily gain, Dogecoin remains below its major exponential moving averages. TradingView data shows that the token is still moving within a long-running downtrend, leaving the latest advance vulnerable to renewed selling.

Binance selling has kept Dogecoin under pressure

CryptoQuant’s figures show that about $1.2 billion in memecoin value has left Binance since October 2025. Darkfost attributed the outflows to investors cutting exposure to high-risk tokens while market conditions remained weak.

Dogecoin has fallen from about $0.26 in October 2025 to close to $0.07 in July, a decline of roughly 73% over eight months. Bitcoin, by comparison, has dropped about 50% during the same period, according to the figures cited in the report.

The size of the decline shows that Dogecoin has underperformed Bitcoin during the selloff, though Darkfost’s analysis ties the weakness to the risk profile of memecoins rather than to a Dogecoin-specific event.

Interest in newer meme tokens has not disappeared completely. Since Robinhood Chain launched on July 1, tokens issued on the network have drawn fresh speculative activity, with CASHCAT reaching a market value of about $138 million.

While that activity has brought attention back to the memecoin sector, CryptoQuant’s data still points to persistent selling on Binance. Darkfost maintains that Dogecoin’s long-term outlook will remain bearish unless buying pressure becomes consistent.

DOGE is testing a key breakout area

TradingView’s daily chart shows Dogecoin trading near the upper boundary of a descending triangle, with support clustered around $0.070 to $0.071. The pattern keeps the larger trend bearish until price closes above the falling resistance line.

The daily Relative Strength Index has recovered to about 42, but it remains below the neutral 50 level. Aroon data also favors sellers, with Aroon Down at 100 and Aroon Up near 28, according to the chart.

On the 4-hour timeframe, the setup appears stronger. TradingView data shows a possible double-bottom pattern near $0.071, while the MACD has produced a bullish crossover and the Chaikin Money Flow reading has climbed to about 0.21.

A break above the neckline near $0.0755 could open a move toward $0.080 to $0.081 based on the pattern’s measured target. Failure to clear that level could send DOGE back toward support around $0.072 or $0.071.

CoinGlass data places a dense group of short-liquidation levels between about $0.075 and $0.078. Another liquidity cluster sits near $0.070 to $0.071, leaving Dogecoin between two heavily traded zones as buyers attempt to extend the inflation-led rebound.

The US Department of the Treasury and HM Treasury released a set of recommendations as part of the Transatlantic Taskforce for the Markets of the Future, which included stablecoin activity and tokenized finance.

In a joint statement on Tuesday, the two treasury entities issued four recommendations focused on digital assets as part of bilateral cooperation between the two countries on financial markets. The task force recommended that authorities consider a private-sector-led group focused on “testing of cross-border use cases for tokenized assets” and that financial agencies in the US and the Bank of England identify shared approaches on the regulation of tokenized assets. 

On stablecoins, the US and UK released a joint statement aimed at regulatory alignment and establishing a “dynamic stablecoin market across borders.” 

“Each government intends to tailor its requirements to seek comparable outcomes for comparable risks and activities, seeking to advance financial stability while avoiding market distortions or disincentivizing cross-border competition,” said the statement.

The Treasury statement did not explicitly mention the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law last year and waiting for regulations to be approved before its effective date in January 2027. However, the US-UK recommendations said stablecoins “should be fully backed, on at least a one-to-one basis, by high-quality, liquid assets,” aligning with the US law.

Related: UK government defers capital gains on certain crypto with ‘no gain, no loss’ approach

Report signals tokenization could add $44 billion to UK economic output

The US-UK statement followed a report that the United Kingdom could add up to $44 billion to its annual economic output by 2035, “provided the UK is one of the leading jurisdictions for tokenization, tokenization scales globally, and UK domestic adoption increases in line with major peers.“

The report, from a UK government-backed industry task force, called on the country to issue tokenized bonds by the first quarter of 2027 and plans to test financial transactions on the blockchain.

Magazine: Crypto’s CLARITY Act faces partisan fight over ethics on Senate floor

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.

Coinbase Global stock has climbed more than 2% after the crypto exchange reportedly simplified its account registration process for users in mainland China.

According to a report shared by Wu Blockchain, Coinbase now allows users in mainland China to complete identity verification using a Chinese national identity card and a mainland residential address, replacing the previous requirement that asked users to submit a Chinese passport together with a Hong Kong address. Wu Blockchain reported that Coinbase representatives confirmed the change.

Just In: Coinbase Opens Registration to Users in China

On July 14, multiple social media users reported that Coinbase had opened account registration to users in China. Wu Blockchain confirmed the change with Coinbase staff, who said users can now complete verification using a… pic.twitter.com/LAhqVEVdCr

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— Wu Blockchain (@WuBlockchain) July 14, 2026

The revised onboarding process has drawn attention because it lowers the barriers for mainland Chinese users who want to create accounts on the platform. Although the update does not indicate that Coinbase has officially re-entered the Chinese market, market participants have interpreted it as a step that could improve the exchange’s accessibility in the region.

China registration changes support investor optimism

Following the reported policy update, Coinbase shares rose more than 2% to trade above $160 during the session. The gain came as the crypto market also recovered after softer-than-expected U.S. inflation data improved investor sentiment toward digital assets.

Meanwhile, the easier registration process has fueled expectations that Coinbase could attract more users outside its core markets if similar onboarding changes continue elsewhere.

While the company has not announced a broader expansion strategy for mainland China, the adjustment comes at a time when crypto exchanges are competing to add new customers across international markets.

The registration update also arrives as digital asset adoption continues to grow globally, increasing competition among major exchanges. Against that backdrop, any reduction in account-opening requirements is being closely watched by investors looking for signs of future user growth.

Leadership changes and competition remain key risks

Despite Tuesday’s rally, Coinbase stock remains under pressure over a longer period. The shares have fallen nearly 38% over the past six months, showing that investors continue to weigh several challenges facing the company.

Adding to those concerns, Coinbase Chief Legal Officer Paul Grewal recently announced that he will leave the company after six years. His departure comes during a period when the exchange is facing increasing competition across both trading services and blockchain infrastructure.

Analysts have also maintained a cautious stance on Coinbase following the recent launch of Robinhood Chain. Market commentators have argued that Robinhood’s blockchain platform could strengthen its position in digital assets and increase competitive pressure on Coinbase if user adoption continues to grow.

Robinhood introduced its Layer-2 blockchain earlier this month and has since reported strong early activity, including rising transaction volumes and growing total value locked, developments that several market observers have cited as evidence of increasing competition in the sector.

Still, Coinbase’s latest onboarding changes have shifted attention back to its international user base. If crypto market conditions continue improving after the latest U.S. consumer price inflation data, investors may watch whether higher trading activity and easier account access can provide additional support for Coinbase’s business and its stock performance, though the company has not linked the registration changes to any future expansion plans.