The industry continued making strides, with progress occurring at every turn. Security issues are on another level. Hackers now deploy AI-powered tools, raising the specter of automated token thefts.
The headlines:
- The White House’s crypto report finally came out;
- PNC teamed up with Coinbase to enable increased crypto usage;
- Treasury Secretary Scott Bessent wants to make America the world’s digital asset capital;
- There’s a new smart contract language for Bitcoin;
- Bitmain wants to move across the pond from China to America;
- Plus, HNIs and institutions now have a Bitcoin lending option (More on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $114k (as of 4/8/25)
Bitcoin moved from a $119,273.87 high to a $111,943.80 low before settling at $114,340.45.
The altcoins are also swinging, too.
Ethereum (ETH) is at $3,545.94, Solana (SOL) is at $162.52, Chainlink (LINK) is at $16.58, Avalanche (AVAX) is at $21.90, Cardano (ADA) is at $0.7358, and Uniswap (UNI) is at $9.29.
The White House Unveiled Its Crypto Report
On July 30, the White House unveiled the much-anticipated crypto policy report. The move is a significant shift in the crypto regulatory actions. The document called for swift legislative and regulatory actions to boost the sector.
Furthermore, the report also recommended that agencies establish clear operating procedures for players. The paper suggested tax implications for foreign crypto wallets.
The Treasury Secretary is a Crypto Fan
In an August 1 Twitter/X post, Treasury Secretary Scott Bessent highlighted America’s entry into an age of progress for digital assets. Bessent also revealed that President Donald Trump’s administration is actively considering avenues to boost the decentralized space.
Moreover, the Treasury secretary called on digital asset development teams to consider the United States as their first choice for establishing a presence.
The SEC Unveiled Crypto Roadshow Plans
An August 1 press release revealed the digital asset tour by America’s top financial regulator. The SEC’s Crypto Task Force wants to travel across the country to gather input.
Additionally, the group wants to visit ten locations between this month and the end of the year.
Bitcoin Has a New Smart Contract Programming Language
On July 31, the Adam Back-founded crypto firm Blockstream unveiled Simplicity, a new programming language for the Bitcoin network. Simplicity interacts with Bitcoin’s Unspent Transaction Output (UTXO) layer to interact with the blockchain.
The programming language also includes a math-based verification layer that deploys before executing transactions.
eToro Announced Support for 24/5, Tokenized Stocks
On July 29, eToro expanded its trading platform to support tokenized stocks and 24/5 trading. The update includes access to 100 of the most traded US-listed stocks and ETFs.
Furthermore, the platform also introduced spot-quoted futures in partnership with CME Group.
Cardano’s Ecosystem Approved $71 Million for Network Upgrades
On August Cardano’s community approved a $71 million proposal to upgrade its blockchain infrastructure. The community will pay Input Output Global (IOG), Cardano’s development talent group, ninety-six million ADA tokens over 12 months for network advancements.
Key upgrades include Hydra, a protocol designed for faster and cheaper transactions. Project Acropolis will redesign nodes for smoother developer onboarding.
Visa Expands Its Stablecoin Footprint
E-Commerce giant Visa continued to push its foray into stablecoins with new deployments. A July 31 statement revealed a partnership with Paxos to enable support for the USDG and PayPal’s PYUSD tokens.
In addition, Visa also included Circle’s EURC stablecoin in the integration.
Alchemy Pay Revealed a Stablecoin Partnership with Ondo Finance
Boutique Fintech Alchemy Pay teamed up with Ondo Finance to enable global access to the USDY token. Users in 173 countries can buy the USDY token on Solana via familiar payment methods.
They include cards, Apple Pay, Google Pay, mobile-based wallets, and bank transfers.
Binance Made Some Interesting Moves
Premier cryptocurrency exchange Binance continued to rule the space. Binance launched the RWUSD, a tokenization-focused digital asset that aims to earn yields on real-world assets (RWAs).
Additionally, the exchange enabled a below-market purchase feature via its Discount Buy tool.
Crypto’s Largest Hack is Now Worth Over $14 Billion-Arkham
Digital asset surveillance firm Arkham Intelligence revealed the industry’s most significant hack in an August 2 Twitter/X post. The Chinese LuBian mining pool lost 127,426 bitcoins in 2020.
Subsequently, the amount lost was worth (approximately) $3.5 billion at the time and has crossed $14.5 billion at current prices.
There’s a New AI-Designed Crypto Wallet Malware File
On July 31, crypto security company Safety announced a new AI-crafted JavaScript file that copies itself across operating systems to steal tokens. The file hides in plain sight and renames itself as the @kodane/patch-manager within the Node Package Manager (NPM) registry.
Additionally, the file identifies wallet files, tokens, and sends the digital assets to a Solana wallet address.
Coinbase Wants to Go Supernova
On July 31, following its Q2 earnings report, Coinbase CEO Brian Armstrong unveiled big ambitions. Armstrong announced plans for the exchange to become a central meeting point for the entire cryptocurrency industry.
Besides, the lower-than-expected report also revealed the purchase of 2,509 Bitcoins worth $222 million.
Ledn Introduced a Bitcoin Solution for HNIs, Institutions
Boutique Bitcoin lending platform Ledn announced the availability of a Private Wealth offering. High-net-worth individuals, institutions, and firms now have long-term Bitcoin lending options.
Furthermore, the offering provides clients loans from $250,000 upwards, alongside dedicated account managers, seamless processing, and favorable rates.
A Chinese Crypto Miner Plans to Launch Its First American Facility
Chinese crypto mining company Bitmain unveiled plans to set up its first digital asset setup in America, Bloomberg reported on July 29. In a few months, the ASIC manufacturing factory will launch.
Subsequently, Bitmain wants to open an American headquarters in either Texas or Florida by the end of Q3 2025.
The SEC Announced the Approval of Crypto In-kind Creations, Redemptions
On July 29, the SEC gave its go-ahead for in-kind creations and redemptions for digital asset ETFs. Issuers can now transact in underlying crypto assets.
Additionally, the regulator approved measures that will enable the advancement of crypto ETP applications.
Digital asset ETFs also progressed. Several players, including VanEck, Bitwise, Franklin Templeton, Fidelity, Canary Capital, and CoinShares, filed changes to their S-1 documents.
Similarly, on July 30, NYSE Arca and Cboe BZX filed separately to avoid the SEC’s Rule 19b-4.
Grayscale® Launched an Intellectual Property Offering
Digital asset manager Grayscale announced the Grayscale® Story Trust in a July 31 announcement. Accredited investors now have exposure to $IP, the native token of the Story blockchain.
Story wants to enable intellectual property to be programmable, traceable, and monetizable on-chain.
