If Clarity fails, then what?

For months, this week has been treated as make-or-break for the Clarity Act. Bitwise CIO Matt Hougan thinks missing the deadline would be messy, but not fatal. The bill would likely enter a “walking dead” phase while regulators try to fill the gap and crypto keeps moving without Congress. His more contrarian argument is that a decisive failure may be better for markets than months of lingering uncertainty. Read more →

Galaxy Digital (GLXY) are down more than 13% this morning after the company reported an $85 million Q2 net loss on weak digital asset prices. Regardless of these price fluctuations, Galaxy’s AI infrastructure business, began generating revenue for the first time following it’s partnership with CoreWeave. The company stated that it expects the project to generate roughly $80 million in quarterly leasing revenue beginning in the Q3.

As the company continues to push on the two different markets, a question emerges of whether they should spinoff or if there is actual convergence between the themes. CEO Mike Novogratz says it is too early to tell. He added that the company is doing some of it’s best cryptoasset-focused building through the crypto winter and that the reliability of the crypto side of the business is allowing the datacenter play to buildout. Read more →

Circle (CRCL) reported $701 million in revenue and reserve income (+7% YoY), driven by USDC circulation reaching $73.3 billion (+19% YoY) and onchain volume exploding 151% to $14.8 trillion. The earnings also offered the clearest update yet on Arc, Circle's blockchain network scheduled to launch its public mainnet on Sept. 16. The company roughly doubled its full-year guidance for “Other Revenue” to $310 million to $330 million driven by Arc predictions. Read more →

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