The U.S. Senate has adopted a resolution opposing executive clemency for former FTX CEO Sam Bankman-Fried, underscoring bipartisan political pressure after his fraud conviction connected to the collapse of the crypto exchange.

In a unanimous-consent vote, senators approved a simple, nonbinding measure—S. Res. 772—stating that Bankman-Fried should not receive executive clemency, according to a Wednesday post by the Senate Press Gallery on X.

Key takeaways

• The Senate passed S. Res. 772 by unanimous consent to oppose any federal clemency for Sam Bankman-Fried.
• The resolution is nonbinding and cannot stop a presidential pardon or other executive action.
• The measure follows Bankman-Fried’s request for clemency from President Donald Trump.
• Bipartisan support expanded as additional senators joined as cosponsors, including Bernie Moreno.
• Prediction markets currently price a pardon at less than 1%, despite attracting meaningful trading activity.

Senate resolution signals bipartisan opposition

S. Res. 772 was introduced on June 17 by Senator Ruben Gallego, with Senator Cynthia Lummis listed as a cosponsor. The resolution explicitly opposes any form of federal clemency for Bankman-Fried, including a presidential pardon or a commutation of sentence.

As a simple Senate resolution, it does not require approval from the House or the president and does not carry the force of law. The Senate’s own “Types of Legislation” guide explains that this kind of measure is distinct from legislation and therefore cannot compel or block executive action.

At the time of publication, Congress.gov had not yet reflected the latest floor action for the resolution. However, the Senate Press Gallery’s post indicates that the Senate has now agreed to the measure.

Support for the resolution is also bipartisan. Senator Bernie Moreno of Ohio joined as a cosponsor on Tuesday, adding additional Republican backing to a proposal initially led by a mix of senators from different parties.

Why the Senate’s move matters—and what it can’t do

While S. Res. 772 cannot prevent the president from granting clemency, it functions as a public signal of political resistance inside the legislative branch. The Senate resolution affirms lawmakers’ commitment to “the rule of law” and the integrity of the U.S. financial system in the wake of Bankman-Fried’s conviction.

Bankman-Fried was convicted on fraud and conspiracy charges tied to the 2022 collapse of FTX. He was sentenced to 25 years in federal prison in March 2024.

In June 2026, speculation about a possible pardon intensified after Bankman-Fried sought clemency from President Donald Trump, according to earlier reporting from Cointelegraph on his application. The Department of Justice’s pardon and clemency case-status records also list the clemency request as pending, using the case number shown in the DOJ interface.

For investors and participants in crypto markets, political outcomes like clemency don’t directly change blockchain technology or protocol rules. But they can influence broader regulatory and enforcement expectations—especially in high-profile cases that have become benchmarks for how U.S. authorities treat major exchange failures.

Market pricing suggests a pardon is unlikely

Even as the Senate moved to oppose clemency, prediction markets have largely discounted the probability that Bankman-Fried will receive a pardon. On Polymarket, traders have assigned less than a 1% chance that President Trump will pardon Bankman-Fried by July 31, according to the market listing referenced in the original reporting.

Despite the low odds, the market has pulled in more than $734,000 in trading volume, indicating that while most traders appear skeptical, there is still substantial interest in the possibility of an executive decision.

That split—very low probability on price, but meaningful volume in activity—often points to traders using the market to express scenarios they consider possible but not likely. What remains uncertain is whether clemency processes will advance to a decision and, if so, whether any final action will align with the Senate’s stated position.

What to watch next

Readers should watch the Department of Justice’s clemency case status for any updates and monitor further legislative developments, since S. Res. 772 cannot block a presidential pardon but may affect political pressure around any eventual executive decision.

Robinhood’s newsroom called its new blockchain, Robinhood Chain, “AI-native and purpose-built for real-world assets.” By the end of week one, those assets — mostly memecoins — totaled roughly $13 million. But those memecoins keep dying.

By midday Thursday, a memecoin called MIZUKARA had gone to zero on Robinhood Chain, on roughly $67 million of trading volume.

