Coinbase has backed a tougher CLARITY Act after Senate Democrats added customer safeguards, even as its 2026 approval odds have fallen to 31% on Polymarket amid a dispute over ethics rules involving President Donald Trump.

Coinbase vice chair Ryan VanGrack told CNBC on Monday that Democrats had secured stronger consumer protections during closed-door negotiations over the bill’s final Senate text. He described those changes as giving the legislation “more teeth,” though he did not provide details about the provisions or indicate whether lawmakers had settled the separate ethics dispute.

“At the end of the day, this is about customer protections,” VanGrack said.

“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].”

According to VanGrack, the additional safeguards address gaps in the current US framework for digital asset businesses and their customers. His comments also signal Coinbase’s support for the negotiations after the exchange opposed an earlier Senate draft at the start of the year.

CEO Brian Armstrong announced in January that Coinbase could not support the legislation as then written, a decision that may have contributed to a delay in the Senate Banking Committee’s markup. Since then, Coinbase executives have publicly supported efforts to pass a revised bill, with chief legal officer Paul Grewal among those calling for the process to continue.

Lawmakers have not released the final Senate text or scheduled a floor vote as of Monday. Although VanGrack praised the consumer protection changes, he did not say whether the latest negotiations had produced an ethics agreement capable of winning enough Democratic votes.

Trump ethics dispute holds up a Senate agreement

As crypto.news previously reported, Polymarket traders have lowered the CLARITY Act’s probability of becoming law in 2026 to 31% while the White House withholds support for a disputed ethics provision. The administration had not approved the proposed language as of July 20, according to sources cited in the report.

Those sources also said the White House had not told Senate negotiators what limits it would accept. Without a clear position from the administration, the report said lawmakers may require more time to draft an updated version, putting the Republican timetable for a vote before the August recess at risk.

Senate Majority Leader John Thune wants the chamber to consider the bill before lawmakers leave Washington, but he has acknowledged that Republicans have not reached a bipartisan agreement. Because the party cannot clear the Senate’s procedural barriers alone, Thune would need support from Democrats to advance the legislation.

Democratic lawmakers have tied their support to restrictions addressing elected officials’ financial interests in digital assets. Their concerns center on Trump’s crypto activities, including Official Trump (TRUMP), World Liberty Financial and other investments linked to the president and his family.

In June, Trump disclosed $1.4 billion in earnings tied to his memecoin, World Liberty Financial and other digital asset holdings. Democrats have cited such financial connections while pressing for ethics language in the market structure legislation, according to reports on the Senate negotiations.

Republican senators met Trump on Thursday to discuss the bill, though the meeting did not produce a public White House position on the contested provision. Senate Democrats held their own closed-door meeting a day earlier to assess whether they could support the legislation.

Coinbase support raises pressure for a compromise

Trump has urged the Senate to approve the CLARITY Act and used the death of Senator Lindsey Graham to renew that call. In a social media post last week, the president asked senators to pass the legislation “in honor of” the South Carolina Republican, whom Trump described as a strong supporter of the proposal.

Despite Trump’s public endorsement of the bill, the White House’s reluctance to accept the ethics language has left negotiators without an agreement needed to move it forward. The disagreement places the administration’s request for swift passage against Democratic demands for rules covering officials with crypto-linked financial interests.

The latest support from Coinbase gives the bill an industry endorsement from one of the largest US crypto exchanges. It also represents a change from Armstrong’s January rejection of the previous version, although neither Coinbase nor VanGrack has publicly endorsed a specific ethics proposal.

Coinbase’s relationship with federal regulators has also changed since Trump returned to office. During the Biden administration, the Securities and Exchange Commission sued the exchange for allegedly operating as an unregistered securities exchange, broker and clearing agency.

After Trump took office, the SEC under acting Chair Mark Uyeda dropped the case. The agency’s withdrawal removed one of Coinbase’s largest regulatory disputes as Congress continued working on legislation intended to define oversight of digital asset markets.

