This is the greatest bear market in history. Historically, on-chain analytics registered much lower lows during previous bear markets. We are nowhere close to reaching these levels, and it seems likely that we never will unless Bitcoin’s power law breaks - and if that happens, we have bigger problems on our hands than just number go down (there is no reason to believe, thus far, that this will happen). Moreover, we are witnessing the greatest construction of the crypto universe in history. Each week, we see more and more traditional financial institutions and banks implementing key plumbing mechanics through blockchain technology. Our fiat railings are being replaced by on-chain methods. In recent weeks, we've seen the launch of more ETFs, South Korean banks launching on-chain guardrails, EU crypto regulatory expansion, and key stablecoin legislation. Moreover, the Clarity Act is just around the corner! Let’s dig in! 

This Week’s Highlight: Michael Sutton Launches Argent Live-Coding Series

Kaspa Core Developer Michael Sutton published the first episode in a new Argent live-coding series, introducing the language through a basic multi-actor ticketing application. Originally planned as a short 10-minute demonstration, the session expanded into a full introductory tutorial, accompanied by the release of the Argent Template, a starter repository that allows developers to build and experiment with Argent applications locally before connecting to a Kaspa network.

Introducing the series, Sutton said:

"I'm basically going to start a series of short video episodes explaining how to program above Kaspa L1 using Argent as a high-level language for covenants with multiple contracts and multiple apps interacting within them."

Throughout the tutorial, Sutton introduces Argent's core programming model, explaining that the basic unit of the language is an actor before demonstrating how actors map to Kaspa's UTXO model:

“if you want to map this to the UTXO world you're probably familiar with, so an actor—a specific actor—is a contract. And that contract has a segment holding its current state. Kind of like—it's kind of a script, a piece of code, and the current state is going to be represented as a constant in that code, essentially.”

“In our case, each actor is by design always going to be—going to belong to some covenant ID.”

The episode walks through creating actors, state objects, transaction flows, and compiling an application into an executable artifact before constructing and verifying transactions in Rust. Sutton concludes by emphasizing that the tutorial represents only an introduction to Argent's capabilities:

“It's only the beginning. I believe we barely touched the interesting features of Argent, composability with other apps, and much more complicated flows within an app. We only showed the most basic example of a multi-contract app."

International Crypto Orders, Regulations, and Updates 

BlackRock, Coinbase, and others launch the Bitcoin Security Consortium

On July 23, 2026, nine financial institutions and Bitcoin companies announced the Bitcoin Security Consortium, a $15M pledge over the next three years to support developers and researchers working on Bitcoin security, including long-term research on preparing the network for a potential era of quantum computing.

The Consortium launched with nine founding organizations: Anchorage Digital, ARK Invest, BlackRock (BLK), Block (XYZ), Blockstream, Coinbase (COIN), Fidelity Digital Assets, Galaxy (GLXY), and Strategy (MSTR). Together, the founding organizations represent a broad cross-section of the Bitcoin ecosystem, including custody, trading, infrastructure, payments, and asset management.

Strategy CEO Phong Le said: 

"As long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute." 

Mike Schmidt, executive director of the nonprofit Brink, will serve as the Consortium’s volunteer coordinator. Brink supports the development of open-source Bitcoin software. Each member independently determines  which developers, researchers, or organizations receive its funding. The consortium said it intends to release public educational materials and research on Bitcoin security later in the year. The consortium also emphasized that it does not direct Bitcoin protocol development or represent Bitcoin developers, noting that development of the protocol remains the responsibility of Bitcoin's decentralized open-source contributor community.

Morgan Stanley launches Ethereum & Solana spot ETPs / staking ETFs

Morgan Stanley Investment Management (MSIM) expanded its digital asset offerings with the launch of two exchange-traded products (ETPs): Morgan Stanley Ethereum Trust (MSSE) and Morgan Stanley Solana Trust (MSOL). The products provide exposure to Ethereum (ETH) and Solana (SOL), the native assets of the Ethereum and Solana networks, through traditional brokerage accounts under Morgan Stanley's institutional governance and risk management framework.

MSSE and MSOL follow the launch of the Morgan Stanley Bitcoin Trust (MSBT) earlier this year. With the additions, MSIM now offers ETPs linked to Bitcoin, ETH, and SOL. Both products carry a 0.14% expense ratio and intend to stake a portion of their underlying digital assets to generate staking rewards, which Morgan Stanley said will be passed through to investors rather than retained by the firm.

MSSE is designed to track the performance of ether using the CoinDesk Ether Benchmark based on the 4:00 p.m. New York settlement rate, while MSOL follows the corresponding CoinDesk Solana Benchmark. According to Morgan Stanley's digital asset platform, the products are intended to provide cryptocurrency exposure through a familiar exchange-traded structure without requiring investors to manage wallets or private keys.