It was one of dozens of MIZUKARA pools deployed in under a day. Each fresh incarnation stepped over the corpse of the last.

None of this was in the pitch. Robinhood launched the chain at a London event on July 1, pitching it for tokenized stocks for customers in more than 120 countries.

The next morning, CEO Vlad Tenev told CNBC, “If an asset is not tied to an underlying utility, it’s not a productive asset. What’s the benefit of making a million different memecoins?”

The market then spent a few days actually using it. On July 7, Tenev posted his revision: “While we’re building robinhood chain to be the best chain for RWA … it works great for memes too.”

Memecoin promoters showed up, and he couldn’t stop them.

Two days later he declared, “Robinhood Summer is here,” boosting a colleague’s tally of 17 million transactions and more than $1 billion in DEX volume.

Robinhood Summer lasted two days

The boom in Robinhood Chain memecoins ran through NOXA, a launchpad responsible for some 60,000 tokens, more than three-quarters of everything deployed on the chain.

NOXA collected more than $12 million in fees in two weeks.

Yet that same Saturday morning, NOXA complained that bots were “spamming and copying new tokens every hour” and switched off its own token deployer.

Two days later, its website went dark; NOXA blamed a Cloudflare issue. It also burned 40% of its own token supply.

By July 14 it had resurfaced as a bare-bones page, announcing, “People loved the cat, it has been liberated,” and handed 100% of ongoing trading fees to token creators.

Some traders called the exit a soft rug, crypto slang for a team that walks away without formally stealing anything. A Binance Square message board user posted a post-mortem, finding no direct evidence of the revenue-split dispute rumored to be behind it.

NOXA’s own explanation reads, “DeFi summer is still happening.” It probably isn’t.

T. Rowe Price has brought what it said is the industry’s first actively managed multi-token spot crypto exchange-traded fund (ETF) to the market.

The T. Rowe Price Active Crypto ETF (TKNZ) began trading on Thursday, giving investors exposure to a portfolio of crypto assets rather than a single token. The launch marks a milestone for the Baltimore-based asset manager, which oversees $1.9 trillion in assets, as it expands its product lineup into digital assets.

Unlike the spot bitcoin BTC$64,229.33 and ether (ETH) exchange-traded funds that have dominated the market over the past two years, TKNZ is designed to hold a diversified basket of cryptocurrencies, including bitcoin, ether, BNB, XRP, solana (SOL) and Hyperliquid (HYPE), among other digital assets.

The fund also differs from most crypto investment products because it is actively managed. Instead of tracking a fixed index, portfolio managers can adjust allocations based on market conditions, research and risk assessments. T. Rowe Price said the strategy is intended to capture changes in market leadership and momentum as capital rotates among different cryptocurrencies.

Bitcoin’s bounce lost momentum on Thursday as weakness spread through US tech stocks, muting broader risk-asset enthusiasm. The move followed a market-wide reaction to cooler inflation data earlier in the week, which had helped push equities and BTC higher before traders began trimming positions.

According to TradingView, BTC/USD was trading around $64,500, about 1.5% lower than its three-week highs from the prior day. While crypto initially benefited from the inflation-driven optimism, Thursday’s selloff in high-growth stocks helped cool the appetite for additional upside.

Key takeaways

• BTC/USD hovered near $64,500 after failing to extend gains from the previous day’s three-week highs.
• Lower US inflation expectations supported early risk-on moves, but tech stocks turned into a drag on Thursday.
• Market commentary points to “rejection” behavior near key technical areas, including a major moving average zone.
• Analysts highlighted potential upside limits tied to anchored volume metrics and prior peak areas.

Inflation relief fades as US tech stocks pull back

The latest dip in Bitcoin’s momentum came alongside broader equity rotation. Earlier, both the Consumer Price Index (CPI) and Producer Price Index (PPI) had shown weaker-than-expected readings in June, according to the reporting referenced from Cointelegraph’s prior market coverage about inflation coming in cooler. Those data points helped lift both equities and crypto at first.

