Gold has rallied 28% over the past year from $3,400 to $4,330, outperforming digital rival BTC by over 70 percentage points.

Over the same time period, BTC has suffered an embarrassing 44% decline from $117,000 to $65,000.

In fact, across the past three years, owning so-called “digital gold” instead of the real thing would have returned a couple fewer percentage points despite 36 months of patience.

BTC has crashed off a financial peak, not just a psychological one. It hit an all-time high near $126,200 on October 6, 2025 but has since declined 48%.

Gold achieved its own record shortly after. Spot prices surged to $5,589 per ounce on January 28, 2026, a nominal high that also sat well above the metal’s inflation-adjusted 1980 peak. 

The precious metal has since pulled back from that spike, but it never came close to giving up its year-over-year gain. BTC, in stark contrast, halved.

Boomer gold beats BTC

Evangelists have spent a decade comparing BTC to a global store of value. Its performance over the past few years has certainly stalled that pitch.

The comparison is nowhere close to a financial reality over the past year. Indeed, a dollar saved in gold a year ago is worth about $1.28 today. A dollar saved in BTC is worth about $0.55. 

The metal BTC was supposed to dethrone maintained its strength.

U.S. authorities sanctioned crypto exchanges Shelbit and Aban Tether after alleging that the platforms helped Iran evade restrictions and move funds connected to the Islamic Revolutionary Guard Corps.

OFAC targets Shelbit and Aban Tether

The U.S. Treasury Department’s Office of Foreign Assets Control announced the sanctions on Aug. 7 as part of Washington’s effort to disrupt Iran’s access to international financial markets.

OFAC accused Shelbit and Aban Tether of facilitating illicit cryptocurrency transactions and sanctions evasion. The agency said the Iranian government relied on exchanges with limited or no regulatory oversight to move digital assets through corporate networks and an online gambling operation.

The sanctions also cover Iranian national Siavash Kayvanpour and companies tied to him in Georgia, Poland and the United Arab Emirates. Treasury described Kayvanpour as the operator of a network of front companies connected to Shelbit.

IRGC-linked addresses sent more than $1 million in crypto to Shelbit, according to Treasury. Shelbit-linked wallets allegedly transferred more than $2 million to addresses controlled by the IRGC.

Wallets owned or controlled by Kayvanpour also sent over $2 million to Nobitex, Iran’s largest cryptocurrency exchange, Treasury said.

“Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat,” Treasury Secretary Scott Bessent said.

Aban Tether processed funds for sanctioned exchanges

OFAC separately accused Iran-based Aban Tether of processing millions of dollars in transactions involving entities already under U.S. sanctions.

Those entities included Nobitex, Wallex, Bitpin and Ramzinex. The four Iranian exchanges were sanctioned by the U.S. Treasury in June after officials accused them of helping restricted entities access digital asset markets.

Chainalysis estimated that Nobitex accounts for roughly half of Iran’s cryptocurrency trading activity. The exchange has denied having a direct relationship or contractual arrangement with the IRGC, Iran’s central bank or other government bodies.

Shelbit has also rejected claims that it knowingly participated in money laundering, terrorism financing or sanctions evasion. Its former management said the company stopped accepting new business in December 2025 and completed its customer wind-down in January.

The sanctions represent administrative designations rather than criminal convictions. However, they block property and interests in property belonging to designated parties when those assets enter U.S. jurisdiction.

US widens Iran crypto crackdown

The latest action expands a U.S. campaign targeting exchanges, wallet addresses and companies accused of helping Iran bypass restrictions during its military conflict with Washington.

In July, U.S. authorities froze $131 million in Iran-linked crypto held in wallets connected to the country’s central bank. That followed an April action in which Tether froze approximately $344 million in USDT across two Tron addresses linked by authorities to Iranian networks.

Bessent previously said the United States had seized or frozen nearly $1 billion in cryptocurrency connected to Iranian exchanges and wallets since the conflict began.

The use of centralized stablecoins gives authorities an enforcement tool that does not exist with assets such as Bitcoin. Issuers can block transfers from designated addresses, while transactions involving decentralized assets generally require control of the private keys.

What the sanctions mean for crypto firms

U.S. persons and companies are generally prohibited from providing funds, services or other economic benefits to the sanctioned exchanges and individuals. Entities owned at least 50% by one or more blocked parties are also covered, even when they are not named separately.

