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Congress Schedules Sports Prediction Markets Hearing as Ban Push Grows

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Crypto Breaking News

The U.S. House Agriculture Committee will examine sports prediction markets during a hearing scheduled for tomorrow. The session follows rising legal disputes and regulatory pressure on platforms including Polymarket and Kalshi. Lawmakers will review customer protections, market integrity, and the growing debate over sports event contracts.

House Committee Examines Sports Prediction Markets and Regulatory Oversight

The House Agriculture Committee scheduled the hearing through its Subcommittee on Commodity Markets, Digital Assets, and Rural Development. The session will focus on customer safeguards and market integrity across sports prediction markets. It also follows growing concerns about the legal status of sports-related event contracts.

The witness list includes legal experts alongside representatives from American and Indian gaming associations. These groups continue pressing lawmakers to prohibit sports contracts on prediction market platforms. Meanwhile, the hearing will examine whether existing federal laws provide enough regulatory authority.

The debate has intensified because several jurisdictions have challenged the operations of prediction market platforms. Regulators have questioned whether these contracts function as financial products or sports betting markets. Consequently, lawmakers now face increasing pressure to clarify the legal framework.

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Gaming Associations Increase Pressure for Sports Contract Ban

Gaming industry representatives plan to argue that sports contracts resemble traditional sports wagering. They maintain that these products compete directly with regulated gaming markets across several states. Therefore, they support stronger restrictions on platforms offering these contracts.

Legal expert Daniel Wallach outlined the expected testimony before the congressional hearing. According to his summary, several witnesses believe the Commodity Futures Trading Commission already holds sufficient regulatory authority. They argue that Congress does not need additional legislation to oversee prediction markets.

One witness, Robert Schwartz, maintains that the existing regulatory framework already provides strong enforcement tools. He argues that the CFTC can reject contracts that conflict with public policy. His testimony also points to current legal authority without requesting additional congressional action.

Legal Challenges Shape the Future of Prediction Markets

The legal debate extends beyond Congress because courts and regulators have increased scrutiny of prediction market platforms. France recently blocked access to Polymarket after determining that the platform promoted illegal gambling services. That decision added international pressure to the broader regulatory discussion.

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The United States also recorded an important legal development involving Kalshi and sports event contracts. Judge Analisa Torres ruled that New York gambling laws apply to Kalshi’s sports-related contracts. As a result, the ruling challenged the argument that federal commodities regulation alone governs these markets.

Wallach also referenced the Dodd-Frank Act while discussing the CFTC’s authority over event contracts. He argued that the law allows regulators to prohibit contracts involving gaming when public interest concerns arise. That interpretation may become an important topic during the congressional hearing.

David Bean, Chairman of the Indian Gaming Association, plans to present concerns about sports prediction contracts. He argues that these products closely resemble conventional sports gambling despite their financial market structure. His testimony supports stronger limits on sports-related contracts offered through federally regulated exchanges.

The American and Indian gaming associations continue advocating for a complete ban on sports contracts. They believe prediction market platforms bypass regulatory systems that govern traditional sports betting operators. Consequently, they argue that equal standards should apply across both industries.

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The hearing comes during a period of rapid growth for prediction markets across the United States. Platforms including Polymarket and Kalshi have expanded their offerings beyond politics into sports and other real-world events. However, that expansion has also attracted greater legal scrutiny from regulators, lawmakers, courts, and gaming organizations.

Congress will now examine whether existing federal laws adequately address these evolving markets. The discussion may influence future regulatory priorities for prediction platforms and sports event contracts. Even so, the hearing itself will primarily focus on oversight, customer protections, market integrity, and the legal boundaries governing sports prediction markets.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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More MiCA-licensed firms may leave EU market

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Crypto Breaking News

Gate Europe’s CEO Giovanni Cunti says the Markets in Crypto-Assets Regulation (MiCA) has raised the long-term operating burden for firms already authorized to serve EU customers, warning that some licensed providers may eventually decide they cannot afford the compliance costs.

Speaking to Cointelegraph’s Chain Reaction on Monday, Cunti argued that MiCA’s stricter requirements have tightened competition—particularly for newcomers—and that the market may now be too small for some businesses to sustain the resources required to operate under the EU framework.

