The crypto industry spent much of the past two years preparing for regulatory clarity in Washington. This week, one of its biggest legislative priorities hit a major roadblock.

The CLARITY Act failed to advance in the Senate on Tuesday, falling short of the 60 votes needed to bring the bill to the floor for debate. The setback significantly narrows the bill’s path this year, with the Senate calendar tightening ahead of the Nov. 3 midterm elections.

Strategists say crypto exchanges such as Coinbase may have more at stake than most from the stalled legislation.

Elsewhere, Standard Chartered is betting big on Arbitrum, Bitmine is turning its Ether treasury into a source of staking revenue, and Phemex’s CEO says AI has been a “net negative” for crypto.

Coinbase faces greater CLARITY Act fallout, Saxo strategist says

Saxo Bank strategist Ruben Dalfovo said Coinbase has more at stake in the CLARITY Act setback because its trading business is directly exposed to US market-structure rules.

In a Wednesday note following the bill’s failed procedural vote, Dalfovo said Coinbase is particularly exposed because new rules could determine registration requirements, tradable assets and who can participate on its platform. The setback could also affect other crypto-linked companies, though Dalfovo said their businesses are less directly tied to market-structure rules. Circle’s exposure is tied more closely to USDC adoption and reserve interest, while Strategy relies primarily on its Bitcoin holdings and access to financing.

The market reaction reflected those concerns. Coinbase, Circle and Strategy shares fell between 5% and 10% after the vote and continued lower the following day.

Standard Chartered sees Arbitrum hitting $10 as Wall Street moves onchain

Standard Chartered sees Arbitrum outperforming Bitcoin and Ether through 2030, driven by traditional finance firms moving assets onchain and transforming the network’s economics.

Geoff Kendrick, Standard Chartered’s global head of digital assets research, said Arbitrum receives 10% of net protocol revenue from companies building on it. Robinhood Chain, launched in July, has materially changed Arbitrum’s economics, with September revenue expected at $5 million, over five times the prior level. Kendrick projects ARB at $10 by 2030, a 70-fold increase from current prices around $0.14, which have gained 86% in the past month.

Standard Chartered’s thesis relies on tokenized assets reaching $39 billion and forecasts of $4 trillion by 2028. Arbitrum’s layer-2 infrastructure and revenue-sharing model position it as a beneficiary, but adoption pace remains uncertain.

Bitmine eyes $334 million in annual staking revenue from Ether treasury

Bitmine projects $334 million in annual staking revenue from its $15.8 billion crypto treasury, with over 5 million Ether now staked to generate recurring income even during volatile conditions.

Bitmine added 27,180 ETH last week, bringing its holdings to 5.95 million ETH worth $15.4 billion, representing roughly 4.9% of Ether’s circulating supply. More than 5.06 million ETH is now staked, generating an estimated $334 million in annualized revenue at current rates. Grayscale Ethereum Staking ETF stakes 84.6% of its Ether, according to its webpage.

Unlike Bitcoin treasury companies, Bitmine can earn recurring income from its crypto holdings through staking. Its stock has gained nearly 38% over the past month but remains down year to date, according to Yahoo Finance. Strategy, meanwhile, went a second straight week without buying Bitcoin, instead spending $139.3 million to repurchase preferred stock.

AI is draining crypto liquidity and empowering attackers, Phemex CEO says

Phemex CEO Federico Variola said AI has been a “net negative” for crypto, diverting liquidity from the industry while empowering attackers who exploit protocols.

Speaking on Cointelegraph’s Chain Reaction, Variola said AI has “empowered a lot of bad actors” and driven up cybersecurity costs for smaller teams. In July, attackers drained roughly $116 million in Bitcoin from more than 5,200 addresses tied to a Coldcard hardware wallet flaw widely believed to have been found through malicious AI use. Coinkite CEO Rodolfo Novak warned that AI-assisted code review now outpaces seasoned experts.

Variola warned AI threats could make self-custody and DeFi less appealing to retail users, pushing the industry toward greater centralization. He sees practical benefits in AI agents for portfolio building and trading decisions, but said they will not fully replace human judgment. CertiK’s Natalie Newson, however, noted AI can also be “one of the biggest defenses.”

