Crypto-linked equities slid again after the U.S. Senate failed to move forward the Digital Asset Market Clarity (CLARITY) Act through a key procedural vote, leaving the bill’s timeline in serious doubt. According to Yahoo Finance data cited in coverage, shares of Coinbase, Circle, and Strategy continued to trade lower into Wednesday.

While the selloff affected multiple parts of the crypto market, Saxo Bank said the impact is not uniform—exchange operators like Coinbase face a more direct regulatory exposure because market-structure rules can shape registration requirements, eligible assets, and who is allowed to participate in U.S. crypto markets.

Key takeaways

• Saxo Bank highlighted Coinbase as the most directly exposed company to CLARITY because market-structure provisions could determine its core trading operating model in the U.S.
• Circle’s exposure is more closely tied to U.S. stablecoin adoption and earnings from reserves, while Strategy’s performance depends primarily on its Bitcoin holdings and financing.
• The CLARITY Act failed a procedural vote on Tuesday (49-50), falling short of the 60 votes required to advance.
• Ethics provisions remained a major sticking point even after last-minute concessions.
• The Senate’s limited remaining calendar before the Nov. 3 midterm elections and Dec. 18 adjournment creates a narrow window for any revival of the legislation this year.

Why the bill matters more for exchanges

In a Wednesday note, Saxo strategist Ruben Dalfovo argued that exchanges may be more vulnerable to CLARITY’s final shape than other crypto-linked businesses. The reason is straightforward: if Congress adopts “market-structure” rules, those provisions can influence whether firms must register in particular ways, what assets can be traded, and the conditions under which investors and participants can access U.S. crypto markets.

“Coinbase is most exposed to clearer market rules because trading and crypto participation directly affect its business,” Dalfovo wrote.

That distinction is important for investors trying to parse a sector-wide move after procedural legislative setbacks. Even though the same headline—CLARITY failing to advance—hit crypto stocks broadly, Saxo’s framework suggests the regulatory “transmission mechanism” differs by business model.

Different exposures across Coinbase, Circle, and Strategy

Saxo’s note separated the companies into different regulatory sensitivities.

Circle’s business, Dalfovo said, is more tightly linked to adoption of its U.S. dollar stablecoin, USDC. The firm’s revenue dynamics are also connected to interest earned on its reserves—so stablecoin-related policy developments and the broader environment for regulated stablecoins may matter more for Circle than exchange-specific rules.

For Strategy, Saxo described exposure as primarily driven by its Bitcoin holdings and financing structure. In other words, the company’s near-term performance is less about trading-market participation rules and more about its capital structure and BTC exposure.

Despite these differing exposures, the market still reacted as a group. Cointelegraph reported that shares of the three companies fell between 5% and 10% after the Senate procedural vote, even though the potential implications for each business are not identical. Early Wednesday trading continued the pressure, with Coinbase, Circle, and Strategy down between 2% and 6% according to Yahoo Finance data.

The procedural defeat and the ethics hurdle

CLARITY’s setback came on Tuesday when senators voted 49-50 against invoking cloture on a motion to proceed. That procedural step is often crucial because it limits further debate and allows a bill to move toward consideration on the Senate floor. In this case, it fell far short of the 60 votes needed.

According to the reporting referenced in the article, ethics provisions remained a major sticking point. Even with last-minute concessions aimed at addressing concerns over public officials’ crypto-related interests, lawmakers did not reach consensus sufficient to move the bill forward.

This matters because procedural votes are frequently treated by markets as a signal about whether legislative momentum exists. When cloture fails, the practical likelihood of reaching a final vote can drop sharply—especially in a shorter session with competing priorities.

Narrow time window in the Senate

The failure also significantly narrows the bill’s prospects for the rest of this Congress. The Senate has a limited legislative calendar around the Nov. 3 midterm elections and is targeting Dec. 18 for adjournment, which leaves fewer opportunities to revive the bill and schedule additional votes before the current term ends.

In practical terms, that creates uncertainty for firms and investors that have been watching CLARITY as a potential source of clarity. The bill is not just “on or off” but may effectively move into a delayed or uncertain future depending on whether new negotiations can overcome the ethics concerns.

For exchange operators in particular, the stakes are tightly linked to how market-structure rules ultimately land—because those rules can determine operating requirements and trading scope. For stablecoin issuers, the policy pathway may be more about adoption and reserve treatment, while for Bitcoin treasury companies the key variable remains the interplay between crypto regulation and their BTC-focused strategies.

