Top Stories of The Week
Crypto firms are starting to make their way back to the United States as indications emerge of a shift toward more favorable regulatory frameworks and opportunities for domestic expansion. During a speech at the America First Policy Institute, SEC Chair Paul Atkins urged the nation to “reshore the crypto businesses that fled,” echoing a broader initiative under President Donald Trump to establish the US as a leading center for digital assets. Treasury Secretary Scott Bessent added that the US has entered a “golden age of crypto,” encouraging entrepreneurs to establish their companies, launch new protocols, and hire locally. With clearer regulations and robust political backing, crypto firms are beginning to respond positively, with several relocating to the US and others, such as Kraken and MoonPay, expanding their operations on home soil.
US SEC rolls out ‘Project Crypto’ to rewrite rules for digital assets
The US Securities and Exchange Commission (SEC) has unveiled “Project Crypto,” an initiative aimed at modernizing regulatory frameworks for digital finance and establishing clear guidelines for digital assets within the country. SEC Chair Paul Atkins stated that this initiative was directly influenced by a recent report from the President’s Working Group on Digital Asset Markets. Atkins suggested that licensing requirements should be relaxed to permit brokerages to offer multiple asset types under a single license, while also advocating for a distinct market structure that differentiates commodities—most cryptocurrencies fall into this category—from securities. He further recommended regulatory exemptions or grace periods for early-stage crypto projects and initial coin offerings, providing them with the necessary freedom to innovate without the threat of legal repercussions from the SEC.
99% of CFOs plan to use crypto long term, 23% within two years: Deloitte
Cryptocurrency is increasingly becoming a key focus in financial planning, with a survey from Deloitte indicating that 99% of CFOs at billion-dollar companies anticipate utilizing crypto for long-term business needs. The survey, which included responses from 200 CFOs at firms generating over $1 billion in revenue, found that 23% expect their treasury departments to incorporate cryptocurrencies for investments or payments within the next two years. This anticipation rises to nearly 40% among CFOs at companies with revenues exceeding $10 billion. However, despite this positive outlook, CFOs remain cautious, with 43% citing price volatility as a significant barrier to adopting cryptocurrencies like Bitcoin and Ether. Other concerns include complex accounting issues (42%) and regulatory uncertainty (40%), which have been exacerbated by changing policies in the US.
UK regulator lifts ban on crypto ETNs for retail investors
The Financial Conduct Authority (FCA) of the United Kingdom has announced the removal of its ban on cryptocurrency exchange-traded notes (cETNs) for retail investors. Effective October 8, companies in the UK will be permitted to offer cETNs to retail consumers, marking a significant shift in the regulatory approach towards cryptocurrency. This decision follows a prior ban instituted in January 2021, which was justified by the extreme volatility associated with crypto assets and a perceived lack of legitimate investment need among retail consumers. David Geale, FCA’s executive director of payments and digital finance, noted that the market has evolved since the ban, with cryptocurrency products becoming more mainstream and better understood.
CoinDCX employee arrested in connection with $44M crypto hack: Report
In a significant development, an employee of CoinDCX, a cryptocurrency exchange that suffered a $44 million hack in July, has been arrested in India. Reports indicate that Bengaluru City police took into custody Rahul Agarwal, a software engineer at CoinDCX, after it was alleged that hackers compromised his login credentials to access and drain the exchange’s assets. The arrest came after an internal investigation by CoinDCX’s operator, Neblio Technologies, which uncovered that Agarwal’s credentials were compromised through his work laptop, granting unauthorized access to the company’s servers. Although Agarwal denied involvement in the theft during questioning, he did acknowledge that he was working part-time for several private clients while still employed at CoinDCX.
