Crypto News Today: Global Banks Move Real Money Onchain as the CLARITY Act Runs Out of Time

Today’s biggest crypto stories, including the BIS Project Agorá tokenised payment test, a new CLARITY Act ethics compromise, Strategy’s $8.22 billion loss, Coinbase’s weaker earnings, record institutional trading and Samsung’s stablecoin plans.

Summary

Global banks moved real money across tokenised financial infrastructure today, providing one of the clearest demonstrations yet that blockchain technology is entering the core of international finance.

Project Agorá, led by the Bank for International Settlements, completed real-value cross-border payments using tokenised central bank reserves and commercial bank deposits. Twenty-eight private-sector institutions and central banks processed transactions worth approximately CHF 800,000, with payments settling in about 80 seconds on average.

In Washington, Senators Thom Tillis and Ruben Gallego submitted new ethics language to the White House in an attempt to rescue the CLARITY Act. The bill still lacks the 60 votes needed to pass and faces unresolved disagreements over political conflicts of interest, stablecoin rewards, decentralised finance and anti-money-laundering obligations.

The day also exposed the financial pressure created by the weak crypto market. Strategy reported an $8.22 billion quarterly loss and confirmed that it had sold $218.4 million of Bitcoin during 2026 to help fund preferred-stock dividends. Coinbase reported lower revenue and its third consecutive quarterly loss as subdued trading reduced transaction income.

At the same time, institutions continued taking control of market structure. Wintermute reported that professional clients generated 72% of its over-the-counter spot volume during the first half of 2026. Samsung SDS also confirmed that it is exploring stablecoin infrastructure and artificial-intelligence payment systems with Dunamu, the operator of Upbit.

The central message from July 30 is that institutional adoption is no longer theoretical. Banks are moving real money onchain, while crypto companies are being forced to prove that their business and treasury models can survive weaker markets.

Market Snapshot

Bitcoin traded near $64,675 at the time of writing after moving between approximately $63,540 and $65,040 during the session. Ether was around $1,625, while Solana traded close to $78.

Bitcoin remained relatively resilient following the Federal Reserve’s decision to hold interest rates steady on July 29, but market participation remained weak.

US-listed spot Bitcoin exchange-traded funds had attracted approximately $205 million in net inflows during July by the latest available count, putting the products on course for their weakest positive month since launch. Ether ETFs performed better, attracting approximately $343 million during the same period.

The divergence suggests that institutional demand has not disappeared, but it has become cautious and selective.

Investors are no longer buying every regulated crypto product simply because access is available. They are comparing macroeconomic conditions, expected network returns, liquidity and the opportunity cost of holding digital assets while government bonds provide competitive yields.

Project Agorá Moves Real Cross-Border Payments Onchain

The Bank for International Settlements completed real-value testing of Project Agorá, a multi-currency platform designed to modernise wholesale cross-border payments using tokenisation.

Twenty-eight private-sector institutions and central banks processed transactions totalling approximately CHF 800,000, equivalent to roughly $1 million, across 17 payment scenarios.

The participating institutions included major global banks such as JPMorgan, Citi, UBS, Deutsche Bank and Standard Chartered. The transactions covered the US dollar, euro, British pound, Japanese yen, Swiss franc and South Korean won.

Real Money, Not a Demonstration Token

The importance of the test lies in the fact that the tokens represented real monetary value.

Central banks issued tokenised reserves, while commercial banks issued tokenised representations of customer deposits. The infrastructure then supported corporate payments, interbank transfers, foreign-exchange settlement and payment-versus-payment transactions.

Payments settled in approximately 80 seconds on average, even though the prototype was not fully integrated with participants’ existing real-time gross-settlement and core banking systems.

The test also provided participants with end-to-end visibility into payment routing and settlement status.

Why Cross-Border Payments Remain Inefficient

An international payment can move through several correspondent banks before reaching its final recipient.

Each institution maintains separate records, performs its own compliance checks and may operate in a different time zone. Currency conversion can add another layer of delay and counterparty risk.

