Robinhood Chain has renewed debate over how much value Ethereum captures from Layer 2 networks.

Ethereum Daily said users paid about $843,000 in fees, while the chain sent roughly $1,600 to Ethereum for data availability and settlement.

Lorenzo Valente, a crypto analyst and contributor at ARK Invest, used an earlier snapshot showing about $816,000 in revenue and $1,538 in Ethereum costs. He estimated that Robinhood retained 89%, Arbitrum received 10%, and Ethereum captured 0.15%. The different totals likely reflect when each account collected the data.

Fee split renews debate over Ethereum’s Layer 2 model

Valente said the figures support two views of ETH. Higher activity can increase the asset’s use as gas, collateral and settlement money. However, Layer 2 networks may keep most user fees, leaving Ethereum with limited direct income from the transactions they process.

“Ethereum won this deal on merit. It’s just not pricing it right,” he wrote.

Robinhood Chain uses Arbitrum technology and posts data to Ethereum. Its licensing structure sends 10% of protocol net revenue to the Arbitrum ecosystem, including 8% for the DAO treasury and 2% for developer support.

Tokenized stocks strengthen the distribution case

Ethereum Daily argued that direct fees show only part of Robinhood Chain’s potential value. Robinhood launched Stock Tokens through Robinhood Wallet in more than 120 countries. Eligible users can trade them around the clock and use them in decentralized applications, including lending pools and collateral markets.

That reach could bring traditional investors into onchain markets through Apple and Nvidia-linked products. Users who begin with tokenized equities may later use decentralized exchanges, stablecoins, lending services and perpetual futures. The outcome still depends on demand, liquidity and continued product access.

Joseph Lubin supports low Ethereum fees

Ethereum co-founder Joseph Lubin defended the low-fee model. He wrote, “Ethereum L1 revenue fees should stay low to foster growth.” Lubin expects more companies to build across Ethereum mainnet, Layer 2 networks and private Ethereum-compatible chains in coming years.

His case focuses on wider ETH demand rather than immediate settlement income. More networks may use ETH for gas, collateral and staking. Mainnet transactions can also burn ETH. Still, the approach leaves an open question over whether Ethereum receives enough revenue from businesses operating above it.

Robinhood Chain records fast early growth

Robinhood launched the public mainnet on July 1 as an Ethereum Layer 2 built with Arbitrum. The company designed the network for real-world assets, trading and decentralized finance. Uniswap, Chainlink, Morpho and other providers supported the chain at launch.

As previously reported, Robinhood Chain passed $70 million in bridged Ether and $100 million in total value locked. Daily Uniswap volume later reached about $500 million, while the network processed millions of transactions. Lending products and incentive-linked strategies supplied early liquidity.

Separately, a crypto.news review found that the network produced $570 million in early trading volume against about $21.7 million in launch-day liquidity. The figures showed strong initial activity while raising questions about liquidity depth and whether usage will continue after early rewards decline.

The debate separates direct fee capture from wider network value. Ethereum receives a small share of Robinhood Chain’s user fees, while Arbitrum and Robinhood retain more. Ethereum may still gain through ETH use, settlement demand and new onchain users, but those benefits depend on sustained activity.

Bitcoin traded near $62,600 on Tuesday, down 0.3% over 24 hours and roughly flat on the week, per CoinDesk data. The market is steady on the surface but the macro backdrop underneath it has turned.

President Trump reinstated the U.S. blockade of Iranian ships through the Strait of Hormuz and demanded a 20% fee on all other cargo moving through the waterway, reviving a conflict that a June peace deal had appeared to settle.

Brent crude rose as much as 2.8% to about $85 a barrel, its second day of gains, and traders lifted bets on a Fed rate hike.

That combination runs directly against crypto. Oil pushing higher feeds the inflation pressure that kept the Fed hawkish through June, and the easing of that pressure was much of what let bitcoin recover from its late-June lows near $58,000. The peace trade is now unwinding, and rate-hike odds are climbing back.

Bitcoin has spent a month between roughly $59,000 and $66,000, and the majors are mixed. Ether held near $1,783 and is up on the week, while Solana, XRP and Hyperliquid are all down 5% or more over seven days.

Today’s June inflation print is the more immediate test. A soft number would ease the rate-hike pressure the Iran news just revived. A hot one, especially with oil climbing, would stack a second hawkish signal onto the first, two weeks before the Fed meets July 28 and 29.

The US government just staged its seized crypto for an exchange, and it took an extra hop to get there.