For Senate negotiators, the unresolved issue remains whether stronger customer protections can be paired with ethics restrictions that satisfy Democrats and receive White House approval. Until lawmakers publish the revised text and secure enough bipartisan support, Thune’s desired vote before the August recess remains uncertain, while Polymarket traders continue to price in a low chance of enactment this year.

Exodus Movement has cut about 25% of its global workforce as the crypto wallet company reorganizes around a full-stack stablecoin payments platform.

According to a July 17 company notice filed with the U.S. Securities and Exchange Commission, the reduction will align Exodus’s costs and staffing priorities with its card issuance and payments strategy. The company also cited current market conditions and the continuing integration of Monavate and Baanx as factors behind the decision.

Exodus reported 215 full-time employees as of Dec. 31, 2025, according to its annual filing, which suggests that approximately 54 positions could be affected. The company did not provide an exact number or identify the departments included in the layoffs.

Affected workers will receive severance, continued benefits and other support during the transition, Exodus stated. Co-founder and CEO JP Richardson acknowledged the effect of the decision on employees while linking the restructuring to the company’s payments plans.

“These decisions are never easy because they affect talented people who have helped build Exodus,” Richardson said. “We are deeply grateful for their contributions and committed to supporting them through this transition.”

Trading under EXOD on the NYSE American, Exodus shares fell more than 8% to about $4.62 after the market opened Monday, extending pressure on a stock that closed at $5.06 on Friday. MarketWatch data showed EXOD trading near $4.76 later in Monday’s session, down roughly 6%, with an intraday low of $4.70. MarketWatch

Job cuts promise up to $13 million in yearly savings

Exodus expects the restructuring to produce between $10 million and $13 million in annualized cash operating expense savings, according to its SEC notice. Management expects the company to receive the full financial benefit in 2027, meaning the reduction will not immediately deliver all the projected savings.

Before reaching that point, Exodus expects to record between $2.5 million and $3.5 million in pre-tax charges. The company attributed most of those costs to severance and other expenses linked to departing employees, without giving a precise timetable for recognizing the charges.

Measured against the estimated number of affected roles, the projected annual savings indicate that the company is removing more than direct salary costs. However, Exodus has not published a breakdown covering wages, benefits, overlapping positions or other operating expenses, leaving the composition of the $10 million to $13 million estimate undisclosed.

The company also plans to keep reviewing its combined cost base and operating model while integrating Monavate and Baanx. According to Exodus, those purchases have increased its product capabilities, customer base and geographic reach, creating a larger organization that now requires a different allocation of staff and spending.

Exodus joins other financial and technology companies that have recently reduced headcount while reorganizing their operations. Robinhood announced in June that it would eliminate about 290 positions, equal to roughly 10% of its full-time workforce, and record approximately $28 million in restructuring charges.

In a message to employees, Robinhood CEO Vlad Tenev described that reduction as a move made from a strong business position. Robinhood told the SEC that it wanted to remove management layers, operate more efficiently, and close a small number of unfilled roles while continuing selective hiring.

Cloudflare made a deeper reduction in May, cutting more than 1,100 jobs, or about 20% of its workforce, as it adopted what the company called an “agentic AI-first operating model.” Reuters reported that Cloudflare expected $140 million to $150 million in related charges, while its shares fell around 19% in extended trading despite first-quarter results that exceeded Wall Street forecasts.

Acquisitions put payment rails inside Exodus

Exodus’s restructuring follows its May purchase of all outstanding shares in Monavate Holdings and Baanx.com for approximately $76.27 million. According to the company, that price matched the principal and interest outstanding on a loan to W3C Corp, the former parent of the two payments businesses, as of April 30. 

Monavate supplies card issuing, processing and regulatory infrastructure, while Baanx provides technology for crypto-linked cards and self-custodial stablecoin settlement. Exodus has said the combined operation can support payment card issuance through networks including Visa, Mastercard and Discover across the United States, United Kingdom and European Union.