Head of Digital Asset Strategy at Morgan Stanley, Amy Oldenburg, said: 

"Digital assets are becoming an increasingly important component of diversified investment portfolios… As client interest in digital assets continues to grow, we're focused on providing a range of digital asset solutions that allow investors to diversify their portfolios across traditional and decentralized asset classes while also adhering to Morgan Stanley's standards for governance, infrastructure and risk management."

Ondo Finance Reports Multiple Ecosystem Developments 

Ondo Finance unveiled the Ondo Network, describing it as a new "execution network" designed to support institutional financial markets. Announced on July 27, 2026, the network is already live, with Ondo Perps serving as its first application. Ondo Perps launched perpetual futures trading for non-U.S. users on July 7, 2026, and by July 31 had surpassed $300 million in daily trading volume. The platform offers perpetual contracts tied to assets including Apple (AAPL), NVIDIA (NVDA), Tesla (TSLA), the Nasdaq-100 (QQQ), and gold, while allowing users to post tokenized stocks and stablecoins as collateral with up to 20x leverage. 

Explaining the motivation behind the project, Ondo wrote in a company blog post:

“Our mission at Ondo has always been to make the financial system more accessible. We’ve long believed that blockchain technology would be a critical enabler of that mission, and we’ve focused on designing institutional-grade platforms, assets, and infrastructure to bring financial markets on-chain.”

Later in the post, the company explained that existing blockchain architectures often require tradeoffs between execution and settlement, writing:

“Trade execution (i.e., matching, risk, margin, and liquidations) needs to be fast and private. Trade settlement (the final, durable record of who owns what once a trade is finalized) first and foremost needs to be durable and verifiable…. Together, these provide security and verifiability, but at a cost: replication makes it slow; transparency makes it public. For trade settlement, that’s a reasonable tradeoff. For trade execution, it’s not.” 

Ondo said traditional blockchains combine execution and settlement on the same ledger, creating tradeoffs between speed, privacy, and transparency. The Ondo Network instead separates execution from settlement, aiming to deliver institutional-grade trading performance while maintaining verifiability.

In addition to the network launch, reports also indicated that Ondo Finance is exploring an acquisition valued between $250 million and$500 million, targeting established wealthtech or adjacent financial firms. The reported discussions follow the conclusion of an SEC investigation earlier this year without enforcement action and expanded FINRA authorization for tokenized equities and ETFs in July. While no acquisition has been announced, the move would further expand Ondo's institutional capabilities and product offerings if completed. 

South Korea’s Largest Bank To Create Cross-Border Payment Service OnChain

South Korea's largest bank, KB Kookmin Bank, part of KB Financial Group, announced that its new corporate cross-border payment service will go live in August 2026 on JPMorgan's permissioned blockchain, Kinexys. The service supports corporate cross-border remittances between the United States and multiple international markets, including Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa, as well as domestic transfers within South Korea.

KB Financial Group manages approximately $552 billion in assets. Beyond Kinexys, KB Kookmin is participating in the Bank of Korea's Project Hangang pilot, which is testing deposit token payments issued by commercial banks and settled using central bank digital currency infrastructure. The bank has also participated in blockchain-based digital bond issuances and stablecoin pilots, reflecting its continued investment in tokenized financial infrastructure.

JPMorgan's Kinexys does not utilize public blockchain tokens and is integrated with the SWIFT messaging network. According to JPMorgan, the platform has processed more than $4 trillion in transaction volume and averages more than$7 billion in daily settlement volume.

Cross River To Power X Money

On July 27, 2026, Cross River Bank revealed it will provide the banking infrastructure for X Money, the financial services platform being integrated into X. The initial rollout is limited to users in the United States and will support peer-to-peer payments, FDIC-insured interest-bearing accounts, Visa debit cards, and broader embedded payment capabilities.

The partnership advances X's ambition to become an "everything app" by integrating financial services directly into the platform. According to reporting by Cointelegraph, X has obtained money transmitter licenses in more than 40 U.S. states and is registered with FinCEN to support peer-to-peer payments. X Money entered limited internal testing in May 2025 and expanded to external testing in March 2026. The announcement did not mention support for cryptocurrencies or stablecoins.

According to the Cross River announcement, 

“Through the collaboration with Cross River, X became the first social media platform in the United States to embed FDIC-insured, interest-bearing accounts, a Visa debit card, and broader payment capabilities directly into its platform. Cross River's regulated infrastructure and access to payment rails power the experience, giving X users faster, more flexible access to their money without ever leaving the app.”

Cross River said its API-driven banking core, proprietary technology stack, payment infrastructure, and regulatory expertise enable it to deliver embedded financial services through a single platform. The company added that its infrastructure is designed to support additional financial products as X Money expands.

