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Crypto World

The quarter Robinhood’s chain missed by one day

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Robinhood Chain did $570M volume on $21M of liquidity. The launch-week autopsy

Robinhood reports Q2 earnings on July 29, covering a quarter that ended June 30. Robinhood Chain launched July 1. The company’s biggest strategic bet contributed exactly zero to the numbers being reported, which makes Wednesday’s call something rarer than a results event: a live interrogation of three weeks of casino data, with retail shareholders holding the microphone.

Summary

  • Robinhood reports second-quarter results after the close on July 29, with consensus at roughly $0.41 per share on about $1.27 billion in revenue and options markets pricing a 12.6% post-earnings move, well above the 9% average.
  • The quarter ended June 30; Robinhood Chain launched July 1. The company’s defining strategic project contributed nothing to the period being reported, making the call a disclosure event about three weeks of post-quarter data rather than a results event.
  • That data is awkward: roughly $13 million in tokenized stocks against a single memecoin that touched $156 million, daily chain fees near $198,000 inflated by a 90-day gas subsidy, and a security-incident string capped by the SCATMAN account hijack.
  • The Q1 template looms over everything: crypto revenue fell 47% to $134 million, broke the quarter, and triggered a 13% selloff, while event-contract revenue surged 320% to $147 million, quietly passing crypto as a transaction line.
  • The structural dates matter more than the print: the chain’s gas subsidy expires around the end of September, a $121 million HOOD unlock adds supply, and the shareholder Q&A platform guarantees the chain questions get asked on the record.

Earnings calls are usually about the past, which is why Robinhood’s on July 29 is worth more attention than its consensus estimates suggest: it is structurally incapable of being about the past. The second quarter the company will report ended on June 30. Robinhood Chain, the Ethereum layer-2 that chairman Vlad Tenev has framed as the company’s bridge to tokenized finance, went live on July 1, one day into the next quarter. Every number in the release, revenue, crypto take rates, event-contract volumes, describes a company that did not yet have its blockchain, while every question that matters on the call describes the three weeks in which it did: weeks that produced a top-five DEX by volume, a $156 million cat-themed memecoin named after the company’s original working name, roughly $13 million in the tokenized stocks the chain was ostensibly built for, and a hijacked SpaceX account rug-pulling a token on Robinhood’s own rails. Management will present the quarter it had. The market, the analysts, and, through Robinhood’s upvoted shareholder Q&A, its own retail base will interrogate the quarter it is having. That gap, between the reported period and the reportable story, is the cleanest lens on Wednesday’s event, and this piece maps both sides of it: the print the consensus is pricing, and the chain accounting nobody has seen yet.

The print: what Q2’s actual numbers must answer

Start with the quarter that will legally be the subject, because its shape is inherited from a first quarter that ended badly and instructively.

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Q1, reported April 28, was a miss with a diagnosis. Total revenue of $1.07 billion grew 15% but landed below the $1.13-1.17 billion analysts expected, net income rose 3% to $346 million, or $0.38 per share, and the stock fell 13% the next day, because one line broke the quarter: cryptocurrency transaction revenue collapsed 47% year over year to $134 million, from $252 million, on crypto volumes down 48% to $24 billion, the third consecutive quarter of declining transaction revenue, which the company attributed plainly to falling crypto asset prices. The same release contained the offsetting story that has since become the bull case’s center of gravity: other transaction revenue, primarily event contracts, surged 320% to $147 million on a record 8.8 billion contracts traded. Read those two lines together and a structural fact emerges that the coverage has been slow to absorb: prediction markets already out-earn crypto trading at Robinhood. The company’s future-of-finance revenue engine, for now, is not tokens. It is contracts on outcomes, the product category currently being litigated across a dozen states in the war this publication mapped last week.

Q2’s consensus builds on that base: roughly $0.41 per share, down about 2% year over year, on revenue near $1.27 billion, up 28%, with the mix expected to rhyme with Q1, strong equities and options (management said April volumes tracked toward the highest month of the year, with CFO Shiv Verma noting “Q2 is off to a good start in April”), continued event-contract momentum through a World Cup June in which the category’s platforms printed record volumes, and a crypto line that KeyBanc’s upgraded-but-clear-eyed preview expects to stay subdued into the second half. The options market prices a 12.6% move against a 9% four-quarter average, which is the derivatives desk’s way of saying this print carries more scenario risk than usual. The analyst posture into it is constructive and repriced upward, KeyBanc to $125, Needham to $123 with its financial-super-app framing, and both raises cite a variable no spreadsheet contains: the CLARITY Act, whose Senate endgame is running this exact week, and whose passage would reprice the regulatory footing of every crypto revenue line Robinhood reports.

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The absence: what the chain’s zero contribution means

Now the structural oddity, because it defines the event.

Robinhood Chain launched its public mainnet on July 1, which means the quarter under report contains not one day, dollar, or transaction of the company’s most-discussed initiative. That is not a triviality of the calendar; it changes the epistemics of the call. In a normal quarter, management’s claims are disciplined by the reported numbers sitting beside them. On Wednesday, everything said about the chain will be forward-looking commentary on post-period data that the company curates, selectively, in whatever frame it chooses, and the frames available range widely, because the three weeks in question produced numbers that support any narrative. Bullish selection: top-five DEX status within a fortnight, $3.1 billion in weekly DEX volume at peak, roughly $300 million in TVL, 3.6 million daily transactions, 65,000-plus holders of tokenized stocks, $300 million in stablecoins parked on the network, day-one integrations with Uniswap, Morpho, and Chainlink, and a Bernstein note calling the debut strong. Bearish selection, from the identical dataset: tokenized real-world assets, the chain’s stated purpose, at roughly $13 million, about 4% of activity, against a single memecoin, CASHCAT, that touched $156 million, twelve times all tokenized assets combined; transaction counts inflated by a 90-day gas-fee subsidy that makes every comparison flattering; chain fees around $198,000 a day, real but rounding-error revenue for a $101 billion company; a launchpad boom that generated an estimated $12 million in fees before going dark over token quality; and the SCATMAN incident, in which hijacked SpaceX and Starlink accounts rug-pulled a memecoin on Robinhood’s rails eleven days into the chain’s life.