Bringing those functions under its control is intended to reduce Exodus’s reliance on outside payment providers. A March company update stated that Monavate would give Exodus card-issuing capabilities in key markets, while Baanx technology would support real-time settlement using stablecoins held in self-custody. 

The workforce reduction now ties that payments expansion to a leaner cost base. Exodus said it will continue integrating the acquired businesses while directing resources toward cards, stablecoin settlement and the infrastructure connecting those services to its existing wallet platform.

US lawmakers are moving toward a fast decision on the Digital Asset Market Clarity (CLARITY) Act, a bill widely viewed as one of the most comprehensive attempts yet to set federal rules for the crypto industry. With negotiations still underway behind closed doors, advocacy groups and major market participants are now offering a clearer picture of what Democrats and Republicans are arguing over as the Senate weighs its next steps.

In a Monday interview with CNBC, Coinbase vice chair Ryan VanGrack said the final language of the CLARITY Act was being negotiated in the Senate and that Democratic lawmakers had added further customer protections. He characterized those changes as giving the bill “more teeth,” framing the revisions as a corrective to what he described as an inadequacy in the current regulatory landscape. CNBC: Coinbase’s Ryan VanGrack discusses regulation.

Key takeaways

• Coinbase leadership says the CLARITY Act’s ongoing negotiations are increasingly centered on strengthening customer protections.
• Democrats are reportedly seeking additional safeguards beyond market-structure rules, with ethics provisions still a potential sticking point.
• Earlier opposition to the bill as written may have contributed to delays in the Senate Banking Committee markup process.
• President Donald Trump publicly urged the Senate to pass the bill soon, but floor timing remains uncertain while final text is negotiated.

Coinbase ties “customer protections” to the bill’s evolving text

VanGrack’s remarks highlight how the final shape of the CLARITY Act may be determined less by whether lawmakers broadly support the bill and more by what protections it must include for retail customers and other market participants. “At the end of the day, this is about customer protections,” he told CNBC, arguing that the existing system “lacks this infrastructure” and that Democrats used the opportunity to ensure customers come first.

The same interview also comes amid questions about what else could still be required for the measure to clear Democratic support thresholds. VanGrack did not explicitly discuss ethics provisions. However, earlier reporting described those ethics provisions as a likely condition for some Democrats to back the bill. Cointelegraph previously noted US senators opposing the CLARITY Act vote due to concerns that ethics-related requirements must be included.

How early industry resistance may have shaped the legislative timeline

The CLARITY Act’s road to the Senate has not been smooth. According to the CNBC interview context, Coinbase CEO Brian Armstrong may have played a role in slowing an earlier markup of a prior version of the bill in the Senate Banking Committee after he announced in January that the exchange could not support the legislation “as written.”

Since then, multiple Coinbase executives have publicly voiced support for the Senate passing the CLARITY Act, including Coinbase chief legal officer Paul Grewal, who posted on social media after the bill advanced. Grewal’s earlier remarks are referenced here: Paul Grewal on X.

For market participants, that shift matters because it suggests the bill’s revisions may have aligned more closely with industry expectations—at least enough for Coinbase’s leadership to move from objection to endorsement. At the same time, it underscores that congressional text edits can quickly change who is comfortable with a bill’s outcome and when lawmakers can realistically schedule votes.

Politics and process: Trump’s push meets Democratic conditions

Beyond industry input, the CLARITY Act is unfolding in a politically charged environment. Trump has signaled strong support for passing the bill promptly. Earlier coverage notes that after the death of Senator Lindsey Graham, Trump said on social media that members of the Senate should pass the CLARITY Act “in honor of” the South Carolina lawmaker, whom he described as a “big supporter.” Cointelegraph reported US Senate session plans CLARITY Act vote.

Reports also indicate the bill has been discussed in meetings connected to Trump and Republican lawmakers. Politico coverage referenced by Cointelegraph described Republican senators meeting with Trump to talk through the measure, amid Democratic concerns about the president’s relationships with crypto. Cointelegraph cited the meeting in Trump to meet with senators over CLARITY Act.

