Lending protocol Morpho has launched Morpho Midnight on Base, adding fixed-rate, fixed-term loans to its onchain credit network alongside the variable-rate markets offered through Morpho Blue. 

In an announcement sent to Cointelegraph, Morpho said the offer-driven protocol lets lenders and borrowers propose their own interest rates, maturities and other loan terms instead of relying on a protocol-defined utilization curve. Loans are issued as fixed obligations, with terms set through competing offers rather than algorithmic pool pricing. 

Predictable rates and defined maturities are standard features of traditional credit markets. However, they remain uncommon in decentralized finance (DeFi), where borrowing costs generally fluctuate based on market utilization. Fixed terms could make onchain lending more attractive to institutions and businesses that need to manage funding costs, returns and risk exposure in advance. 

A Morpho spokesperson told Cointelegraph that Midnight is live on the Base mainnet, initially supporting cbBTC and USDC across multiple maturity dates. The spokesperson said Morpho deliberately kept the launch contained as part of a progressive rollout that prioritizes security.

The spokesperson said crypto-native lenders, borrowers and curators already active on Morpho Blue had shown interest in Midnight. Several unidentified enterprises and institutions are also building products on the protocol in beta, with announcements expected as those products go live.

Morpho’s fixed-rate lending plans take shape

Morpho first outlined the fixed-rate system in 2025 under a broader “Morpho V2” roadmap. It described an intent-based, peer-to-peer marketplace where users could submit custom offers, price loans through market demand and keep capital earning variable yield until a fixed-rate offer was matched. 

In April, Morpho named the fixed-rate protocol Midnight and clarified that it was not a replacement for Morpho Blue. While Blue provides open-ended, variable-rate lending pools, Midnight externalizes loan risk, interest rate and duration to market participants. 

The protocol then released Midnight’s whitepaper and codebase in May, saying that its “offered capital” model was intended to avoid a recurring problem for fixed-rate DeFi protocols: liquidity being locked or fragmentation across maturity dates.

Related: Grayscale plans regular cash payouts from ETH, SOL staking rewards

Midnight’s launch follows Morpho’s $175 million funding round in June, led by Paradigm, Andreessen Horowitz’s a16z crypto and Ribbit Capital. At the time, Morpho said it planned to expand integrations with banks, asset managers and large platforms while adding features associated with traditional credit markets. 

Morpho’s infrastructure already underpins variable-rate lending products distributed through major crypto platforms. In April, Coinbase launched Morpho-powered USDC loans for United Kingdom users, allowing them to borrow against Bitcoin (BTC), Ether (ETH) and cbETH on Base. 

The loans carried variable rates and no fixed repayment schedule, illustrating the open-ended borrowing model that Midnight intends to complement. 

Magazine: Ethereum’s EEZ could pull other blockchains into its orbit

XRP Ledger’s v3.2.0 software has reached 66% validator adoption, with 99 validators now running the release as the network approaches a July 29 amendment activation.

According to recent XRPL Explorer data, 481 nodes, or 57.33% of the tracked network, have installed v3.2.0. The figures show that the latest software has gained ground since its June rollout, although a sizeable share of operators remain on the previous release.

Version 3.1.3 still runs on 42 validators, equal to 28% of the validator set covered by the tracker. Another 323 nodes, representing 38.41% of the 825 observed nodes, also continue to use the older software.

Software adoption and amendment approval are separate processes on the XRP Ledger. Installing v3.2.0 gives operators access to the latest fixes, while an amendment requires support from at least 80% of trusted validators for two consecutive weeks before its rules can take effect.

The fixCleanup3_2_0 amendment has already crossed that voting threshold. XRP Ledger governance data shows 85.71% support, with 30 validators voting in favor and five opposing the proposal.

Having secured the required backing, the amendment is scheduled to activate on July 29, 2026, at 09:57 UTC. Support must remain at or above 80% throughout the countdown; otherwise, the network’s two-week timer will restart.

