The industry’s biggest legislation has faced yet another setback. The US Senate will not take up the crypto market structure bill before lawmakers leave Washington for the month-long recess, pushing the vote to September instead.

Senate Majority Leader John Thune, speaking through a spokesperson, confirmed there will be no vote on the CLARITY Act in August but said the measure is expected to be considered once the Senate returns.

Thune said Democrats remained opposed to holding a vote before the recess.

“The Dems are insistent on no CLARITY vote… I worked with sponsors of the bill. Senator Lummis was great, and we’re getting that queued up first thing when we come back.”

CLARITY Act on Hold

With the vote pushed back, senators now have several more weeks to gather the support needed for the legislation. The bill requires 60 votes to advance in the Senate, meaning it cannot pass without some Democratic votes.

Democrats are pushing for stronger safeguards to stop President Donald Trump from benefiting financially from crypto while serving in office. Support from Republicans has also been uncertain in recent weeks. For instance, Senator Josh Hawley earlier said that he will oppose the bill unless it is changed to address concerns from community banks.

Even if the Senate passes the CLARITY Act, the process will not end there. The legislation must go back to the House for approval before it can be sent to President Donald Trump for his signature.

Not everyone sees it as a major blow to the industry. Before the Senate confirmed the delay, Bitwise Chief Investment Officer Matt Hougan had stated that missing the August vote would not derail the industry’s long-term growth. He expects lawmakers could revive the legislation when Congress returns in September or during the year-end session.

Hougan said the biggest concern is the uncertainty surrounding the bill, which has kept some institutional investors on the sidelines. While a failed vote could trigger a short-term market dip, he believes a clearer outlook may ultimately boost confidence and support a stronger crypto rally later this year. He also noted that the SEC could still introduce crypto-friendly regulations.

Market Reaction

Major cryptocurrencies drew a muted response following the Senate update. Bitcoin traded around $64,100 on Friday, while Ethereum slipped below $1,900. XRP posted the biggest decline among large-cap tokens and lost over 2.5% to trade at $1.02.

BNB also moved lower, falling 1.4% to $587, while Solana slipped more than 1.7% to $72.6.

The post CLARITY Act Stalls in Senate as Political Divisions Push Crypto Bill Into September appeared first on CryptoPotato.

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The Government Accountability Office found that the Department of Government Efficiency’s (DOGE) Wall of Receipts includes savings estimates that are incorrect or lack supporting evidence, casting doubt on the $110 billion the entity claims it cut from federal spending.

The report examined the DOGE Wall of Receipts, the public ledger the initiative used to display cuts to federal contracts, grants, and leases.

What the GAO Audit of DOGE Found

The GAO published its review on August 6. It assessed savings data DOGE reported from January 20, 2025, through July 7, 2026.

DOGE launched the Wall of Receipts on February 17, 2025, weeks after President Donald Trump created the entity by executive order. According to the report, DOGE listed $110.3 billion in savings as of early July. 

Roughly $61 billion came from contracts and $49.2 billion from grants, according to the audit. However, the report found “issues limiting the transparency and reliability of these reported savings.”

“While the Wall of Receipts includes some information about the data and sources underlying reported savings, it does not sufficiently disclose limitations affecting data quality,” the report read.

Of the 13,476 contracts marked as terminated, more than a quarter carried no identifying details. That left them impossible to check. Only 43% of the reported contract savings were tied to contracts that were actually terminated, in full or in part.

The picture was worse for grants. GAO said DOGE reported 96% of its grant savings without enough information to verify how it calculated the figure.

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Savings That Never Happened

One example stands out. DOGE claimed more than $1.7 billion in savings on a Defense Health Agency technology contract at more than 700 military treatment facilities. GAO found the contract was never touched. So, nothing was actually saved.

Leases told a similar story. Of 264 still listed, 108 were already being wound down before DOGE launched. Real lease savings came to $31.8 million, not the $113 million claimed. The gap left roughly $81 million in savings that never existed. 

GAO urged the Executive Office of the President, working through the US DOGE Service, to display the data’s limitations clearly on the public site. The agency said that DOGE did not respond to its request for information or interviews.

The findings arrive after DOGE quietly collapsed months early and formally ended on July 4. Elon Musk, who once led the effort, has since ruled out repeating it.

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The post Government Auditors Question Evidence Behind DOGE’s $110 Billion Savings Claim appeared first on BeInCrypto.

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Ten European financial institutions, including ABN AMRO, DekaBank, DZ BANK and Natixis CIB, launched Regulated Layer One, a jointly owned blockchain network for regulated financial markets, the group said in a press release published Tuesday. The launch consolidates one of Europe's longest-running… Read the full story at The Defiant

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Safe smart accounts processed nearly 130 million transactions in the second quarter, the highest quarterly total in the protocol's history and a 5.7% increase from Q1, the Safe Ecosystem Foundation said in its Q2 2026 report published Wednesday. The record quarter came against a weaker market, a… Read the full story at The Defiant

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Japanese and South Korean equities reversed early gains on Friday. The KOSPI fell over 1%, while the Nikkei 225 dropped slightly as well, as memory chip stocks extended a multi-week selloff.

SoftBank Group slid 3.69% and SK Hynix sank 4.82%, pressuring both benchmarks. Weak overnight trading on Wall Street compounded the pullback across Asian markets.

Asian Indexes Give Back Early Gains

The KOSPI opened 1.1% higher at 6,365.07 points. It rose as high as 6,415.60 before sellers took control. The index then fell to 6,221.60, down 74.79 points, or 1.19%, from Thursday’s close of 6,296.39.

Japan’s Nikkei 225 followed a similar pattern. It opened higher at 65,746.13, above Thursday’s close of 65,683.04, then reversed to 65,193.16, down 489.88 points, or 0.75%. The session ranged between 64,651.49 and 65,990.72.

SoftBank Group, a top Nikkei 225 constituent, slid 3.69% to 5,485 yen. SK Hynix led KOSPI decliners, sinking 4.82% to 1,423,000 won. Samsung Electronics bucked the trend, adding 0.43% to 231,500 won.

Memory Chip Selloff Weighs on Sentiment

The declines extended a broader repricing that has driven a sharp SanDisk stock selloff over the past month. Kioxia, a Japanese flash-memory maker, dropped 2.03% to 47,750 yen earlier in Friday’s session.

Citigroup and Jefferies cut price targets on memory stocks this week. The move followed conservative guidance from SanDisk, whose quarterly results beat estimates but failed to lift its outlook.

Goldman Sachs said fully priced valuations leave chipmakers vulnerable to sharp drops. Even slightly conservative guidance can trigger a selloff despite strong headline results, the bank noted.

Wall Street closed lower across the board Thursday, weighing on Asian sentiment. The Nasdaq Composite slipped 0.06% and the S&P 500 fell 0.18%. The Dow Jones Industrial Average snapped a five-session winning streak with a 0.85% drop.

US jobless claims for the week ending August 1 came in at 199,000, slightly below forecasts. That points to continued labor market strength. Traders were also watching the Middle East. The United States and Iran have not yet finalized terms to reopen the Strait of Hormuz.

Whether the KOSPI and Nikkei stabilize may hinge on memory chip earnings and progress in the Hormuz talks.

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