The interrogation layer makes the selective-framing game harder than usual, and this is the underappreciated mechanic of Wednesday’s call. Robinhood runs its earnings Q&A partly through an upvoted shareholder-question platform, which means the chain questions do not depend on sell-side politeness; the retail base that watched CASHCAT trade twelve times the stock-token float will put its questions on the record by volume of upvotes, and management has committed to answering a selection of the most-upvoted live. Add the professional layer, where the first analyst question about chain unit economics, sequencer revenue, subsidy cost, custody of the $300 million in parked stablecoins, forces the company to either disclose a new reporting line or conspicuously decline to, and the call becomes what this piece named it at the top: not a results event but a disclosure event, the first time Robinhood must describe its chain in the register of accountability rather than launch marketing.

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What to listen for, specifically: whether the chain gets its own metrics in the release or deck, which would signal permanent reporting; any number attached to Stock Token adoption beyond the on-chain estimates everyone has been reading off Dune; the treatment of the gas subsidy, cost line now, pricing power question later; and any guidance about what happens at day 90, because the subsidy that has been inflating the chain’s activity since July 1 expires around the end of September, at which point Robinhood Chain’s organic demand gets its first honest measurement, one quarter before it appears in reported results for the first time.

The stakes: two readings of the same launch

The earnings frame sharpens the strategic question the launch coverage blurred, so state both readings the way Wednesday’s participants will.

The optionality reading, which is Bernstein’s and the raised price targets’: the chain is cheap, early, and structurally aligned with everything working at Robinhood. The memecoin froth is what permissionless launches look like, the $300 million in parked stablecoins and the Morpho lending base are stickier than DEX volume, the tokenized-equity product has 65,000 real holders three weeks in, and the company holds a fresh $2.2 billion zero-coupon convertible war chest raised in June, capital available precisely for bets like this. On this reading, Q2’s numbers, carried by options, equities, and the event-contract engine, buy the chain all the time it needs, CLARITY’s potential passage de-risks the entire crypto stack, and the correct analyst posture is to price the chain as a free option on tokenization while the core business compounds. The 12.6% implied move, in this frame, is upside convexity.

The distraction reading, which the Q1 tape supports: Robinhood’s crypto revenue has fallen for three consecutive quarters, the line that broke Q1 remains broken, and the company’s response was to launch infrastructure whose first month monetized the exact activity, memecoin speculation, that its CEO publicly disparaged the week before embracing.

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The chain’s honest economics to date are $198,000 a day in subsidized fees against a $13 million RWA book, the regulatory proposition, a licensed brokerage extending compliant rails into DeFi, took a visible hit when the SCATMAN rug ran through it, and the $121 million HOOD unlock adds supply into whatever the print delivers. On this reading, Wednesday risks a specific failure mode: a fine quarter overshadowed by the first public accounting of a launch whose numbers, honestly presented, describe a casino with a stock-token kiosk in the lobby, and the implied move is downside convexity with a marketing problem attached.

Both readings will survive Wednesday, because three weeks of subsidized data cannot settle them. What Wednesday does settle is the disclosure regime: whether the chain becomes a measured, reported, guided-upon business line or stays a narrative asset described in prepared remarks. Companies choose that fork exactly once, at the first earnings event after launch, and the choice tells you how management privately scores the first month. A new reporting line says the numbers can bear weight. Adjectives say they cannot yet.

The prediction-market pivot hiding in plain sight

One structural story inside these numbers deserves its own treatment before the watchlist, because it reframes what kind of company is actually reporting on Wednesday, and it connects this print to the biggest regulatory fight in American consumer finance.

The line that grew 320% in Q1, other transaction revenue at $147 million, is mostly event contracts, and its crossing above crypto revenue was not a fluke of one weak crypto quarter; it is the visible edge of a deliberate reallocation. Robinhood entered prediction markets through its Kalshi partnership, built the category into a headline product, launched its own Rothera exchange in the second quarter, and rode a June in which the World Cup drove the category to records across every venue, Kalshi alone clearing $31 billion in monthly volume. For Q2, the reasonable expectation is that event contracts extend their lead over crypto as a transaction line, and possibly begin closing on options, which would make Robinhood, measured by revenue mix, one of the largest regulated betting-adjacent businesses in the United States, inside a brokerage wrapper, without most of its shareholders having consciously repriced it as such.

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The regulatory exposure travels with the revenue. Event contracts are the product at the center of the twelve-state federalism war this publication mapped last week, the cease-and-desist orders, the tribal litigation at the Ninth Circuit, the CFTC suing states on the platforms’ behalf, and Robinhood sits in the same legal architecture as Kalshi and Polymarket: CFTC-registered instruments that state gaming regulators call unlicensed betting. Every dollar of the fastest-growing line on Wednesday’s release is contested revenue in at least a dozen jurisdictions, a fact no earnings preview prices and no prepared remark will volunteer. The sports-heavy composition of category volume makes the exposure seasonal too: football season begins in September, the category’s biggest quarter, with the legal map still unsettled and the NFL’s own posture toward event contracts hardening.

Put the pivot beside the chain and the company’s actual strategic position clarifies. Robinhood is running two simultaneous bets on post-crypto transaction revenue: prediction markets, which already generate nine figures a quarter and carry live litigation risk, and tokenized assets, which generate approximately nothing yet and carry a launch-month casino reputation. The first bet funds the patience the second requires. Wednesday’s call will be scored on the chain questions, because the chain is the story, but the number that decides whether Robinhood’s next four quarters compound is the event-contract line, and the risk that actually threatens it sits in courtrooms this publication’s readers already know by docket. The chain missed the quarter by a day. The prediction-market war is in it on every page.

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What to watch

The disclosure fork itself. Chain metrics in the release or deck, any Stock Token adoption figure sourced from the company rather than Dune, and any sequencer-revenue or subsidy-cost line. This is the event’s real binary, more informative than the EPS beat or miss.

The crypto line against the Q1 template. A fourth consecutive transaction-revenue decline, or crypto revenue near the $134 million floor, re-runs April’s selloff mechanics into a market pricing a 12.6% move, with the HOOD unlock supplying the sell-side flow. Stabilization plus event-contract momentum flips the same setup bullish.