Validator backing keeps the amendment on schedule

XRPL validator Vet has urged node operators to update their software before activation so their infrastructure remains compatible with the amended protocol. Operators using unsupported versions can become amendment-blocked once new rules go live, preventing their servers from determining the valid state of the ledger.

Unlike a feature release built around new user-facing products, fixCleanup3_2_0 combines maintenance changes for functions already available on XRPL. The official v3.2.0 release announcement identifies fixes covering Single Asset Vaults, the Lending Protocol, the Permissioned decentralized exchange, Multi-Purpose Tokens, and Permissioned Domains.

For Single Asset Vaults, the package addresses accuracy and rounding issues that can affect how deposited assets and shares are calculated. Lending Protocol changes correct related accounting behavior, while the Permissioned DEX and Permissioned Domains receive fixes for problems found after their earlier implementation.

Amendment voting allows validators to decide whether those consensus-level changes should become binding across the ledger. Even though v3.2.0 is already running on most tracked validators, the amendment will not alter mainnet behavior until the waiting period ends successfully.

Crypto.news reported earlier in July that fixCleanup3_2_0 had entered its final activation window after approval moved above 80%. The current 85.71% reading leaves a buffer of 5.71 percentage points, but XRPL rules still require support to hold until the scheduled activation time.

XRPSCAN’s amendment tracker lists fixCleanup3_2_0 as a proposal introduced through version 3.2.0. Its status also means operators must install compatible software even though running the release does not automatically count as an affirmative amendment vote.

Version 3.2.0 prepares XRPL infrastructure for new activity

Released in mid-June, v3.2.0 has also changed the name of the XRP Ledger’s core server software from “rippled” to “xrpld.” The rename follows XLS-0095, a technical proposal intended to align the server’s identity more directly with the XRP Ledger.

The change affects more than the executable’s name. Under XRPL’s migration instructions, operators moving from version 3.1.3 must update the configuration file from rippled.cfg to xrpld.cfg, along with related paths and deployment settings.

Node operators may also need to revise database directories, package references, scripts, service definitions, and server metadata. XRPL documentation provides a migration process designed to preserve existing node data while replacing the former server naming conventions.

Beyond the rename, the XRP Ledger development team describes v3.2.0 as a cleanup and maintenance release. The software retires amendments that have remained active for more than two years and continues work to divide the libxrpl codebase into smaller modules, which can make future development and maintenance easier.

Those infrastructure changes arrive while projects are testing new payment uses on the ledger. Ripple-backed t54.ai recently reported that XRPL had processed more than 1 million AI-driven payments through the x402 protocol and launched an AI Hub for agents, developers and payment services.

According to t54.ai, the hub was developed with support from Ripple developers and the XRP Ledger Foundation. It collects AI projects, autonomous agents, developer tools, payment services and technical resources in one place for teams building XRPL applications.

With eight days remaining before the scheduled amendment date, validator voting has kept fixCleanup3_2_0 on course. The remaining task falls to node operators still running older software, as the July 29 activation will apply the maintenance rules across the XRP Ledger if approval stays above the required level.

Bitcoin’s recent rally and ETF inflows are boosting market sentiment as traders look beyond BTC to emerging projects such as Remittix.

Bitcoin has returned to the centre of market attention after climbing to around $65,500, its highest level in roughly two weeks. The move came as risk appetite improved, chip stocks rebounded and U.S. spot Bitcoin ETFs recorded five straight sessions of inflows worth more than $600 million.

The return of Bitcoin momentum is now pushing traders to look across the wider crypto market for altcoins with stronger growth potential. One of the projects gaining attention is Remittix, which has now passed $31 million in its presale after announcing a major ecosystem expansion through Remittix Markets.

