No Pardon for SBF

Good Morning,

Here's a quick preview of today's content: California pair charged with laundering crypto from fentanyl sales, Visa unveils stablecoin platform for banks, Pakistan clerics disagree on crypto legality under Islam, Coinbase's Jesse Pollak hands Base app to Cobie, Crypto bill faces final test over Trump conflicts, and so much more

Friday's finally here - Let's dive in.

Market Snapshot

Click here to learn more about the Gannon's portfolios and subscribe to the strategies on Autopilot.* Since inception (7/3/25), Gannon's Crypto Portfolio is up +4.9% Gannon's AI Fund is up +55.3%

• Bitcoin pulls back to $64,000 after hitting a monthly high as bears take control

  • ETH outruns BTC as ETF money returns, almost all of it from BlackRock's fund, while XRP can't keep up

  • Prediction markets defy crypto downturn with record Q2 volume

  • Tokenized stocks market cap gains to record $2.3B

• AI momentum stocks tumble and US stocks sell-off weighs on crypto

Prediction Markets

• Bettors on Polymarket are predicting XRP price in July?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Senate unanimously opposes Sam Bankman-Fried pardon (DC)

• Trump's teleprompter operator uses insider info to place bets (TB)

• Crypto bill faces final test over Trump conflicts (TB)

• Morgan Stanley launches crypto trading on E*Trade (DC)

• Visa unveils stablecoin platform for banks (DC)

• Coinbase's Jesse Pollak hands Base app to Cobie (TD)

• Dormant whale moves $383M after 8 years (DC)

• Bitcoin Q-Day lets users prove ownership after quantum attack (DC)

• T. Rowe Price launches multi-token crypto ETF (TB)

• Polygon Labs announces second round of layoffs (TB)

• Volvo tests crypto for supplier transactions (TB)

• SBI extends onchain finance push with Ondo (TB)

• Injective files to bring ownership records onchain (CT)

• 85% of concentrated DeFi liquidity is underutilized (TB)

• MegaETH sunsets Mega Mafia program (TB)

• Memecoin launchpad halts after integrity issue (CT)

Venture Capital

• Citadel Securities invests $400M in Crypto.com at $20B valuation (TB)

• Alpaca, a brokerage provider, raises $135M led by Peak XV Partners with participation from Elefund (BW)

• Crypto treasury ORANGE JUICE raises $40M from Ricardo and Grupo Salinas

• Tether invests $20M in fintech firm Ualá (TB)

• Multicoin Capital invests $1.75M in futures platform Trasia (TB)

Access the complete VC deal flow on Fundable.

M&A Announcements

• MoonPay acquires Y Combinator-backed crypto startup Glide (TB)

• Crypto firm Keyrock acquires BlockFills trading assets (CD)

Launches

• Kraken launches USD crypto options (FM)

• Galaxy launches institutional vaults (CD)

• Ledger unveils hardware Agent Stack (TB)

Regulation

• US sanctions four Iran central bank crypto wallets (CD)

• FATF urges faster crypto AML enforcement (CT)

• Pakistan clerics disagree on crypto legality under Islam (BBG)

Cybersecurity

• South Dakota crypto investor indicted over $20M fraud (TB)

• California pair charged with laundering crypto from fentanyl sales (TB)

• Florida man arrested over malware that steals $220K in crypto (DC)

Extra Reads

• Failing to pass the Clarity Act won't make crypto disappear, it just preserves the same gaps that left FTX customers waiting on bankruptcy courts to find out if their money was ever theirs - Here's why the Clarity Act is a consumer protection effort

Chart of the Day

One out of every three ETH is off the market

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.