Those concerns are amplified by disclosure details from Trump’s own filings. In June, Cointelegraph reported that Trump disclosed $1.4 billion in earnings tied to his memecoin, Official Trump (TRUMP), his family’s crypto company World Liberty Financial, and other digital asset investments. See: Trump earned more from crypto than real estate.

Meanwhile, Senate Democrats reportedly held a closed-door meeting on Wednesday to evaluate their positions. As of Monday, lawmakers had not released the final text of the bill or scheduled a floor vote, according to the reporting summarized in the source.

Regulatory context: the SEC case against Coinbase and why it still matters

The CLARITY Act’s push also sits against a backdrop of high-profile enforcement. Under the Biden administration, the US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase alleging it operated as an unregistered securities exchange, broker, and clearing agency. That case was dropped shortly after President Trump took office, with the SEC led by acting chair Mark Uyeda at the time.

For the crypto industry, that history increases the stakes of federal legislation like CLARITY. A comprehensive market-structure bill can be viewed as an attempt to reduce the risk of similar enforcement-style disputes by defining clearer regulatory boundaries. At the same time, the ongoing emphasis on customer protections and potential ethics provisions suggests lawmakers are trying to balance rulemaking with trust and accountability—issues that go beyond technical market definitions.

What to watch next

With the Senate still negotiating the final text and no floor vote scheduled as of Monday, the key question for investors and builders is whether customer-protection updates satisfy Democratic priorities quickly enough to avoid delays tied to ethics-related demands. The bill’s next public drafting steps—and any newly released language—will likely determine whether momentum holds or whether the CLARITY Act returns to committee rather than reaching the full chamber.

Bitcoin (BTC) starts the last full week of July holding key support while macro clouds continue to gather.

Key points:

• Bitcoin preserves its 200-week trend line at the weekly close, leading to short-term BTC price targets of up to $67,000.
• US-Iran war rhetoric ramps up, with oil prices hitting five-week highs ahead of a week of corporate earnings reports.
• Bitcoin spot demand retreats from its early-July uptick despite ETF inflows.
• Bitcoin’s Puell Multiple heads higher, but analysts are wary of calling a “generational low.”
• Crypto market sentiment hits highest levels since the start of June.

Trader sees “further relief” for Bitcoin bulls

In a familiar move, Bitcoin saw sell-side pressure soon after the weekly close going into Monday morning, with local lows reaching $63,700, data from TradingView confirms.

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

Despite this, traders are becoming increasingly optimistic on shorter time frames as range lows continue to hold.

“Wouldn’t surprise me if we see some further relief this week – towards 65-67k,” trader Jelle predicted in his latest analysis posted Monday morning on X.

BTC/USD one-day chart. Source: Jelle/X

Trader Daan Crypto Trades noted that BTC/USD had sealed its third consecutive weekly close above the 200-week simple moving average (SMA), currently at $63,322.

“To really get this interesting you want to see a strong push higher now to retrace that last leg down and get back above the Weekly 200EMA,” he told X followers, referring to the 200-week exponential moving average (EMA) at $68,521.

“Until then, we’re just caught in this $60K choppy price range.”

BTC/USD one-week chart. Source: Daan Crypto Trades/X

Others doubled down on bullish conviction, with trader Roman again flagging multiple bullish divergences across BTC price metrics, including the relative strength index (RSI), a classic leading indicator.

“Bitcoin is more than halfway through its second year in the current BTC Four Year Cycle. 2025 proved to be the year of the $BTC Bull Market peak. And 2026 has proven itself to be the year of the Bitcoin Bear Market,” trader and analyst Rekt Capital summarized. 

“2027 will be the Bottoming Out year to precede an entirely brand new future Bitcoin Bull Market.”

BTC/USD 12-month chart. Source: Rekt Capital/X

As Cointelegraph reported, Rekt Capital now calculates the current bear market to be just over 70% complete.

Iran worries send oil prices higher

Geopolitical risk is top of the agenda for risk-asset traders this week as the US-Iran war escalates once again.