Bitcoin momentum puts altcoins back on watch

Bitcoin remains the biggest signal for the wider crypto market. Recent coverage showed Bitcoin reaching the $65,500 area before traders began watching whether the move could hold, while CoinDesk also reported that Bitcoin had previously pulled back after hitting a similar monthly high as profit-taking entered the market.

That matters because Bitcoin strength often helps bring attention back to higher-growth altcoin plays. When Bitcoin stabilises or pushes higher, investors usually begin searching for smaller projects with clearer catalysts, stronger upside narratives and upcoming launch events.

Remittix surpasses $31m as RTX momentum builds

Remittix has now passed $31 million in its presale, putting the project close to the key $32 million milestone where the team is expected to reveal the official launch date.

That gives RTX a clear near-term catalyst at a time when traders are looking beyond Bitcoin for new opportunities. The project has also confirmed a wider ecosystem direction, with PayFi, Remittix Markets and future Earn products becoming the core story around RTX.

This is why Remittix is starting to stand out. It is not only a presale with a launch countdown. It is becoming a product-led ecosystem built around crypto payments, trading access and real-world utility.

PayFi targets a massive payments problem

The strongest part of the Remittix story is still its PayFi platform.

Crypto is easy to buy, hold and trade, but using it for normal bank payments remains difficult. Users often need exchanges, wallet transfers, conversions and withdrawal steps before digital assets can become usable fiat.

Remittix is designed to solve that problem by letting users send crypto to any bank account in the world, while the recipient receives fiat directly. That gives the project a clear use case in the global payments industry, which Remittix positions as a $19 trillion opportunity.

The platform is now fully developed and has already been tested by members of the community. That gives RTX a stronger foundation before launch than projects relying only on future promises.

Remittix markets expands the ecosystem

Remittix has also revealed Remittix Markets, its new perpetual futures trading platform.

This adds a second major growth layer to RTX. PayFi gives Remittix its real-world payments angle, while Remittix Markets adds trading activity, perps demand and another reason for users to engage with the ecosystem.

As Bitcoin hits a two-week high and traders search for the next high-growth altcoin story, Remittix is building momentum with a developed PayFi platform, a major ecosystem expansion and a $32 million launch date reveal milestone now approaching.

Discover the future of PayFi with Remittix by checking out their project here.

FAQ

Why is Bitcoin in focus right now?
Bitcoin is in focus after climbing to around $65,500, its highest level in roughly two weeks, supported by renewed risk appetite and spot Bitcoin ETF inflows.

How much has Remittix raised so far?
Remittix has now passed $31 million in its presale and is approaching the $32 million milestone for its official launch date reveal.

What makes Remittix different from other presales?
Remittix has a fully developed PayFi platform tested by community members and has expanded the RTX ecosystem with Remittix Markets, its new perps trading platform.

Bitcoin (BTC) built on gains at Tuesday’s Wall Street open as crypto echoed resilient US stock markets.

Key points:

• BTC price action approached $67,000 despite new geopolitical and macroeconomic pressures.
• Neither the US-Iran war nor proposed international trade tariffs were able to disrupt risk-asset upside.
• Bitcoin needed a reclaim of its 21-week simple moving average to challenge the bear market, analysis warned.

Bitcoin, stocks ignore Iran war, fresh US tariffs

Data from TradingView showed BTC/USD approaching $67,000, closing in on seven-week highs.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Upward momentum that began the day showed little signs of stopping despite macro conditions that seem to favor a risk-off mindset.

The US-Iran war saw further escalation on the day as Iran struck Amazon facilities in Bahrain in response to US strikes, while the Strait of Hormuz oil route remained closed.

As a result, WTI crude oil prices reached their highest levels in over a month, nearing $85 per barrel.

CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView

Multiple media reported US president Donald Trump plans to introduce new 10% international trade tariffs. These would follow 50% measures imposed on Canada this week.

Despite these notional headwinds for crypto and risk assets, traders attributed the lack of bearish reactions to expectations that the situation would ultimately resolve in markets’ favor.