The September 29 subsidy cliff. Any management commentary on post-subsidy pricing is guidance on the chain’s first honest quarter, Q3’s, which will be the first to contain the chain at all. The gap between subsidized July activity and October’s organic demand is where the launch’s truth lives, and Wednesday is management’s only chance to pre-frame it.

The CLARITY shadow. The Senate’s endgame runs the same week as this print. Passage before or near the call hands management a regulatory tailwind to reframe every crypto question; failure leaves the crypto line’s three-quarter decline standing alone. Robinhood’s earnings and crypto’s biggest bill sharing a news cycle is either the launch story’s best luck or its worst timing, and nobody controls which.

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The quarter Robinhood reports on Wednesday will be a reasonable one, carried by the businesses that were never the story. The quarter it will be asked about started one day too late to appear in it, and exists, for now, only as three weeks of numbers that flatter and indict the chain in equal measure. That asymmetry, results without the story, story without results, is rare enough in public markets to be worth naming, and it resolves on a schedule: the subsidy expires in September, the chain enters the reported numbers in October, and Wednesday is the last earnings call on which Robinhood’s blockchain remains, in the accounting sense, imaginary. The company gets one more quarter of describing it. After that, it gets measured.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. It discusses a scheduled earnings event whose results, disclosures, and market reaction are unknown, and figures cited for post-quarter chain activity come from third-party trackers subject to revision. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of July 23, 2026.

Frequently Asked Questions

When does Robinhood report Q2 2026 earnings?

After market close on Wednesday, July 29, with a video call at 2:00 PM PT / 5:00 PM ET hosted by Chairman and CEO Vlad Tenev and CFO Shiv Verma. The company also runs an upvoted shareholder Q&A through Say Technologies, with management answering a selection of the most-upvoted questions live, a mechanism that makes retail-submitted questions about Robinhood Chain likely to be addressed on the record.

What are analysts expecting from the quarter?

Consensus sits near $0.41 in earnings per share, down about 2% year over year, on revenue around $1.27 billion, up roughly 28%. Options markets price an implied post-earnings move of about 12.6%, above the 9% average of the past four quarters. Analyst targets rose into the print, with KeyBanc at $125 and Needham at $123, both citing broad metric strength and potential regulatory support from the CLARITY Act.

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Why does the article say the chain missed the quarter?

Because of the calendar: the second quarter ended June 30 and Robinhood Chain’s public mainnet launched July 1. The reported financials therefore contain no chain activity at all, while the earnings call arrives after three heavily covered weeks of post-quarter chain data, making the event a forward-looking disclosure exercise about numbers outside the reported period.

What has Robinhood Chain actually produced since launch?

A genuinely mixed dataset: top-five DEX volume rankings with about $3.1 billion in a peak week, roughly $300 million in total value locked, 3.6 million daily transactions, and 65,000-plus tokenized-stock holders, against roughly $13 million in total tokenized real-world assets, a $156 million peak market cap for the CASHCAT memecoin alone, chain fees near $198,000 a day inflated by a 90-day gas subsidy, and the SCATMAN account-hijack rug pull on its rails.

What happened in Q1 that frames this report?

Revenue of $1.07 billion missed estimates because crypto transaction revenue fell 47% year over year to $134 million on volumes down 48%, the third straight quarterly decline in transaction revenue, and the stock fell 13% the next day. The same release showed event-contract revenue up 320% to $147 million, meaning prediction markets surpassed crypto as a transaction-revenue line, a structural shift in what actually drives Robinhood’s growth.

What is the significance of the gas subsidy expiring?

Robinhood subsidized chain gas fees for the first 90 days from the July 1 launch, inflating activity metrics and making comparisons with other networks unreliable. The subsidy lapses around late September, just before the chain’s first fully reported quarter, so post-subsidy activity in October will provide the first honest measure of organic demand. Any management commentary on post-subsidy pricing effectively serves as guidance for that test.

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How does the CLARITY Act affect this earnings event?

The Senate’s decisive window on the crypto market-structure bill overlaps this exact week. Passage would strengthen the regulatory footing of Robinhood’s crypto revenue and its chain strategy, a tailwind analysts already cite, while failure would leave the three-quarter crypto revenue decline without an offsetting narrative. The coincidence of timing means macro-legislative news could swamp the print itself in either direction.

What should investors watch beyond the headline numbers?

Whether the chain receives its own disclosed metrics, the first signal it is becoming a reported business line instead of a narrative; the crypto revenue line against Q1’s $134 million; any company-sourced Stock Token adoption figures; commentary on sequencer economics and the subsidy cost; and the $121 million HOOD token unlock adding potential supply around the event. This is educational analysis, not investment advice.

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SEC sets September talks as 24-hour stock trading moves closer

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SEC sets September talks as 24-hour stock trading moves closer

The U.S. Securities and Exchange Commission will hold a public roundtable on Sept. 17 to discuss preparations for 24-hour trading in U.S. equity markets.

Summary

  • SEC will host public September talks on overnight equity trading, resilience, infrastructure and investor safeguards.
  • Nasdaq and Cboe are targeting longer weekday sessions, subject to regulatory approval and system readiness.
  • Crypto’s 24/7 model is shaping demand, but tokenized stocks remain separate from exchange-listed shares.

According to the SEC’s official announcement, the meeting will take place at the agency’s headquarters in Washington, D.C., and will also stream online.

The regulator said the discussions will cover overnight trading, market operations, system resilience and investor protection. SEC Chair Paul Atkins said, “We are moving towards a new day – and night – in the U.S. equity markets.” He added that continuous trading could bring the U.S. market closer to other markets that already operate around the clock.

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SEC reviews systems needed for longer trading sessions

U.S. stocks already trade beyond the regular session, which runs from 9:30 a.m. to 4 p.m. Eastern Time. Several exchanges and brokers offer premarket, after-hours or overnight access. However, the national equity market does not operate as one connected system for almost the entire weekday.

The SEC’s Division of Trading and Markets has said wider access will require changes across market infrastructure. In remarks on overnight equity trading, division director Jamie Selway identified market data, clearing, corporate actions, trade reporting and investor protection as areas that require coordination.

Longer trading hours also depend on consolidated market data systems. Those systems collect prices and trading information from exchanges before distributing them to brokers and investors. Any move toward 24-hour trading would require those services to operate for longer periods.