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Stablecoin issuer Circle has launched a Bitcoin-backed borrowing service for institutional clients, allowing eligible Circle Mint customers to use BTC as collateral to borrow USDC through onchain lending markets.

The service, called Digital Asset-Backed Borrowing, lets customers deposit Bitcoin, mint Circle’s wrapped Bitcoin token cirBTC and supply it as collateral to supported third-party lending markets on Arc or Ethereum. Morpho is the first lending protocol supported, with Circle planning to add Aave and other protocols. The rollout coincides with cirBTC going live on Arc on Monday.

According to Circle, borrowed USDC is deposited directly into the customer’s Circle Mint balance, while borrowing rates, collateral requirements and liquidation thresholds are set by the third-party lending market. The borrowing positions are overcollateralized, with collateral supplied through a customer-controlled wallet to third-party DeFi protocols rather than lent directly by Circle. New York clients are excluded.

Circle previously launched cirBTC on Ethereum in June. The token is backed 1:1 by Bitcoin held in custody by Circle National Trust.

Both launches come days after Circle rolled out the Arc mainnet, its layer-1 blockchain targeting stablecoin payments and financial markets. Arc uses USDC as its native gas token and supports tokenized assets including BlackRock’s BUIDL and Circle’s USYC.

Source: Circle

Institutional crypto lending expands

Circle’s launch follows a broader push to give institutional investors access to crypto-backed borrowing while keeping collateral within established custody arrangements.

In February, Anchorage Digital partnered with Kamino to allow institutions to borrow against staked Solana (SOL) held at Anchorage Digital Bank, giving borrowers access to onchain liquidity without moving the collateral out of qualified custody.

Bitcoin-backed models followed in March, when Lombard partnered with Bitwise to develop a system for borrowing against BTC held in custody, with Morpho providing the lending infrastructure. Unlike Circle’s model, which converts deposited BTC into cirBTC for use as collateral, Lombard’s system was designed to keep the underlying Bitcoin in custody without wrapping or bridging it.

BitGo also expanded its institutional lending offering in March, launching a financing platform for borrowing and lending against liquid, staked and locked crypto assets held in custody. Its portfolio-based model allows multiple assets to serve as collateral rather than requiring collateral to be posted for individual loans.

Magazine: Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH

Crypto market participants are watching two very different developments this week: a stalled bid for U.S. regulatory “market-structure” clarity, and new attempts to monetize crypto assets—ranging from layer-2 revenue projections to Ether staking and treasury strategies. While lawmakers failed to move the CLARITY Act forward in the Senate, strategists and companies continued to refine their assumptions about how regulation, onchain finance, and emerging AI risks could reshape incentives.

The legislative snag matters because it directly affects how U.S. crypto exchanges may register, which assets can be traded, and who can participate on platforms—issues that tend to influence both compliance costs and product roadmaps. Meanwhile, corporate and research teams offered fresh forecasts and operational updates, from Standard Chartered’s bullish view on Arbitrum’s economics to Bitmine’s staking revenue outlook and warnings from Phemex’s CEO about AI-driven security pressures.

Key takeaways

• The U.S. Senate failed to advance the CLARITY Act, falling short of the 60-vote threshold needed to bring it to the floor for debate.
• Saxo Bank strategist Ruben Dalfovo argued Coinbase faces more direct CLARITY Act exposure than many other crypto-linked businesses due to trading market-structure rules.
• Standard Chartered expects Arbitrum to outperform major tokens through 2030, citing revenue-sharing dynamics and expanding onchain activity by traditional finance.
• Bitmine projected $334 million in annualized staking revenue from its Ether holdings, with more than 5 million ETH reportedly staked.
• Phemex CEO Federico Variola said AI is weakening crypto liquidity while escalating the cybersecurity burden and enabling attackers.

CLARITY Act stalls—why the clock is now even tighter

According to the coverage of the vote, the CLARITY Act did not move forward in the U.S. Senate on Tuesday. The bill failed to secure the 60 votes required to proceed to a floor debate, a procedural outcome that narrows the path for legislative action this year. With the U.S. midterm elections scheduled for Nov. 3, the Senate calendar is described as tightening, which increases uncertainty around when (or whether) similar market-structure rules could be revisited.

