Bessent pushes Clarity Act passage before recess as spot Bitcoin ETFs log $203M in daily inflows and Coinbase warns it could move operations overseas without clearer U.S. rules.
Alpha Score of 35 reflects weak overall profile with weak momentum, weak value, poor quality, moderate sentiment.
Treasury Secretary Scott Bessent is asking Congress to pass the Clarity Act before the next recess, framing the digital-asset market structure bill as being in its final negotiating stretch. The push comes as spot crypto ETFs keep pulling in money and major platforms broaden their trading ambitions beyond crypto alone.
Bessent told lawmakers the last phase of talks is underway, according to Cointelegraph. The bill aims to settle how digital assets are regulated in the U.S., a question that has hung over capital formation, product launches, and institutional adoption for years.
Coinbase CEO Brian Armstrong, speaking on CNBC, warned that if the Clarity Act stalls, the exchange could shift parts of its business overseas. The comment captures the central tension in U.S. crypto policy: firms want clear rules, while policymakers remain split on how to divide oversight and enforce consumer protections.
The legislative push overlaps with steady demand for regulated crypto products. Spot Bitcoin ETFs saw net inflows of $203 million on July 21, their sixth straight day of positive flows, according to SoSoValue data cited by Wu Blockchain. Spot Ethereum ETFs added $37.47 million the same day, marking three consecutive sessions of net inflows.
Coinbase is also expanding abroad. Its Canada unit is building an integrated exchange for crypto, tokenized equities, and prediction markets, Bitcoin Magazine reported via PANews. Eric Richmond, managing director of Coinbase Canada, said blockchain-enabled 24/7 trading could cut the time and access limits built into traditional banking and stock-market infrastructure. The company is working with Canadian regulators on the project.
On the infrastructure side, Digital Asset, the developer behind the Canton Network, raised another $10 million from Shinhan Financial Group and SC Ventures, bringing its latest round to $365 million at a $2 billion valuation. Canton is a public layer-1 blockchain designed for regulated financial institutions, aiming to process assets and workflows on-chain while maintaining compliance and privacy controls. The round was previously led by Andreessen Horowitz.
S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index, aimed at institutions, The Defiant reported. The index screens out Bitcoin and memecoins, selecting tokens and companies with real-world use cases and revenue. The initial basket holds 18 constituents, including Solana, Aave, and Hyperliquid, with Artemis validating revenue data. Pantera is in talks with asset managers about potential products tied to the index, possibly including ETFs.
Tokenized equity activity is growing fast. Monthly on-chain transfer volume for tokenized stocks hit $9.22 billion in June, up from $53 million a year earlier – a gain of more than 170x, according to Andreessen Horowitz. The figure covers trading, wallet-to-wallet transfers, and on-chain collateral use in DeFi protocols.
Gate reported in its Q2 2026 disclosure that global registered users passed 58 million. The exchange supports trading in over 4,800 digital assets and more than 12,500 stock-linked assets, with services spanning U.S., Hong Kong, and Korean equities, pre-IPO products, CFDs, and wealth management. Gate also cited cumulative subscriptions of more than $396 million for a SpaceX pre-IPO project and quarterly ETF trading volume approaching $60 billion.
Altcoin ETF activity is concentrating around a few high-beta names. Solana and Hyperliquid ETFs together accounted for roughly 80% of altcoin ETF trading volume, excluding Bitcoin and Ethereum products, The Block reported via PANews. Solana ETFs held $904 million in assets. The roughly two-month-old Hyperliquid ETF had $350 million in net inflows. Both products remain small relative to their underlying tokens – about 2% of market cap – compared with spot Bitcoin ETFs, which represent roughly 9% of BTC's market cap.
Not every signal points up. The Bank for International Settlements warned that dollar-denominated stablecoins could weaken capital controls in emerging markets and pressure monetary sovereignty, Cointelegraph reported. BIS researchers, analyzing data across more than 130 jurisdictions, found that stablecoin inflows rose during macro stress but were largely insensitive to capital-control or FX-regulation measures, potentially because stablecoins can move outside some regulatory perimeters. The BIS urged policymakers to develop new tools for the financial-stability risks.
Coinbase trades at an Alpha Score of 26 out of 100, a Weak label in the Financials sector, reflecting the gap between its growth ambitions and the regulatory uncertainty still hanging over the industry.
Washington is debating the Clarity Act. Capital is flowing into regulated crypto funds. Tokenization is accelerating. Whether that adds up to a durable market structure depends on what Congress does before the next recess.
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