Going forward, traders and investors will likely watch whether CLARITY returns to the agenda before the end-of-year deadline, and whether the Senate can reach a workable compromise on the ethics language that stalled the cloture vote.

Russian spies are using Telegram and crypto to entice teenagers and young adults across Europe to carry out acts of sabotage and violence.

That’s according to a study released by the Institute for Strategic Dialogue (ISD) and shared with the i Paper. 

The study revealed that Russian actors are targeting teenagers and young adults via a network of Telegram groups called “com networks” in which participants compete for clout by uploading harmful content.

I Paper discovered two clips shared in these groups took place in the UK. In one instance, someone filmed themselves smashing a car that belonged to a care worker. 

Read more: Russia offered crypto to firebomb Sir Keir Starmer’s home, report

Another showed what appears to be the same person throwing a brick through the window of a house.

One week after these incidents, Ukrainian police arrested two young boys, aged 11 and 15, who were allegedly planning to attack their school with guns and explosives “on the orders of the Russian Federation.”

The Security Service of Ukraine described these incidents as a Russian intelligence operation.

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According to the ISD, there are “multiple indicators suggesting possible Russian state-linked support” for parts of the network, and organizers “mirror established Russian methods for recruiting ‘disposable agents’ for violence abroad.”

The study’s author, Steven Rai, claims they’ve seen the Russia-linked Telegram chats offer crypto for arson attacks, and that these payments within the com networks are “completely new.” 

An all-encompassing umbrella group made up of a collection of these Telegram networks claims it wants to bring participants of different views together with “one goal” to cause chaos. 

One part of this collective claims to be allied with Direct Action, a Russian-manufactured far-right group that organised the fire bombing of former UK Prime Minister Sir Keir Starmer’s house.

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In this case, thousands of dollars worth of the stablecoin USDT was reportedly offered to a 22-year-old Ukrainian in return for carrying out the attacks in the hopes of attracting press coverage. 

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

Less than 24 hours after the collapse of the crypto industry’s market structure bill, the tax committee in the U.S. House of Representatives has advanced another important industry effort that would clarify crypto tax treatment and ease burdens on casual transactions.

At a Wednesday hearing known as a markup, in which a committee evaluates a bill and considers changes before deciding whether to advance it to the wider chamber of lawmakers, the panel voted 38-5 to endorse the bill and forward it to the rest of the House, signalling massive bipartisan support for the measure.

The Digital Asset Tax Certainty Act, revealed earlier this week by the House Ways and Means Committee, would provide crypto users long-awaited answers on what are known as “de minimis” transactions, or small, routine payments, which currently trigger difficult tax accounting. The legislation also addresses how crypto income would be recognized for tax purposes, transfers, wash sale rules, mining, staking and requirements for brokers, and it generally seeks to ensure that digital assets get similar treatment as other assets.

The product launches with more than $40 million of leases committed, the firm said. Initially available in beta, thSLVR will be offered to institutions and whitelisted investors, with broader access planned later.

Tokenized silver remains a considerably smaller market than tokenized gold, which has grown to several billion dollars across multiple products. Existing silver tokens that offer returns typically distribute a portion of platform trading fees rather than income earned by lending the underlying metal.

Tokenized commodities

The tokenized real-world asset market has expanded rapidly beyond U.S. Treasuries and private credit into equities, funds and commodities. Tokenized commodities now represent about $4.9 billion in distributed value across 130 products, led by gold-backed tokens from Tether and Paxos, while the number of commodity-token holders rose 13% over the past month to almost 339,000, according to RWA.xyz

Silver leasing rates can rise sharply during periods of limited physical availability. Around 83% of the silver held in London vaults is locked in physically backed investment products, leaving about 136 million ounces available for trading and leasing, according to data cited by Theo.

London’s one-month silver lease rate briefly climbed to about 39% in October 2025, compared with a historical norm below 1%. Rates have since normalized, though the market is projected to record a sixth consecutive annual supply deficit in 2026, with the shortfall estimated at 46.3 million ounces.

5) Thermocap multiple: The thermocap multiple is a measure like price to book that compares bitcoin’s market capitalization to the cumulative dollar value ever paid to miners, with each coin valued at its market price when it was mined. Prior crypto winters ended at single-digit multiples, but this cycle it only declined to 13 times, according to Glassnode data as of June 30, 2026. These levels are not a guarantee of future price action.

