"Trump reviewing bipartisan ethics language in Clarity Act" Aug 07, 2026

Trump is reviewing bipartisan ethics language in the Clarity Act that would require him to divest from crypto-related businesses. A key feature of the provision is that it could allow Trump to defer federal taxes on divestiture gains for years or potentially indefinitely, creating millions of dollars in potential tax savings. This language has become central to securing Democratic support for the bill, which would establish the first comprehensive federal crypto regulatory framework. The latest version would allow state attorneys general to enforce the ethics rules, replacing an earlier draft that gave sole enforcement authority to the Justice Department. The Senate faces a tight window, with lawmakers set to leave Friday for a month-long recess and attention expected to shift toward November elections once they return.

Wintermute registered its New York-based subsidiary Wintermute USA as a broker-dealer with the SEC and FINRA, enabling it to expand beyond crypto into traditional equities, options, and crypto-linked ETFs. The registration also allows Wintermute USA to act as an authorized participant for exchange traded products, including those tied to digital assets. Evgeny Givoy attributed the move to the firm's view that crypto and traditional finance will increasingly converge as tokenization expands, noting Wintermute has already moved into market-making for tokenized gold and prediction markets in 2026. The SEC has separately emphasized that placing securities on-chain does not exempt them from existing securities laws and that many tokenized securities activities require proper licensing.

A Michigan federal judge denied Coinbase's request for a preliminary injunction that would have blocked the state from enforcing gambling laws against its planned sports event contracts. Coinbase sued Michigan in December 2025, arguing prediction markets fall exclusively under CFTC jurisdiction and that state regulation conflicts with the Federal Commodity Exchange Act. Judge Shalina Kumar ruled that Coinbase had not established that sports event contracts qualify as swaps under federal law or that complying with both federal and Michigan law would be impossible, dismissing the impossibility claims as applesauce. Coinbase has also sued Illinois and Connecticut on similar grounds, while the CFTC has separately sued nine states as it pushes for federal control of the prediction market sector. The ruling leaves Coinbase without injunctive relief in Michigan and signals that federal preemption arguments in this area face a high bar.

The mother of late Ondo Finance founder Nathan Allman is seeking control of the company and removal of its current CEO and president through a Delaware court filing. She alleges the CEO improperly assumed leadership after Nathan Allman's death without board approval, and argues that as representative of Nathan's estate she controls a majority voting interest and had authority to reconstitute Ondo's board. The complaint further alleges the CEO used company resources to pressure her into signing documents supporting his control and that Ondo refused to provide a shareholder list. The CEO called the allegations meritless and said current leadership retains support from key stakeholders, lead investors, and the Ondo Foundation. Ondo Finance was founded by former Goldman Sachs employee Nathan Allman in 2021 and is a significant player in real-world asset tokenization.

ARK Invest bought roughly 21 million dollars of Block shares on Thursday after the fintech fell 6 percent, and also purchased approximately 2 million dollars of SpaceX shares. Bitcoin was at 64,947 dollars, Ethereum at 1,914 dollars, and BNB at 591 dollars, all up slightly on the day.