Project Agorá placed tokenised central bank money and tokenised commercial bank deposits within a shared programmable environment.

This allowed both sides of a foreign-exchange transaction to settle simultaneously. One currency did not need to be transferred before the other side of the exchange was confirmed.

Banks Are Building an Alternative to Stablecoins

Project Agorá does not rely on privately issued stablecoins such as USDT or USDC.

It preserves the existing two-tier monetary system in which central banks issue reserves and regulated commercial banks issue deposits.

This distinction matters because the largest banks do not necessarily want global payment infrastructure to become dependent on stablecoin issuers or public blockchain networks.

They want the speed and programmability of tokenisation while retaining regulated deposits, central bank settlement finality and existing institutional roles.

The emerging competition is therefore not simply between banks and crypto companies.

It is between different forms of digital money:

• Privately issued stablecoins
• Tokenised commercial bank deposits
• Wholesale central bank money
• Central bank digital currencies
• Blockchain-based money-market instruments

Project Agorá shows that tokenised bank money has moved beyond design discussions and into live-value testing.

The CLARITY Act Receives a Last-Minute Ethics Compromise

Republican Senator Thom Tillis and Democratic Senator Ruben Gallego submitted revised ethics language to the White House on July 30 in an attempt to remove the main political obstacle facing the CLARITY Act.

The exact wording of the new proposal had not been made public at the time of writing. The initiative represents a bipartisan attempt to address concerns over senior government officials profiting from crypto ventures while influencing digital asset policy.

The Senate is scheduled to begin its August recess on August 7, leaving lawmakers with very little time to secure an agreement and begin procedural votes.

The legislation does not currently have the 60 votes generally needed to progress through the Senate.

The Existing Ethics Language Was Not Enough

The earlier proposal would prevent public officials and their spouses from issuing or sponsoring digital assets.

However, it would not apply to all family members. Enforcement would fall primarily to the Department of Justice, and the restrictions would expire in January 2029.

Democratic lawmakers argued that the sunset clause and enforcement structure would make the provision ineffective.

Their concern is not limited to one administration. A durable market-structure law must prevent future policymakers from shaping crypto rules while maintaining direct financial interests in the sector.

Stablecoin Rewards Remain Another Obstacle

Banks continue opposing provisions that could allow crypto companies to offer rewards on stablecoin balances.

Traditional lenders argue that high stablecoin rewards could pull deposits away from banks, reducing the funds available for mortgages, small-business loans and other forms of credit.

Crypto companies argue that banks are attempting to restrict competition and preserve low returns paid to depositors.

A potential distinction has emerged between passive yield paid simply for holding a stablecoin and activity-based rewards connected to payments, transactions or platform use.

However, lawmakers have not yet reached a final compromise.

JPMorgan Warns That Delay Could Change Where Tokenisation Happens

JPMorgan analysts said the declining likelihood of the CLARITY Act passing in 2026 was negative for the crypto market and could slow institutional adoption.

The bank argued that clear legislation would encourage exchanges, custodians, market makers, banks and asset managers to expand their regulated digital asset operations in the United States.

However, JPMorgan also warned that parts of the current proposal could discourage institutions.

The bank raised concerns about decentralised platforms trading tokenised securities outside SEC or CFTC oversight and crypto businesses conducting bank-like activity without comparable anti-money-laundering obligations.

The deeper risk is that tokenisation continues growing without creating demand for public crypto networks.

If legislation remains uncertain, banks and asset managers may choose private ledgers, regulated databases and conventional financial infrastructure rather than Ethereum or other public blockchains.

The failure to legislate would not stop tokenisation. It could determine who controls it.

Institutions Now Generate 72% of Wintermute’s Spot Volume

Institutional clients accounted for approximately 72% of spot trading volume on Wintermute’s over-the-counter desk during the first half of 2026.

That was the highest proportion reported by the market maker and an increase from approximately 61% during the second half of 2025.

The data provides a clearer explanation for one of the defining features of the current market: lower volatility despite difficult prices and weak retail participation.

Institutional Markets Behave Differently

Professional investors generally trade under defined mandates, risk limits and liquidity requirements.

