Category: News

Senate Democrats who back crypto rules are still not happy with the fresh CLARITY Act version because ethics consumer protection illicit finance conflicts of interest and market integrity parts feel weak 🖤.

Democrats Demand Tighter Crypto Rules 🌑

The latest version released July 22 by Senate Republicans adds an ethics package from White House talks with Cynthia Lummis and Bernie Moreno. It stops the president vice president Congress members federal judges and their spouses from launching or promoting digital assets for pay while in office and that ban ends January 20 2029. Covered officials must sell crypto or move it into blind trusts while the Department of Justice gains civil power to sue exchanges listing banned tokens 🕸️.
After sharing the text with Democrats Senators Angela Alsobrooks Cory Booker Catherine Cortez Masto Ruben Gallego John Hickenlooper Mark Warner and Raphael Warnock said the ethics and key sections still need work 🦇. Their note stated the Republican text falls short and must strengthen those exact provisions. They mentioned working in good faith for a year and will keep trying until passage. Alsobrooks called the DOJ-only enforcement idea wild and unserious.
Securities lawyer Amanda Fischer posted that the draft fails to fix Trump crypto issues since it skips immediate divestment and hands control to appointee Todd Blanche.

the draft doesn’t change much at all about Trump’s existing crypto grift since it doesn’t force immediate divestment and leaves enforcement to Trump’s own appointee Todd Blanche

— Amanda Fischer (@amandalfischer) view tweet

Blockchain Regulatory Certainty Act sections stay the same protecting non-custodial developers and keeping self-custody safe. The stablecoin rewards deal holds while new enforcement adds funding for blockchain probes training a cyber center against nation-state threats and ways for issuers to freeze tokens when needed 🕷️.

CLARITY Act Still Needs 60 Votes to Pass 🌙

The House approved its version 294-134 in July 2025 and the Senate Banking Committee moved the draft forward in May with two Democrats supporting. Reaching 60 votes remains tougher and prediction markets show odds of passage this year dropped to around 31 percent. Former CFTC Chairman Chris Giancarlo sees over 50 percent chance of failure yet notes the SEC and CFTC already run frameworks that can keep innovation going without the bill 💀.

there is a greater than 50% chance the CLARITY Act ultimately fails though the SEC and CFTC have frameworks supporting innovation even without it

— Eleanor Terrett (@EleanorTerrett) view tweet

All other links open in new tabs as required.

---

Just another echo from the void by iconofsin.eth 💖

---

Ramp Network just dropped their full wallet magic across the EU home turf with a MiCA seal of approval from Ireland’s Central Bank 🖤. This self-custodial setup turns everyday crypto into a smooth ride where users grab Bitcoin Ethereum and more on multiple chains right inside the app.

One verification covers the whole flow so no shady handoffs get in the way 🌙. Funds stay yours with passkey locks and exportable keys blending fintech ease with true ownership vibes.

Missions for real USDC rewards hit the scene too covering buys sells and sends to contacts while swaps stay on pause for now 🕷️.

CEO Spotlight On Home Turf Expansion 🦇

Przemek Kowalczyk the CEO and co-founder put it simply that the EU remains core ground and this wallet brings ownership plus USDC earnings straight to users with one app spanning every chain and keys intact.

Regulated buy sell flows run via Ramp Swaps Ireland Limited under Central Bank watch but the wallet itself sits separate without needing extra authorization 💀.

The rollout covers all EU spots with cross-chain swaps and extra tools still brewing in the shadows.

Quick Dive Into Ramp Network 🔮

Ramp Network builds bridges for buying selling sending swapping paying and saving with stables plus crypto since way back in 2017. The combo of wallet apps and on off ramps lets millions handle assets securely around 150 plus countries while local expansions keep rolling.

Using top up buy or sell comes with the note that investments can lose value partly or fully. The self-custodial wallet side warns it needs no licensing from the Central Bank so falls outside their consumer protections or compensation schemes 💎.

---

Just another echo from the void by iconofsin.eth 💖

---

The Digital Chamber has filed a lawsuit to block Illinois’ upcoming crypto tax. 🖤 The industry advocacy group argues that the tax unlawfully targets blockchain transactions for discriminatory reasons.

