Scenius Sync (Issue # 161)
Crypto Week, House Clears Key Crypto Bills for Final Vote, Grayscale Planning IPO, Record ETH ETF Inflows, Coinbase Unveils All-In-One Base App, & Kraken Debuts Derivatives in U.S.
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Essential News 🗞
House Announces Week of July 14th as “Crypto Week”
House Committee on Financial Services Chairman French Hill (AR-02), House Committee on Agriculture Chairman GT Thompson (PA-15), and House Leadership announced that the week of July 14th will be “Crypto Week.” “We are taking historic steps to ensure the United States remains the world’s leader in innovation and I look forward to ‘Crypto Week’ in the House. After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy,” said Chairman Hill. “I thank my colleagues in Congress and the Trump Administration for their partnership and leadership and stand ready to work alongside the Senate as they work to advance standalone market structure legislation by the end of September.”
House Clears Key Crypto Bills for Final Vote After Record 9-Hour Standoff
The U.S. House of Representatives narrowly passed House Resolution 580 with a 217-212 vote on Wednesday, reviving the path forward for three major crypto bills after a record-breaking procedural standoff that stretched nearly 10 hours. Eight conservative Republicans who initially blocked the legislation on Tuesday switched sides after House leadership agreed to attach the Anti-CBDC Surveillance State Act to the National Defense Authorization Act, ensuring the prohibition would pass with the must-pass defense bill.
More coverage from The Block, here: US House clears procedural step for key crypto bills, floor vote expected Thursday
Polymarket Probe Ended by DOJ in Win for Crypto Bets Under Trump
A pair of US investigations into crypto-betting platform Polymarket are being shut down, according to a person with direct knowledge of the matter. The US Justice Department and Commodity Futures Trading Commission had been investigating whether Polymarket was accepting trades from US-based users in violation of a previous settlement with federal regulators. The resolution of the investigations may pave the way for Polymarket to officially re-enter the US market, potentially by registering with the CFTC as a futures exchange or acquiring another entity with a CFTC license.
Australian Regulator Flags Crypto as Top Threat in Financial Crime Crackdown
Australian regulators announced priorities Wednesday focusing on digital currencies and cash-intensive businesses as top money laundering threats. The agency will bring 80,000 new businesses under anti-money laundering laws starting July 2026 in Australia's biggest regulatory expansion. CEO Brendan Thomas signals shift from compliance checks to targeting "substantive risks and harms" at industry level.
Grayscale Files Confidential Submission for IPO With SEC
Grayscale Investments confidentially submitted a draft S-1 registration statement to the SEC, indicating plans for an IPO. The asset manager did not disclose details of the submission, which will proceed after the SEC's review and market conditions. Confidential filings allow companies to negotiate with the SEC privately, a strategy used to keep competitive details under wraps until a public launch is ready.
Innovation & Adoption 💡📈
Ethereum ETF holdings hit all-time high near 5 million ETH as record inflows drive price over $3,400
Ethereum holdings for spot ETFs hit an all-time high after the products reported net inflows of $726 million on Wednesday, the highest level since the crypto-based instruments began trading. Amid the record inflows, Ethereum’s price surged above $3,400, up over 8% in the past 24 hours.
Coinbase unveils Base App, rebrands wallet as all-in-one social and trading platform
Coinbase has rolled out the Base App, rebranding its Coinbase Wallet as an “everything app” that combines social networking, mini-apps, chat, payments, and trading as part of what the company calls a new chapter for its Base ecosystem. The launch, announced during Coinbase’s “A New Day One” event, recasts Base as a three-part platform: the existing Ethereum Layer 2 network Base Chain, a suite of tools and support for developers dubbed Base Build, and the new Base App, which serves as a consumer gateway to onchain services.
Kraken Debuts Derivatives Trading in U.S., Plans Expansion to Commodity, Stock Futures
Crypto exchange Kraken has begun offering U.S.-regulated crypto derivatives trading. The move comes as competition among crypto exchanges and digital trading venues is heating up, bolstering acquisitions. Kraken plans to expand its derivatives offerings to include commodities, fixed income, FX, and equity futures later this year.
Decentralized messaging protocol XMTP hits $750 million network valuation with $20 million Series B
Ephemera, the core developer behind the decentralized messaging protocol XMTP, has raised $20 million in a Series B funding round, as it looks to build and grow its ecosystem. The round was co-led by Union Square Ventures, a16z crypto, and Lightspeed Faction, with additional participation from Coinbase Ventures, Offline Ventures, Sound Ventures (founded by Ashton Kutcher and Guy Oseary), and Distributed Global.
World Liberty-backed Ondo Finance launches first tokenized Treasury fund on Sei
Ondo Finance is launching its flagship USDY fund on the Sei Network, marking the first tokenized Treasury product on the scalable Layer 1. Ondo is a real-world asset startup with backing from World Liberty Financial, the DeFi project led by President Donald Trump’s friends and family.