They tend to concentrate exposure in a smaller number of assets with deeper liquidity, institutional custody and regulated derivatives.

Retail traders are more likely to spread activity across smaller tokens, memecoins and short-lived narratives.

Wintermute reported that realised crypto volatility had declined from approximately 70% during earlier cycles to around 45% in the current market.

This does not mean institutions have made crypto safe.

It means their trading behaviour is changing the structure of price discovery.

Liquidity is becoming deeper in a limited group of assets while smaller tokens may become more vulnerable to sudden movements and thin order books.

The Next Altcoin Cycle May Be More Selective

Previous crypto bull markets often lifted nearly every token.

An institutionally dominated market is less likely to behave that way.

Professional investors tend to ask whether an asset has:

• Reliable custody
• Sufficient liquidity
• Regulated investment products
• Transparent token economics
• Derivatives markets
• Institutional market makers
• Measurable network activity
• A defensible legal classification

This could produce narrower rallies concentrated in Bitcoin, Ether, Solana and selected infrastructure or tokenisation assets rather than a broad rise across thousands of tokens.

Derivatives and Tokenised Assets Gain Ground

Wintermute reported that notional altcoin options volume on its desk increased approximately 3.4 times between the second half of 2025 and the first half of 2026.

The market value of tokenised real-world assets also increased nearly 50% to approximately $31 billion, while average monthly transfer volume more than doubled to around $9 billion.

Institutions were primarily using tokenised Treasuries, money-market funds and private credit.

Retail demand remained more concentrated in tokenised equities.

The market is therefore splitting into two forms of onchain finance: regulated yield and collateral products for institutions, and continuous speculative exposure for individual traders.

Strategy Reports an $8.22 Billion Quarterly Loss

Strategy reported a net loss of $8.22 billion for the second quarter of 2026, compared with a $10.02 billion profit during the same quarter of 2025.

The loss was driven mainly by an $8.32 billion unrealised decline in the value of the company’s Bitcoin holdings under fair-value accounting.

Strategy held 843,775 BTC as of July 26.

The assets had an original cost of approximately $63.69 billion and a market value of approximately $54.77 billion based on a Bitcoin price of $64,915. Its average acquisition price was approximately $75,476 per BTC.

Strategy Is No Longer a Pure Buy-and-Hold Vehicle

The company confirmed that it sold approximately $218.4 million of Bitcoin during 2026 to fund part of its preferred-stock dividend obligations.

It has board approval to sell additional Bitcoin to build its dollar reserve, fund interest and dividends, or finance repurchases of Strategy securities.

This represents a meaningful evolution of the corporate Bitcoin treasury model.

Strategy built its reputation by accumulating Bitcoin and avoiding sales. Its balance sheet now includes common equity, convertible debt and several classes of preferred stock with recurring financial obligations.

The company must therefore manage liquidity as well as Bitcoin exposure.

The Dollar Reserve Becomes Critical

Strategy increased its US dollar reserve to $3.75 billion, which it says can cover more than 2.1 years of preferred dividends and interest payments.

It also reduced convertible debt by repurchasing $1.5 billion of notes at a discount.

The cash reserve provides a buffer against being forced to sell large amounts of Bitcoin during a severe market downturn.

However, the need for such a reserve also reveals the financial complexity created by the company’s capital structure.

Investors should no longer evaluate Strategy only by counting how much Bitcoin it owns.

They must also consider:

• Bitcoin’s market value relative to acquisition cost
• Preferred-stock dividends
• Interest expenses
• Convertible debt
• Common-share dilution
• Dollar reserves
• Bitcoin sales
• Repurchase obligations
• Senior claims ahead of common shareholders

Treasury Companies Enter the Liability Phase

Corporate crypto treasury strategies appear simple during rising markets.

Companies issue shares or debt, buy crypto and benefit when the asset appreciates.

Weak markets reveal the other side of the structure.

Dividends and interest still need to be paid. Securities may trade below par. New equity becomes more dilutive. Bitcoin may need to be sold to meet obligations.

