Senate Majority Leader John Thune delayed debate on the Digital Asset Market Clarity Act, shifting legislative focus toward federal nominations and a Russia sanctions bill. Bitcoin fell below recent support levels during a sharp selloff across Asian equity markets, extending losses from the previous U.S. session. The delay narrows the window for crypto legislation before Congress begins its August recess, leaving the industry exposed to regulatory uncertainty as market volatility intensifies.
Senate Delays Clarity Act Amid Legislative Priority Shift
The Digital Asset Market Clarity Act, designed to define SEC and CFTC oversight boundaries, now faces an increasingly narrow window before Congress begins its August recess. Ethics concerns surrounding public officials' digital asset holdings continue to complicate negotiations. A proposed 2029 sunset clause remains another point of contention before lawmakers can reach consensus.
New York Attorney General Letitia James argues the Clarity Act could weaken states' ability to prosecute crypto fraud, potentially limiting local enforcement powers. Her criticism adds another obstacle as supporters race against the congressional calendar.
Thailand SEC Files Criminal Complaints Against Bitkub
Thailand's SEC filed criminal complaints against Bitkub and two former executives over allegations they concealed a 2021 cyberattack worth about $50 million. Although customers were reimbursed, authorities allege the exchange submitted inaccurate reports.
A U.S. judge temporarily blocked Minnesota's restrictions on platforms including Kalshi and Polymarket, citing potential conflicts with federal commodities law. The CFTC seeks faster legal clarity as the Clarity Act remains trapped in Washington's legislative queue.
Bitcoin Price Falls During Asian Market Selloff
Bitcoin briefly fell below recent support before stabilizing after Asian equity markets suffered a huge selloff. South Korea's Kospi recorded one of its sharpest declines in months, led by heavy selling in major technology stocks.
Bitcoin previously rebounded from July lows but struggled to reclaim higher resistance levels as buying pressure softened. Spot Bitcoin ETFs continued attracting inflows over recent weeks, although significant late-week withdrawals showed institutional demand remains sensitive to macroeconomic shifts.
Institutional Holders Maintain Positions Without New Purchases
Strategy maintained its existing Bitcoin position without announcing any additional purchases, instead preserving billions in available cash. Large holders have largely avoided aggressive accumulation during the latest decline.
Miners may receive modest relief as network difficulty appears set for its first annual decline in nearly two decades.
FAQ
Why did Senate Majority Leader John Thune delay the Clarity Act?
John Thune shifted legislative focus toward federal nominations and a Russia sanctions bill, delaying debate on the Digital Asset Market Clarity Act before Congress begins its August recess.
What caused Bitcoin to fall during Asian trading hours?
Bitcoin fell below recent support levels during a sharp selloff across Asian equity markets, with South Korea's Kospi recording one of its sharpest declines in months led by heavy selling in major technology stocks.
What allegations did Thailand's SEC make against Bitkub?
Thailand's SEC filed criminal complaints against Bitkub and two former executives over allegations they concealed a 2021 cyberattack worth about $50 million and submitted inaccurate reports, although customers were reimbursed.
