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You’re reading Crypto for Advisors, CoinDesk’s weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday. Happy Thursday, advisors! In today’s newsletter, Aaron Brogan analyzes why the Clarity Act may be falling short of industry needs. Then, in “Ask an Expert,” Trevor Overko weighs in on the bill’s potential implementation. Happy reading. Yay or nay to clarity As you might have seen, the heavily contested “ethics” portion of the pending Digita

null U.S. approval of perpetual futures contracts could expose traders to unexpected tax and regulatory uncertainty if the products are ultimately determined to be swaps rather than futures, an issue that has received little public attention, according to CME Group Chairman and CEO Terry Duffy. "There's a consequence that nobody's talking about," Duffy said in an interview with CoinDesk. "There's ambiguity right there, from a tax perspective, for all U.S. participants now." The comments come as

Aave plans to exit six low-usage blockchains, affecting about $98 million in deposits, as part of a broader cleanup of underperforming markets. The six chains together account for less than 1% of Aave’s roughly $14 billion in assets and generate under $5,000 in quarterly revenue each, far below the cost of maintaining them. Aave will freeze these markets to new activity and make borrowing prohibitively expensive so users unwind positions voluntarily, framing the move as both a cost-cutting and r

JPMorgan says fading Clarity Act odds weigh on crypto outlook. (Shutterstock) JPMorgan said falling odds of the Clarity Act passing this year are a setback for crypto markets and institutional adoption. The bank said the legislation would provide regulatory clarity, encouraging banks and asset managers to expand into digital assets. Delays could push tokenization onto traditional financial infrastructure instead of public blockchain networks. JPMorgan (JPM) said falling odds of the Clarity Act p

Institutions accounted for a record 72% of spot trading volume on Wintermute's OTC desk in the first half of 2026. The report says institutional capital is reducing volatility while concentrating liquidity in a smaller group of cryptocurrencies. Demand for crypto derivatives and tokenized real-world assets continued to grow as professional investors expanded beyond spot trading. Institutional investors are now shaping crypto markets more than retail traders, marking what Wintermute has described

Ethereum's 11th year was defined by a dramatic transformation of the Ethereum Foundation, with leadership departures, layoffs, a new CROPS mandate, and the spinout of EthLabs, Ethereum Systems, and Ethereum Institutional as the organization sought to decentralize its own role in the ecosystem. Despite the internal overhaul, Ethereum continued advancing technically and institutionally, rolling out the Fusaka upgrade while attracting deeper Wall Street adoption through BlackRock, JPMorgan, growing

Police in Seoul continue to investigate the fake Flare Network scam because they believe duped investors' losses could rise to up to $19 million in XRP. (Max Bender/Unsplash) A fake Flare Network staking website in South Korea allegedly stole 3.4 million XRP, worth about $8.5 million, from 71 investors in 2025, according to Seoul police. Authorities say the scammers, who used the name of the legitimate Flare blockchain project and promoted it through blogs, news articles, Wikipedia and YouTube,

"Perpification is inevitable," says Katana CEO Matthew Fisher (Getty Images/Jonathan Kirn) When SpaceX went public on June 12, the stock traded where you’d expect: over 500 million shares and roughly $80 billion in notional across Nasdaq and the usual venues. But in parallel, a 24/7 leveraged perpetual on SpaceX became the single biggest market Hyperliquid had ever run, trading well above the $135 IPO price as its own discovery venue, and handing ordinary traders leveraged exposure to a company

Telegram allegedly failed to remove several terror-related materials, including video of a mass shooting at the Christchurch, New Zealand mosque. (Michal Klajban/Wikimedia Commons) Australian regulators initiated legal action against messaging app Telegram, alleging it failed to remove terror-related content, exposing the platform to a potential fine of up to $38 million under the Online Safety Act. Australia’s Safety Commissioner said the case targets material linked to extremist attacks, while

Net inflows to bitcoin ETFs have dropped to a trickle. (HeungSoon/Pixabay) This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. This month, analysts have repeatedly pointed to multiday inflows into the U.S.-listed crypto exchange-traded funds as evidence of the return of institutional demand. Zoom out, though, and the institutional story still looks bleak. Bitcoin spot ETFs have pulled in just $205 million in net inflows in July, the lowest monthly total

(Daniel Bernard/Unsplash) South Korea will begin taxing crypto gains exceeding 2.5 million won (approx. $1,740) at a 22% combined rate starting Jan. 1, 2027. The country plans on taxing cryptocurrency gains from Jan. 1, 2027, signaling that it does not intend to postpone the measure for a fourth time. Critics warn that rules barring loss carry-forwards may hurt domestic demand and push investors toward offshore platforms. South Korea plans to impose an up to 22% combined tax on annual crypto gai

Bitcoin price (CoinDesk Data) The Fed held rates steady on Wednesday, but three committee members voted to raise them. Rabobank said that rate-hike speculation will resurge in the coming weeks. Iran launched multiple ballistic missiles at U.S. troops. All were intercepted and Trump vowed to respond "hard." Oil rose. Bitcoin's little-changed reading at $63,915 is arguably the session's most telling data point, with DeFi tokens rising. The crypto market is showing resilience on Thursday, with bitc