That timing risk is especially relevant for firms with U.S.-facing trading operations. In a Wednesday note cited in the article, Saxo Bank strategist Ruben Dalfovo highlighted that Coinbase’s exposure is more immediate because new rules could affect registration requirements, the range of tradable assets, and platform participation criteria. In contrast, he characterized other companies as having exposure that is either more indirectly tied to market-structure rules or driven more by different economic variables.

Coinbase highlighted, but equity moves show broader concern

Dalfovo’s framing focused on how trading infrastructure is shaped by regulation. If the CLARITY Act had advanced, it could have clarified how exchanges must operate under U.S. market-structure expectations, potentially reducing compliance friction and enabling clearer product planning. With the bill sidelined, the uncertainty remains, and market pricing appears to have reacted accordingly.

Following the procedural failure, the article reports that shares of Coinbase, Circle, and Strategy declined by roughly 5% to 10%, with weakness continuing into the next day. For investors, that pattern suggests the market is not treating the legislative setback as a narrow corporate-event risk. Instead, it appears to be priced as a broader signal that regulatory clarity may be delayed, which can affect expectations for adoption, institutional participation, and near-term business development in the U.S.

What remains unclear is how long the delay will last and whether the next legislative attempt would prioritize the same market-structure provisions. Traders may also watch for alternative regulatory routes—such as agency guidance or enforcement actions—that could still influence exchange operations even without a new statute advancing.

Standard Chartered’s Arbitrum thesis: onchain finance could change revenue math

While regulation was a headline driver, research teams were also looking forward through the lens of onchain economics. Standard Chartered’s view, as reported, is that Arbitrum could outperform Bitcoin and Ether through 2030, supported by traditional finance firms moving assets onchain and changing how network economics are generated.

In the cited note, Geoff Kendrick—Standard Chartered’s global head of digital assets research—said Arbitrum receives 10% of net protocol revenue from companies building on it. The research points to new activity as a catalyst, especially the Robinhood Chain launch in July, which the report says has materially altered Arbitrum’s economics. The article further claims that September revenue is expected to reach $5 million, described as more than five times the prior level.

Based on that revenue-sharing framework and additional assumptions, Kendrick projected ARB at $10 by 2030. The article frames this as a major jump from levels around $0.14 at the time of reporting, noting that ARB had gained 86% over the preceding month.

Standard Chartered’s broader model also depends on tokenized assets reaching $39 billion and forecasts of $4 trillion by 2028. The key uncertainty for readers is whether those adoption targets arrive fast enough to translate into sustained protocol revenue. Layer-2 revenue can be sensitive to user activity, wallet and exchange integration, and the competitive landscape among scaling networks—so investors treating this as an investment thesis may want to monitor actual growth in net protocol revenue, not just token price performance.

Bitmine leans on staking: projected $334 million annualized from Ether treasury

On the corporate side, Bitmine’s approach centers on earning recurring income from its Ether treasury through staking. The article says Bitmine projects $334 million in annualized staking revenue based on its reported $15.8 billion crypto treasury and indicates that more than 5 million ETH is now staked to generate ongoing income even during volatile market conditions.

Bitmine reportedly added 27,180 ETH last week, bringing holdings to 5.95 million ETH valued at $15.4 billion. The article states that this represents roughly 4.9% of Ether’s circulating supply. It also claims that more than 5.06 million ETH is staked and uses current rates to estimate $334 million in annualized revenue.

The report also compares this strategy with Bitcoin-treasury-style approaches by emphasizing the staking component: unlike holdings that rely primarily on price appreciation, staking revenue provides a recurring cashflow-like mechanic (even though it remains exposed to network conditions and staking dynamics). It cites Grayscale’s Ethereum Staking ETF as having 84.6% of its ETH staked, according to the fund’s webpage.

Separately, the article notes that Strategy—contrasting with treasury staking economics—went a second straight week without buying Bitcoin, using $139.3 million to repurchase preferred stock. That side-by-side distinction matters for investors trying to interpret sector performance: in the same broader “treasury strategy” theme, different firms are effectively betting on different return drivers—token price versus staking yield.