Iran’s foreign minister warned of potentially “unresolvable” nuclear disputes while US President Donald Trump called on lawmakers to add Iran to a sanctions bill that was initially directed at Russia. 

Source: Truth Social

Oil futures surged at the weekly open, with WTI crude at five-week highs above $80 per barrel and Brent crude topping $90.

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

As Cointelegraph reported, the return of the conflict saw the swift closure of the Strait of Hormuz, a key global oil route, that was briefly cleared for traffic as part of the now-failed US-Iran peace deal.

The latest Iran events provide volatile backdrop to the week’s macro outlook, which focuses on major corporate earnings as tech stocks face new headwinds.

In the coming days, Tesla, Alphabet and Intel will all report, providing a potential short-term volatility catalyst across risk assets.

“Earnings season is officially in full-swing,” trader resource The Kobeissi Letter summarized in a thread on X.

Following last week’s lower-than-expected US inflation data, meanwhile, Trump was buoyant, calling the numbers “great news.”

“As Investment pours into our Country, Factory Construction surges, Manufacturing Jobs rise, and Prices fall, there is so much to be proud of — The Golden Age of America is here!” he wrote in a post on Truth Social.

Markets remained conservative on policy changes from the Federal Reserve, with the latest data from CME Group’s FedWatch Tool showing consensus for a 0.25% interest-rate hike in September.

Fed target-rate probabilities for September FOMC meeting (screenshot).
Source: CME Group

Bitcoin spot demand returns lower

Lackluster spot-market demand remains a key stumbling block on the road to bull-market recovery, research says.

In a blog post on Monday, onchain analytics platform CryptoQuant revealed that a modest supply increase at the start of July had already dissipated. 

“Bitcoin’s 30-day Spot Demand recovered sharply to around -80K BTC in early July but has since deteriorated again to nearly -170K BTC,” contributor ScenarioX wrote. 

Bitcoin demand data (screenshot). Source: CryptoQuant

Earlier, Cointelegraph reported on spot demand staying negative while recovering significantly on a rolling 30-day basis as BTC/USD hit $64,000. At the same time, futures markets saw a more pronounced influx of interest.

This was reflected in net flows to the US spot Bitcoin exchange-traded funds (ETFs), which were positive for four out of five days last week, per data from UK-based investment manager, Farside Investors.

“Despite this significant decline in spot demand, Bitcoin’s price has remained relatively stable, mainly due to easing short-term selling pressure and short covering in the derivatives market,’ ScenarioX said.

“However, derivatives demand remains insufficient to support a sustainable uptrend on its own. This leaves the market in a structurally fragile state, where renewed spot selling could trigger a sharp downside move.”

US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors

CryptoQuant suggested that the market could still continue to gain “for a while” before futures demand was exhausted.

“However, the rally without meaningful spot demand is likely to end in a significant long liquidation event,” ScenarioX warned.

Puell Multiple lows fail to convince

A classic BTC price metric is showing signs of a reversal this month, but CryptoQuant warns that it is too early to talk of a “generational low.”

The Puell Multiple, which measures the USD value of newly issued BTC each day relative to its 365-day moving average, continues to head higher after seeing macro lows in early June.

“A low reading means miner income is well below normal,” CryptoQuant contributor TheChessOnChain explained in a blog post.

Bitcoin Puell Multiple. Source: CryptoQuant

Puell in turn reflects on Bitcoin miners’ financial stability, and June’s 0.87 reading was the lowest since September 2024. Zooming out, however, each BTC price cycle has delivered higher lows for Puell, potentially boosting that latter reading’s chances of forming the next floor.

“These bottoms are getting shallower, and the four-year supply cut (the halving) is not the cause: the metric scales both sides of its ratio, so cutting new supply cancels out. The real driver: price falls less each cycle (down 83% in 2018, 77% in 2022, less since), so miner income never sinks as deep,” TheChessOnChain said.

