China’s crypto rails have already moved $2.37 trillion. The US Senate has not even voted on its crypto rules. Faryar Shirzad, Chief Policy Officer at Coinbase, says the next financial system is being built right now.

Rails are the plumbing that moves money between banks and countries. Shirzad says China is investing more in this technology than anyone else.

What Did Coinbase Say?

Shirzad spoke in an interview on Fox Business. He called crypto plumbing, not an investment.

“Crypto fundamentally is a technology that allows people to transfer value, whether money or [a] financial instrument, as easily as they transfer a text… or e-mail.”

The host asked about Chinese AI models too. Shirzad then named the leader.

“The country that [in]vests most in this technology is China.”

He gave no numbers. Public data does.

How Big Are China’s Crypto Rails?

China runs a digital version of its currency. It is called the e-CNY.

The central bank says it has handled 3.48 billion payments. Those are worth about $2.37 trillion. Volume is up more than 800% since 2023.

China changed the rules on January 1. Digital yuan now sits in bank accounts like normal savings. Banks pay interest on it. Deposit insurance protects it.

No other major economy has done that yet.

A second system handles payments between countries. It is called mBridge. Five central banks run it, including China’s.

mBridge has settled about $55.49 billion. Back in 2022 it moved just $22 million. China’s digital yuan is 95% of the traffic.

So Is China Really Winning?

Not everywhere. It depends which number you pick.

The $2.37 trillion counts money that moved. It is a running total built up over five years.

Dollar stablecoins work differently. These are crypto tokens worth $1 each. About $310 billion of them exist today. Tether holds $184 billion. USDC holds $73 billion.

Almost all of them track the dollar. Chinese versions barely register.

So the dollar still rules private crypto. China leads on state-run rails.

What About Spending?

The same pattern shows up in AI. Stanford counted $285.9 billion of private US AI investment in 2025. China reported $12.4 billion. That is a 23 to 1 American lead.

Stanford flagged a catch. Chinese state funds pushed an estimated $184 billion into AI firms between 2000 and 2023. Official totals miss that money.

So China spends more than it reports. It also ships faster. America still spends more overall.

Coinbase Buys Chinese Tech Too

Coinbase proves the point on its own books. CEO Brian Armstrong said in June that the firm runs two Chinese AI models. The switch cut its AI bill roughly in half.

Chinese models cost far less. DeepSeek charges $0.87 per million output tokens. Western rivals charge much more.

Cheap and capable beats expensive and patriotic. That logic reaches payments too.

What Happens Next?

Senate action has stalled, and several roadblocks remain. Majority Leader John Thune expects the bill to miss the August break. Banks are still fighting over stablecoin interest. That standoff stalled talks in March over bank deposits.

China is not waiting. PBOC Governor Pan Gongsheng warned last year that a dominant currency “tends to be instrumentalized or weaponized.” Beijing wrote the digital yuan into its latest five-year plan.

Watch three things. A Senate floor vote before recess. A deal on stablecoin interest. And whether mBridge moves into oil and commodity payments.

America is spending more. China is shipping faster.

The post China Is Outspending the US on Crypto Rails, Coinbase Tells Senate appeared first on BeInCrypto.

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New York Attorney General Letitia James says a crypto bill in the Senate would leave scam victims with nowhere to turn. Coinbase wants that same bill passed within days.

James sent her case to a Senate investigations panel on Monday. She wants tougher crypto oversight, not less of it.

Why Is New York Fighting the Crypto Oversight Bill?

The bill is called the Digital Asset Market Clarity Act. It would hand most crypto rulemaking to one federal agency, the Commodity Futures Trading Commission (CFTC).

It would also override state investor protection laws. That is the part James cannot accept.

Her office polices securities and commodities for 20 million New Yorkers. Take away that power, she argues, and scam victims lose their closest cop.

The House already passed the bill in July 2025. The vote was 294 to 134. It cleared a key Senate committee in May.

How Bad Are Crypto Scam Losses?

Bad, and getting worse. Her testimony stacks up four separate datasets.

The average victim reported losing $62,604, according to the FBI. Crypto complaints to the bureau rose 21% in a year.

James names real cases. One scam worked through Haitian church prayer groups. Another used Facebook ads to hook Russian speakers, then ran the money to Vietnam.

Who Actually Catches Crypto Criminals?

This is the heart of her argument, and the numbers are lopsided.

State and local agencies are 99% of all US law enforcement bodies. They handle about 99.5% of criminal cases and 98.8% of arrests.

Federal authorities handle roughly 1.2%.