AI’s double-edged impact: liquidity drain and higher cyber risk

The operational risk theme arrived in another segment of the reporting, where Phemex CEO Federico Variola argued that AI has been a “net negative” for crypto. In his comments, he said AI is diverting liquidity away from the industry while also enabling attackers, raising cybersecurity costs—particularly for smaller teams without the resources to respond quickly.

The article ties this warning to an example from July: attackers allegedly drained roughly $116 million in Bitcoin from more than 5,200 addresses associated with a Coldcard hardware wallet flaw. The coverage suggests the flaw was widely believed to have been identified through malicious AI use. It also references Coinkite CEO Rodolfo Novak, who warned that AI-assisted code review can outpace experienced experts.

Variola’s broader takeaway is that AI threats could make self-custody and DeFi less attractive for retail users, potentially pushing the ecosystem toward greater centralization. He said AI agents could still offer practical value for portfolio building and trading decision-making, but he argued they would not fully replace human judgment. The article also includes a counterpoint from CertiK’s Natalie Newson, who said AI can be “one of the biggest defenses.”

For readers, the near-term question is not whether AI will impact crypto security, but how quickly defenses and operational practices will adapt. Expect ongoing focus on secure development processes, faster incident response, and whether security tooling keeps pace with attacker tooling—especially as attackers increasingly automate discovery and exploitation.

Going forward, the most important watch items are whether future legislative attempts revive parts of the CLARITY Act framework before the midterms, and whether onchain and corporate revenue strategies—like L2 revenue sharing and Ether staking—can prove resilient despite regulatory uncertainty and rising AI-linked security threats.

Bitcoin (BTC) spiked above $86,000 after Monday’s Wall Street open as US stocks rose amid cooling oil prices.

Key points:

• Bitcoin gained nearly 6% on Monday to briefly trade above $86,000 for the first time since late January.
• Crypto short liquidations totaled almost $800 million in 24 hours as analysis called the start of a “new bull market.”
• US stocks opened the week higher as WTI oil prices dipped below $92 per barrel.

Bitcoin, US stocks head higher as oil drops further

TradingView data showed Bitcoin hitting a new 33-week high of $86,332 on Bitstamp, up 5.7% on the day at the time of writing.

Upside quickly returned after Sunday’s weekly close, which, at $81,120, was Bitcoin’s highest since the start of May, as oil prices continued a drop from late last week.

Signals from both Qatar’s Foreign Ministry and US President Donald Trump that diplomatic negotiations to end the US-Iran war could resume helped send WTI crude oil as low as $91.59 per barrel on Monday.

“Middle East oil flows remain surprisingly strong despite the disruption to Saudi Arabia’s ‌East-West pipeline,” JPMorgan analysts said in a note on Friday, quoted by CNBC and others.

A report by The New York Times additionally claimed that the US planned to extend its trade deal with China by six months ahead of Chinese President Xi Jinping’s visit on Sept. 23-25.

The S&P 500 and tech-heavy Nasdaq Composite Index were up 1% and 1.6%, respectively, at the time of writing.

Crypto short liquidations near $800 million in 24 hours

Bitcoin’s gains, meanwhile, led to increasingly optimistic commentary on longer-term price strength. 

Related: Strategy buys 950 Bitcoin for $76M, repurchases $174M in STRC

In its latest analysis on X, trading resource The Kobeissi Letter described crypto as being “in a new bull market.” Kobeissi referenced 50% gains for BTC/USD over just two months as crypto short liquidations neared $800 million over 24 hours. 

Commenting on Bitcoin’s short-term prospects, Bitfinex Alpha, the research arm of crypto exchange Bitfinex, flagged buyer support, rising open interest and fresh capital inflows to US spot Bitcoin exchange-traded funds (ETFs) as three key requirements for further price upside.

“For a breakout to be validated, we would want to see net taker buying rather than the profit-taking that capped the advances on 18 and 19 September,” it noted in a Monday blog post, adding: 

“Coin-denominated open interest would also need to expand, indicating fresh positioning rather than a move driven primarily by short covering. Conversely, a daily close beneath $77,100 invalidates the structure to the downside, exposing the True Market Mean at $76,677.”

