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Crypto Industry Pitches Market Structure Ideas to U.S. Senators in Hearing

Crypto industry insiders including Ripple CEO Brad Garlinghouse outlined their hopes for how the Senate might seek to regulate digital assets markets in the U.S., while Senator Elizabeth Warren shared some of the top Democrat objections during a Wednesday hearing.
«For the last decade, the legal and regulatory uncertainty surrounding crypto has prohibited meaningful progress in the U.S.,» Garlinghouse told the Senate Banking Committee in his testimony. «At Ripple, we certainly saw firsthand how the lack of clear rules of the road can be weaponized to target good actors.» Ripple was one of the companies sued by the Securities and Exchange Commission, during President Donald Trump’s first term.
This is one of two Senate committees — also including the Senate Agriculture Committee — that need to work through the wide-reaching crypto market structure bill. The banking panel has so far moved more quickly, but their agriculture counterparts just scheduled their own hearing for Tuesday. And for its part, the U.S. House of Representatives is set next week for what leaders are calling «Crypto Week» to pursue a number of pieces of legislation, including that chamber’s own Digital Asset Market Clarity Act to establish legal infrastructure for the digital assets markets.
Banking Committee Chairman Tim Scott, a South Carolina Republican, noted during Wednesday’s hearing that he hoped the bipartisan momentum of the Senate’s successful vote on its Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act — which the House will likely vote on next week as well — will continue as the panel turns toward the more important piece of crypto legislation.
«Passing GENIUS is more than just a legislative win,» Scott said of the bill to establish rules for U.S. stablecoin issuers, facing a House vote as soon as next week. «It’s a testament to what’s possible when Congress works together and puts principles before partisan politics.»
Senator Elizabeth Warren, the panel’s ranking Democrat who is one of the industry’s most reliable critics on Capitol Hill, opened her remarks on Wednesday suggesting there are a series of «principles that I think should guide our work,» not completely shutting the door on participating in a negotiation. But one of those principles was the increasingly contentious point that President Donald Trump’s personal interests in the crypto industry need to be dealt with.
Read More: Trump’s Crypto Ties Still Toxic With Some Dems, Including One Seen as Industry Ally
«The crypto industry may be calling the shots for Republicans, but nobody wants weak crypto rules more than the President of the United States,» Warren said. «If we’re going to provide rules of the road for crypto, we need to shut down the superhighway for presidential corruption at the same time.»
She also said that proposals including the House’s Clarity Act «will allow noncrypto companies to tokenize their assets in order to evade» regulation from the Securities and Exchange Commission.
«Think for just a minute about what that means,» Warren said. «Under the House bill, a publicly traded company like Meta or Tesla could simply decide to put its stock on the blockchain» to escape SEC scrutiny.
The House’s Clarity Act has already cleared the relevant committees in that chamber, so it’s the piece of legislation furthest along and has been suggested by Scott as a template for Senate work on market structure. One of the key provisions in the bill is to set up the Commodity Futures Trading Commission as a primary regulator of U.S. digital assets activity. A former chairman of that agency, Tim Massad, was among the witnesses on Wednesday and was asked about his thoughts on the act.
Massad responded, «I think it’s got a lot of problems. I think it’s 236 pages of regulatory arbitrage opportunities.»
Scott’s committee has previously set out a series of guidelines for its own work on market structure legislation that will «recognize the need to clearly define what is a commodity, what is a security, and how digital assets can trade and be custodied in a way that fosters innovation while protecting investors,» he said at the hearing.
«We don’t need more roadblocks,» he said. «We need rules that actually work.»
Trump has added urgency to the crypto policy debate in Congress at the moment, because he’d set his own August deadline for the Senate and House to produce stablecoin and market structure bills. While it’s possible the House signs off on the Senate’s stablecoin bill next week and sends it to the president to be signed into law, the timeline for the more complex bill may be further out. Senator Scott has declared a September 30 deadline for the Senate to finish market structure legislation.
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Australia’s Central Bank to Explore Developing Wholesale Tokenized Asset Markets
The Reserve Bank of Australia (RBA) will explore the development of wholesale tokenized asset markets alongside an array of industry participants.
«Project Acacia» will use stablecoins, pilot wholesale central bank digital currency (CBDC) and bank deposit tokens in 24 use cases of tokenizing a range of asset classes, such as fixed income and private markets.
Tokenization refers to the process of minting assets such as bonds and equities as tokens that can be bought, sold and traded on blockchains, with the aim of making processes faster, cheaper and more transparent.
The Australian Securities and Investments Commission (ASIC) is also providing regulatory relief in order to streamline the pilot, which will involve the testing of tokenized asset transaction between participants and other selected financial institutions, the RBA announced on Thursday.
Issuance of pilot wholesale CBDC for testing the use cases will take place on different blockchain platforms, such as Hedera and R3 Corda.
Participants in Project Acacia include Fireblocks, Northern Trust and Australian banks Commonwealth Bank, Australia and New Zealand Banking Corporation (ANZ) and Westpac.
The project is the a sign of the Australian government’s plans to integrate digital assets into its economy being put into practise.
The Australian Treasury published a whitepaper in March, describing how the government planned to embrace tokenization, real-world assets and wholesale CBDCs to make financial markets more efficient.
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BlackRock’s Spot Ether ETF Registers Record Trading Volume of 43M Amid Net Inflows of $158M