Strategy remains the largest and most sophisticated corporate Bitcoin holder, but its latest results demonstrate that treasury engineering cannot eliminate market risk.

It redistributes that risk across several classes of investors.

Coinbase Reports Its Third Consecutive Quarterly Loss

Coinbase reported second-quarter revenue of approximately $1.22 billion, below analyst expectations of roughly $1.29 billion and down from $1.5 billion a year earlier.

Transaction revenue fell to $599 million, while subscription and services revenue reached approximately $555 million. The company reported a net loss of about $360 million, its third consecutive quarterly loss.

Coinbase shares declined in after-hours trading following the results.

The Spot-Trading Business Remains Cyclical

Coinbase’s financial performance remains heavily influenced by market prices, volatility and retail activity.

When crypto prices rise rapidly, users trade more frequently and the exchange earns greater transaction revenue.

When markets become quiet, revenue contracts.

The second quarter included a roughly 14% decline in Bitcoin and an approximately 25% fall in Ether, reducing trading activity across the industry.

Diversification Is Becoming Urgent

Coinbase is attempting to reduce its dependence on spot-trading fees through:

• USDC-related revenue
• Institutional custody
• Staking
• Derivatives
• Prediction markets
• Coinbase One subscriptions
• Base
• Payments
• Tokenised assets

The company said it reached a record 10.3% share of global crypto trading volume during the quarter. It also added 819 BTC to its corporate balance sheet, bringing total holdings to 17,211 BTC.

These figures show that Coinbase is gaining market share even as the overall market contracts.

That is useful strategically, but market share cannot fully compensate for weak industry-wide volumes.

The company’s long-term valuation will increasingly depend on whether recurring subscription, stablecoin and infrastructure revenue can offset the cyclical nature of trading.

Samsung Moves Deeper Into Stablecoin Infrastructure

Samsung SDS confirmed that it is exploring stablecoin infrastructure, digital asset systems and AI-powered payment services with Dunamu, the operator of South Korean exchange Upbit.

Samsung SDS CEO Lee Jun-hee said during the company’s second-quarter earnings call that the investment in Dunamu was intended to support entry into digital asset infrastructure rather than serving as a passive financial investment.

Samsung SDS plans to combine its cloud computing, artificial intelligence, cybersecurity and enterprise technology capabilities with Dunamu’s blockchain and exchange experience.

Stablecoins Are Becoming Enterprise Infrastructure

Samsung’s interest illustrates how stablecoins are moving beyond crypto trading.

Large technology groups are examining their use in:

• Merchant settlement
• Cross-border payments
• Corporate treasury operations
• AI-agent payments
• Digital asset issuance
• Tokenised securities
• Financial-system integration

South Korea is particularly important because it combines high retail crypto participation with large banks, technology companies and increasingly formal digital asset regulation.

Samsung’s involvement could help stablecoin infrastructure move from crypto-native applications into consumer electronics, payments and enterprise systems.

AI Agents Need Programmable Money

The connection between artificial intelligence and stablecoins is becoming more important.

AI agents can search for services, compare prices, manage subscriptions and initiate transactions. However, conventional payment systems are not designed for autonomous software making large numbers of small, machine-initiated payments.

Stablecoins provide programmable settlement that can be integrated directly into software.

The commercial opportunity is significant, but so are the risks.

Agent payments will require spending limits, approved counterparties, identity controls, audit logs and the ability to revoke authority immediately.

Luno Cuts Approximately 20% of Its Workforce

Crypto exchange Luno is cutting approximately 20% of its global workforce as it restructures operations, adopts more automation and shifts resources toward institutional and business-focused infrastructure.

Management said technology and operational improvements had changed the number and type of roles required to run the company.

The development is particularly relevant to African markets, where Luno has been one of the most recognisable retail crypto platforms.

Crypto Companies Are Entering a Consolidation Cycle

Luno is not alone.

Multiple exchanges, infrastructure providers and blockchain companies have reduced staff, closed products or announced wind-downs during July.