“Markets are pricing in peace,” YouTube channel host Crypto Rover summarized in a post on X to their 1.6 million followers.

Caleb Franzen, creator of Bitcoin and macro analysis resource Cubic Analytics, was confident about the near-term trend in the S&P 500 index.

“I reiterate… I have zero fear, concern, or worry with S&P 500 futures looking like this,” he told X followers on Monday.

S&P 500 futures one-day chart. Source: Caleb Franzen/X

To be sure, words of caution came from figures such as JPMorgan CEO, Jamie Dimon, who warned that markets were treating current risks too lightly.

Related: Trader maintains $67K BTC price target: Five things to know in Bitcoin this week

Despite a “golden cross” involving the 21-day and 50-day simple moving averages (SMAs) on Monday, the bear market, he warned, had gone nowhere.

“Bear Markets don’t always look like Bear Markets, especially in lower timeframes,” he wrote in his latest X analysis.

“The macro trend will be challenged if Bitcoin pushes above the 21-Week SMA. Until that happens, the Bear Market remains intact.”

BTC/USD one-day chart with 21-week, 50-week SMA.
Source: Cointelegraph/TradingView

The 21-week SMA stood at $69,720 at the time of writing, coinciding with Bitcoin’s then-all-time high from 2021.

Alan acknowledged that there was “no real resistance” until $67,250.

Ether (ETH) is back under fresh pressure from leveraged traders after a sharp push toward the $1,950 area. Tuesday’s uptick helped trigger around $62 million in liquidations tied to bearish positions, as ETH rose roughly 29% from its June 26 low near $1,500 and briefly tested $1,950 for the first time in about seven weeks.

The price move also mirrored a broader improvement in risk appetite. Bitcoin climbed above $66,500, while US equities strengthened after investors reassessed concerns about stretched valuations following the rapid rally in artificial intelligence-related shares.

Key takeaways

• ETH’s breakout attempt near $1,950 came with meaningful leverage-driven liquidations, signaling traders were positioned for downside.
• Ethereum’s fundamentals are not keeping pace: DApp revenues and weekly DEX volumes remain weak versus prior months.
• Record staking participation (34% of ETH supply, per StakingRewards) may dampen sell pressure, but it hasn’t yet translated into stronger onchain demand.
• Derivatives indicators are less bearish than late June, yet ETH perpetual funding has struggled to stay in the typical neutral band.
• Next week’s catalysts from major US tech earnings could determine whether the market’s optimism extends to crypto.

Price rally meets uneven participation across Ethereum

Despite the renewed bullish momentum, Ethereum’s activity metrics suggest caution. The network’s onchain data points to a market that is moving more because of broader sentiment than because usage is clearly re-accelerating.

According to DefiLlama, weekly revenue generated by Ethereum decentralized applications (DApps) fell to $9.8 million—the lowest level since September 2024. That matters because DApp revenue is often seen as a proxy for real demand and user willingness to pay for services, while price strength alone can be driven by derivatives positioning and macro flows.

DefiLlama data also shows decentralized exchange (DEX) volumes sliding to about $7.2 billion per week. In that environment, traders appear to be less enthusiastic about the kinds of high-turnover assets that typically boost activity, including memecoins and certain utility tokens.

The revenue picture is similarly mixed among top applications. DefiLlama notes that some prominent projects have been under pressure on the year, with losses of 50% or more year-to-date reported for tokens including Ethena (ENA), Mantle (MNT), and Arbitrum (ARB). While individual performance doesn’t automatically determine Ethereum’s direction, broad weakness in major ecosystems can limit organic demand during upswings.

Derivatives coolness suggests traders aren’t fully convinced

ETH’s rally has been accompanied by shifts in derivatives sentiment, but not a decisive reset to confident positioning. Laevitas data indicates that the annualized funding rate on ETH perpetual futures has had trouble remaining consistently in a “neutral” 6%–12% range during the past month.