Wallets tied to the government moved about $288 million in seized bitcoin and ether onto Coinbase Prime over roughly half a day on Monday, blockchain data from Arkham shows. The ether went direct, while the bitcoin took a detour through fresh intermediary wallets first.

The movements are despite an executive order in March 2025 by President Donald Trump, which designated seized bitcoin for the country’s Strategic Bitcoin Reserve and said it should not be sold.

A government wallet tied to Ryan Farace, the “xanaxman” case, sent 2,875 BTC worth roughly $178 million to a new address, which forwarded the full 2,875 BTC to a Coinbase Prime deposit wallet minutes later.

A second wallet linked to defunct exchange BTC-e sent 925.512 BTC worth $57 million through the same pattern, in from the seizure address, straight out to Coinbase Prime. Both intermediary wallets were emptied out.

The ether skipped the middle step, however. A wallet connected to Brian Krewson, the Oracle employee named in a $54 million laundering scheme, sent 30,007 ETH worth $53.09 million directly to a Coinbase Prime deposit address.

Patrick Witt, the White House point person for the Digital Asset Market Clarity Act, is set to take a leave of absence at the end of July to begin several months of military training, according to Crypto In America. Witt is expected to finish his White House duties on July 24 before reporting for Judge Advocate General (JAG) training with the Georgia Army National Guard.

The timing matters politically: the CLARITY Act is moving through a narrow window in the Senate before lawmakers depart for the Aug. 8 recess, a deadline that supporters have framed as critical for the bill’s odds this session. With Witt stepping away, attention is turning to how the White House’s advisory team will manage ongoing negotiations while the Senate considers the proposal.

Key takeaways

• Patrick Witt plans to wrap up his role by July 24 before starting JAG training with the Georgia Army National Guard.
• Witt’s absence comes as the CLARITY Act faces a tight Senate calendar before the Aug. 8 recess.
• Crypto In America reports that Harry Jung, the President’s Council of Advisors for Digital Assets deputy director, is expected to cover Witt’s responsibilities during training.
• Witt has helped broker talks between crypto and banking stakeholders, including issues tied to stablecoin yield and ethics provisions.
• Witt intends to stay engaged with the process during his training, though day-to-day coverage will likely shift.

Leave of absence as CLARITY hits a Senate deadline

Crypto In America reports that Witt’s military leave will begin after he completes work on July 24. The report describes the subsequent JAG training as qualifying him to serve as a legal officer in the Guard.

While the move is personal, it lands during a period when lawmakers are weighing whether they can advance the CLARITY Act in time. The bill, which would establish what supporters describe as the first comprehensive U.S. regulatory framework for crypto, must clear a narrow path through the Senate before the Aug. 8 recess. Many observers view that break as a point after which legislative momentum becomes harder to sustain.

Digital Chamber CEO Cody Carbone said Witt had previously informed stakeholders about the upcoming military leave. In a comment relayed by Crypto In America, Carbone said Witt had been “forthcoming and honest with every stakeholder” about taking the leave later in July.

Witt’s role in shaping market structure negotiations

Before stepping away, Witt has been described as a central figure in negotiations between representatives from the crypto industry and banking sector. Crypto In America says his involvement has extended to specific areas of the market structure bill, including questions surrounding stablecoin yield and disputes tied to ethics provisions.

Those topics are among the most sensitive parts of any attempt to align crypto rules with traditional financial oversight. Stablecoin yield-related provisions can determine how token holders may earn returns and how issuers structure incentives, while ethics provisions can influence how market participants and institutions manage conflicts of interest.

For investors and builders, the practical takeaway is that the regulatory text under discussion is unlikely to be shaped in a vacuum. Instead, it reflects ongoing negotiation between stakeholders with different incentives—an effort Witt helped coordinate. As the bill approaches a potential Senate push, the continuity of that negotiating function becomes more important.

Who will cover Witt’s responsibilities

According to Crypto In America, the President’s Council of Advisors for Digital Assets deputy director, Harry Jung, is expected to take on Witt’s responsibilities during his training. At the same time, sources cited by Crypto In America say Witt plans to remain involved in the process while he is away.

Cointelegraph attempted to seek comment from both the White House and Witt directly, the report notes. The outcome of that outreach is not included in the provided text, but the expectation is clear: someone else will likely manage the day-to-day coordination even if Witt stays engaged at some level.

That shift could affect the speed and tone of talks as the Senate calendar tightens. Even when a figure remains “in the process,” institutional momentum often depends on who is most actively present during negotiations and as legislative language is finalized.