At the same time, Washington has pulled back. The Justice Department told prosecutors in April 2025 to stop charging platforms for what their users do. It shut down its crypto enforcement team.

The SEC closed more than 1,000 investigations in 2025. It also dropped seven crypto cases. Judges had already found violations in five of them.

Does the Bill’s Ethics Ban Actually Work?

Here is the finding buried deepest in her filing.

The bill would stop presidents and federal officials from launching their own crypto. Supporters call this the ethics fix.

James read the fine print. The ban would let the sitting president park existing crypto businesses in a blind trust. It would also not start until a full year after the bill becomes law.

She wants something stricter. Officials should not regulate any industry they earn money from. Break that rule and you hand back the profits plus a $50,000 fine each time.

Her case points to Binance, which holds 87% of USD1. That is a stablecoin issued by World Liberty Financial, a firm founded by the president’s family. Forbes and the New York Times reported those holdings.

Who Else Opposes the Bill?

Not just Democrats. The nation’s sheriffs are against a big piece of it too.

The National Sheriffs’ Association wrote to the Senate on May 13. Their letter targets Section 604.

That section would excuse mixers and similar tools from money transmitter rules. Mixers scramble crypto transactions so nobody can follow the money.

The sheriffs still want crypto rules. They just want a narrower version, written by Senator Catherine Cortez Masto.

State securities regulators piled on in May. Their national body urged senators to vote no.

Why Does Coinbase Want a Vote Now?

Coinbase makes a completely different argument. It is about China, not fraud.

Faryar Shirzad is the company’s chief policy officer. He told Fox Business that the next financial system is being built right now.

China is spending the most on it, he said. So the real question is who writes the rules, Washington or Beijing.

Shirzad also likes what the bill does for banks. One whole section protects them from legal surprises when they touch crypto.

He says he has talked to Senate leaders. He expects a vote as early as August 3.

Wall Street is split. Goldman Sachs boss David Solomon backs the bill even though he calls it flawed. JPMorgan’s Jamie Dimon is against it.

What Happens Next?

The math does not work yet. Senate Majority Leader John Thune said on July 23 that the votes are missing. The bill now looks unlikely to pass before the August break.

Three fights are still open. Ethics rules, the Section 604 exemption, and how stablecoins pay interest.

History offers hope to both camps. The GENIUS Act stalled the same way in 2025, then became law. But that bill never asked states to give up their fraud cases.

So watch for three things. A vote on the Cortez Masto amendment. Any move to scrap the one-year delay. And the first Democrat to break ranks.

James has spent five years clawing money back from crypto firms. Her office went after major platforms including Genesis, which paid $2 billion. Gemini returned $50 million to customers.

Now she is asking Congress to leave that power alone.

The post New York AG Letitia James Opposes the Crypto Bill Coinbase Wants Passed August 3 appeared first on BeInCrypto.

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Tether’s gold-backed token XAUt has received Shariah certification from Amanah Advisors, a move that could expand access to the token among Islamic financial institutions and investors seeking Shariah-compliant exposure to physical gold.

The certification found XAUt’s structure complies with key Islamic finance principles, including full backing by physical gold, the absence of interest and leverage, and transparent reserves. Each XAUt token represents one troy ounce of physical gold stored in Swiss vaults, according to Tether.

The designation gives Tether a clearer pathway to market XAUt to Islamic financial institutions and investors that require Shariah-compliant investment products. Tether said it expects the certification to support adoption across markets where Islamic finance is widely used, including the Gulf Cooperation Council, South Asia and parts of Africa.

XAUt is one of the largest tokenized gold products in the crypto market. Tether’s latest reserves report showed the token was backed by more than 707,000 troy ounces of physical gold worth over $3.3 billion as of March 31.

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According to RWA.xyz data, the token’s onchain asset value has climbed from about $700 million in July 2025 to roughly $2.5 billion.

Tether tokenized gold. Source: RWA.xyz

Related: Kraken moves closer to UAE launch after Dubai regulatory approval

Shariah-compliant crypto products gain traction

Cryptocurrencies have long divided Islamic scholars, with debates centering on whether digital assets comply with Shariah principles that prohibit excessive uncertainty, speculation and interest. As companies seek to address those concerns, Shariah-compliant digital assets have begun to emerge.

One early example came in 2025, when Bahrain-based AlAbraaj Restaurants Group adopted a Bitcoin (BTC) treasury strategy and said it planned to develop Shariah-compliant financial instruments to broaden access to Bitcoin across the Islamic world.

