Galaxy Digital has revised downward its assessment of the likelihood that the U.S. Senate will pass the CLARITY Act this year, signaling a shrinking window for regulatory action ahead of the August recess. In a Friday note, Galaxy’s head of research, Alex Thorn, said the probability of enactment in 2026 was trimmed to 60% from 75% previously, reflecting stalled negotiations and the looming legislative pause. thorn noted that the calendar matters: the Senate must act before a late-July recess, after which the window for major year-end legislation effectively closes. Thorn emphasized that substantial legislation typically slows as midterm elections approach, and a 60-vote bill that still requires floor debate, amendments, and reconciliation with the Senate Agriculture text faces a tight timetable. “Anything later and the procedural steps do not fit before the recess,” he said. The CLARITY Act has gained traction in the House and in Senate committees, but passage now hinges on floor time...

South Korean police have raided Bithumb as part of an ongoing investigation into alleged nepotism involving independent lawmaker Kim Byung-gi, according to a News1 report. The probe centers on whether Kim attempted to influence employment decisions for his son at crypto firms including Bithumb and Dunamu, the operator of Upbit. News1 said Kim’s son joined Bithumb in January 2025 and remained there for about six months. Authorities are examining whether any external pressure or preferential treatment affected the hiring process, underscoring how political influence and corporate access remain highly sensitive issues in South Korea’s crypto sector. Key takeaways Nepotism probe widens beyond Bithumb hiring The investigation has moved beyond the hiring episode at Bithumb. Police have questioned Kim multiple times as they probe possible criminal conduct tied to the alleged misuse of his official position. The scope broadened after disclosures that, while serving on the National As...

JPMorgan expects crypto market sentiment to turn more conservative in late 2026. The bank tied that outlook to Strategy’s Bitcoin exposure and the CLARITY Act’s path. It said both issues could shape institutional demand and digital asset flows. Bitcoin Faces Fresh Strategy Reserve Questions JPMorgan analysts said Strategy’s recent 32 BTC sale disturbed the market despite its small size. The company described the sale as voluntary and symbolic. However, the move raised questions about future Bitcoin sales linked to dividend needs. The report, led by Nikolaos Panigirtzoglou, focused on the strategy’s dollar reserve position. Analysts said the company holds about 6.3 months of reserves for preferred dividends. Therefore, they said stronger dollar resources could help reduce concerns about future BTC disposals. Strategy created a $1.44 billion reserve fund in December for dividends and debt servicing. That structure supports its preferred stock obligations and helps manage cash needs. Stil...

Strategy returned to Bitcoin accumulation after a three-week pause, adding 1,550 BTC for about $101 million. The purchase followed sharp market losses and renewed debate over Michael Saylor’s Bitcoin strategy. It also eased pressure from last week’s 32 BTC sale controversy. Strategy Expands Bitcoin Reserve After Market Pullback Michael Saylor’s Strategy bought the latest Bitcoin tranche at an average price of $65,332 per BTC. The acquisition lifted the company’s total holdings to 845,256 BTC. Therefore, Strategy reinforced its long-running position as the largest corporate Bitcoin holder. The company also raised its dollar reserve by $100 million, bringing the total to $1 billion. That reserve remains important for STRC dividend support and wider balance sheet planning. Moreover, the update appeared in Strategy’s latest 8-K filing. https://x.com/saylor/status/2063954606879543589 The purchase came after Saylor hinted at fresh buying through his Bitcoin purchase chart. His post suggested...

South Korean police have raided Bithumb as part of a widening investigation into alleged nepotism involving independent lawmaker Kim Byung-gi. The probe centers on whether Kim sought to influence employment opportunities for his son at multiple crypto firms, including Bithumb and Dunamu, the operator of rival exchange Upbit, according to a News1 report. News1 noted that Kim’s son joined Bithumb in January 2025 and remained employed for about six months, prompting authorities to assess whether political pressure or preferential treatment affected the hiring process. The investigation has since expanded beyond the initial hiring claims to examine potential misuse of political influence within the crypto sector. According to Cointelegraph, allegations of hiring favoritism and influence-peddling remain highly sensitive in South Korea, a country that has grappled with a series of political and corporate scandals related to insider networks and power used to secure advantageous outcomes. Key...

Bitcoin (BTC) sank to its lowest level since October 2024 on Friday, dropping to $59,073 as macroeconomic pressures and sustained outflows from Bitcoin ETFs intensified the latest downturn. Meanwhile, Strategy executive chairman Michael Saylor hinted in an X post that the company could make another BTC acquisition, a week after it sold 32 BTC between May 26 and May 31, only the second time in its history. Bitcoin (BTC) Rebounds but Momentum Remains Weak Bitcoin (BTC) registered a sharp rebound on Sunday, reclaiming $60,000 after falling to $59,073 on Friday. The rebound comes after a sobering week in which the cryptocurrency declined over 15%. The downturn was primarily driven by capital rotation, macroeconomic conditions, and ETF outflows. ETFs started June with outflows of $483 million, followed by $519 million on Tuesday. Outflows continued on Wednesday with $396 million before the streak was broken by a marginal inflow of $3.20 million on Thursday. However, selling resumed on Frida...