Bitcoin Puell Multiple data (screenshot). Source: CryptoQuant

While Puell lows do not strictly correspond to BTC price bear-market bottoms, TheChessOnChain suggests that waiting for new lower readings — including the metric’s classic deep value territory — may be a flawed strategy.

“The 2024 and 2026 lows came with price still high, so they are Puell lows, not price bottoms. Waiting for the classic sub-0.5 zone, where miners sell at a loss, may mean waiting for a level that no longer prints,” they said. 

“Today reads as easing miner pressure, not a generational low. It turns decisive only if it holds beneath recent lows for weeks.”

Crypto sentiment gauge nears two-month high

Despite macro headwinds brewing over the weekend, crypto market sentiment continues to post a steady recovery.

Related: Bitcoin bottom countdown nears 50 days after BTC supply in loss passed 50%

The latest readings of the Crypto Fear & Greed Index show panic slowly dissipating among the broader investor base.

On Monday, the gauge measured 29/100 — still within its “fear” bracket but at its highest levels since the start of June. For much of the intervening period, crypto was gripped by “extreme fear.”

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

In commentary on the rebound last week, research platform Santiment underscored its timing with the return of ETF inflows.

“After a long outflow stretch throughout May and June, this shift signals ETF demand is back and confidence in crypto is starting to pick up again,” it wrote on X.

Santiment argued that “encouraging” US inflation data had helped boost risk appetite, while “crypto policy optimism added another reason for sidelined buyers to re-enter.”

As lawmakers in the US Senate are likely to vote soon on the Digital Asset Market Clarity (CLARITY) Act, representatives from advocacy organizations and companies are providing details of closed-door negotiations over the bill, which is expected to be the most comprehensive piece of legislation affecting the crypto industry.

In a Monday CNBC interview, Coinbase vice chair Ryan VanGrack said while the final negotiations over text of the CLARITY Act were taking place in the Senate, Democratic lawmakers had added additional protections for customers to give what he called “more teeth” to the legislation. He did not explicitly mention any progress on adding ethics provisions to the bill, which many Democrats said will be necessary for their votes. 

“[A]t the end of the day, this is about customer protections,” said VanGrack. “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].”

Notably, Coinbase CEO Brian Armstrong may have contributed to a delay for a markup of an earlier version of the bill in the Senate Banking Committee, when he announced in January that the exchange could not support the legislation as written. Several Coinbase executives have since come out publicly in favor of the Senate passing the bill, including chief legal officer Paul Grewal. 

Related: Ethics remain sticking point as crypto market structure bill goes to markup

Under the Biden administration, the US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for allegedly operating as an unregistered securities exchange, broker and clearing agency. The case was dropped shortly after US President Donald Trump took office, with the agency headed by his pick for acting SEC chair, Mark Uyeda.

CLARITY has Trump’s support, but ethics could leave bill in limbo

Last week, following the death of Senator Lindsey Graham, Trump said on social media that members of the Senate should pass the CLARITY Act “in honor of” the South Carolina lawmaker, who he claimed had been “a big supporter” of the bill.

Republican lawmakers reportedly met with Trump on Thursday to discuss the bill amid Democrats’ concerns about the president’s ties to the crypto industry. In June, the president disclosed $1.4 billion in earnings related to his memecoin, Official Trump (TRUMP), his family crypto company World Liberty Financial and other digital asset investments.

Senate Democrats also reportedly held a closed-door meeting on Wednesday to assess their positions on the CLARITY Act. As of Monday, lawmakers had not released the final text of the bill or scheduled a floor vote.

Magazine: Will the crypto lobby’s $189M campaign get CLARITY over the line?

Nigeria’s President Bola Tinubu has signed an executive order targeting regulatory gaps in a crypto market that received about $59 billion in inflows between July 2023 and June 2024, according to the International Monetary Fund.

Tinubu’s office said the order will coordinate digital asset oversight across Nigeria’s financial, tax and capital market agencies while preserving the legal powers of each regulator.