What to watch during Witt’s training

With Witt stepping away just as the CLARITY Act approaches the Senate’s pre-recess window, the immediate watchpoints are whether the advisory team maintains its negotiating cadence and how remaining issues are handled as lawmakers move toward a vote.

Readers tracking the bill should focus on whether there are substantive changes to language related to stablecoin yield and the ethics provisions that Witt previously helped navigate, and whether Jung’s involvement results in new compromises—or indicates that negotiations are already mostly settled before the July transition. The next few legislative weeks before the Aug. 8 recess may offer the clearest signal of whether the CLARITY Act can keep moving without Witt’s direct presence.

HashKey Exchange, Shanghai Commercial Bank and Visa launched a co-branded credit card in Hong Kong. 

Eligible HashKey Exchange members can apply for the Shanghai Commercial Bank HashKey Visa Signature Credit Card through the two companies’ mobile applications.

The card links everyday spending with rewards that customers can use on the licensed exchange. The program does not pay cryptocurrency directly. Instead, it converts reward points into HashKey HKD Cash Vouchers monthly. Users can apply the vouchers toward crypto purchases or trading fees.

Card offers up to 4% rewards during promotion

Shanghai Commercial Bank’s card product page lists 2% rewards on eligible local spending and 4% on eligible overseas spending during the promotion. New customers may also receive up to HK$1,200 in HashKey HKD Cash Vouchers or HK$1,000 in spending credit, subject to the offer’s terms.

Cardholders earn one point for every HK$1 spent. On each monthly statement date, the program converts 250 points into HK$1 in HashKey HKD Cash Vouchers. Customers receive the vouchers in their HashKey accounts and can use them to buy any supported cryptocurrency or offset transaction fees.

Shanghai Commercial Bank issues and manages the card

Shanghai Commercial Bank issues the card and handles all banking and credit services. HashKey’s credit card disclosure says the exchange does not provide credit or banking services. The bank also decides whether to approve each application.

Applicants must hold a HashKey account, live in Hong Kong and be at least 18 years old. The application starts in the HashKey mobile app before redirecting users to Shanghai Commercial Bank’s app. The card also lights up during contactless payments.

HashKey targets practical digital asset use

HashKey Exchange Business Group CEO Haiyang Ru said the partnership seeks to expand regulated digital asset use beyond trading. He said the company wants to move “beyond speculative trading” by linking digital assets with broader financial services.

Visa Hong Kong and Macau general manager Paulina Leong said the companies aim to connect digital asset services with familiar payment methods. Visa supplies the payment network, while the bank and HashKey manage the card, rewards and customer accounts under their separate regulated roles.

The product follows an October 2025 announcement that Shanghai Commercial Bank and HashKey planned to develop a co-branded Visa card. The July launch moves that plan into a product open for applications by eligible exchange members.

Launch joins Asia’s growing crypto rewards card market

HashKey was among the first exchanges licensed to serve retail crypto customers in Hong Kong. As reported by crypto.news, the platform began licensed retail operations in August 2023 and supports direct bank transfers in Hong Kong dollars and U.S. dollars.

The card arrives as HashKey expands as a publicly listed digital asset company. In June, its board approved a share repurchase plan worth up to HK$100 million after its stock rose from recent lows.

Elsewhere, other Asian finance groups have also linked card spending with digital asset rewards. As previously reported, SBI and Visa introduced a Japanese credit card program tied to Bitcoin, Ether and XRP rewards in May.

The HashKey program uses a different structure. Customers receive HKD-denominated vouchers and choose whether to use them for crypto purchases. That model keeps the credit card, reward conversion and exchange transaction as separate steps, rather than paying cryptocurrency directly at checkout.

Key takeaways

• Stellar (XLM) extends losses as renewed U.S.-Iran tensions fueled a risk-off market environment.
• XLM is currently hovering near critical support around $0.177.
• XLM could test support near $0.173 if selling pressure intensifies.

Stellar (XLM) remains under pressure on Tuesday as investors reduced exposure to risk assets following escalating geopolitical tensions between the United States and Iran.

The broader cryptocurrency market weakened after renewed military developments in the Middle East increased uncertainty, pushing investors toward safer assets while weighing on altcoins.

US-Iran escalation dampens investor confidence

According to reports, the U.S. Central Command (CENTCOM) confirmed that American forces carried out additional strikes on Iranian military targets while maintaining more than 50,000 U.S. troops across the Middle East.