Ethereum’s native token, ether ETH, rose nearly 6% Wednesday, outperforming bitcoin (BTC), XRP (XRP) and solana’s SOL (SOL) as expected. The outperformance saw record trading activity in BlackRock’s spot ether exchange-traded fund (ETF), ETHA, listed on Nasdaq.
More than 43 million shares of ETHA changed hands Wednesday, the highest single-day tally since the fund’s debut a year ago, nearly doubling from the previous day’s total of 24 million, according to data source Yahoo Finance.
Daily volumes have been rising for over a month, as evidenced by the 30-day average, which has climbed to a record 18.83 million from 12.97 million in early June, according to data source TradingView.
The ETF has also seen brisk inflow of investor money, pointing to a bullish market sentiment for the second-largest cryptocurrency by market value. The ETF has collected over $1.20 billion in investor money since June, with the net inflows totaling $159 million on Tuesday, the biggest single-day tally since June 11, according to data source SoSoValue.
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Hyperliquid Trader Fumbles $26M ETH Short Profit, Faces $716K Loss After Doubling Down

An ether (ETH) trader known only by their wallet address became the subject of on-chain attention after a massive short position flipped from deep unrealized profit to a loss in a matter of days.
According to data from Lookonchain, wallet address 0xCB92 opened a 50,000 ETH short position on Hyperliquid, which at one point showed an unrealized profit of over $26 million.
But rather than closing the transaction, the trader held on — even adding another 10,000 ETH to the short position even as the price rose. A short position is, in effect, a bet the price will fall. If it rises, the trader loses out.
The decision turned out to be costly. As ETH surged, the position was stopped out, and Lookonchain reported the trader realized a loss of $716,000 as of Thursday.
The position might have been a hedge against a long position as part of a broader strategy, though the tracked wallet held only a short position.
The moves are reminiscent of infamous trader ‘James Wynn,’ whose on-chain antics drew eyes to Hyperliquid among mainstream circles.
In May, Wynn built a record-setting $1.25 billion notional long position in bitcoin (BTC) at an average price of $108,243, only to see it collapse as the fell below $105,000 after U.S. President Donald Trump’s tariff announcement on EU exports.
Multiple liquidations, including a 527 BTC position worth over $55 million and a 421 BTC position worth nearly $44 million, wiped out more than $100 million of Wynn’s holdings over a few days, leaving many wondering if they were witnessing a full-blown gambling addiction.
Wynn has since not opened any trades similar to his May one. Wallet 0xCB92 may be the one stepping up to take the baton.
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