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UK digital gilt pilot faces a $34 million stablecoin problem
Edgen Crypto·Jul 22 2026, 19:06Share to
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[1] Plans for a UK Digital Gilt Instrument, or DIGIT, hinge on one missing piece: onchain cash (https://www.coindesk.com/business/2026/07/22/ ...)[2] Britain Wrote The World’s Most Cautious Stablecoin Rules, Three Years Late (https://www.forbes.com/sites/zennonkapron/202 ...)[3] Ashurst Perkins Coie Quarterly Debt Capital Markets Update Q2 2026 - JD Supra (https://www.jdsupra.com/legalnews/ashurst-per ...)[4] London is Open for (Tokenized) Business - Fireblocks (https://www.fireblocks.com/blog/london-open-f ...)
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Jul 22 2026, 21:01
Crypto PAC spends $1M in Michigan primary as Fairshake war chest hits $191M
An affiliate of the crypto-aligned Fairshake PAC poured nearly $1 million into Michigan's 13th congressional district Democratic primary, backing incumbent Shri Thanedar against challenger Donavan McKinney two weeks before the Aug. 4 vote. "The crypto lobby is paying my opponent back for helping Trump make over $1 billion since taking office," McKinney said in a statement Tuesday, accusing Thanedar of supporting every crypto bill brought before Congress. Protect Progress, a Fairshake affiliate, reported spending more than $986,000 on ads supporting Thanedar and opposing McKinney, according to Federal Election Commission filings. Thanedar voted for the CLARITY Act, GENIUS Act and Promoting Innovation in Blockchain Development Act while in the House. He also lost more than $600,000 in the second quarter of 2026 after investing $3.7 million of campaign funds into crypto companies, according to the Intercept. Fairshake and its affiliates reported holding $191 million to influence key elections, making the crypto industry one of the largest political spenders this cycle. The outcome in Michigan and other primaries could determine whether pro-crypto candidates secure enough seats to advance industry-friendly legislation. The spending mirrors Protect Progress' 2024 strategy, when the PAC spent about $1 million backing Thanedar, who won the Democratic primary with 54.9% and the general election with 68.6%. McKinney did not run against Thanedar in 2024 and has not made significant public statements on digital assets. Beyond Michigan, Protect Progress spent more than $100,000 on media supporting Representative Greg Stanton's reelection in Arizona's 4th congressional district. Stanton, who also voted for CLARITY and GENIUS, won his primary Tuesday with 65% of the vote. In Washington state, the Defend American Jobs PAC — another Fairshake affiliate — spent more than $65,000 supporting Republican candidate Amanda McKinney in the 4th district, who has publicly backed crypto. Representative Dan Newhouse announced in 2025 he would not seek reelection, leaving the seat open. Other industry-aligned PACs active this cycle include Fellowship, backed by Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund, a hybrid PAC backed by Anchorage and Chainlink Labs. This article is for informational purposes only and does not constitute investment advice.
Jul 22 2026, 20:59
Tesla holds 11,509 BTC steady, reports $112M impairment in Q2
Tesla held its 11,509 bitcoin treasury unchanged in Q2 and recorded a $112M impairment loss as the cryptocurrency declined 14%. "The impairment reflects the decline in the value of our digital asset holdings during the reporting period," the company said in its earnings release. Tesla has neither bought nor sold any bitcoin since 2022. Bitcoin fell from about $83,000 at the start of the second quarter to roughly $58,000 by the end of June amid broader macroeconomic uncertainty, before rebounding to around $65,840. Under current accounting rules, companies holding digital assets must recognize declines in value through earnings. The electric vehicle maker reported mixed quarterly results alongside the crypto update. Revenue came in at $28.2 billion, topping the $27.6 billion consensus estimate, while non-GAAP earnings per share of $0.33 missed analyst expectations of $0.55. Gross margin was 16.8 percent, GAAP net income totaled $1.11 billion, and the company posted negative free cash flow of $1.1 billion for the quarter. | Metric | Actual | Consensus | Beat/Miss | |--------|--------|-----------|-----------| | Revenue | $28.2B | $27.6B | +2.2% | | Non-GAAP EPS | $0.33 | $0.55 | -$0.22 | | Gross Margin | 16.8% | — | — | Tesla remains one of the largest publicly traded corporate holders of bitcoin, though its holdings are significantly smaller than those of Strategy, which has continued to aggressively accumulate the cryptocurrency. The company initially purchased $1.5 billion worth of bitcoin in early 2021 and briefly accepted it as payment before suspending the option over environmental concerns. It sold roughly 75 percent of its holdings in 2022 but has maintained its remaining 11,509 BTC since then. The unchanged bitcoin position signals management sees no urgency to adjust its crypto exposure despite the quarterly price decline. Investors will watch Tesla's Q3 delivery numbers and any commentary on bitcoin accounting changes, as the Financial Accounting Standards Board's new fair-value rules for digital assets take effect in 2027. This article is for informational purposes only and does not constitute investment advice.
Jul 22 2026, 20:07
Bitcoin sentiment nears capitulation as BTC trades near $66,000
**Coinbase's Q2 2026 report shows Bitcoin sentiment approaching a capitulation threshold, historically associated with selling exhaustion and market bottoms.** Bitcoin sentiment neared capitulation in Q2, Coinbase's report showed, as BTC traded at $65,832.86, down 0.9% in 24 hours. "Bitcoin investor sentiment is approaching levels historically associated with capitulation, characterized by extreme fear and heightened volatility," Coinbase said in its Q2 2026 institutional report published July 22. The report comes as BTC retreated from a one-month high above $66,000 reached on July 21. Bitcoin's 30-day implied volatility index rose to 40% from 37.5%, indicating traders are pricing in more turbulent price action ahead, Coinglass data shows. Open interest held steady at about $116 billion, while the long-to-short ratio tightened to 50.59% long versus 49.41% short, reflecting indecision after the recent rally. Capitulation sentiment typically signals selling exhaustion that can precede a price bottom or reversal, though it may also trigger further short-term selling pressure. The report could influence both retail and institutional positioning as traders weigh whether extreme fear marks an entry opportunity or a reason to stay on the sidelines. The broader macro environment added to the cautious tone. WTI crude topped $85 a barrel for the first time since June 12 as the Iran conflict escalated, reviving inflation concerns that have weighed on risk assets for much of the year. Bitcoin's dominance climbed to 59% as capital rotated from altcoins and stablecoins into the relative safety of the largest token, CoinMarketCap data shows. Despite the near-term caution, options activity suggested some traders were looking past the current weakness. BTC call options dominated 24-hour volume on Deribit, with activity concentrated in the $70,000 and $72,000 strike prices, indicating demand for bullish exposure at higher levels. The Clarity Act, a long-awaited crypto market structure bill, has emerged as a potential trigger for the next leg higher. Traders on Kalshi put the odds of the bill passing into law before April 2027 at 61%, up from 33% last week, after Treasury Secretary Scott Bessent said lawmakers were at the "1-yard line." The bill would split oversight of the crypto market between the Securities and Exchange Commission and the Commodity Futures Trading Commission, opening the market to Wall Street institutions for the first time. This article is for informational purposes only and does not constitute investment advice.