A court in Russia ordered BitRiver founder Igor Runets transferred to a pretrial detention center. (W. Bulach/Wikipedia Commons) A Russian court transferred BitRiver founder Igor Runets from house arrest to a pretrial detention facility to face charges of large-scale fraud tied to an alleged failure to deliver crypto mining equipment. Investigators say Runets caused more than 1 billion rubles (about $12.5 million) in damages by not fulfilling an $8 million equipment contract with Infrastructure

Luno, South Africa (Jolame Chirwa/Unsplash) Cryptocurrency exchange Luno is cutting about 20% of its global workforce as weaker retail trading and automation reshape the exchange. The firm’s CEO said investments in automation and other operational improvements over the past year had changed the resources needed to run the business. The DCG-owned company previously cut 35% of staff in January 2023 citing tough market conditions. Cryptocurrency exchange Luno is cutting about 20% of its global work

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Ask most people how a crypto price gets set and they will describe spot trading: buyers and sellers meet on an exchange, and the last trade prints the price. But that has not been how it actually works for years as far as bitcoin, ether and the broader crypto markets are concerned. Perpetual futures, also called perpetual swaps or “perps” for short, are leverage-friendly contracts that never expire, and they now account for roughly 93% of all crypto futures volume, with daily perp volume routine

Bitcoin, ether whipsaw wipes out $280 million even as prices remain flat over 24 hours. (Shutterstock) Nearly $286 million in crypto derivatives positions were liquidated over 24 hours, even as bitcoin traded roughly flat around $63,900 and ether slipped modestly to $1,900. Liquidations were split between longs and shorts in major coins, with about $57 million in bitcoin and $58 million in ether positions wiped out amid price swings of less than 2%. Equity perpetuals on crypto exchanges saw heav

Analysts are split on the post-Fed BTC outlook. (Claudio Schwarz/Unsplash) The Fed held rates at 3.5%-3.75% for a fifth straight meeting, but a 9-3 vote and Warsh's hawkish tone caught some off guard. Analysts agree the tone was hawkish but split on what it means next. Bitcoin held near $64,000 through the decision, even as stocks slid and Treasury yields rose. The Fed held interest rates steady Wednesday, in a decision shadowed by unusual uncertainty after several prominent voices had called fo

Ether, XRP flat as chip stocks steady on Samsung's 250-fold profit surge. (dujin yun/Pixabay) Major cryptocurrencies were little changed Thursday, with bitcoin around $64,100 and ether near $1,905 amid modest trading volumes. A sharp rally and subsequent pullback in semiconductor stocks, highlighted by Samsung and SK Hynix’s outsized profit gains but muted share reactions, underscored how high investor expectations have become. Despite recent equity market turmoil and a correction in big tech, c

Bitcoin's quantum plan assumes some algorithms break. AI just weakened one in 60 hours (Chris Ried/Unsplash) Anthropic’s Claude Mythos Preview model uncovered a flaw in the proposed HAWK digital-signature scheme that effectively halves its smallest key strength, undermining one of the candidates to replace current web and banking signatures in a post-quantum world. The AI-driven attack, which cost about 60 hours and $100,000 in computing, slashed the work needed to break HAWK’s smallest paramete

U.S. Senator Thom Tillis has been trying to work out a Clarity Act ethics deal with Senator Ruben Gallego. (Andrew Harnik/Getty Images) The two U.S. senators who have been working on a compromise to satisfy all sides in the crypto Clarity Act’s ethics push have finalized their approach, sources say, though the details haven’t yet emerged. Senators Thom Tillis, a Republican, and Ruben Gallego, a Democrat, took on the task when it became apparent that the White House-approved section governing cry

Robinhood's Vlad Tenev speaks at Token2049 in Singapore (Token2049) Robinhood beat Wall Street’s second-quarter expectations with adjusted earnings of $0.62 a share and record revenue of $1.31 billion, but its stock fell in 4% in extended trading. The brokerage’s results showed weaker crypto trading, with crypto revenue down 38% to $100 million from a year earlier, offset by stronger activity in options, equities and prediction markets. Robinhood accelerated its product rollout with the launch o

null For years, Ethereum has been synonymous with decentralized finance. It pioneered onchain financial tools like lending protocols and tokenized assets, which today underpin much of the crypto economy. But one of crypto's fastest-growing sectors, perpetual futures, or "perps", has largely flourished elsewhere. Ask traders where onchain perpetuals live today, and the answer is more likely to be Hyperliquid or Solana than Ethereum. That is because perpetuals demand something Ethereum's base laye

Federal Reserve Chairman Kevin Warsh (Eric Lee/Getty Images) The Fed kept its benchmark fed funds rate range at 3.50%-3.75%. Traders were unusually divided ahead of the decision, having priced in roughly a 35% chance of a hike. Bitcoin climbed to $64,400 while stock indexes trimmed earlier losses. Attention now turns to Chairman Kevin Warsh's press conference for clues on the policy path. The Federal Reserve left its benchmark fed funds rate range unchanged at 3.50%-3.75% on Wednesday, extending

Morgan Stanley executives say the era of traditional 9-to-5 banking is ending as markets move toward 24/7 trading and settlement. They expect tokenized assets to bring blockchain technology to mainstream investors before many buy cryptocurrencies directly. The bank is expanding its digital asset offerings with crypto trading on E*TRADE and new Bitcoin, Ether and Solana ETFs. The financial industry is moving toward a world where markets never close, payments settle in real time and investors expe