STORJ files for bankruptcy

After a week of hopeful progress, Galaxy Research just lowered its estimate that the Clarity Act becomes law this year from 50% to 30%. The merged 616-page bill is finally public, but seven negotiating Democrats say the current draft still falls short, no floor vote has been scheduled, and Galaxy believes the votes are not currently there. "It increasingly appears that passing CLARITY will require a true grand bargain: a legislative circus trick that pulls a rabbit out of a hat..." Read more →

For the first time, traders on Hyperliquid moved more money through stocks and commodities than through crypto. Director of digital assets research at ARK Invest, announced the milestone Thursday on X: "We are entering a new era for DeFi." Hyperliquid, he said, had for the first time generated more trading volume from so-called real-world assets, or RWAs, than from crypto in a single week. Read more →

Storj Labs filed for Chapter 11 to resolve legacy obligations and shed non-core operations, sending its STORJ token down sharply. The company says its decentralized storage network and customer services will continue normally during the process, making this a restructuring rather than an immediate shutdown. The filing follows a rough stretch for old-school crypto firms: Poolin, once the world’s largest bitcoin mining pool, filed for Chapter 11 last week, while BitMEX announced it will shut down in September. Read more →

📥️ Want to advertise in CoinSnacks? Learn More