Key takeaways

  • MiCA compliance costs are increasingly viewed as a barrier for some licensed crypto-asset service providers (CASPs), according to Gate Europe’s CEO.
  • The July 1 end of MiCA’s 18-month transition period forced a retrenchment in some services across Europe, while licensed firms continued under the new regime.
  • Regulatory burden may push certain startups and projects to launch outside the EU to preserve room for product iteration and growth.
  • Despite the pressure, ESMA’s CASP authorizations continue to expand, though at a slower pace since the transition deadline.
  • As the market contracts from “thousands” of operators to “hundreds,” remaining providers may benefit from customer migration rather than losing users.

MiCA’s transition deadline changed who can serve EU users

MiCA is the EU’s comprehensive regulatory framework for crypto assets. The bloc’s 18-month transition period ended on July 1, meaning crypto firms serving EU customers needed authorization under MiCA or otherwise had to stop offering regulated services.

Cointelegraph previously reported that the deadline triggered service changes from several exchanges in parts of Europe while firms sought MiCA approvals. A notable example is Binance, which Cointelegraph said was unable to secure a MiCA license before the deadline. The result was a patchwork of restrictions depending on jurisdiction—an early sign that the authorization process would determine who could continue operating as usual.

Gate Europe warns some licensed firms may not endure

Cunti’s central concern is not simply that compliance is costly, but that the costs and staffing requirements needed to operate continuously under MiCA could outweigh the revenue potential for some firms—especially those that acquired a license expecting the broader market to remain large.

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He told Cointelegraph that “quite a few” firms that obtain MiCA licenses may ultimately lack the capacity to sustain the “cost and the resources” required “in the long term.”

For investors and operators, the implication is straightforward: in a regulated environment with ongoing obligations, survival increasingly depends on business scale and risk management—not only on obtaining a license once. That can favor larger, better-capitalized platforms and reduce room for smaller providers that cannot spread compliance overhead across higher volumes.

Regulation may drive projects to other jurisdictions

Beyond business continuity, Cunti also suggested that MiCA’s stricter approach could affect where new crypto products and projects choose to launch. He said MiCA strengthens investor protections, but also leaves less space for innovation compared with jurisdictions that apply lighter regulatory requirements.

That, he argued, may lead some teams to choose non-EU markets as a first stop. “We may need to be prepared that some projects, possibly some important projects, may be looking at other jurisdictions with different guidelines,” Cunti said.

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At the same time, the EU framework still appears to be gaining institutional traction. ESMA continues to add CASPs to its public register, indicating that the compliance pathway exists—though Cunti’s comments point to a tougher economic reality for firms after authorization.

ESMA licensing continues, but momentum is slower

According to ESMA updates cited by Cointelegraph, the number of companies authorized under MiCA has kept rising. On Friday, ESMA added 14 crypto-asset service providers to its register, bringing the total to 294. Cointelegraph noted that this followed the addition of 37 firms in ESMA’s first update after the July 1 transition deadline.

While the steady increase shows that regulatory onboarding is continuing, Cunti framed the broader effect as a reshaping of competition rather than a simple expansion of the market. He pointed to the difference between the pre-MiCA landscape—when, in his view, there were “thousands of operators”—and the post-deadline environment, which is now closer to “hundreds.”

From a market-structure perspective, this distinction matters. A shrinking number of compliant providers can reduce choice and increase regulatory concentration, but it can also redirect demand. Cunti suggested that customers still want access to EU-regulated services and therefore may migrate toward the remaining compliant platforms rather than leaving the ecosystem entirely.

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“So definitely there is a big opportunity for all of us,” he said, adding that “there is an ongoing migration because customers do not want to lose access to this market.”

ESMA’s role also remains active as regulators oversee how major venues adapt. Earlier coverage from Cointelegraph referenced an ESMA warning that brought Binance’s EU service changes into scrutiny—another signal that MiCA implementation is ongoing, not a one-time switch.

What to watch next

The key question after MiCA’s transition is whether authorization translates into sustainable operations. Readers should watch for evidence that some licensed firms scale down, exit, or consolidate—alongside continued ESMA licensing updates and any further regulatory scrutiny over how exchanges restrict services in different EU regions.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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MoneyGram’s CEO says blockchain works best when customers don’t know it’s there

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MoneyGram's CEO says blockchain works best when customers don't know it's there

In attempting to modernize and better meet its customers’ needs, MoneyGram has partnered with the Stellar network, which has underpinned many of the company’s blockchain initiatives over the past five years. But the company has also started exploring other ecosystems: while Stellar remains a core partner, MoneyGram has also become a validator on Solana and Tempo. For MoneyGram, the immediate payoff isn’t speculative crypto activity, it’s replacing legacy financial rails.