6) Price action: A 50% rally from the low has historically coincided with prior market troughs, although no such relationship guarantees future outcomes.

Once the next cycle does begin, we expect two key debates to persist throughout:

Will bitcoin reach a new high before the next halving? During both the 2012 to 2016 cycle and the 2016 to 2020 cycle, bitcoin did not surpass its prior cycle high until after the halving. However, in the 2024 cycle, bitcoin surpassed the 2021 high one month before the April 2024 halving, according to Bloomberg data.

Has AI replaced crypto as the market’s leading speculative/disruptive-technology narrative? In 2020 and 2021, crypto was one of the clearest expressions of a high-liquidity, disruptive-technology market. Since 2024, however, AI has become the dominant growth story.

While Bitcoin and crypto-linked stocks fell sharply after the US Senate failed to advance the Digital Asset Market Clarity, or CLARITY, Act, Saxo Bank believes exchanges like Coinbase have more at stake than most because clearer rules could directly affect their trading businesses.

In a Wednesday note, Saxo strategist Ruben Dalfovo said Coinbase (COIN) is the most directly exposed to developments around CLARITY because market-structure rules could determine registration requirements, which assets can trade and who can participate in US crypto markets.

“Coinbase is most exposed to clearer market rules because trading and crypto participation directly affect its business,” Dalfovo wrote.

Stablecoin issuer Circle (CRCL) and Bitcoin (BTC) treasury company Strategy (MSTR) have different exposures, according to Dalfovo. Circle’s business is more closely tied to adoption of its USDC stablecoin and interest earned on its reserves, while Strategy’s performance is driven primarily by its BTC holdings and financing structure.

As Cointelegraph reported late Tuesday, shares of all three companies fell between 5% and 10% after the Senate procedural vote, despite differences in how the legislation could affect their businesses.

The selloff continued early Wednesday, with Coinbase, Circle and Strategy all down between 2% and 6%, according to Yahoo Finance data.

Related: Democrats push back on GOP’s ‘final’ CLARITY offer with counterproposal: Politico

CLARITY faces narrowing path forward

The CLARITY Act failed a key procedural vote on Tuesday, with senators voting 49-50 against invoking cloture on a motion to proceed to the bill, well short of the 60 votes needed. The vote would have limited further debate and allowed the Senate to move toward considering the legislation on the floor.

Ethics provisions remained a major sticking point despite last-minute concessions aimed at addressing concerns over public officials’ crypto interests. 

The setback significantly narrows the bill’s path forward this year. The Senate has a limited legislative calendar around the Nov. 3 midterm elections and is targeting Dec. 18 for adjournment, leaving lawmakers a relatively small window to revive the legislation before the current Congress ends.

Related: Crypto Biz: AI took a back seat when Bitcoin started climbing

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The newspaper subsequently reported that the Treasury is “investigating $165 million in cryptocurrency-linked transactions that may have helped finance Hamas” prior to the October 2023 attacks.

While the documents suggested that Binance may have improved its KYC and AML protocols, it’s unclear whether the Hamas overture is a response to this.

“When terrorist groups tell people to avoid Binance, it shows our controls are working,” said Binance’s chief compliance officer, Noah Perlman. “Binance is not a safe place for illicit actors. We invest heavily in sanctions screening, transaction monitoring and investigations, and we work closely with law enforcement to identify, disrupt and report terrorist financing and other financial crime.”

According to OKX, the wallet address referenced in the Feb. 10, 2025, communication had no association with OKX and had already been identified by its internal controls as linked to illicit activity. As a result, any attempts by OKX customers to transfer funds to the address would have been flagged and prevented, the exchange said via email.

Kast said it maintains a dedicated financial crime compliance function, with more than 50 employees across its broader compliance organization.

“All customers are subject to identity verification and screening before accessing our services. The company combines its own technology with established compliance and risk-management providers, including Elliptic, Sumsub, and Sardine, to support sanctions screening, customer due diligence, and transaction monitoring,” a Kast spokesman said via email.

The health tech industry is booming, with services like telemedicine getting more popular, and more companies offering tools to monitor personal health at home. To identify the companies across the globe using digital technologies to make healthcare more effective and accessible, TIME partnered with data firm Statista to research the World’s Top HealthTech Companies of 2026, evaluating metrics including financial performance, reputation, and online engagement.