Clearing firms would also need to process transactions and manage risks outside the traditional market day. Meanwhile, brokers would have to monitor orders, maintain systems and support customers across longer operating periods.

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Nasdaq, Cboe and LSE prepare extended trading hours

Nasdaq has been working with U.S. regulators on a plan to offer trading 24 hours a day, five days a week. The exchange aims to introduce the schedule during the second half of 2026, subject to regulatory approval and industry readiness.

According to Nasdaq’s extended-hours trading information, the company expects global investors to benefit from access to U.S. stocks during their local daytime hours. Nasdaq has said any expansion must maintain liquidity, transparency, stability and fair market access.

Cboe Global Markets is also preparing near-continuous weekday trading on its EDGX Equities Exchange. Under Cboe’s proposed schedule, trading would begin at 9 p.m. Eastern Time on Sunday and continue until 8 p.m. on Friday. A one-hour daily break would allow the exchange to complete operational work.

Cboe plans to make all National Market System stocks available during the extended sessions. However, the proposal still depends on SEC approval and preparations by brokers, clearing firms and market data providers.

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The London Stock Exchange is pursuing a similar plan outside the U.S. In its LSE 24 announcement, the exchange said it plans to introduce a separate venue for near-continuous weekday trading.

The LSE expects to begin client testing before the end of 2026. It plans to launch exchange-traded products on the venue during the first half of 2027, subject to regulatory approval. The main London market will retain its current trading hours.

Overnight trading raises liquidity and resilience questions

Keeping markets open for longer periods involves more than extending exchange operating hours. Market makers must be willing to provide buy and sell prices during overnight sessions. Lower participation could reduce liquidity and create wider differences between the highest buying price and lowest selling price.

The SEC roundtable will also examine how exchanges and connected firms respond to outages and technical problems. Maintenance periods may become shorter as markets move closer to continuous weekday operations.

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Investor protection will remain another part of the discussion. Prices can move more sharply when fewer traders are active. Investors may also receive different execution prices during overnight sessions than they would during regular market hours.

The SEC announcement does not establish a final rule or a common launch date for U.S. exchanges. Instead, the agency will collect comments from exchanges, brokers, investors, clearing firms and other market participants.

The SEC has opened a public comment file for the roundtable and will publish the agenda and speaker list before Sept. 17.

Crypto markets shape demand for round-the-clock trading

Cryptocurrency exchanges have operated continuously for years, allowing investors to trade during weekends, public holidays and overnight periods. That model has contributed to demand for similar access to traditional assets.

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Global investors may also want to trade U.S. shares during local business hours rather than waiting for markets in New York to open. Exchanges see extended sessions as a way to attract those investors and compete with crypto platforms and alternative trading venues.

Crypto companies are also expanding into tokenized equities. As previously reported, Binance introduced bStocks with continuous trading for tokenized U.S. equities.

Similarly, Franklin Templeton and Ondo launched tokenized investment products that eligible users outside the U.S. can access through crypto wallets around the clock.

However, tokenized equities are not identical to shares traded directly on a national securities exchange. Their custody, ownership and redemption structures may differ. A crypto.news guide to tokenized stocks explains how blockchain-based equity products represent or track traditional shares.

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The SEC’s September meeting will focus on regulated U.S. equity markets rather than approving tokenized stock products. Nasdaq, Cboe and other operators will continue preparing their systems while the regulator gathers public input on market access, resilience and investor safeguards.

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BitMEX Users Seek 623 BTC in Liquidation Fraud Suit

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BitMEX Users Seek 623 BTC in Liquidation Fraud Suit

BitMEX is facing a class action lawsuit accusing the crypto derivatives platform of fraudulently engineering customer liquidations to seize traders’ Bitcoin collateral. 

On Thursday, BKX Services Inc. and David Namdar filed the complaint in the US District Court for the Southern District of New York. The plaintiffs allege they lost a combined 622.66 BTC through forced liquidations on BitMEX, with BKX claiming losses of at least 305.81 BTC and Namdar alleging losses exceeding 316.85 BTC. 

The lawsuit revives long-running allegations about the platform’s internal trading operations and liquidation engine and comes just as the exchange is preparing to close in September. 

“BitMEX deliberately developed a system that profited from the liquidations,” the plaintiffs alleged. The complaint claimed that an internal trading desk had access to private customer information and could continue trading during server freezes that prevented ordinary users from accessing or closing their positions. 

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Cointelegraph reached out to BitMEX for comment but did not receive a response before publication. 

BitMEX users seek Bitcoin return under fraud claims 

According to the filing, BitMEX allowed customers to use leverage of up to 100 times their collateral, then automatically liquidated positions while collateral was still allegedly worth twice the losses incurred.

The remaining BTC was placed into the platform’s insurance fund, allowing BitMEX to profit from forced liquidations, the plaintiffs claim. 

The plaintiffs are seeking the return of the allegedly withheld Bitcoin as well as compensatory and punitive damages. They aim to represent US customers who purchased BTC swap products in transactions dating back to July 23, 2018. 

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Related: BitMEX delists 65 trading pairs, derivatives in July amid exchange shutdown

The complaint also pointed to a class action filed in 2020 by Brett Messieh and other traders alleging similar conduct. That case, which brought claims under the Commodity Exchange Act, was voluntarily dismissed without prejudice on June 30, 2025.

Lawsuit lands as BitMEX announces shutdown

The proposed class action lawsuit was filed on the same day BitMEX announced that it would close after 11 years of operation.

BitMEX said it would stop providing services on Sept. 23 after a strategic review by its owner, HDR Global Trading. 

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It has stopped accepting new registrations and plans to prevent users from opening new positions starting on Aug. 26. The announcement was followed by a roughly 90% plunge in BitMEX’s BMEX utility token. 

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

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CoinRabbit and GoMining Report: Managing Bitcoin Matters More Than Mining Volume

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[PRESS RELEASE – Toronto, Canada, July 23rd, 2026]

CoinRabbit and GoMining have published a report on Bitcoin mining profitability, showing why managing mined Bitcoin is becoming as important as producing it.

The report highlights how the post-halving environment is redefining success in mining, with operators relying on stronger treasury management, capital discipline, and long-term asset strategies to navigate tighter margins. With the block reward reduced to 3.125 BTC and network difficulty near record levels, operational efficiency alone is no longer enough. The next phase of mining will be shaped by smarter capital allocation and long-term conviction in Bitcoin.