Exchange BTC open interest data (screenshot). Source: CoinGlass

Crypto trader and analyst Rekt Capital, meanwhile, confirmed that BTC/USD had broken out of a cycle of lower highs in place since October 2025, and with it its prior macro downtrend. In his latest X analysis, he identified a new target trading range between $86,681 and $93,659.

“If Bitcoin is ready to confirm a breakout from the $60k-$80k Range, its next milestone would be to try to enter the blue-blue Range,” he wrote in commentary on a chart highlighting the range, which figured prominently at the end of 2025.

BTC/USD one-week chart. Source: Rekt Capital on X.com

The study is exciting because it shows clearly that pink noise, slow waves, and these pulses of CSF flow are closely linked, says Ngo-Dehning, and it opens the door to studies where researchers intentionally boost CSF flow to see if it can help, say, people with poor sleep or people with neurodegenerative conditions that may be caused by impaired waste removal from the brain. “That would be the next step,” he says.

Quick Read

• Intel surged 255% to $109, with Q2 revenue up 25% to $16 billion and Data Center sales jumping 59% year over year.

• NVIDIA took a $5 billion stake in Intel and selected Xeon 6 as host CPU for DGX Rubin systems, flipping rivalry into partnership.

• At 57x forward earnings with Foundry burning up to $2.5 billion per quarter, Intel is priced as a finished turnaround while still being fixed.

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Intel (NASDAQ:INTC) has gone from a low-twenties stock that missed the AI wave to a name trading at $108.60, a 255.25% one-year run.

The operational fix under CEO Lip-Bu Tan is genuine, and NVIDIA (NASDAQ:NVDA) validated it by taking a $5 billion equity stake in Q3 2025. The debate has shifted from whether Intel can be fixed to whether the share price has already spent the fix.

Q2 revenue reached $16.13 billion, up 25.4% year over year, beating consensus by 11.64%. Non-GAAP EPS came in at $0.42 versus a $0.22 estimate.

Data Center and AI revenue hit $6.26 billion, up 59%, with Xeon 6 selected as host CPU for NVIDIA’s DGX Rubin NVL8 systems.

Tan called the quarter Intel’s “strongest revenue growth in more than fifteen years”, and Intel 18A entered high-volume manufacturing.

Where Intel Stands Against AMD and NVIDIA

Against Advanced Micro Devices (NASDAQ:AMD), Intel is finally landing punches in server CPUs, with management saying “strong demand for our products continue to outpace our growing supply.”

Against NVIDIA, the relationship has flipped from rivalry to partnership on the CPU side, but NVIDIA’s AI-compute franchise remains the reason Intel Foundry still lost $2.1 billion last quarter.

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External Foundry revenue was only $293 million, a rounding error next to the manufacturing bill Intel is carrying.

Valuation Is Now Doing the Heavy Lifting

Market cap sits at roughly $574 billion on a forward P/E of 57x, with trailing EPS still negative at -$2.09.

Wall Street’s mean target of $116.37 sits barely above spot, and the consensus is a Hold with 32 holds against 14 buys.

The 2027 EPS range runs from $1.15 to $3.44, a dispersion that suggests the market is guessing how fast Foundry losses fade.

Bull and Bear Case for INTC Stock

Bulls point to Melius, which values the parts at near $200 and floats a possible foundry separation around 2030. If 14A lands customers and Foundry losses narrow, that math survives.

Bears note that Intel still posted a $11.03 billion GAAP net loss last quarter, that Foundry burns $2.1 billion to $2.5 billion per quarter, and that a 57x forward multiple leaves no room for a stumble on 18A yields or Panther Lake ramp costs.

The deciding variable is external Foundry commitments on 14A. Without them, Intel is priced as a finished turnaround while still being fixed.

Even though the earnings multiple is high, if you’re very bullish on the AI buildout, going for INTC stock is not a bad idea today. If you look multiple years into the future, Intel still has growth potential left if AI causes chip demand to continue growing explosively. That said, this remains a more optimistic scenario than what most analysts are pricing in. Revenue growth is expected to fall to 19% annually in 2027. Nvidia should comfortably grow much more than that despite being massively larger. And it’s also cheaper.

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