EU Expands Crypto Sanctions Against Russia and Belarus

Beginning August 25, 2026, the European Union will expand its crypto-related sanctions against Belarus by prohibiting Belarusian nationals and residents from owning, controlling, or managing crypto-asset service providers regulated under the EU's Markets in Crypto-Assets (MiCA) framework. The measure, adopted through Council Decision (CFSP) 2026/1847 on July 23, extends existing restrictions beyond crypto wallets and custody providers to all MiCA-regulated crypto services, including exchanges, asset transfers, portfolio management, and investment advice. The expansion forms part of the EU's broader sanctions framework aimed at limiting the use of digital assets to circumvent sanctions imposed on Russia.

Separately, on July 23, 2026, the European Union adopted its 21st sanctions package against Russia, introducing 218 designations, the largest sanctions package in four years, including more than 100 banks and crypto operators. For the crypto industry, the package extends the EU's transaction ban to 14 crypto-asset service platforms operating across Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan, and Belarus that were identified as facilitating sanctions evasion.

The package also introduces a first-of-its-kind third-country sanctions mechanism, allowing the European Union to prohibit transactions between EU entities and crypto-asset service providers located in jurisdictions that host platforms used to facilitate Russian sanctions evasion. According to both TRM Labs and Scorechain, the legal authority has been established but has not yet been applied to any jurisdiction.

The newly designated crypto platforms include Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, Exnode, HTX, EXMO, A7 Nigeria, A7 Africa, and PilotFinance. The measures build on previous sanctions adopted by the United Kingdom and the United States targeting several of the same platforms and the broader A7 sanctions evasion network, reflecting increased international coordination around crypto-related sanctions enforcement.

Ripple Introduces Ripple Mint for Institutional Stablecoin Management 

Ripple announced Ripple Mint, a new institutional platform that enables customers to mint, redeem, bridge, and manage Ripple USD (RLUSD) through either a web interface or programmatic APIs. RLUSD is issued by Standard Custody & Trust Company, LLC, a New York Department of Financial Services (NYDFS)-chartered trust company, providing the regulated issuance framework that Ripple said is required for institutional adoption.

According to Ripple’s announcement:

“As stablecoins become embedded in trading, payments, and treasury operations, access must evolve beyond manual workflows. Ripple Mint reflects this shift, giving institutions the flexibility to interact with RLUSD either through a user interface or through programmatic integration.”

Ripple said the platform allows institutions to mint and redeem RLUSD directly, bridge the stablecoin across supported blockchains, monitor transactions throughout their lifecycle, and integrate RLUSD operations into existing treasury, payment, and settlement systems. Ripple said the update is meant to cut down manual processes for institutional users trading at volume while supporting exchanges, market makers, fintechs, and other institutional customers operating at scale.

Ripple also announced that RLUSD's multichain expansion will continue through the XRPL EVM Sidechain, alongside deployments on Base, Optimism, Ink, and Unichain, positioning the stablecoin for broader use across exchanges, decentralized finance, payment applications, and other on-chain financial infrastructure. Ripple said it intends to keep expanding the platform's institutional stablecoin and liquidity tools over time.

Russian Banks Prepare for New Crypto Market Framework

Following the State Duma's approval of Russia's On Digital Currency and Digital Rights bill last week, the legislation now awaits consideration by the Federation Council before being sent to President Vladimir Putin for signature. Under Russia's legislative procedure, the upper chamber has 14 days from Duma passage to act, after which the president has a further 14 days to sign the bill into law, putting a final decision window in early to mid-August.

Meanwhile, Bank of Russia First Deputy Chairman Vladimir Chistyukhin said the central bank expects to finalize implementing regulations by October, with publication targeted for early November. Although the legislation is scheduled to take effect on September 1, the implementation timeline suggests licensed market activity may not begin until the supporting regulatory framework is finalized later in the fall.

Russian banks are already preparing for the new framework: Sberbank has flagged a December timeline for its own crypto wallet, and VTB is weighing a move into custody services for digital assets.

South Korea Advances Digital Asset Framework and Won Stablecoin Legislation

As part of its economic growth strategy for the second half of 2026, South Korea plans to advance the Digital Asset Basic Act, establishing a comprehensive legal framework for digital assets and stablecoins. The legislation would create rules governing the issuance, circulation, and disclosure of digital assets while formally authorizing won-denominated stablecoins as a permitted issuance category. The government also announced plans to revise the Capital Markets Act to permit spot exchange-traded funds (ETFs) for digital assets such as Bitcoin.

To support implementation of the proposed framework, the Financial Services Commission (FSC), Bank of Korea (BOK), Financial Supervisory Service (FSS), and Korea Securities Depository (KSD) jointly outlined a roadmap for South Korea's digital financial infrastructure, according to ETNews. The plan includes a 2027 pilot linking the Bank of Korea's wholesale central bank digital currency (CBDC) with tokenized government bonds, reviewing interoperability between the CBDC infrastructure and other blockchain networks, and participating in the Bank for International Settlements' Project Agora to develop cross-border payment infrastructure.