Iranian state-affiliated media also reported strikes in southern Iran, while the Islamic Revolutionary Guard Corps (IRGC) said it had disabled two supertankers in the Strait of Hormuz, accusing them of violating navigation warnings.

The IRGC warned that continued military activity in the region could delay the reopening of the strategic waterway and disrupt global energy supplies.

The heightened geopolitical tensions pushed West Texas Intermediate (WTI) crude oil above $80 per barrel, reinforcing a broader risk-off mood across financial markets and placing additional pressure on cryptocurrencies such as XLM.

Futures market data indicates traders are becoming increasingly cautious on both assets.

According to CoinGlass, XLM open interest dropped to approximately $182.21 million, extending the decline from elevated levels recorded in June.

Falling open interest alongside declining prices often signals that traders are closing positions rather than opening new ones, reflecting weakening market participation and reduced confidence.

Funding rates have also turned negative for XLM and now read -0.0021%. Negative funding rates indicate that short sellers are paying long-position holders, highlighting increased demand for bearish positions in the perpetual futures market.

Stellar (XLM) price analysis: Momentum remains weak

Stellar also continues to struggle as it trades near $0.179, below its major moving averages.

Current resistance levels include the 50-day EMA at $0.186, the 100-day EMA ($0.190), and the 200-day EMA ($0.196)

The RSI remains near 41, reflecting subdued momentum, while the MACD continues to trend in negative territory, suggesting buyers have yet to regain control.

The first major support is located near $0.177, followed by the 78.6% Fibonacci retracement level around $0.173.

If bearish momentum strengthens, XLM could decline toward a broader support zone near $0.142.

Should buyers return, resistance awaits at $0.186, $0.190, and $0.196, with additional upside barriers near $0.200, $0.218, $0.237, and $0.260.

White House crypto adviser Patrick Witt will take a months-long leave at the end of July to complete mandatory military legal training with the Georgia Army National Guard. 

The move comes as Senate negotiators work to advance the CLARITY Act before the chamber leaves Washington for its summer break.

Crypto In America reported that Witt is expected to finish his White House work on July 24 and begin Judge Advocate General training on July 27. The program would qualify him to serve as a JAG officer. Witt and the White House had not commented publicly when the report was published.

Witt leaves during a key CLARITY Act phase

Witt serves as executive director of the President’s Council of Advisors for Digital Assets. He has acted as the administration’s main contact for lawmakers, banks, crypto companies and law enforcement groups working on the market structure bill.

The report said Witt helped manage talks over stablecoin rewards, government ethics rules and protections for decentralized software developers. Those areas remain part of Senate negotiations. Witt previously postponed his training from April as discussions continued, but a second delay was reportedly unavailable.

Harry Jung expected to assume responsibilities

Deputy director Harry Jung is expected to take over Witt’s main responsibilities during the leave. Jung has worked beside Witt during negotiations and attended many of the same meetings, according to people familiar with the transition.

Witt plans to remain involved where possible while completing training. However, the report said it remains unclear whether he will return to the White House role full time afterward. His departure will also affect work on the Strategic Bitcoin Reserve, GENIUS Act implementation and proposed crypto tax changes.

Senate calendar narrows bill’s path

The Senate’s official 2026 schedule lists a state work period from Aug. 10 through Sept. 11. That makes Aug. 7 the final scheduled session day before the break. Supporters have treated that date as a major target because the midterm campaign period may make floor action harder later.

As previously reported, Senate staff still need to combine the Banking and Agriculture committee texts before a full chamber vote. The bill likely needs 60 votes, requiring support from several Democrats. Ethics provisions, anti-money laundering rules and decentralized finance protections remain active disputes.

Witt called the current week “critical” for the legislation in a July 13 post. He said lawmakers had already lost time and “cannot afford to delay any longer.” His planned leave starts less than three weeks before the Senate’s last scheduled session day before recess.

CLARITY Act talks continue without chief negotiator

The CLARITY Act would create federal rules for digital asset markets and divide oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission. It would also set requirements for exchanges, customer assets and crypto intermediaries.

The bill has gained support from law enforcement groups, although some organizations still want changes to developer protections and investigative authority. The Federal Law Enforcement Officers Association backed the measure while seeking tighter language for decentralized finance and federal enforcement powers.

President Donald Trump and Senator Cynthia Lummis have also called for passage before the break. The White House transition to Jung offers continuity, but Witt’s absence removes the administration’s main negotiator during the final scheduled weeks before recess later this summer.