This does not necessarily indicate that crypto adoption is reversing.

It suggests that the industry is reallocating capital.

Funding and institutional attention are moving toward:

• Stablecoin infrastructure
• Tokenisation
• Regulated custody
• AI data centres
• Institutional derivatives
• Payments
• Compliance technology

Retail-focused businesses that depend heavily on transaction volumes are under more pressure.

The next phase of the industry may employ fewer people in speculative consumer products while directing more investment toward regulated financial infrastructure.

Security Alert: Fraudsters Impersonate the IRS

The US Internal Revenue Service warned that fraudsters are sending counterfeit physical letters to some crypto holders.

The letters direct recipients to register through a supposed Digital Asset Compliance Portal, which does not exist. They may contain QR codes or request personal information, payments or wallet-related data.

The use of physical mail is significant because legitimate IRS correspondence concerning crypto taxes has become more common.

Criminals are exploiting that familiarity to make fraudulent letters appear credible.

How to Respond Safely

Crypto holders should not:

• Scan an unexpected QR code
• Enter a seed phrase or private key
• Pay taxes through an unfamiliar crypto address
• Provide wallet balances to an unsolicited caller
• Use a website listed only in an unverified letter
• Assume physical mail is authentic

The IRS does not operate a Digital Asset Compliance Portal.

Taxpayers should verify correspondence through official IRS channels and consult a qualified tax professional when uncertain.

The wider lesson is that attackers are combining digital and physical methods.

Crypto security now requires more than protecting a wallet from malware. Users must also verify letters, phone calls, social-media accounts, applications and supposed regulatory notices.

What Today’s Crypto News Really Means

Tokenisation Has Entered the Monetary Core

Project Agorá is not another tokenised fund or blockchain proof of concept.

It involved real central bank reserves, commercial bank deposits and cross-border payments.

That places tokenisation inside the core machinery of global money.

Banks Will Not Surrender Digital Money to Stablecoin Issuers

The world’s largest banks are adopting programmable settlement while preserving deposit-based money and central bank finality.

Stablecoins will face competition from tokenised bank deposits, not only from other stablecoins.

Institutionalisation Does Not Guarantee Higher Prices

Institutions now account for most of Wintermute’s spot activity, yet Bitcoin remains well below its 2026 highs and ETF inflows are weak.

Institutional participation can deepen markets without creating an immediate bull cycle.

The CLARITY Act Could Decide Which Networks Benefit

Tokenisation will continue with or without US crypto legislation.

The unresolved question is whether activity will occur on public blockchains or remain inside private systems controlled by banks and regulated intermediaries.

Treasury Companies Must Prove Their Financing Models

Strategy’s results show that corporate crypto holdings cannot be assessed without examining liabilities, dividends, dilution and cash reserves.

The next phase of the treasury trade is about solvency and capital efficiency, not simply accumulation.

Crypto Businesses Need Revenue Beyond Trading

Coinbase and Luno demonstrate how subdued retail activity affects exchanges.

Platforms with custody, stablecoin, payments, derivatives and institutional infrastructure are better positioned to withstand weak spot markets.

What to Watch Next

The most important developments to monitor include:

• The White House response to the Tillis-Gallego ethics compromise
• Whether the Senate schedules a CLARITY Act procedural vote before August 7
• Further opposition involving stablecoin rewards and state enforcement powers
• Expansion of Project Agorá beyond controlled real-value testing
• Whether banks connect tokenised deposits with public blockchain assets
• July’s final Bitcoin and Ether ETF flow totals
• Strategy’s future Bitcoin sales and preferred-share repurchases
• Coinbase’s progress in derivatives, prediction markets and stablecoin revenue
• Samsung and Dunamu’s first commercial stablecoin infrastructure products
• Further restructuring among retail-focused crypto exchanges
• New fraud campaigns targeting taxpayers and crypto holders

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Disclaimer

This article is for educational and informational purposes only and does not constitute financial, investment, legal or tax advice. Crypto assets are volatile and may result in substantial losses. Readers must be 18 or older and should conduct independent research before making financial decisions.