SEC Tweaks Crypto Rules

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Here's a quick preview of today's content: Crypto CEO faces extradition over $20M token scheme, Japan works on blockchain stock settlement system, Students want crypto classes but learn on social media, Coinbase begins token-backed mortgages, Bill Gates wants a robot tax, and

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Happy Thursday - 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 +17.5% Gannon's AI Fund is up +56.6%

• Bitcoin hits resistance at $80,000 as rally momentum cools after a +23% week

  • BTC dips as stocks and gold fall on higher inflation data, with ETH and SOL slipping

  • Billions pour into BTC ETFs as the rally rolls on, tearing through 2026 outflows

  • XRP leads a crypto pullback with a $6.4B options expiry Friday that could amplify volatility

  • Wallets dormant for over a decade move $40M in a week

Prediction Markets

• Bettors on Polymarket are predicting Dogecoin price in August?

• Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app

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

• SEC preps overhaul of crypto rules for investment firms (BBG)

• Bill Gates wants a robot tax (DC)

• US banks join forces to build a blockchain (DC)

• JPMorgan weighs stablecoin (BL)

• Michael Saylor faces fresh funding threat on exist risk (BBG)

• Coinbase begins token-backed mortgages (TB)

• Bernstein sees bitcoin reaching $150,000 (TB)

• BlackRock cuts bitcoin ETF swap minimum to $1M (CD)

• Chainalysis estimates $457B in taxable crypto activity (CT)

• Tokenized deposits can drain $700B from bank lending (DC)

• 77% of Americans see crypto in retirement plans as risky (CT)

• Students want crypto classes but learn on social media (CT)

• ECB claims digital euro offers max privacy (CD)

• South Korean financial conglomerate taps Visa for stablecoin (CD)

• Ethereum devs propose deposit contract overhaul (DC)

• Taurus links crypto platforms to Swift (CT)

A Message from Polymarket

Introducing Polymarket Institutional Research

Polymarket puts live odds on risks that touch every corner of financial markets. The latest:

• Carry Trade Unwind: Is the biggest leveraged trade on earth about to reverse?

• The Hormuz Reopening Gap: Why has the Brent-WTI spread not caught up to Polymarket?

• JetBlue Left Tail: Credit markets price 5-year JetBlue CDS near 1,000bps. The same risk on Polymarket: 4%. One of those is wrong.

• Forced Seller: How Polymarket traders monitored the Situational Awareness situation

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Venture Capital

• Hivemind Digital Group, a tech asset platform, raises $17M led by M&G Investments (PN)

• City Protocol, an on-chain developer, raises $11M from Dragonfly, Jump Crypto, CMT Digital, and more (BB)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Crypto investment firm RockawayX acquires crypto hedge fund Relayer Capital (TB)

Launches

• DeFi Dev Corp launches State of Solana (DC)

• Revolut launches euro stablecoin (DC)

Regulation

• Japan works on blockchain stock settlement system (TB)

• Roman Storm's Tornado Cash retrial pushed (DC)

• Hyperliquid Policy Center pushes for oil perpetuals (TB)

Cybersecurity

• Crypto CEO faces extradition over $20M token scheme (DC)

Extra Reads

• Banks warn that stablecoin rewards will drain deposits from lenders, but rewards have been legal for years, and community bank deposits actually grew $482B - Here's the case that the banks are wrong about stablecoin rewards

Chart of the Day

Altcoin volume dominance hits two-year high

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.