Political Battle Over Clarity Act

Good Morning,

Here's a quick preview of today's content: IRS warns crypto fraudster sends letters to steal data, Senators send ethics compromise to White House, Canadian crypto ownership increases to 25%, Ray Dalio holds 1% BTC in his portfolio, Coinbase misses on Q2 earnings, and so much more

It's finally Friday - Let's dive in.

Market Snapshot

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• Bitcoin presses toward $65,000 as Fed-favorite PCE inflation sees its first monthly drop in six years

  • BTC ETF inflows return as Nasdaq surges on AI trade comeback

  • ETH funds slip into outflows, with BTC ETFs on track for smallest monthly inflows ever

• Institutional crypto trading hits a record 72% as Wall Street calms crypto's wild swings

Prediction Markets

• Bettors on Polymarket are predicting Elon Musk net worth?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Cynthia Lummis blasts Dems for stalling Clarity Act (BM)

• Treasury invokes Satoshi in plea for Clarity Act (DC)

• Coinbase misses on Q2 earnings (DC)

• Strategy posts $8.2B loss (TB)

• Russia detains crypto mining firm BitRiver founder (TB)

• US sanctions Iranian firm taking crypto for Strait of Hormuz (TD)

• Hedge fund with $1.1B in Bitcoin miner stocks seeks capital (CT)

• Ethereum enters its second decade (CD)

• Ray Dalio holds 1% BTC in his portfolio (BM)

• Banks test tokenized money in $1M BIS pilot (CD)

• Banco Santander discloses Bitcoin ETF stake (TD)

• IBM claims 'trusted quantum advantage' (DC)

• CME warns tax risk looms over perpetual futures (CD)

• Ondo Finance weighs $500M acquisition (CD)

• Cathie Wood's Ark sells Bitmine (DC)

• World Cup generates $20B in prediction market volume (CD)

• Samsung explores stablecoin infrastructure (CT)

• Canadian crypto ownership increases to 25% (CT)

• Lightning pays employees in bitcoin (BM)

• Quantum Solutions loses top treasury spot (TB)

• Hyperscale Data sells bitcoin to fund data center (TB)

• Aave retires 50 assets (TD)

• Fortitude targets mining capacity increase (TB)

Venture Capital

• InvestiFi, a platform for embedded investing, raises $20M led by Vibe Credit Union with participation from BankTech Ventures and more (PN)

Access the complete VC deal flow on Fundable.

Launches

• Aviva Investors launches tokenized fund (CT)

• Lightning Labs launches site for agent payments (TD)

Regulation

• Senators send ethics compromise to White House (TB)

• Senator proposes agency to address corruption (CD)

• xAI sues Minnesota in AI law (DC)

• Australia sues Telegram for $38M (DC)

• South Korea plans to tax crypto gains (CD)

Cybersecurity

• IRS warns crypto fraudster sends letters to steal data (TB)

• Fake staking site drains $8.5M in XRP (DC)

• Ostium blames breach for $24M exploit (TB)

• Chinese newspaper warns of crypto scam (CT)

Extra Reads

• Perps are brilliant at pricing demand and blind to supply, which is how crypto traders nailed SpaceX's opening price to the dollar, then watched the stock fall -40% - Here's how perps priced an IPO better than Wall Street

Chart of the Day

Tokenized assets market surges to $7.5B

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.