However, Thursday brought a reversal in tech leadership. Trading resource The Kobeissi Letter highlighted the extent of the drawdown in Micron Technologies, noting the stock was down more than 30% from its June 22 record high after falling sharply on the day, an observation it attributed to market action tracked via TradingView.

Kobeissi further pointed to retail investors taking profits after a strong tech run. In an X post, it cited sales activity around major single stocks—specifically naming Tesla and Apple—and said retail turnover in single stocks had risen to a record $370 billion, up from $220 billion earlier in 2026. The underlying takeaway for crypto traders is straightforward: when speculative equity flows cool, Bitcoin often feels it through correlation and sentiment.

Earlier Cointelegraph coverage had also framed the backdrop as Bitcoin speculators locking in gains after local highs, reinforcing the idea that Thursday’s hesitation wasn’t happening in isolation. When investors are already booking profits in both crypto and tech, breakouts tend to require more sustained confirmation.

BTC price action: traders focus on “rejection” near overhead resistance

With momentum easing, attention shifted from “breakout” narratives to whether BTC could hold above meaningful technical levels. Commentator Exitpump referenced an anchored volume-weighted average price (AVWAP) level tied to Bitcoin’s advance toward $82,000 in early May, arguing that a retest of that area could cap the rebound and increase the odds of further selling pressure.

Exitpump’s thesis was that price would likely revisit the AVWAP from the 82K top that preceded a strong local downtrend. In their words to X followers, such a retest “should cap the upside and give stronger rejection.” The practical implication for traders is that the market may be transitioning from trend-following to range-bound behavior, with participants watching specific supply zones where prior demand gave way.

Separately, trader and analyst Rekt Capital said BTC/USD was showing early signs of rejection from the 50-month exponential moving average (EMA) around $65,900. The emphasis on that level matters because long-term moving averages often act as “decision points” where trend narratives either resume or fail—especially when liquidity thins or risk appetite wobbles.

Rekt Capital also linked the current market rhythm to an earlier bear-market pattern observed in 2022. According to the same commentary, the timing of the next macro bottom would not arrive until later in the year, suggesting that near-term weakness may not automatically signal the end of the broader cycle—just a pause or retracement within it.

What to watch next: whether BTC can reclaim key technical levels

For now, the market’s immediate question is whether Bitcoin can reclaim and hold above the technical areas being cited—particularly the 50-month EMA region near $65,900 and the AVWAP-related zone tied to the $82,000 peak. If selling persists while equities remain volatile, BTC’s rebound could stay capped; if tech stabilizes and risk appetite returns, the “rejection” talk may fade quickly.

Ripple’s chief legal officer has renewed support for the Clarity Act as lawmakers prepare for another critical stage in the crypto legislation process. Meanwhile, President Donald Trump is expected to meet with senators to address unresolved issues before the Senate advances the bill. At the same time, the House Financial Services Committee plans another hearing to examine the proposal’s impact on digital asset regulation and financial innovation.

Ripple Backs Clarity Act as Senate Discussions Continue

Ripple Chief Legal Officer Stuart Alderoty urged lawmakers to support the Clarity Act before the Senate moves toward a full floor vote. He argued that rejecting the proposal would leave existing regulatory gaps unchanged across the digital asset market, allowing bad actors to continue exploiting weaknesses that have remained unresolved for years.

Alderoty linked the current regulatory framework to failures that allowed major crypto firms to collapse without sufficient oversight. Therefore, he maintained that Congress should establish clear market rules instead of preserving the current system. Ripple also stated that the proposed legislation would improve accountability throughout the digital asset sector.

Lauren Belive, Ripple’s Global Co-Head of Public Policy and Government, also supported the legislation during the ongoing policy debate. She stated that existing regulatory gaps continue exposing consumers and businesses to unnecessary risks. Consequently, Ripple maintains that lawmakers should finalize legislation before another major market failure emerges.

The Clarity Act seeks to define regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would also establish oversight standards before qualifying digital assets enter public markets. In addition, the proposal aims to provide clearer compliance requirements for blockchain companies operating across the United States.