Signed on Friday, the directive creates a common framework for virtual asset regulation and seeks closer cooperation among agencies responsible for supervising Nigeria’s financial system. Presidential special adviser Bayo Onanuga said the framework will also protect users from fraud, support responsible innovation and preserve financial stability.

Rather than forming another watchdog, the order creates a virtual asset council led by senior financial regulators. According to Onanuga, the council will guide policy and help agencies address regulatory gaps that previously allowed some unregistered businesses to operate without oversight.

“Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it.”

Registration requirements will depend on the service offered and the type of asset involved, according to the presidential adviser. Onanuga said the activity-based model will give operators more certainty while making it harder for companies to avoid supervision by falling between the mandates of different agencies.

The Nigerian Revenue Service will separately issue more information about how the order affects taxpayers. Although the directive does not set out new tax rates, it places tax enforcement within the coordinated framework for digital asset oversight.

Order coordinates regulators without replacing them

Nigeria currently divides crypto supervision among agencies with separate responsibilities for securities, banking, revenue and financial crime. Tinubu’s order keeps those mandates intact but directs the institutions to work through a shared policy structure, according to the presidency.

Onanuga described the order as a response to fragmented oversight rather than an attempt to transfer authority. Under the framework, regulators will register businesses according to their activities, meaning an exchange, payment provider or investment platform may face different requirements based on the services it provides.

Legislative work on crypto regulation has also continued alongside the executive action. Earlier in June, Nigeria’s Senate advanced the Virtual Asset Service Providers Regulation Bill, 2026, after approving it at second reading.

Listed as SB 956, the bill would establish licensing, transparency and compliance requirements for crypto exchanges and other virtual asset businesses serving Nigerian users. Deputy Senate President Barau Jibrin sponsored the proposal, while Senate Chief Whip Mohammed Monguno presented it during the debate.

Senators supporting the bill said formal supervision and consumer protection rules could help curb fraud and improve order in Nigeria’s digital asset market. The proposal has moved to the Senate Committee on Capital Market, which can review its provisions, consider amendments and invite public input.

Second-reading approval has not made the proposal law. Under Nigeria’s legislative process, SB 956 must still complete committee review, pass a third reading and clear the remaining required stages before it can take effect.

Tax authorities have already introduced reporting measures while lawmakers consider the bill. Since the start of 2026, Nigeria has required crypto service providers to connect transactions with tax identification numbers and, in some cases, national identification numbers under the Nigeria Tax Administration Act 2025.

The reporting system places Nigeria in line with the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, which took effect on Jan. 1, 2026. Under that framework, participating authorities can collect, assess and exchange information about cross-border crypto transactions.

Stablecoin growth increases pressure for clearer rules

Nigeria’s regulatory action follows rapid growth in the use of cryptocurrencies and stablecoins. In a June report, the IMF estimated that Nigeria received about $59 billion in crypto-asset inflows from July 2023 through June 2024.

The IMF also estimated that Nigeria has accounted for around 60% of all stablecoin inflows into sub-Saharan Africa since 2019. According to the fund, households and small businesses increasingly use U.S. dollar-pegged tokens to receive remittances, pay overseas suppliers and protect savings during periods of pressure on the local currency.

Those uses have turned stablecoins into an important cross-border payment route, but the IMF warned that their growth is testing existing monetary and regulatory systems.

“It is also testing the limits of existing monetary and regulatory frameworks,” the IMF said in its June assessment.

According to the fund, policymakers face the task of reducing the problems that made alternative payment channels attractive while controlling the risks created by their growing use. The IMF called for a clear strategy that allows new financial services but remains tied to sound economic policy and effective supervision.

Tinubu’s executive order addresses the regulatory part of that challenge by coordinating agencies, clarifying registration and bringing tax enforcement into the same structure. Further details from the Nigerian Revenue Service, the work of the new virtual asset council and the Senate’s review of SB 956 will determine how the framework applies to crypto businesses and their customers.

WLD has climbed about 4.5% to $0.37 after Grayscale filed with the US Securities and Exchange Commission to launch an ETF holding the World Network token directly.