That is an important nuance: when funding stays near neutral, it often indicates more balanced long and short demand. When funding persistently drifts away from that zone, it can suggest one-sided positioning that raises the risk of reversals.

Still, sentiment has improved compared with late June, when funding rates turned negative and reflected stronger bearish demand. The improvement aligns with expectations that staking activity could help reduce downside exposure.

Staking hits a new participation record, but the market still wants catalysts

A key support factor for ETH’s structure has been staking. StakingRewards data shows that a record 34% of the total ETH supply is now staked, up from 33% just one month earlier. In practical terms, higher staking participation can reduce the amount of liquid ETH available for selling, which may lower immediate sell pressure during price rebounds.

The staking narrative is reinforced by continued institutional accumulation activity. The article’s source references Tom Lee’s Bitmine Immersion (BMNR US), which reportedly added 156,719 ETH over the past month, bringing its stake to 4.8% of available supply. Separately, earlier coverage from Cointelegraph highlighted Bitmine’s Ethereum staking generation, underscoring how large holders are positioning through staking rather than liquid trading.

Even so, staking participation alone may not be enough to sustain an upswing if onchain demand remains subdued. The same onchain picture that shows low DApp revenue and declining DEX volumes also helps explain why the derivatives market hasn’t fully “opened the throttle” for longs. In other words: the capital on the sidelines may be more willing to absorb downside than to chase upside.

ETH is also still far from its August 2025 all-time high—reported as 61% below that peak—which can weigh on risk appetite. Traders may remain reluctant to pile in until they see clearer evidence that activity and demand are broadening beyond a macro-driven bounce.

Earnings from US megacaps could influence whether ETH breaks higher

Ether’s ability to extend gains toward the next major psychological level—often framed as $2,100—likely depends on whether risk appetite stays elevated across both traditional markets and crypto. On Tuesday, the immediate backdrop was favorable: stock strength helped ease concerns tied to valuation worries after a fast-moving AI-driven rally.

Looking ahead, the market will be watching corporate results for cues on whether the “risk-on” trend can persist. The report points to 3M Company’s (MMM) earnings after Tuesday’s open as part of the early week catalyst calendar. More importantly for the crypto complex, it also highlights Alphabet’s earnings scheduled for Wednesday after US markets close.

Investors are reportedly focused on cloud services growth, with expectations cited as 64% growth in cloud revenue, amid heavy AI investment. If results and guidance reinforce a stable macro backdrop, it could help restore confidence across risk assets—potentially giving ETH the additional momentum it needs to test higher levels without relying primarily on liquidation-driven moves.

For traders and long-term observers alike, the next signals to watch are straightforward: whether ETH can hold above the recent breakout zone after the liquidation wave, whether DEX volumes and DApp revenue continue to stabilize instead of drifting lower, and whether derivatives funding moves back toward a more sustainably neutral range as macro catalysts land.

BIS researchers have found that dollar-backed stablecoin inflows across more than 130 economies remain largely unaffected by capital controls, exposing a growing challenge for emerging-market governments.

The BIS study compared stablecoin inflows with foreign-currency bank deposits to examine how households and businesses gain exposure to the U.S. dollar during periods of financial stress. Both forms of dollarization increased alongside sovereign crises, banking problems and strong exchange-rate pass-through, but only traditional deposits responded clearly to restrictions on foreign currency and capital flows.

Unlike bank deposits, dollar-pegged tokens can move through crypto exchanges, peer-to-peer markets and self-hosted wallets without passing through domestic banks. According to the researchers, this difference likely exists because “stablecoins are partly circulating outside the regulatory perimeter.”

The results indicate that restrictions designed for bank accounts may have limited influence over digital tokens. While governments can require approval for foreign-currency deposits or restrict transfers through financial institutions, users can still receive, hold, and send stablecoins through blockchain networks.