The Four Pillars of the Bitcoin Mining Efficiency Mindset

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The report presents a clear framework built around four key pillars:

1) Operational Cost Efficiency

Low-cost power procurement, high uptime, efficient cooling, and disciplined maintenance remain the foundation of any viable mining operation. These factors determine the baseline production cost and are essential for competitiveness.

2) Collateralization Over Liquidation

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Instead of selling freshly mined Bitcoin to cover expenses, effective operators are using it as collateral. This approach allows them to meet short-term cash needs while retaining full ownership and long-term exposure to the asset’s value.

3) Operational Liquidity and Tax Optimization

Bitcoin-backed lending provides flexibility to cover recurring operating costs, including power, hosting, and payroll, while avoiding taxable sales. At the same time, it preserves the deductibility of operational expenses.

4) Long-Term Vision and Capital Discipline

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Sustainable operators treat mining as a disciplined, capital-intensive business. They maintain the flexibility to hold Bitcoin through market cycles and reinvest in hardware upgrades when opportunities arise, avoiding forced sales during downturns.

The full report can be downloaded here.

Walter Barrett, Chief Strategy & Growth Officer at CoinRabbit, commented: “Long-term success is built on conviction in the assets you hold and the discipline to manage them through different market cycles. At CoinRabbit, we are proud to work with clients who share this long-term vision and recognize the value of staying focused through periods of uncertainty. We appreciate the collaboration with GoMining experts and their contribution to sharing deeper industry insights with the mining community.”

Jeremy Dreier, Chief Business Development Officer at GoMining and Managing Director of GoMining Institutional, added: “In the post-halving environment, discipline is critical. The miners that are winning are those with efficient operations and cash put aside for this exact time. This is the best possible moment to deploy capital into expanding your fleet, because it’s cheap to add hash rate when Bitcoin’s price is down. There’s a lot of opportunity in the market. At GoMining, this is our third bear market, and we’ve seen that the operators who are prepared look at these conditions as an opportunity. Those who aren’t prepared are the ones who panic.”

About CoinRabbit

CoinRabbit is a crypto asset management platform built for long-term capital preservation. It enables users to manage liquidity seamlessly across instant payments, lending, trading products, and the Private Program — all within a single ecosystem. Since 2020, CoinRabbit ensures 100% capital reserve, keeping clients’ funds safe and never reused.

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For more information, users can visit coinrabbit.io

About GoMining

GoMining is an all-in-one Bitcoin ecosystem that makes it simple and secure to mine, earn, and use Bitcoin every day. GoMining serves 5 million users and ranks among the top-10 Bitcoin miners by hashrate globally, with data centers in the U.S. and internationally. The company makes Bitcoin accessible through tokenized hashrate, daily BTC rewards, and an expanding suite of payment and earning products.

For more information, users can visit gomining.com

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Gemini sends $10M in Bitcoin to Trump PAC amid CFTC case review

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CFTC asks court to scrap Gemini’s $5M enforcement deal

Gemini Trust Company sent more than $10 million in Bitcoin to MAGA Inc., a super political action committee that supports President Donald Trump. 

Summary

  • Gemini sent two Bitcoin contributions totaling over $10 million to Trump-supporting super PAC MAGA Inc.
  • The donations followed Gemini and CFTC’s joint request to vacate ongoing terms of their settlement.
  • Gemini will not recover its $5 million penalty even if the court grants relief requested.

A July Federal Election Commission filing lists two Bitcoin contributions made on June 19, with each valued at more than $5 million. The committee can use the funds for independent spending that supports Trump.

The transfers came about three weeks after Gemini and the U.S. Commodity Futures Trading Commission filed a joint motion in a New York federal court. The parties asked the judge to remove the continuing terms of a January 2025 consent order. Available records do not establish that the donation affected the CFTC’s decision, and neither side has publicly linked the events.

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FEC filing records two Bitcoin contributions

MAGA Inc. disclosed the payments in its monthly report covering June. The filing identifies Gemini Trust Company as the contributor and records both payments on the same date. By June 30, the super PAC had reported more than $397 million in total receipts, according to reports citing the filing.

The contributions extend the Winklevoss brothers’ political support for Trump and pro-crypto groups. Cameron and Tyler Winklevoss each gave $1 million in Bitcoin to Trump’s 2024 campaign. They later donated $21 million in Bitcoin to the Digital Freedom Fund, a PAC created to support the administration’s crypto policy goals.

CFTC seeks relief from Gemini consent order

The CFTC sued Gemini in June 2022. The agency alleged that the exchange made false or misleading statements while seeking approval for a Bitcoin futures product. Gemini settled the case in January 2025 without admitting or denying the findings. The consent order required a $5 million civil penalty and imposed a permanent injunction.

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On May 27, 2026, the CFTC joined Gemini’s request for relief from that judgment. The agency said a later review found that the complaint “should not have been filed” under its current enforcement standards. It cited questions about the evidence, a whistleblower’s credibility and staff conduct during the investigation.

However, the motion does not seek repayment of the fine. The CFTC said both sides agreed that the $5 million “will not be returned to Gemini.” The requested relief covers the future-facing parts of the order, including the injunction. As crypto.news reported in May, the regulator said keeping those terms in force would not be equitable. No public ruling had appeared by July 24.

Warren questions the agency’s independence

Senator Elizabeth Warren challenged the reversal request in a June 5 letter to CFTC Chair Michael Selig. She tied the matter to concerns about staffing cuts, reduced enforcement and contacts between the regulator and crypto or prediction-market firms. Warren called the developments “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders.”

The letter states Warren’s position and does not prove that Gemini’s political giving shaped the agency’s action. The CFTC said its decision followed a review of the investigation, evidence, litigation tactics and current policy. It also said Gemini had been a fraud victim and that the earlier complaint relied heavily on an account lacking credibility.

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Warren renewed her scrutiny on July 22 by asking the Government Accountability Office to examine CFTC staffing cuts and their effect on enforcement. Her office said the workforce had fallen by about 25% since January 2025. The CFTC’s current website lists Selig as its only commissioner, although federal law provides for a five-member commission.

