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Edition · 2026-07-24
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Gemini Trust Company transferred over $10 million in Bitcoin to the super PAC MAGA Inc., which supports Donald Trump, according to a June 19 Federal Election Commission filing that listed two contributions each exceeding $5 million. The transfer occurred three weeks after Gemini and the U.S. Commodity Futures Trading Commission filed a joint motion in a New York federal court seeking removal of the continuing provisions of a January 2025 consent order that imposed a $5 million civil penalty. Gemini and the CFTC said their review found issues with the original complaint, including questions about evidence and whistleblower credibility, but the agency did not request repayment of the fine. The motion seeks relief only from the injunction’s future‑facing terms. The Winklevoss twins each contributed $1 million to Donald Trump’s 2024 campaign and $21 million to the Digital Freedom Fund, a pro‑crypto PAC. MAGA Inc. reported total receipts of more than $397 million by June 30. Crypto firms have increased political spending, with estimates placing total crypto‑linked contributions at about $189 million for the 2026 election cycle, roughly 37% of tracked corporate contributions. The spending follows the pending CLARITY Act, which could expand CFTC oversight of digital assets. Senator Elizabeth Warren criticized the CFTC’s reversal request, citing staffing cuts and potential political pressure, but offered no evidence linking the donation to the agency’s decision. The court has not yet ruled on the motion, and the Bitcoin transfer is a separate political contribution, as Gemini has already paid the penalty and cannot recover it. The case remains unresolved, and the role of cryptocurrency contributions in the 2026 election cycle continues to draw scrutiny.
Coinbase Business announced on Thursday a payments stack that lets businesses accept payments from AI agents. The system, built on the x402 open internet payments standard, adds a separate transaction lane within Coinbase Business.
Coinbase Business launched in June 2025 as the company’s dedicated unit for commercial clients. Since then, the unit has signed up about 5,000 customers and processed roughly $1 billion in combined payments and trading volume, employing roughly 12 staff members.
Coelho‑Prabhu said agentic payments represent a strategic priority for Coinbase. The new payments stack uses the x402 open internet payments standard that Coinbase incubated and integrates with Coinbase Payments. The system allows businesses to add a separate transaction lane for AI agents, enabling them to accept payments without changing existing sales processes. Coinbase for Agents, announced on the same day, provides a SDK that lets users integrate AI setups into trading and investment workflows and adds x402 payment capability across the web. Coinbase also previously announced Coinbase Advisor, an SEC‑registered AI financial advisor that delivers tailored investment advice and commentary to users.
Traffic data from June showed that 53 percent of visits to the Base blockchain documentation were from agentic visitors, according to a Coinbase spokesperson. The end‑to‑end flow lets agents locate Coinbase CDP documentation, spin up an agent wallet, receive funding, pay merchants via Coinbase Business, and settle on Base or other chains using USDC. Early adopters are primarily firms in the digital infrastructure space that use bots to purchase Open Router credits, domain names, or cloud storage from Amazon or Google Cloud. Coelho‑Prabhu said the current adoption reflects early‑stage usage and that broader consumer commerce is expected to follow in the near term.
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, transferred $10 million in Bitcoin to the MAGA Inc. political action committee on June 19, according to the PAC’s July filing with the Federal Election Commission. The transfer followed a joint motion filed by Gemini and the U.S. Commodity Futures Trading Commission in May to overturn a January 2025 settlement in which Gemini was alleged to have made false or misleading statements. The CFTC has not yet issued a decision on the motion. The $10 million contribution consists of two separate transfers of more than $5 million each, recorded on June 19. In addition, each Winklevoss brother contributed $1 million to Donald Trump’s 2024 presidential campaign and supported his candidacy through social media posts. After Trump’s inauguration in January 2025, the twins attended the signing of the GENIUS Act, a bill governing stablecoin payments, and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC. As of the end of June, MAGA Inc. reported having received more than $397 million in total. Senator Elizabeth Warren wrote a letter to CFTC Chair Michael Selig expressing concern that the joint motion and related actions might indicate regulatory capture. The CFTC, which currently has one commissioner, has not announced any new nominations. The court decision on the CFTC‑Gemini motion remains pending, and the agency has not responded to inquiries about the recent Bitcoin donation.
The United States imposed new tariffs on 60 trading partners, covering about 99.4% of US imports, effective Friday.