Today’s cross-border settlement still largely depends on banking hours and weekday processing. Blockchain-based infrastructure, Soohoo argued, enables real-time settlement around the clock, reducing operational costs while improving the customer experience.

“We believe if we do it right, we can achieve all three,” he said, referring to helping customers save time, effort and money. Instant settlement also allows MoneyGram to lower back-office costs, savings the company hopes to eventually pass on through lower prices. Currently, MoneyGram’s fees start at $1.89 and vary depending on what country you send them to.

Soohoo doesn’t believe consumers need to understand the technology powering those improvements. He compared blockchain to the processors inside Apple’s iPhone.

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“I can’t tell you what processor is inside my iPhone,” he said. “I just know it’s faster.” In the same way, he argued, remittance customers care about whether money arrives quickly and reliably, not whether it traveled over a blockchain.

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4 Key Reasons Behind Bitcoin’s (BTC) Rally Above $66K

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July has been historically a positive month for bitcoin and this edition hasn’t disappointed so far. The cryptocurrency began the month on the wrong foot, dipping below $58,000 for the first time in nearly two years, but it rebounded swiftly in the following weeks.

Earlier today, it rocketed past $66,000 for the first time in over a month, gaining over $8,000 since that July 1 low. Here are some of the possible reasons behind it.

Whale and ETF Accumulation

As June was coming to an end and it became known that it would be a highly painful month for the asset with a nosedive of over 20%, we outlined several factors that had to change in July for a price resurgence. One of them was the ETF inflows. The financial vehicles went on a violent eight-week withdrawal-only streak, which was finally snapped a couple of weeks ago.

Moreover, investors continued to pour funds into the ETFs, which ended two weeks in the green in a row for the first time in months. July 20 extended the streak as the funds attracted almost $227 million.

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The second major reason for the price revival is whale behavior. Data shared by CryptoQuant indicated that large market participants holding between 1,000 and 10,000 BTC increased their 60-day net accumulation to roughly 66,700 units, which is close to the recent record seen a month ago.

“This is the cohort’s strongest accumulation reading since February 17, when net accumulation briefly exceeded 106,000 BTC.”

News From the US

The third reason has a more macro scent. It came a week ago when the US CPI numbers for June were announced, showing softer-than-expected inflation rates. BTC rallied immediately after the news went live as lower inflation reduced the pressure on the Fed to hike interest rates. Similar market conditions are regarded as beneficial for risk-on assets like bitcoin.

Last but perhaps most importantly at the moment comes a development on the CLARITY Act. After the odds of approval dropped toward 30% just days ago, reports emerged that the White House had agreed on an ethics package for the key legislation and sent the language to certain Senate republicans for further validation.

Although the details are still scarce, industry experts believe this is a major step in the right direction for the bill, and it increases the chances for a 2026 approval.

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The post 4 Key Reasons Behind Bitcoin’s (BTC) Rally Above $66K appeared first on CryptoPotato.

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Prism Relaunches on New Contract After Exploit Diverted Nearly 40% of Fees

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Prism Relaunches on New Contract After Exploit Diverted Nearly 40% of Fees


Prism, a token that pays a share of trading fees to everyone who holds it, is relaunching on a new Ethereum contract after disclosing that an attacker spent most of July siphoning off nearly 40% of those fees. The original PRISM token, which the project is now abandoning, plunged about 91% in the… Read the full story at The Defiant

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Citi Keeps 10,000 KOSPI Target Despite Market Selloff

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KOSPI Performance on July 21

Citigroup has reaffirmed its KOSPI price target of 10,000, projecting that the recent sell-off in South Korean stocks could soon reverse.

The index has shown notable volatility in 2026, forcing the Korea Exchange to trigger sidecars and circuit breakers across repeated sessions.

Why Citi Sees a Buying Opportunity For KOSPI

The KOSPI has slid into a broader decline since setting a record closing high of 9,114.55 on June 22. Citi remains bullish on a revival. 

The bank’s analysts told clients in a Monday note that the market’s headwinds have peaked. Citi argues that strong economic fundamentals and a market-friendly policy mix can drive the recovery.

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“We think the recent share price pullback of KOSPI equities, led by KR memory suppliers, is more of a technical correction driven by market-wide profit-taking and therefore could represent a potential buying opportunity,” the analysts stated.

Meanwhile, the index posted another red session on Monday, dropping more than 4%. It reversed sharply on Tuesday. The surge tripped a buy-side sidecar at 12:41 p.m., a curb that briefly suspends program buy orders when KOSPI 200 futures rise 5% or more for at least a minute.