Crypto election spending reaches new records

The Gemini contribution arrived during a surge in crypto-linked political spending. As previously reported by crypto.news,Public Citizen estimated that crypto companies had contributed about $189 million during the 2026 U.S. election cycle by late June. The group said this represented about 37% of corporate political contributions tracked during the cycle.

Several large crypto firms have funded PACs supporting candidates from both parties. Fairshake and related committees have received backing from Coinbase, Ripple and other companies. Meanwhile, MAGA Inc. has attracted money from Gemini and other technology or crypto businesses. Super PACs may accept unlimited corporate contributions for independent spending, but they cannot contribute directly to candidates or coordinate communications with them.

The spending comes as Congress considers the CLARITY Act, which could give the CFTC a larger role in digital asset oversight. Lawmakers continue to debate the regulator’s staffing, authority and leadership structure before expanding its duties.

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The court has not publicly resolved the Gemini-CFTC motion. The Bitcoin transfer remains a separately disclosed political contribution. Gemini has already paid the $5 million penalty, and the agreement with the CFTC prevents its return even if the judge removes the order’s continuing restrictions.

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Coinbase lets businesses accept USDC payments from AI agents

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Coinbase is allowing businesses to accept USDC payments from autonomous AI agents as part of a wider expansion of its agent-focused financial tools. 

Summary

  • Coinbase Business will accept USDC payments initiated by AI agents through its native x402 support.
  • Coinbase for Agents adds live market views and conditional actions controlled by user-defined trading guardrails.
  • Developers can add agent payment acceptance to online services using Coinbase’s streamlined CDP x402 SDK.

The exchange announced the rollout on July 23, 2026, alongside new trading commands for users and a developer kit for adding x402 payments to online services.

Coinbase said software-generated traffic exceeded human traffic on its Base documentation pages for the first time in June. The company argued that most online payment systems still assume “a human clicking the button,” leaving businesses and developers without a simple way to serve autonomous software.

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Coinbase Business adds agent payments

Beginning this week, Coinbase Business users can accept USDC payments sent by AI agents. Coinbase Payments powers the feature, while native x402 support handles internet-based, pay-per-use transactions. Businesses can receive, track, reconcile and cash out agent payments from the same account used for other payment activity.

Coinbase Business also offers rewards on eligible idle USDC balances. Its current business page lists a 3.35% annual reward rate, although Coinbase says rates can vary by region and may change. The company also states that USDC payments do not carry chargeback risk because Coinbase does not act as a party to transactions between businesses and their customers.

New commands expand Coinbase for Agents

Coinbase also added real-time market views and conditional actions to Coinbase for Agents. The new commands let an agent stream open orders, view an asset’s order book and watch live price and volume data. Users can set a condition that triggers a planned action, including a buy, sale or order cancellation.

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The company presented examples such as selling assets when Bitcoin falls below a set level or cancelling an order after a fixed period. Users define those instructions and related guardrails.Coinbase for Agents already allowed authorised AI tools to trade, manage portfolios and complete financial workflows through linked Coinbase accounts.

CDP x402 SDK targets developers

Coinbase Developer Platform introduced a new CDP x402 SDK that lets developers add agent payments to an API, Model Context Protocol server or web service with a small code setup. Coinbase said the kit arrives preconfigured with its preferred infrastructure and extensions, reducing the manual work previously required to choose payment middleware and service providers.

The x402 standard uses the HTTP 402 “Payment Required” response to send payment instructions directly between an online service and a client. An AI agent can receive the request, sign a stablecoin payment and retry access with proof of payment. Coinbase launched the open standard in May 2025 for APIs, applications and autonomous agents.
The latest products extend a series of agent-payment releases from Coinbase. As previously reported, Amazon added Coinbase x402 to Bedrock AgentCore Payments in May, allowing agents to pay for services in USDC. Coinbase-backed x402 also launched Agentic.market in April to help agents discover and purchase compatible online services.

The company has not disclosed payment volumes expected from the feature.Coinbase said the three updates cover businesses receiving payments, people directing financial agents and developers building agent services. The rollout remains tied to user-set controls, supported regions and product availability. Coinbase Business currently operates in the U.S. and Singapore, while individual features and USDC reward rates may differ by market.

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Bitcoin steady around $65,000 as ‘Mag 7’ have worst day since 2025

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Bitcoin held near $65,000 in Asia morning hours on Friday, barely moving while nearly $800 billion evaporated from the biggest U.S. technology stocks – a rare stretch of independence for an asset that has tracked the AI trade all month.

The largest cryptocurrency traded at about $65,400, down less than 1% on the day and up 3% on the week. Ether slipped 3% to $1,879, and the rest of the majors leaned red. Dogecoin was the worst of them, down 5% on the day to $0.069 and 4% on the week. XRP fell 2% to $1.11, Solana lost 3% to $76, and Hyperliquid’s HYPE dropped to $58, down 4% over seven sessions. The moves were losses, but modest ones against what was happening in equities.

The Magnificent Seven, a colloquial term for the megacap group that has driven U.S. stocks for three years, fell 4.8% on Thursday and shed $797 billion in market value in their worst day since the tariff selloff of April 2025, according to Bloomberg.

The drop dragged the S&P 500 down 1.2% and the Nasdaq 100 down 1.9%, and it left the group 11% below its late-May record, erasing $2 trillion.

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Binance flags ACX, LSK and STX as possible delisting risks

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Binance flags ACX, LSK and STX as possible delisting risks

Binance has added Across Protocol (ACX), Lisk (LSK) and Stacks (STX) to its Monitoring Tag list after completing its latest project reviews. 

Summary

  • ACX, LSK and STX now carry Binance’s Monitoring Tag and face regular listing reviews ahead.
  • Binance will assess liquidity, development, security, communication and token supply before changing each token’s status.
  • STX fell sharply after the announcement, while ACX showed a smaller daily decline on Binance.

The change took effect on July 24, 2026, and places the three tokens under closer checks for volatility, liquidity, development activity and operational risk. The decision does not stop spot trading or related services.

The exchange said Monitoring Tag assets carry higher volatility and risk than other listed tokens. However, the tag does not mean Binance has decided to remove ACX, LSK or STX. The company said the tokens are “at risk of no longer meeting our listing criteria and being delisted” if later reviews find continued concerns.