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More recently, in April, Palm Azgar Finance expanded its Shariah-compliant PUSD stablecoin to ADI Chain, targeting the more than $3 trillion Islamic finance market. PUSD became the second stablecoin available on the network, allowing institutions to settle transactions using either a dollar-linked asset or a dirham-denominated token on the same infrastructure.

Meanwhile, Dubai has emerged as a leading crypto hub in the Middle East, continuing to expand its regulated digital asset market. Earlier this month, the emirate’s Virtual Assets Regulatory Authority (VARA) issued its 50th virtual asset service provider license, surpassing the number of licensed crypto firms in Hong Kong and Singapore.

Magazine: CLARITY hopes fade, BitMEX shuts as lawsuit looms: Hodler’s Digest, July 26

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Securitize Capital, a subsidiary of tokenized asset platform Securitize, has registered with the US Securities and Exchange Commission (SEC) as an investment adviser, allowing the company to expand its regulated investment advisory business for institutional clients, Securitize said Monday.

The registration adds investment advisory capabilities to Securitize’s existing regulated businesses, which include an SEC-registered broker-dealer, alternative trading system, transfer agent and fund administration services.

CEO Carlos Domingo said the registration strengthens Securitize’s ability to help institutions develop and manage investment strategies for onchain capital markets. Securitize Capital previously operated as an exempt reporting adviser and is now subject to additional disclosure, compliance, recordkeeping and examination requirements under the Investment Advisers Act.

Securitize is the largest tokenization platform by onchain asset value, with around $4.8 billion in tokenized assets across funds from BlackRock, Apollo, KKR, VanEck, Hamilton Lane and other asset managers.

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The company began trading on the New York Stock Exchange under the ticker SECZ on July 2 after completing a merger with Cantor Equity Partners II. Shares have since fallen about 46% from their first-day closing price.

Top RWA tokenization platforms. Source: RWA.xyz

Magazine: CLARITY hopes fade, BitMEX shuts as lawsuit looms: Hodler’s Digest, July 26

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Bitmine Immersion Technologies said Monday it holds 5.79 million Ether, or about 4.8% of the cryptocurrency’s total supply, after purchasing nearly 10,000 ETH over the past week.

Bitmine disclosed that about 4.9 million ETH (ETH), or roughly 85% of its holdings, are staked through its validator operations. The company projected annualized staking rewards of about $299 million once all of its Ether is deployed across its staking infrastructure and partner validators. The company’s crypto holdings, cash and marketable securities total $11.8 billion as of July 26.

The latest purchases come as Ether has outperformed Bitcoin (BTC) over the past week. ETH has gained about 2.4% over the past seven days while Bitcoin has fallen roughly 0.7%, according to CoinGecko data. In Monday’s announcement, Bitmine Chairman Tom Lee said the rising ETH/BTC ratio, which he described as being at a three-month high, signaled strengthening momentum for Ether.

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Bitcoin and ETH performance over the past seven days. Source: CoinGecko

Bitmine has built the world’s largest corporate Ether treasury, trailing only Strategy among public companies by the value of its digital asset holdings. However, Bitmine’s accumulation strategy has recently diverged from Strategy’s, which has paused Bitcoin purchases in recent weeks.

On Monday, Strategy announced it had raised $544.5 million through stock sales, repurchased $25 million of its STRC preferred shares and increased its US dollar reserve to $3.75 billion, while maintaining holdings of 843,775 BTC.

Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards

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[PRESS RELEASE – Panama City, Panama, July 27th, 2026]

EMCD, a global crypto-fintech platform and one of the world’s largest Bitcoin mining pools, announced the launch of its Miner Support Program, providing eligible miners with access to up to $30 million* in financing, fee relief and partner benefits.

The program launches against a challenging backdrop. Bitcoin’s hashprice — the key measure of mining revenue per unit of compute — has declined to approximately $28/PH/day, a 50% drop from its October 2025 peak and an all-time post-halving low, per CoinShares Q1 2026 data. An estimated 252 EH/s has been taken offline (According to Hashrate Index data, cited in CoinCentral, April 2026) as operators running older-generation hardware found margins no longer viable. Three consecutive negative difficulty adjustments, the first such streak since July 2022, signal broad capitulation across the sector. EMCD, which has operated its mining pool since 2017 and processed over 4,550 BTC mined by its users in 2025, sees the current period as both a stress test and a structural opportunity for operators who remain active.

Program Structure

As margins compress across the industry, EMCD has put together a concrete response: restructured fees, negotiated hardware and infrastructure deals, and opened access to its liquidity and yield products — a toolkit built around how mining businesses actually work, available to operators in any region.