Foreign exchanges, stablecoin issuers and payment providers may also face secondary sanctions exposure if they knowingly process certain transactions involving the designated parties.

OFAC published several Bitcoin, Ethereum, Tron and Solana addresses as part of the action. Crypto companies will need to add those identifiers and the sanctioned entities to their transaction-screening systems as Washington continues tracing Iran-linked digital asset flows.

Until now, that meant finding a lab that conducts the test and waiting days for the results. Soon, you”ll be able to do it yourself at home. LymeAlert is the first at-home test for ticks that can detect whether they carry the bacterium Borrelia berdorferi that causes Lyme. To test your tick, you place it in the kit’s container, drop in the included solution, put on the lid, crush the tick by twisting the top and grinding it up, and insert a test strip. Within 30 minutes, the strip tells you whether it detected any Lyme-causing bacteria in your tick. The kit is available for $49.99 to pre-order on the company’s website and will ship at the end of August.

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Will the solar eclipse be visible from the U.K. and Ireland?

The CLARITY Act’s delay until September could briefly pressure crypto prices before removing a major source of uncertainty, according to Bitwise CIO Matt Hougan.

What happened

Senate leaders have postponed consideration of the CLARITY Act until September, ending efforts to advance the crypto market structure bill before the August recess.

Senate Majority Leader John Thune confirmed that the chamber would not vote on the legislation before lawmakers left Washington. He said the bill would be prepared for consideration after senators return.

The delay followed several days without a cloture filing, the procedural step needed to limit debate and move toward a floor vote. As reported by crypto.news, Thune filed cloture on spending legislation, nominations and a college sports bill but not the CLARITY Act.

Bitwise Chief Investment Officer Matt Hougan said the delay could produce a brief negative market reaction as traders adjust their expectations.

“If the Polymarket odds break solidly lower into the teens at least so we can put the uncertainty behind us,” Hougan wrote.

Hougan said crypto prices could “wobble for a minute” before the market potentially recovers during the fall.

Why the CLARITY Act delay matters

The CLARITY Act would establish a federal market structure for digital assets and divide oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

For U.S. crypto companies and investors, the bill could replace parts of the current enforcement-led system with statutory rules covering token classifications, trading platforms and digital-asset intermediaries.

However, Republicans need Democratic support to advance it. The Senate’s cloture threshold requires 60 votes, while Republicans hold 53 seats. That means at least seven Democrats must support the procedural motion if every Republican votes in favor.

Negotiations have focused on ethics restrictions for elected officials and their families, illicit-finance safeguards, stablecoin rewards and protections for noncustodial software developers.

Sen. Cynthia Lummis said lawmakers had spent 11 months working on the legislation and continued negotiating daily. Crypto.news reported that Lummis had pushed for a vote before the recess but acknowledged that several provisions remained unresolved.

Sen. Elizabeth Warren also said she supports passing crypto legislation but opposes the current CLARITY Act. She cited concerns involving political conflicts of interest, consumer protection, national security and financial stability.

Crypto market reaction remains limited

Crypto prices showed no immediate broad sell-off following the delay. Bitcoin remained above $64,400, while Ethereum held above $1,900 and XRP traded near $1.05 at the time covered by the initial report.

Prediction markets had already priced in much of the legislative risk before Thune confirmed the postponement. Polymarket’s probability of the bill becoming law in 2026 fell from above 70% earlier in the year to around 17% as the recess approached.

That decline followed repeated Senate scheduling setbacks. Crypto.news previously reported that the bill was absent from the Aug. 4 floor schedule, while no cloture motion had been filed.

Hougan’s comments suggest another drop into the teens could bring a final repricing of the near-term legislative outlook. His view differs from a warning issued earlier in the week by Bernstein, which said a failed vote or delay could trigger another crypto sell-off before a later recovery.

What Comes Next for the CLARITY Act

Senators are expected to continue negotiating during the August recess before returning in September.

Thune has said the bill will be placed near the top of the Senate agenda, but lawmakers must still reach a bipartisan agreement, file cloture and secure 60 votes before beginning full consideration.

The Senate could also amend the House-passed version. Any changes would require the House to approve the revised text before the bill could reach President Donald Trump.

A crowded September calendar and the approaching midterm elections leave lawmakers with a narrower window. Until a bipartisan deal or cloture filing emerges, passage in 2026 will remain uncertain.