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Binance expands its risk review list

Binance reviews tagged projects at regular intervals. Its assessment covers team commitment, development quality, trading volume, liquidity, network security and smart contract stability. The exchange also checks public communication, responses to due diligence requests and any major changes to token supply or tokenomics.

The review also considers evidence of fraud, negligence or conduct that may harm the wider market. Binance did not give a project-specific reason for adding each token. It also said other services linked to ACX, LSK and STX would remain available, while the new tags would appear shortly after the notice. Binance can later remove the tag or move toward delisting after further checks. The exchange said the process aims to ensure listed assets continue to meet its current compliance standards.

ACX, LSK and STX face market pressure

Market data showed different reactions across the three assets. At the time of writing, Binance listed STX near $0.150, down about 10.4% over 24 hours. ACX traded near $0.041 after a 2.6% decline. Separate market data placed LSK near $0.085 as traders assessed the announcement. Prices may continue to change as trading activity develops.

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ACX joined Binance in December 2024 with a Seed Tag and rose about 147% after the listing announcement. More recently, Across Protocol approved a plan that gives holders a route to exchange ACX for equity in a new U.S. company or accept a USDC buyout. Binance did not say whether that restructuring influenced its decision.

Projects continue separate development plans

Lisk has also changed its network structure in recent years. The project moved from its original layer-1 model to the Optimism Superchain. As crypto.news reported, its community later considered whether to burn 100 million LSK, equal to 25% of the planned supply, or place the tokens in a long-term DAO fund.

Stacks, meanwhile, continues to develop Bitcoin-based smart contract products. The network uses STX for fees, smart contract execution and miner rewards. In 2025, digital asset custodian Hex Trust added support for STX and sBTC, expanding institutional access to the Stacks ecosystem.

The Monitoring Tag now makes Binance’s future reviews the main listing test for all three tokens. A project can later lose the tag if the exchange finds that conditions have improved. It can also face delisting if Binance decides it no longer meets the platform’s standards.

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Trading remains available, and Binance said other services will not be affected. The exchange plans to update the Monitoring Tag labels after publication. It did not set a date for the next review or give a timetable for a delisting decision.

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3 Altcoins Decline as Binance Flags Delisting Risk

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Price Charts for LSK, ACX, and STX After The Binance Monitoring Tag Announcement

Binance added Across Protocol (ACX), Lisk (LSK), and Stacks (STX) to its Monitoring Tag on July 24, signaling all three now carry delisting risk on the world’s largest crypto exchange.

The tag marks tokens that show higher volatility and risk than other listed assets. Binance reviews these projects regularly and can delist them if they fail to meet its criteria.

Why the Binance Monitoring Tag Matters

The Monitoring Tag is Binance’s warning system for assets it deems higher risk. It does not remove a token right away.

Instead, it puts projects on notice. Binance weighs team commitment, development activity, trading volume, network stability, and tokenomics changes during each review. Evidence of fraud or negligence can also trigger the tag. 

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“These tokens are closely monitored, with regular reviews conducted. Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform,” the exchange said.

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Token Prices Slide Amid Binance Delisting Threat

All three tokens fell sharply after the news before paring some losses. Lisk dropped to $0.074 on Binance, an all-time low.

Price Charts for LSK, ACX, and STX After The Binance Monitoring Tag Announcement
Price Charts for LSK, ACX, and STX After The Binance Monitoring Tag Announcement. Source: TradingView

At press time, LSK traded down 3.85% on the day. Across Protocol slid to an intraday low of $0.035, its weakest level since March.

ACX had recovered to a 1.14% loss by press time. Stacks fell to an intraday low of $0.143, its lowest since late 2020. STX showed the steepest drop of the three, down 7.05% at press time.

The tag does not guarantee removal. Still, it serves as a warning signal. The exchange added it to Beefy.Finance (BIFI) and Measurable Data Token (MDT) in June 2025.

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FunToken (FUN) and Orchid (OXT) received it in March 2026. All four were confirmed for delisting from Binance in April 2026, alongside FIO Protocol (FIO) and Wanchain (WAN).

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Gemini Transfers $10M Bitcoin to Trump PAC After CFTC Motion

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Crypto Breaking News

A federal court is set to review whether a $5 million settlement between the US Commodity Futures Trading Commission (CFTC) and Gemini should be reversed, even as Gemini co-founder Cameron and Tyler Winklevoss have directed substantial Bitcoin donations to political groups supporting President Donald Trump. The latest development comes from a new disclosure by the MAGA Inc. Super PAC.

In a Federal Election Commission (FEC) filing dated Monday, MAGA Inc. Super PAC reported receiving two Bitcoin contributions exceeding $5 million each on June 19—totaling $10 million in BTC—sent by the Winklevoss-run Gemini Trust Company. The donation timing overlaps with the period when the CFTC and Gemini are seeking to revisit the earlier enforcement outcome in federal court.

Key takeaways

  • MAGA Inc. Super PAC’s July FEC report says Gemini Trust Company sent two Bitcoin contributions of more than $5 million each on June 19.
  • The payments were made about three weeks after the CFTC and Gemini jointly filed a motion to reverse a January 2025 settlement.
  • CFTC Chair Michael Selig previously characterized the original enforcement as politically targeted under the prior administration.
  • A CFTC spokesperson told Cointelegraph in June that, if the court grants relief, the $5 million penalty would not be returned to Gemini.
  • Separately, lawmakers have pushed the Trump White House to nominate additional CFTC commissioners as the agency prepares to oversee broader crypto-market rules.

Bitcoin donations disclosed amid court fight over Gemini settlement

According to the MAGA Inc. Super PAC report filed with the FEC, Gemini Trust Company made two separate transfers of Bitcoin on June 19. Each contribution was valued at more than $5 million, bringing the disclosed total to $10 million.

The filing indicates the super PAC can use the funds for independent expenditures supporting Trump. That matters because super PAC spending can influence elections indirectly—by funding advertising and other political activities—rather than making direct coordination with candidates.

The June 19 contributions came roughly three weeks after the CFTC and Gemini jointly moved in federal court to revisit a settlement dated to January 2025. In that earlier case, the CFTC alleged Gemini made false or misleading statements. The current joint filing seeks a reversal of that settlement in the US District Court for the Southern District of New York.