By · 91d ago · Source: bbc
The United States imposed new tariffs on 60 trading partners, covering about 99.4% of US imports, effective Friday. Duties range from 10% to 12.5% and target partners that have not adopted prohibitions on imports produced with forced labour. The measure follows the expiration of a temporary 10% tax on foreign goods and marks the latest escalation in a trade dispute that began when President Donald Trump returned to office. The US Supreme Court earlier ruled that previous tariffs imposed under emergency powers were unlawful. Trade Representative Jamieson Greer announced the duties, citing Section 301 of the Trade Act of 1974. He said the action seeks to correct human rights abuses and trade distortions and improve worker welfare. The administration also invoked Section 338 of the Tariff Act of 1930 to impose 50% tariffs on Canadian products earlier. Greer said countries that have adopted and enforce forced labour import bans will face a 10% tariff, while those that have not will face 12.5%. Ten partners have agreed to such bans. Experts offered mixed views: Deborah Elms of the Hinrich Foundation said the administration remains determined to pursue its tariff strategy, while Wendy Cutler of the Asia Society Policy Institute noted the levies may raise costs for businesses and consumers but could be softened by exemptions. Brazil described the move as unjustified and arbitrary, saying it will use its reciprocity law and consider other partners. Japan expressed regret, stating its trade complies with international rules. Australia’s trade minister called the levies unjustified and urged their removal. China denied allegations of forced labour, calling them political manipulation, while some human rights groups say forced labour exists in China, particularly in Xinjiang. The Supreme Court’s earlier decision led to billions of dollars in refunds, and the White House is exploring alternative mechanisms, including a temporary 10% levy, and investigating additional countries for manufacturing overcapacity.
BitMEX announced that it will cease operations on September 23, 2026, at 04:00 UTC, after its owner HDR Global Trading Ltd concluded a strategic review and decided to close the platform. The company urged users to close positions and withdraw funds before the deadline.
Founded in 2014, BitMEX was among the first platforms to offer 100x leverage perpetual swaps, a product that helped define the decentralized derivatives market. According to CoinGecko’s Q2 2026 Crypto Industry Report, centralized exchange perpetual futures volume fell 10% to $12.7 trillion during the quarter, while decentralized platforms have continued to gain share.
BitMEX will halt new account registrations immediately and introduce risk limits on August 26, preventing users from opening new positions while allowing them to reduce existing exposure. The exchange said it will force close any remaining open positions at the closure time to ensure an orderly wind‑down. In a statement, BitMEX said user assets remain safe and under individual control during the transition, and warned that phishing attempts and fake withdrawal offers may increase. The company added that it may apply additional withdrawal reviews and network restrictions due to potentially higher withdrawal activity, and that its proof‑of‑reserves process shows user assets exceed liabilities. The shutdown follows a leadership transition in which CEO Stephan Lutz, CFO Ina Steiner and chief growth officer Raphael Polansky departed in the previous month, and former chief operating officer Peter Wilkinson assumed the CEO role; co‑founder Arthur Hayes has not publicly commented on the decision.
The closure represents a notable shift in the crypto derivatives landscape, as decentralized platforms such as Hyperliquid continue to attract trading volume while centralized exchanges face evolving regulatory and operational pressures.
Goldman Sachs CEO David Solomon said he supports advancing the Clarity Act, which would establish a regulatory framework for digital assets, as Republican senators prepare an updated version of the bill for a possible Senate vote next week.
The Clarity Act, introduced by Republican lawmakers, aims to define the regulatory responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission for digital assets.
Speaking at the Liberty World forum in Palm Beach, Solomon said the legislation, while imperfect, would provide regulatory certainty and create a level playing field for crypto markets, allowing them to develop without undue uncertainty.
JPMorgan Chase CEO Jamie Dimon and other banking executives have criticized provisions that would permit crypto firms to offer yield‑bearing stablecoins that resemble bank deposits, arguing the rules could place traditional banks at a competitive disadvantage.
In a June blog post, JPMorgan warned that crypto products functioning like bank accounts should be subject to the same oversight and consumer protections as traditional banking services.
Coinbase CEO Brian Armstrong has suggested that banks are lobbying against stablecoin rewards to protect their deposit‑based business models, while banking groups contend that crypto firms offering bank‑like services should be regulated like banks.
Solomon also noted in February that excessive regulation could extract capital from the system, emphasizing that oversight must be thoughtful and well designed.
The updated bill text circulated by Republican senators ahead of a Senate floor vote next week will determine whether the act advances, potentially shaping the regulatory landscape for stablecoins and the broader digital asset industry.
South Korea's Korbit, the nation's first homegrown cryptocurrency exchange, announced that it has become part of the Mirae Asset Group family. Mirae Asset Consulting, an affiliate of Mirae Asset Group, now holds a 97.15% stake in Korbit, making it the exchange's largest shareholder. The transaction was completed through mandatory regulatory reporting and does not change the operating entity or user services. Korbit's login, trading, deposit and withdrawal functions will continue unchanged. User assets remain held separately from corporate assets in line with South Korea's Virtual Asset Users Protection Act. Personal data processing also remains unchanged and requires no action from users. The acquisition reflects a growing trend of traditional financial firms entering the crypto market, especially in South Korea where retail trading volumes rival stock exchange activity. Similar moves have been seen in Asia, including SBI Group's agreement to acquire Bitbank and its majority stake in Coinhako. Binance reported holding about 55% of user funds and 24% of spot trading volume, with net inflows in early July, while the overall market experienced outflows.