The KOSPI closed Tuesday up 3.56% at 6,747.95. From that level, Citi’s 10,000 target implies a 48% gain, and it sits nearly 10% above the previous closing record.

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KOSPI Performance on July 21
KOSPI Performance on July 21. Source: Google Finance

Notably, volatility remains the KOSPI’s defining feature. Volatility on the index has topped 60% this year, almost double Japan’s Nikkei 225 and higher than Bitcoin (BTC).

The turbulence forced the Korea Exchange to trigger circuit breakers seven times through mid-July, up from none in 2025.

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Tuesday’s rebound closed part of the distance Citi flagged. Whether it holds remains to be seen.

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The post Citi Keeps 10,000 KOSPI Target Despite Market Selloff appeared first on BeInCrypto.

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Pi Network (PI) Rises 25% in a Week But Warning Signs Point to Another Possible Pullback

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Pi Network’s PI has emerged as one of the strongest performers in the top-100 crypto ranking over the past week, outpacing countless major digital assets.

However, this rally may prove short-lived and could be followed by another sharp pullback in the near future.

PI Flashes Green

In mid-July, the native token of the controversial crypto project tumbled to a new all-time low of around $0.07, while its market capitalization slipped well below the $1 billion psychological level.

Since then, though, the bulls have stepped in, and now PI trades at around $0.093 (per CoinGecko), representing a roughly 25% increase on a weekly basis.

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The exact catalyst of the resurgence remains unclear since Pi Network’s team has been rather silent over the past few days and has not unveiled any new ecosystem updates. Of course, one potential factor could be the overall revival of the crypto market, where Bitcoin (BTC) crossed $66,000, while Ethereum (ETH) aims to reach $2,000.

Many analysts are now optimistic that PI can post further gains. X user Crypto With Gopal claimed that the asset is printing a “Falling Wedge” after a prolonged downtrend where selling pressure is fading, and the price is “squeezing toward the wedge apex.” They believe this formation often signals that momentum is shifting back to the bulls.

“Buyers are quietly defending support while lower highs continue to compress. A strong breakout above the wedge resistance could spark a sharp relief rally as sidelined buyers step in. If bulls reclaim the trendline with volume, PI could be setting up for a major expansion move. Market sentiment is cautiously turning bullish,” they added.

Prior to that, OxNeena argued that after months of selling pressure, PI has finally shown signs of accumulation. They believe that if buyers step in, this could mark the beginning of a strong trend reversal, with $0.20 and $0.32 set as potential upside targets.

Brace for Potential Drop

PI investors should remain cautious, as previous pumps like this have often been abruptly ended by another major move downward. The prolonged bear market and the concerning condition of the entire crypto sector reinforce those fears.

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Meanwhile, the PI community must take other factors into account, including the upcoming token unlocks. Around 127.5 million coins are set for release in the next 30 days: a development that doesn’t guarantee a price drop but increases selling pressure.

PI Token Unlocks
PI Token Unlocks, Source: piscan.io

X user Travladd told their nearly 500,000 followers on X that PI is “looking cooked,” noting that there is too much supply. “Won’t catch me buying into any relief rally,” they added.

The post Pi Network (PI) Rises 25% in a Week But Warning Signs Point to Another Possible Pullback appeared first on CryptoPotato.

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Spot Bitcoin ETFs Continue Inflow Streak, BTC Crosses $66,000

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US spot Bitcoin ETFs recorded their fifth consecutive day of inflows, their longest streak since May, as the flagship cryptocurrency crossed $66,000. Strong inflows suggest price action and investor sentiment could be stabilizing after a period of sustained outflows.

Bitcoin (BTC) has regained momentum over the past seven days, reclaiming $65,000 on Monday and extending its gains on Tuesday to surpass $66,000. BTC registered an increase of over 3% in the past 24 hours and is currently trading around $66,158.

Spot Bitcoin ETFs Extend Inflows

Spot Bitcoin ETFs registered their fifth consecutive day of inflows, recording $226.80 million on Monday, the highest single-day inflow since July 6, as institutional demand returned. The ETFs have recorded a total net inflow of $727.3 million over the five-day streak and posted back-to-back positive weeks for the first time since May.