According to Grayscale’s registration statement, the proposed Grayscale Worldcoin ETF would trade on Nasdaq under the ticker GWLD and offer investors exposure to WLD without requiring them to buy or store the token.

The fund’s shares would follow the value of its WLD holdings through the CoinDesk Worldcoin Benchmark Rate. Fees and operating expenses would be deducted from the value of the trust, although Grayscale has not disclosed the management fee.

Several other terms also remain open. Grayscale left blank the initial seed investment and the quantity of WLD represented by each share, indicating that later amendments to the prospectus will add those details.

If approved, GWLD would become a passive investment vehicle with WLD as its only principal asset. Grayscale’s filing states that the trust would not use leverage or derivatives, limiting its activity to holding the token and processing share creations and redemptions.

GWLD would give investors direct WLD price exposure

Under the proposed structure, authorized participants would create or redeem shares in blocks of 10,000, which the filing calls baskets. Participants could complete those transactions by delivering WLD or through cash orders handled with the help of liquidity providers.

BitGo Bank & Trust would hold the trust’s WLD assets, according to the registration statement. The Bank of New York Mellon would act as administrator and transfer agent, while CSC Delaware Trust Company would serve as trustee.

Grayscale has presented the fund as a way for shareholders to gain WLD exposure through a traditional brokerage account. Investors would therefore avoid the technical steps involved in opening a crypto wallet, securing private keys, and trading the token on a digital-asset platform.

The filing does not guarantee that the SEC will approve the product or that Nasdaq will list its shares. Because the document is a registration statement with incomplete terms, Grayscale may need to submit amendments before regulators can allow the ETF to begin trading.

WLD serves as the native token of World Network, a digital identity project first developed by Tools for Humanity. Sam Altman and Alex Blania founded the company behind the project, which was previously known as Worldcoin.

World Network includes World ID, a proof-of-personhood system designed to confirm that a user is a unique human. Its other products include the World App, the Ethereum layer-2 network World Chain and Orb devices that use iris images during identity verification.

As of June 30, roughly 3.5 billion WLD tokens were in circulation, according to figures included in Grayscale’s prospectus. Their combined market value stood at approximately $1.4 billion, while the token recorded daily trading volume of $135.1 million.

Those figures placed WLD as the 41st-largest crypto asset by market capitalization at the time of the filing. The data also showed that the proposed fund would track an asset with substantially lower market value and trading activity than tokens such as Bitcoin and Ethereum.

WLD has broken above its four-hour falling channel

Following news of the filing, Worldcoin (WLD) advanced about 4.5% to $0.37. The token nevertheless remained nearly 97% below its March 2024 record high of $11.80.

On the four-hour chart supplied through TradingView, WLD was trading around $0.377 after rebounding from the $0.353 support area. Price also moved above the upper boundary of a descending channel, indicating that selling pressure has started to ease.

TradingView’s Fibonacci levels place immediate resistance at $0.3796. A sustained move above that barrier could expose $0.3876, followed by $0.3957 and $0.4057.

Below the current price, the chart identifies $0.3681 as the closest support. Losing that level could send WLD back toward $0.3534, where buyers recently stopped the decline.

Momentum readings have also improved, although they do not yet confirm a strong bullish trend. The four-hour relative strength index stood at 49.59, up from its moving average of 38.09 and close to the neutral 50 level.

TradingView’s MACD line remained below zero at -0.0057 but had crossed above its -0.0073 signal line. The positive 0.0016 histogram suggests bearish momentum is fading as WLD tests the $0.3796 resistance.

Grayscale’s prospectus identified biometric data collection as a central product risk because World Network relies on iris imaging through its Orbs. According to the filing, the project has faced regulatory restrictions, enforcement measures and court rulings in several jurisdictions over its biometric practices.

The registration statement also pointed to World Chain’s centralized sequencer, sharp WLD price swings and possible securities-law treatment as material risks. Grayscale warned that an adverse regulatory decision involving WLD or related transactions could reduce the token’s value or require the trust to close.