Supporters argue that regulatory certainty would encourage responsible innovation while strengthening consumer protections across the digital asset industry. They also believe consistent rules could reduce confusion surrounding token classifications and federal oversight. As a result, the legislation has become one of the most closely debated crypto proposals in Congress.

Senate leaders continue to negotiate several provisions before scheduling the measure for a full-chamber vote. Discussions currently include ethics-related language that has delayed broader legislative agreement in recent weeks. However, lawmakers continue working toward a compromise before the August congressional recess begins.

Trump Meeting and House Hearing Shape Crypto Legislation

President Donald Trump and senior White House officials are expected to meet senators as negotiations continue over the Clarity Act. The discussions will reportedly focus on resolving outstanding ethics provisions affecting the legislation. Senate leaders hope the meeting will support a broader agreement before the chamber considers the proposal.

Senator Thom Tillis indicated that lawmakers are working toward a legislative agreement before the end of the week. Therefore, negotiations remain active as congressional leaders seek support from multiple political groups. The outcome could influence the Senate timetable for advancing the market structure legislation.

The House Financial Services Committee has also scheduled a hearing for July 17 following the July congressional recess. Committee members will examine how the Clarity Act could strengthen digital asset regulation across the United States. The hearing will also consider its broader impact on financial innovation and blockchain development.

Lawmakers plan to review testimony regarding the bill’s regulatory framework and its potential economic effects. Committee members will also discuss measures supporting responsible blockchain growth under federal oversight. In addition, participants will examine proposals connected with broader digital asset policy initiatives.

The hearing agenda also includes discussion of the American Reserve Modernization Act and the proposed Strategic Bitcoin Reserve. Lawmakers intend to consider how both measures could fit within future federal digital asset policy. Consequently, the hearing may influence additional legislative discussions later this year.

The Clarity Act has gained attention because it addresses long-standing uncertainty surrounding federal crypto regulation. Current oversight often overlaps between multiple agencies, creating compliance challenges for digital asset companies. Therefore, supporters believe the legislation would establish a more consistent regulatory structure across the industry.

Legislative Delays Weigh on the Bill’s Outlook

Despite continued congressional activity, the Clarity Act still faces several legislative hurdles before becoming law. Ongoing negotiations and a limited congressional calendar have slowed the bill’s overall progress. As a result, lawmakers must resolve outstanding issues before the August recess begins.

Prediction platform Polymarket currently shows declining expectations that the legislation will become law during 2026. Market participants have reduced those odds as negotiations continue without a final agreement. However, congressional leaders continue discussing changes that could improve legislative support.

The legislation previously advanced through the Senate Banking Committee before moving toward the next stage of congressional consideration. It now requires additional Senate action before reaching the House and the president’s desk. Therefore, several procedural steps remain before the proposal can become federal law.

The broader debate reflects growing efforts to establish clear rules for digital assets within the United States. Lawmakers continue balancing innovation, consumer protection, and regulatory authority through competing legislative proposals. Consequently, the Clarity Act remains a central measure in the ongoing effort to modernize crypto regulation.

Crypto.com secured a $400 million strategic investment from market maker Citadel Securities in a deal that values the crypto exchange at $20 billion, marking the firm’s first institutional funding round since it was founded a decade ago, the company said in a press release Thursday.

The funding comes as digital assets draw greater participation from traditional financial institutions and as tokenized assets emerge as a growing area of focus for the industry.

The Singapore-based exchange said the capital will accelerate its expansion into tokenized securities, derivatives and other asset classes, as it seeks to bridge traditional and digital markets with around-the-clock trading infrastructure.

The deal reflects a broader shift as traditional finance firms ramp up investments in crypto infrastructure. Since the introduction of spot bitcoin BTC$64,150.05 exchange-traded funds (ETFs) in January 2024, Wall Street firms have increasingly expanded into digital asset trading, tokenization and custody, while institutional investors continue to boost planned crypto allocations, according to EY research.

“The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance,” Crypto.com co-founder and CEO Kris Marszalek said in the release.