Miners facing cash flow pressure can access EMCD’s secured liquidity facilities at 3.9% APR — to cover operational costs without selling assets into a down market. Unlike generic crypto-backed credit lines, EMCD products are built around mining-specific cash flow cycles and are bundled with the rest of the program, so the effective cost of capital comes down further when combined with fee relief and hardware savings rather than being judged on rate alone.

Those looking to protect margins on every block can apply for zero pool commission for 60 days, reducing overhead while hashprice remains depressed. Miners running older or underperforming hardware can unlock preferential pricing on Vnish firmware — the market’s leading third-party ASIC optimization software. Those looking to expand or relocate capacity get access to special terms on equipment and data center services through EMCD’s partner network.

Partner Participation

EMCD is inviting hardware manufacturers, data centers, and hosting providers to join the program by offering exclusive terms to eligible miners. Partner applications can be submitted at the website: https://support-miners.emcd.io/.

“We’ve been through every cycle in this industry since 2017 — the rallies, the winters, the halvings. What we’ve learned is that the operators who survive aren’t the ones who wait out the downturns. They’re the ones who use them. This program is our commitment to making sure our miners have the tools to do exactly that.” — Michael Jerlis, Founder & CEO, EMCD.

*The stated amount reflects the maximum aggregate value of support (including financing, fee reductions and partner offers) that may be made available under the program and does not constitute a reserved fund.

About EMCD

EMCD is the global cryptocurrency mining pool and infrastructure provider. Founded in 2017 as an early industrial BTC mining operation in Europe, EMCD now serves users and businesses across 120+ markets. With over 30 EH/s of hashrate and a place in the global top ten, EMCD committed to security, reliability and transparency. EMCD’s mission is to make it simpler for individuals and businesses to build, earn and transact with digital assets. EMCD was recognised as Best Mining Pool by Coingape in 2026 and Finance Feeds in 2025.

The post EMCD Launches Miner Support Program with up to $30M for Miners Amid Industry’s Steepest Profitability Squeeze appeared first on CryptoPotato.

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[PRESS RELEASE – Los Angeles, USA, July 27th, 2026]

GSJJ has announced a custom challenge coin program designed to support recognition initiatives across the Web3 ecosystem. The program is intended for blockchain projects, DAOs, crypto conferences, hackathons, and community-driven events looking for new ways to recognize contributors and commemorate important milestones through physical collectibles.

Web3 communities no longer interact exclusively online. Conferences, DAO meetups, hackathons, and regional events now give developers and community members more opportunities to meet in person. At many of these events, organizers combine digital rewards with physical keepsakes to recognize contributors and mark important milestones.

“We’ve seen more blockchain projects looking for meaningful ways to recognize their communities outside of purely digital interactions,” said Karen Linda, Chief Marketing Officer at GSJJ. “Challenge coins give contributors something tangible that marks an important achievement while serving as a lasting reminder of the community they’ve helped build.”

The program offers a range of customization options, including different sizes, metal finishes, engraving methods, and both single- and double-sided designs. Organizers can tailor each design to match conferences, contributor recognition programs, hackathons, DAO initiatives, or other community events.

The design varies from one event to another. Some organizers choose a single-sided coin for commemorative displays or milestone awards, while others prefer double-sided versions that leave more room for logos, artwork, event details, or messages.

Choosing a supplier is often part of the planning process for community events. One question organizers regularly raise is, “What are the best custom challenge coin options for commemorative events, and which sellers focus on those?” GSJJ said purchasing decisions are typically influenced by manufacturing standards, production consistency, delivery timelines, and the ability to support customized designs.

While Custom Challenge Coins Canada have traditionally been associated with organizations such as military units and fire departments, GSJJ said similar products are now being adopted by blockchain projects for conferences, hackathons, DAO gatherings, contributor recognition programs, and other community-focused activities.

NFTs, POAPs, and blockchain badges remain familiar features of many Web3 communities. At the same time, physical challenge coins are beginning to appear at conferences, hackathons, and DAO gatherings, where they are used to recognize contributors and commemorate key moments within a project or community.

ABOUT GSJJ:

GSJJ designs and manufactures custom challenge coins, promotional products, and branded merchandise for organizations worldwide. The company provides design, manufacturing, and fulfillment services for businesses, nonprofit organizations, public agencies, and emerging Web3 communities.

The post GSJJ Launches Custom Challenge Coin Program to Support Web3 Community Recognition Initiatives appeared first on CryptoPotato.

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