Researchers also found that deposit and stablecoin dollarization tend to persist once established. Their analysis showed little evidence that users simply replace foreign-currency deposits with stablecoins, suggesting the two channels can expand at the same time instead of competing for the same demand.

Capital controls are failing to contain stablecoin demand

Dollar-pegged tokens could weaken monetary sovereignty if households and companies increasingly store or transact in U.S. dollars outside regulated banks, the BIS study warned. The risk is more pronounced in emerging and developing economies where inflation, currency depreciation or restricted access to foreign exchange makes dollar assets attractive.

Capital controls have historically reduced some forms of deposit dollarization because banks must enforce domestic rules. Stablecoin inflows, however, were broadly similar in economies with and without such restrictions, according to the BIS.

Digital tokens have bearer-like features and can be transferred through unhosted wallets, making complete enforcement difficult. The BIS Annual Economic Report 2026 noted that blocking domestic intermediaries from handling unapproved stablecoins may limit some transactions, but such measures are likely to remain imperfect.

Despite the concern over monetary sovereignty, the study found little evidence that moderate deposit dollarization materially weakens monetary-policy transmission. Economies with higher foreign-currency deposits did, however, show a somewhat higher risk of elevated inflation.

Stablecoins may present different policy problems because their use can extend beyond savings into payments, trade settlement and remittances. As transactions leave the banking system, authorities may also lose access to information normally collected by regulated financial institutions, limiting their view of capital movements.

The BIS findings suggest policymakers may require controls designed for blockchain-based assets rather than relying only on rules created for bank deposits. Any response would need to account for foreign exchanges, peer-to-peer transfers and self-hosted wallets, all of which can keep activity outside domestic financial channels.

Emerging markets are driving stablecoin payment adoption

Nigeria illustrates how economic pressure can push stablecoins into daily financial activity. The International Monetary Fund found that stablecoins accounted for more than 65% of the country’s cross-border crypto inflows in 2024, with total inflows approaching the value of recorded remittances by 2025.

According to the IMF, Nigerian households use USDT and USDC for family remittances, crypto investments and access to dollar-denominated value. Small and medium-sized importers have also used the tokens to pay foreign suppliers, while some large companies have tested them for trade settlement.

Inflation, naira depreciation and limited access to foreign currency made stablecoins more attractive during 2023 and 2024, the IMF reported. When the Central Bank of Nigeria restricted banks from serving crypto users in 2021, activity moved toward less regulated peer-to-peer markets instead of disappearing.

Stablecoins can cut payment time and reduce dependence on correspondent banks, according to the IMF. However, the institution warned that heavy use of dollar tokens could lower demand for the naira and move more transactions beyond the reach of Nigerian regulators.

A similar pattern has emerged in Latin America. Bitso Business reported an 81% year-over-year increase in stablecoin payment volume during the first half of 2026. The company also found that Tether’s USDT and Circle’s USDC represented 40% of regional crypto purchases in 2025, overtaking Bitcoin for the first time.

Across the crypto market, stablecoin capitalization has risen to about $309.7 billion from roughly $260 billion a year earlier. The increase gives dollar-backed tokens a larger role in payments and savings while adding urgency to the regulatory concerns identified by the BIS.

BIS research has also separated privately issued stablecoins from tokenized bank money. Through Project Agorá, eight central banks and more than 40 regulated institutions have tested cross-border settlement using tokenized commercial-bank deposits and central-bank reserves, according to the institution’s 2026 report.

That model keeps tokenized payments inside a regulated two-tier banking system, while stablecoins can circulate beyond it. For policymakers, the contrast explains why existing capital controls may struggle to contain digital dollarization even as demand for faster cross-border payments continues to grow.

The White House has accepted what it calls the most extensive federal ethics restrictions ever proposed as the CLARITY Act seeks the Democratic votes needed to clear the Senate’s 60-vote threshold.