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When the CFTC and Gemini filed their joint motion, Cointelegraph reported that CFTC Chair Michael Selig argued at the time that the enforcement during the Biden administration “politically targeted” the Winklevosses. The broader implication is that the dispute is not only about legal interpretation of statements, but also about whether the CFTC’s enforcement posture should be treated as politically motivated.

What’s known about the CFTC-Gemini motion—and what remains unanswered

While the joint motion was filed in May, Cointelegraph reported that no decision has yet been posted to the public docket. That means the court’s view on whether the settlement should be reversed is still pending.

Cointelegraph also said it reached out to the CFTC and Gemini’s counsel, Avi Perry, for comment on the $10 million contribution but did not receive an immediate response. A CFTC spokesperson, however, provided context in June about the penalty outcome: both sides “agreed that the $5 million penalty will not be returned to Gemini” if the court grants the reversal.

This point is important for market watchers because it separates two possible outcomes. Even if the settlement is overturned, the agency’s position (as relayed by a spokesperson) suggests the immediate financial consequence may not change in Gemini’s favor. In other words, the court fight may affect precedent or regulatory record more than it affects the transfer of funds already paid.

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The dispute is occurring as crypto regulation in the US continues to evolve—especially around how regulators determine what constitutes improper statements and how they translate market-facing communications into enforcement actions.

Winklevoss political support spans multiple BTC donations

The MAGA Inc. disclosure is the latest entry in a broader pattern of political involvement by the Winklevoss brothers and Gemini leadership.

Cointelegraph reported that both brothers donated $1 million each to Trump’s 2024 election campaign and supported the then-candidate through social media posts. After Trump took office in January 2025, the twins attended a stablecoin payments bill signing ceremony for the GENIUS Act. They also supported American Bitcoin, a crypto mining venture associated with Trump’s sons, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC, according to earlier coverage.

These actions do not establish any legal relationship to the CFTC-Gemini case on their own. But they do intensify political attention on the timing and dynamics between regulatory enforcement, court strategy, and high-profile political backing—particularly when lawmakers are already debating the degree of independence regulators should maintain.

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Concerns from lawmakers and a CFTC shaped by a lone chair

Criticism of the CFTC’s joint approach to reversal has come from members of Congress. Cointelegraph reported that Senator Elizabeth Warren, in a June letter to CFTC Chair Selig, described the joint motion for reversal and other factors as “concerning signs” of a commission influenced by political pressures and aligned interests, rather than governed strictly by rule of law and a duty to protect investors and market integrity.

At the same time, the CFTC’s internal composition remains a central policy issue. Cointelegraph noted that Selig remains the sole commissioner leading the agency, with no additional nominations announced as of Thursday. The CFTC is usually governed by a bipartisan set of five commissioners, so a one-person board structure can shape both enforcement priorities and how quickly the agency can adopt new regulatory approaches.

Many lawmakers have been urging the Trump administration to nominate additional commissioners. That pressure coincides with congressional work on crypto market structure legislation, including the Digital Asset Market Clarity (CLARITY) Act, which—per Cointelegraph’s reporting—is expected to expand the CFTC’s authority in regulating and overseeing digital assets.

With the White House not yet announcing nominations, Selig effectively directs the agency’s agenda for now. That matters to investors and market participants because the CFTC’s leadership and regulatory posture can influence which enforcement theories are pursued, how compliance expectations are interpreted, and what rulemaking momentum looks like in practice.

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Separately, Cointelegraph reported that as of June 30, MAGA Inc. had received more than $397 million. That figure underscores the scale of political fundraising activity around the election cycle, even as individual disclosures like the June 19 BTC transfers keep drawing scrutiny to the intersection of crypto wealth, regulation, and politics.

As the court considers whether the Gemini settlement should be reversed, the key watchpoints are whether the docket produces a ruling soon, how the CFTC frames the reversal in legal terms if relief is granted, and whether additional CFTC commissioner nominations are announced—developments that could determine how aggressively the agency’s crypto oversight evolves next.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Bitcoin ETFs Edge Closer in Japan as Regulators Tighten Crypto Oversight

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Japan is moving closer to allowing Bitcoin exchange-traded funds (ETFs). The country’s first product could potentially arrive in 2028 if planned regulatory changes move forward, according to the latest Nikkei report.

The development comes after amendments approved by lawmakers that bring crypto assets under the Financial Instruments and Exchange Act, prompting the Financial Services Agency (FSA) to begin revising investment-fund rules so investment trusts and ETFs can directly hold digital assets.

The transition also means that crypto oversight will move away from the Payment Services Act.

Bitcoin ETF Momentum Builds in Japan

Some estimates suggest Japanese Bitcoin ETFs could attract up to JPY 3 trillion by fiscal 2028. However, it is important to note that no such investment vehicle has been cleared for launch. Before any such product reaches the market, Japan must complete further regulatory revisions to permit funds offering exposure to crypto assets. Major financial firms such as SBI Holdings and Nomura are reportedly developing crypto investment products.

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Community reaction was quick. One member said that the development is a “quiet policy U-turn” for Japan, which had taken a cautious approach to the industry since the collapse of Mt. Gox. A regulated spot Bitcoin ETF could eventually provide Asian investors with an easier way to gain exposure to the asset and end up influencing other countries in the region, such as South Korea, which often looks to Tokyo when shaping financial policies.

Meanwhile, the new legislation imposes harsher penalties on unregistered crypto operators. The maximum prison term has increased from three years to 10 years, while the highest fine has been raised from 3 million yen ($18,500) to 10 million yen. It also expands disclosure requirements and introduces stricter insider trading rules.

Corporate Adoption

The regulatory push also comes as corporate interest in the asset class continues to grow in Japan. Earlier this month, SBI VC Trade said more companies are adding not just Bitcoin but also XRP to their treasury holdings as the weakening yen encourages businesses to diversify their reserves. The exchange also reported higher adoption of crypto for shareholder benefit programs and growing demand for its institutional services.

Japan remains one of XRP’s strongest markets, with SBI playing a crucial role through its partnership with Ripple on cross-border payments. It recently launched Ripple’s RLUSD stablecoin after regulatory approval and has filed for a product that could become the country’s first XRP ETF.

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