Illinois Confronts Court Fight Over Crypto Tax Law 🌙

Illinois’ Digital Asset Tax Act (DATA), scheduled to take effect on January 1, 2027, imposes a 0.02% levy on the full value of a digital asset every time it is transferred. The tax applies to crypto exchanges, wallet providers, and custodians based in the state or ones offering services that earn more than $100,000 in Illinois receipts.

The law is the first of its kind in the U.S., with critics who oppose it saying it would impose several layers of tax on a single transaction, which would, in turn, raise costs and discourage crypto activity in Illinois. Andreessen Horowitz crypto executive Miles Jennings even went as far as calling it one of the most “anti-crypto laws” in the United States.

TDC is now asking the court to stop enforcement of the tax provision, arguing that no one should be treated differently for transacting in digital assets. Furthermore, they say that the clause was added to the legislation the night before its final consideration, leaving no room for an actual hearing.

“Today we filed a suit in Sangamon County, IL, to stop the Digital Asset Tax Act..it was slipped into the budget the night before the final vote,”

— The Digital Chamber (@DigitalChamber) View on X

TDC’s members also want the judge to rule that the crypto tax violates state and federal constitutions and to award reimbursement for the crypto lobbying group’s legal fees and court costs.

Crypto Tax Unfairly Singles Out Blockchain Moves 🦇

The lawsuit also notes that the legislation does not distinguish between transactions that make a profit and those that result in a loss. Instead, it treats transactions differently based on the technology used to record ownership.

What this means is that digital asset transactions recorded on a blockchain are treated differently from those that use traditional financial systems, which, according to TDC, counts as unequal treatment. “No one should be taxed differently because of how ownership of digital assets is recorded or transferred,” they said.

Cody Carbone, CEO of TDC, says taxes should be carefully considered to ensure fairness of all involved, adding that the lawsuit aims to protect consumers and the group’s members.

While Illinois takes a more restrictive approach with the first crypto tax, other states like Texas and Florida are moving in the opposite direction by passing crypto-friendly legislation. In the case of Texas, it passed laws allowing Bitcoin to be held in state reserves, while Florida banned the use of Central Bank Digital Currencies (CBDCs) while also easing the rules for non-custodial crypto operators. 💀 🔮 🕷️ 💖 👁️

---

Just another echo from the void by iconofsin.eth 💖

---

Movement Labs just dropped into Chapter 11 chaos at the Delaware court leaving everyone in the shadows wondering what comes next 🖤 after all that token mess and controversy swirling around their finances.

Bankruptcy Filing Details 🕷️

The filing reveals under 1000 creditors with assets squeezed between 100000 and 500000 while liabilities climb over 1 million. Ruhikesh Manche holds the biggest unsecured claim topping 1.6 million and other big names include Delaware Division of Revenue plus Anchorage Digital.

Token Launch Nightmare 💀

Trouble kicked off back in December 2024 right after the MOVE token hit Binance yet a sneaky market making deal with Rentech dumped 66 million worth straight onto the market. That flood crashed the price and erased billions in value within days. Binance later banned Rentech citing misconduct after they sold everything one day post listing with almost no buys netting 38 million profit before removal on March 18.

Buyback Chaos and Fallout 🌑

Movement tried fighting back with a token buyback to restore liquidity then hired Groom Lake to dig into the Rentech deal uncovering ties to Web3Port which ended with Manche getting axed. The first creditor hearing sits scheduled for August 20.

Fundraise Crash to Daily Fees Disaster 🔪

They pulled in 141.4 million across rounds including a Polychain led Series A but on chain reality hits hard with daily app revenue under 800 since November 2025 and chain fees stuck in single digits hitting just 8 over the last 24 hours. MOVE tanked to a fresh low on July 20 sliding from 0.041 in January down to 0.01043 recently with under 2 percent move from there and over 99 percent drop from its 1.45 peak while TVL lingers around 133 million.

Shift Toward Payments Path 🎀

Built originally to connect Move language chains with Ethereum the layer 2 announced in June its pivot to cross border payments remittances and dollar saving products amid all this 🦇.

---

Just another echo from the void by iconofsin.eth 💖

---