Punchbowl News reported on Tuesday that White House officials reached an agreement on ethics language during talks with Republican Senators Cynthia Lummis and Bernie Moreno. The provision could apply to President Donald Trump’s crypto interests, although neither senator has released its wording or explained how it would be enforced.

A White House official confirmed the concession in a recent statement, describing the proposed language as “the most comprehensive and wide-ranging ethics provision in history.” According to the official, the administration had “bent over backward” to address concerns raised by Democratic lawmakers.

The agreement removes one of the main disputes holding up the Digital Asset Market Clarity Act, but it does not guarantee enough Democratic support for passage. The Senate has not published its final text or placed a floor vote on its calendar, leaving lawmakers with a limited window before the chamber’s August state work period.

Ethics deal removes a key Senate obstacle

Democratic senators have made restrictions on political crypto dealings a condition for supporting the legislation. Elizabeth Warren, Chris Murphy, Jeff Merkley and Chris Van Hollen previously argued that a market structure bill would be “worthless” unless it addressed Trump’s links to the digital asset industry.

Their concerns include Trump’s namesake memecoin and his family’s involvement with World Liberty Financial. Democrats have also requested congressional hearings into the president’s investments and other connections to crypto companies before the Senate holds a vote.

Details of the White House compromise remain unclear, including whether its limits would cover the president’s family and which authority would enforce them. Barron’s reported that some Democrats were concerned enforcement could rest only with the Trump-controlled Department of Justice instead of also allowing action by state attorneys general.

Earlier negotiations had shown how difficult the ethics issue could be. Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, told CoinDesk in May that the administration supported rules applying “from the president all the way down to the brand new intern on Capitol Hill,” but opposed provisions written against one official or family.

Senate negotiators have resolved or narrowed some other disputes while the ethics talks continued. Coinbase vice chair Ryan VanGrack recently said that Democrats had secured stronger customer safeguards, giving the Senate legislation “more teeth” than earlier versions.

“At the end of the day, this is about customer protections. The status quo lacks this infrastructure, lacks these protections, and the Democrats used this opportunity, wisely, to make sure that customers were first and foremost in [this bill].”

Stablecoin rewards, anti-money laundering controls, tokenized securities and protections for software developers have also complicated negotiations. As reported by crypto.news in May, the Senate Banking Committee advanced the bill with support from every Republican on the panel and Democratic Senators Ruben Gallego and Angela Alsobrooks, producing a 15-9 vote.

Despite backing the committee action, Gallego and Alsobrooks did not commit to supporting the eventual floor version because negotiations were still underway. Republicans would therefore need to preserve that support and attract more Democrats to reach 60 votes in the full Senate.

The House passed its CLARITY Act version in July 2025 during Republicans’ “Crypto Week.” The proposal would divide oversight of digital assets between federal regulators and set standards for deciding when tokens fall under securities or commodities rules.

Bitcoin rises while passage odds remain below 50%

Crypto-linked markets climbed after reports of the White House agreement. Bitcoin traded above $66,000 on Tuesday and reached a seven-week high, while Coinbase shares rose about 10% and Circle gained roughly 7%.

Prediction-market traders remained less convinced. A Polymarket contract shown on Tuesday assigned a 48% chance that the CLARITY Act would become law in 2026, down 17 percentage points, with about $2.11 million in recorded volume. The contract’s pricing indicated that traders still viewed passage as uncertain despite the reported ethics agreement.

President Trump had pressed senators to approve the legislation “in honor of” the late Senator Lindsey Graham, whom he described as a major supporter of the measure. Industry executives, including Coinbase representatives, have also urged Congress to establish federal market rules.

Still, the missing legislative text leaves the effect of the ethics compromise untested. Until Democratic senators review the provision, disclose their positions and help schedule a floor vote, the White House agreement remains a potential route to 60 votes rather than proof that the CLARITY Act will pass.