Winners and Losers
As the week concludes, Bitcoin (BTC) is valued at $113,936, while Ether (ETH) stands at $3,527 and XRP is priced at $3.01. The overall market capitalization is reported to be $3.71 trillion, according to CoinMarketCap. Among the top 100 cryptocurrencies, the leading altcoin gainers this week include Four (FORM) with a rise of 12.96%, Toncoin (TON) at 11.49%, and Story (IP) at 10.00%. Conversely, the top three altcoin losers are Fartcoin (FARTCOIN) down by 30.55%, Bonk (BONK) dropping 28.08%, and Virtuals Protocol (VIRTUAL) decreasing by 23.03%.
Memorable Quotations
Ted Pillows, a crypto investor and entrepreneur, stated, “I think BTC could break above this level next month which will start the next leg up.” Ray Dalio, the founder of Bridgewater Associates, commented, “[If] you were optimizing your portfolio for the best return-to-risk ratio, you would have about 15% of your money in gold or Bitcoin.” A DeFi investor and crypto analyst emphasized, “Stablecoins are the product that can onboard the first billion people on-chain.” Standard Chartered Bank remarked, “We think they [Ether treasury firms] may eventually end up owning 10% of all ETH, a 10x increase from current holdings.” Phong Le, president and CEO of Strategy, noted, “We’re capitalized on the most innovative technology and asset in the history of mankind, on the other hand, we’re possibly the most misunderstood and undervalued stock in the US and potentially the world.” Joe Lubin, CEO of Consensys and chairman of SharpLink Gaming, stated, “We believe that we’ll be able to accumulate more Ether — per fully diluted share — much faster than any other Ethereum-based project, or certainly faster than the Bitcoin-based projects.”
Top Prediction of The Week
XRP appears poised for a short-term rebound, with analysts suggesting a potential price increase of 20% by the end of August. The four-hour candle chart for XRP indicates a bullish divergence, a common indicator that often signals a trend reversal. In this instance, while XRP’s price has been making lower lows, the relative strength index, which measures momentum, is showing higher lows. This divergence suggests that the recent downward pressure is diminishing.
Top FUD of The Week
In July, cryptocurrency hacks surged to over $142 million, with the CoinDCX breach being the most significant loss. According to blockchain security firm PeckShield, at least $142 million was siphoned from the crypto sector across 17 different incidents, representing a 27% increase from June’s $111 million in losses. However, this figure still marks a 46% decrease from the same period last year, where hackers took $266 million in July, primarily due to the $230 million breach of the Indian crypto exchange WazirX.
Tornado Cash co-founder faces jury after closing arguments wrap
Following the conclusion of closing arguments, jurors are now tasked with determining the fate of Roman Storm, co-founder of the cryptocurrency mixing service Tornado Cash. This trial, taking place in the Southern District of New York, may set a significant precedent regarding the extent of responsibility that developers hold for decentralized software potentially used for illegal activities. US prosecutors accuse Storm of conspiracy to launder money, violating US sanctions, and operating an unlicensed money-transmitting business. If found guilty, Storm could be sentenced to as much as 40 years in prison.
Indonesia raises taxes on crypto exchange sales and miners
The Indonesian government has revised its tax policies for the cryptocurrency industry, increasing tax rates for traders and miners while eliminating value-added tax requirements for buyers. On Monday, the Ministry of Finance in Indonesia announced several regulatory updates, including regulations No. 50/2025 and No. 53/2025, which adjust crypto tax rates and compliance obligations effective August 1. As reported by Reuters, the new framework has raised the income tax on crypto asset sales conducted on domestic exchanges from 0.1% to 0.21%. Additionally, the tax rates for sales on foreign exchanges have seen a significant jump from 0.2% to 1%.
Top Magazine Stories of The Week
In this week’s magazine highlights, one feature explains Ethereum’s roadmap to achieving 10,000 transactions per second (TPS) using zero-knowledge technology, providing a comprehensive guide on zkEVMs and real-time proving to scale Ethereum’s capabilities. Another article discusses how China has criticized US crypto policies while also addressing the rise of Telegram’s dark markets. Lastly, a peculiar piece explores how researchers have trained AI to encode secret messages in random numbers, leading to unexpected outcomes, including inducing a love for owls—or even controversial figures like Hitler.