BlackRock’s IBIT recorded the highest inflows on Monday with $116.5 million, followed by ARK Invest’s ARKB with $72.7 million. Fidelity’s FBTC recorded $24.1 million in net inflows, while Bitwise’s BITB added $8.8 million and VanEck’s HODL registered $1.8 million in net inflows. Morgan Stanley’s MSBT recorded inflows of $6.9 million. However, Grayscale’s Bitcoin Trust recorded $45.4 million in outflows. Those outflows were offset by Grayscale’s Mini Bitcoin Trust, which recorded $41.4 million in net inflows.

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Institutional Interest Returning?

Consistent inflows have returned after a period of sustained outflows as institutional investors pulled capital from Bitcoin ETFs. Analysts believe the inflows suggest returning institutional interest in Bitcoin and their preference for ETFs for crypto exposure. However, Simon-Peter Massabni, the head of business development at XS, believes the inflows indicate easing sell-side pressure rather than returning institutional interest and demand. According to Massabni, BTC must break and hold above $65,000 to strengthen the bullish argument.

Richard Galvin, executive chairman of DACM, believes the inflows suggest Bitcoin was beginning to find a bottom. BTC is trading above $66,000, a level it must sustain to convince the market of a sustained uptrend. The flagship cryptocurrency has largely traded between $60,000 and $65,000 in recent weeks amid geopolitical and macroeconomic headwinds.

Damien Loh, CIO at Ericsenz Capital, warned of rising inflation and interest rate hikes if the conflict between the US and Iran continues dragging on. Loh believes this could make institutional investors reluctant to put capital in BTC and other risk assets. However, he added that if the CLARITY Act passes before the August recess, it could provide the catalyst needed to push prices higher.

Strategy Building $3.23 Billion Warchest

Rising ETF inflows come amid Strategy’s efforts to improve its liquidity. The Bitcoin treasury company sold some of its Bitcoin holdings for the first time since June 2022, as it attempts to mitigate the impact of BTC’s recent decline and meet its dividend obligations. BTC is down nearly 50% from its October 2025 high of $126,000, and recently sold $263.5 million in common stock. However, it did not use the proceeds from that sale to purchase additional BTC. Instead, the company used the funds to bolster its dollar reserve.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Robinhood Chain Booming, Bernstein Puts Higher Target on HOOD

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eth logo

Bernstein just raised its price target on Robinhood stock to $160, and the key driver is not crypto trading volume. Instead, the firm sees long-term value in Robinhood’s blockchain infrastructure. Robinhood Wrapped ETH on Robinhood Chain has gained about 2% over the past week, while daily trading volume sits near $44 million. Those numbers suggest the network is attracting steady activity rather than short-lived hype.

Ethereum (ETH)
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Bernstein analysts, led by Gautam Chhugani, lifted their HOOD target from $130 to $160, based on a 2028 EPS estimate of $4.56 and a 35x forward P/E multiple. The firm expects prediction markets, perpetual futures, and Robinhood Chain to generate 18% of total revenue by 2027, rising to 23% in 2028. Prediction markets alone could contribute $1.7 billion by 2028.

Discover: The Best Crypto to Diversify Your Portfolio

Robinhood, The Stock Platform Juggernaut

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Robinhood’s second-quarter earnings arrive on July 29, and Bernstein expects new businesses to soften any slowdown in crypto trading revenue. That fits a growing trend across the market. Investors increasingly reward companies building the rails for digital assets instead of simply benefiting from speculative token rallies. Building the highway often pays better than collecting tolls during rush hour.

Robinhood Chain could also benefit the crypto market beyond its own ecosystem. More Layer 2 infrastructure gives users cheaper transactions and faster settlement while helping Ethereum scale. As more developers deploy applications and liquidity spreads across new networks, on-chain activity becomes easier to access for retail users. Fresh competition rarely hurts innovation, especially in crypto.

Bernstein just raised its price target on Robinhood stock to $160, citing long-term value in the company's blockchain infrastructure.
Robinhood Chain Dex Volume, Defillama

For traders, the takeaway is simple. Robinhood Chain appears to be gaining real usage, and that matters more than any single token’s price action. If network adoption keeps climbing, it could strengthen Ethereum’s ecosystem and encourage more capital to flow into decentralized finance. In crypto, the flashiest coin grabs headlines, but the strongest infrastructure often wins the longest race.

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LiquidChain Targets Cross-Chain Infrastructure as HOOD Token Tests Lows

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The Robinhood Chain story is a reminder that chain-level infrastructure can capture value before native tokens catch up. That gap is exactly where early-stage infrastructure finds its pitch. Investors rotating out of speculative token exposure are increasingly looking at what’s being built at the execution layer.