The European Union added 14 cryptocurrency service platforms and 94 banks to its 21st sanctions package against Russia, adopted on July 23, which includes 218 individual listings. These measures target crypto providers in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus, and they aim to block services that Russia uses to bypass financial restrictions. The package also bans EU operators from transacting with the listed platforms, freezes assets of the 94 banks, and prohibits transactions with 33 additional Russian credit institutions and four non‑Russian banks, one of which is a Kyrgyz bank linked to the Russian SPFS system. EU authorities said the new designations include four entities related to the A7 cross‑border payments network and give the bloc authority to prohibit crypto‑asset services linked to entire third countries that host sanctioned providers. In the energy sector, the EU added 41 shadow‑fleet vessels, raising the total to 673, and listed eight entities and one individual connected to those operations, as well as 18 entities and one individual tied to Russian oil refining, including three Russian refineries and a Belarusian refinery. The Georgian Kulevi refinery will face a transaction ban after a six‑month transition period because of its role in trading Russian oil, and eight oil traders were sanctioned for allegedly frustrating restrictions on Russian crude purchases. The Council paused the automatic adjustment of the Russian oil price cap until July 15, 2027, pending an interim review to determine whether the suspension remains necessary. In the military sector, the package added 56 individuals and companies associated with Russia’s defense industry, including 37 listings related to long‑range drone production, and imposed tighter export controls on 51 entities in China, India, Türkiye, Kazakhstan, Kyrgyzstan and the UAE for dual‑use goods. Trade restrictions cover materials used in aircraft, drones, missiles and engine coatings and limit imports valued at over €60 million annually, including ores, metals, glassware and vehicle parts. The sanctions also prevent Russian nationals or residents from owning or controlling companies that provide crypto wallet, account or custody services, with the aim of limiting crypto use to circumvent conventional financial restrictions. The Council described the package as the largest grouping of new listings in four years.
BitMEX, the Seychelles‑based crypto exchange founded by Arthur Hayes, announced on July 23 that it will cease operations at 04:00 UTC on September 23, granting customers a two‑month window to close positions and withdraw assets while new registrations have already been halted. Under the wind‑down timetable, trading limits will take effect at 04:00 UTC on August 26, after which users may only reduce existing positions and the exchange may forcibly close any contracts still open at the September 23 cutoff. KYC‑verified account holders retaining funds will incur a monthly fee equal to the greater of $50 or 1% of the balance per year; the notice also indicates that additional reviews and blockchain constraints could delay withdrawals and that no priority service is offered. BitMEX’s 24‑hour trading volume was reported at $120.84 million with $705.33 million in open interest, compared with $45.68 billion in volume and $25.10 billion in open interest for Binance Futures, indicating a relatively small share of total market activity. No public data currently tracks the destination of BitMEX traders, but the scale and liquidity of platforms such as Binance, OKX, Bybit and MEXC suggest dispersion across existing market pools rather than a single new home. The absolute deadlines set by the exchange mean customers must complete withdrawals by the stated dates, and the overall impact on market liquidity remains to be observed.
Crypto vault market reached $131 billion in April 2026, up from $24 billion three years earlier, as firms such as Bitwise, Coinbase and Kraken expand onchain lending and yield products. The Securities and Exchange Commission has softened its enforcement stance under the current administration, creating a Crypto Task Force to clarify rules. Commissioner Hester Peirce warned that vaults and onchain lending arrangements may fall under securities law depending on how they are structured and who controls asset decisions. The SEC said that products that rely on professional managers to select, reallocate or oversee customer assets present a higher risk of being deemed investment contracts, because managerial discretion can create a common enterprise with an expectation of profit. Larry Florio, deputy general counsel of Ethena Labs, noted that the distinction between automated smart‑contract vaults and actively managed vaults is central to the regulatory analysis. Coinbase, through its Morpho integration, now offers USDC lending via two strategies curated by Steakhouse Financial, while Kraken launched a Bitcoin vault that allocates assets across Aave and Morpho, delivering variable returns up to 2.5 percent. Bitwise, a $15 billion asset manager, introduced its first onchain vault in January, with its investment team setting collateral and allocation rules. Deposits in crypto vaults have grown rapidly, reaching about $131 billion and representing 94 percent of activity in staking, lending and yield aggregation. S&P Global Ratings projects that assets in professionally managed vaults could double this year and described the products as potential “ETFs 2.0,” noting they could resemble private credit, private equity, money‑market fund or hedge‑fund functions. While the SEC has moved away from aggressive litigation against crypto lenders, Peirce emphasized that the agency’s retreat does not mean securities laws are inapplicable; firms should engage with the commission to ensure compliance rather than rely on “gymnastic” arguments. The commission’s Crypto Task Force is charged with defining registration pathways and shaping enforcement policy, and it has invited industry participants to discuss whether current rules need adaptation for onchain finance. The SEC’s advisory stance leaves the regulatory landscape uncertain, as vault operators must assess whether their structures trigger securities‑law obligations while the market continues to expand.
This edition was assembled from neutral, agent-rewritten summaries of the day's aggregated news.
Why it matters: Every article was reviewed for loaded language, partisan framing, and missing attribution before publication.
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