The Bank of Korea has indicated that "bank-led consortiums" would be prioritized as stablecoin issuers, reflecting the view that existing banking supervision provides stronger safeguards for financial stability and consumer protection. Authorities are also considering establishing a statutory policy body to coordinate digital asset oversight across multiple government agencies.

The government also held its first stablecoin policy forum as part of preparations for the legislation. Separately, officials plan to develop a legal framework for cross-border stablecoin transactions alongside revisions to the Foreign Exchange Transactions Act. The broader initiative also aims to support around-the-clock won-denominated trading and reduce friction in cross-border payments.

The initiative builds on earlier policy work. In a March 2026 press release announcing the launch of a public-private consultative body on security tokens, South Korea's Financial Services Commission (FSC) stated:

“The joint consultative body will work on formulating relevant rules and infrastructures on security tokens while keeping in mind the connectivity and future scalability in relation to the introduction of a framework law on digital assets (which will include stablecoins).” 

Separately, Yonhap News reported that South Korea's Financial Supervisory Service (FSS) submitted an inspection opinion to seek sanctions against Upbit's parent company, Dunamu, over its delay in disclosing the approximately $36 million exploit in November 2025. The regulator is examining whether the delay violated the Virtual Asset User Protection Act. Additionally, authorities are reportedly considering adding provisions related to exchange security and cyberattacks in the second phase of the Digital Asset Basic Act. 

Together, the measures would establish a legal framework for digital assets and won-denominated stablecoins while expanding South Korea's blockchain-based financial infrastructure and supporting broader cross-border use of the Korean won.

U.S. Senate Releases Updated CLARITY Act

The latest 616-page draft of the U.S. CLARITY Act was released on July 22, 2026. The revised draft followed negotiations between the White House and Senate Republicans over ethics provisions intended to address conflict-of-interest concerns. The bill would prohibit senior government officials and their spouses from issuing or sponsoring digital assets for compensation. 

However, it does not clearly require officials to divest from existing crypto-related businesses, licensing agreements, revenue-sharing arrangements, or certain family-controlled entities. The bill would give exclusive enforcement authority to the U.S. Attorney General, excluding state attorneys general and private actors.

Deputy Executive Director of Transparency International U.S. (TI US), Scott Greytak, said

“Despite months of negotiations, mounting calls for real ethics rules, and the bombshell disclosure that President Trump reported more than $1.4 billion in income from his family’s crypto ventures in 2025, the Senate majority released a bill that does not clearly stop the main ways he made that money—or could keep making it. It leaves significant business, revenue, and family arrangements outside any clear requirement to divest or place those interests in a blind trust, expressly allows preexisting ventures to keep using his name and likeness to mint, sell, and distribute additional digital assets after covered interests are divested or blind-trusted, then lets the ethics provisions expire in January 2029 and erases liability for earlier violations. That’s not clarity—it’s a conflict.” 

Corey Frayer of the Consumer Federation of America also criticized the draft bill, stating:

“Trump crypto businesses are a tapeworm on the broader industry.”

According to DeCrypt, Senate Majority Leader John Thune said it is unlikely the CLARITY Act will be passed before the Senate begins its summer recess on August 7, potentially narrowing the bill's path to enactment in 2026. If the legislation is not considered ahead of the August recess, lawmakers will have a limited legislative calendar remaining before the November midterm elections.

BNY Mellon Expands Plans for 24/7 Treasury Settlement

Bloomberg reported that the Bank of New York Mellon (BNY) plans to support 24/7 settlement of U.S. Treasuries by 2027, with tokenized Treasury pilots on its private blockchain expected to begin by the end of 2026. The initiative is intended to support both conventional and tokenized Treasury settlement.

Earlier this year, BNY tested an after-hours Treasury settlement after the Federal Reserve's Fedwire Securities Service had closed for the day. The transaction involved Ripple's RLUSD and OpenEden's USDO stablecoins, both of which are backed by short-term U.S. Treasuries and use BNY as their reserve custodian. The trade was executed on the electronic trading platform Tradeweb and settled using conventional cash processes.

Bloomberg reported that BNY clears an average of 24.3 trillion USD in U.S. repo transactions each day and processes approximately 2.5 trillion USD in daily payments. The bank also serves as custodian for the reserves backing USDC, RLUSD, and USDO. According to the report, this position enables BNY to facilitate after-hours settlement when both counterparties custody assets within the bank's network, helping reduce the mismatch between 24/7 digital asset markets and the traditional operating hours of Treasury settlement infrastructure.