LiquidChain is positioning as a Layer 3 infrastructure project with a specific structural thesis: fuse Bitcoin, Ethereum, and Solana liquidity into a single execution environment. The USP is architectural with a Unified Liquidity Layer with Single-Step Execution, Verifiable Settlement, and a Deploy-Once framework that lets developers access all three ecosystems without rebuilding for each chain.

The presale is live at $0.01482 per $LIQUID, with $915K raised to date. As covered in earlier presale reporting, the project is approaching the $1M milestone.

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Research LiquidChain here before sizing any position.

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Tether Rethinks XXI’s Bitcoin Treasury Model After Just 7 Months

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Twenty One Capital Among Top 100 Public BTC Treasuries. Source: Bitcoin Treasuries

Twenty One Capital (XXI) CEO Jack Mallers stepped down on Monday, seven months after the company went public. Tether also dropped its plan to merge the Bitcoin treasury firm with Strike, Mallers’ payments company.

The bigger story is the new game plan. Twenty One listed five fresh priorities, and buying more Bitcoin (BTC) is not one of them.

Why Tether Is Rewriting Its Bitcoin Treasury Playbook

Back on April 29, Tether pitched a grand plan. It wanted to fold Twenty One, Strike, and Elektron Energy, a Bitcoin mining firm, into a single Bitcoin platform.

Galaxy Research said the combined group could rival Strategy’s dominance among corporate holders. Now, Jack Mallers is leaving, and has announced his step-down as CEO of Twenty One.

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That vision lasted less than 12 weeks. Strike now stays independent. A deal with Elektron is still possible, but talks are early. There is also a catch. Tether owns majority stakes on both sides, so any deal would face extra review as a related-party transaction.

The timing is no accident. Digital asset treasury (DAT) companies, firms that mainly buy and hold crypto, are under pressure. Bloomberg reported that Bitcoin’s price slump has brought losses and job cuts across the sector.

XXI has felt that pain. The stock listed on the New York Stock Exchange (NYSE) in December after a rocky market debut. It closed Monday at $5.32, down about 43% this year. The company is now worth about $1.85 billion.

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Zagury Takes Over With a Cash Flow Mandate

New CEO Raphael Zagury comes from the money side of the business. He held senior roles at Goldman Sachs, Deutsche Bank, and Merrill Lynch. He later ran finances at OpenCo, once among Brazil’s largest fintech lenders.

His plan reads simply. Buy and build businesses that earn money, and keep the Bitcoin. The company compared its new model to Berkshire Hathaway. It also wants to lend against Bitcoin, so holders can access cash without selling.

“My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution. I believe our business will perform best when we also focus on the cash flow we generate and the rigor with which we allocate capital, not only by the Bitcoin we hold,” Zagury said in a statement.

Tether saw this coming. It took full control in May by buying SoftBank’s 25% stake. Twenty One still holds 43,514 BTC, second only to Strategy in BitcoinTreasuries.net data. It also keeps its strict Bitcoin-only treasury stance.

Twenty One Capital Among Top 100 Public BTC Treasuries. Source: Bitcoin Treasuries
Twenty One Capital Among Top 100 Public BTC Treasuries. Source: Bitcoin Treasuries

The big question is what happens next. If the second-largest Bitcoin treasury needs more than Bitcoin, others may follow. The Elektron talks should offer the first clue.

The post Tether Rethinks XXI’s Bitcoin Treasury Model After Just 7 Months appeared first on BeInCrypto.

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Twenty One Capital CEO steps down as Tether’s plans to merge three bitcoin firms falls

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Twenty One Capital CEO steps down as Tether's plans to merge three bitcoin firms falls

Tether-controlled Twenty One Capital (XXI) named Raphael Zagury as CEO, replacing Jack Mallers, and dropped Strike from a proposed three-way merger, the companies said.

Mallers stepped down effective July 20 to focus on Strike, the bitcoin payments firm he founded. Strike will remain independent and is no longer being considered for a business combination with Twenty One, according to a press release.

Tether, Twenty One’s controlling shareholder, confirmed the changes in a separate announcement.

Tether proposed combining Twenty One, Strike and Elektron in April, seeking to place bitcoin treasury, financial services and mining under one listed company.

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Twenty One’s revised strategy will focus on acquiring operating businesses, expanding capital markets capabilities and developing bitcoin-backed lending.

XXI is little changed in pre-market trading.

CoinDesk has reached out to all three companies, but hasn’t heard back at the time of writing.

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