The CLARITY Vote, a New Chain, and a Fed Decision Collide

Senate Republicans put out the final CLARITY text late Sunday, and buried in 635 pages is a concession nobody expected. Prediction markets responded by roughly doubling the odds overnight.

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Market-Moving News

The final CLARITY text landed Sunday night with Trump agreeing to ethics restrictions he’d stonewalled since July, and the odds on passage went from the high teens to the mid-thirties.

Circle’s Arc chain opens to the public Wednesday with BlackRock, DTCC, Visa and Mastercard producing blocks. And the Fed meets across both days, because of course it does.

Three things that would each carry a week on their own, all landing inside forty-eight hours.

Corporates

BitMine Closes In on Owning 5% of All Ethereum With $15.8B Treasury

BitMine Immersion Technologies has pushed its Ethereum holdings to 5.96 million ETH, putting the company within striking distance of owning 5% of the entire Ethereum supply.

The company added another 27,180 ETH during the past week, while total crypto, cash, securities, and other holdings reached about $15.8 billion. At current levels, BitMine controls roughly 4.9% of Ethereum’s estimated 122 million-token supply.

One Company Nears the 5% Mark

BitMine is now only about 144,000 ETH short of its stated 5% target, making its treasury concentration increasingly difficult to ignore.

The company is also doing more than simply holding the tokens. Roughly 5.07 million ETH, worth about $12.7 billion, is already staked across its infrastructure.

At current yields, BitMine estimates that staking position can generate roughly $334 million in annualized revenue.

The Treasury Becomes a Staking Giant

Owning nearly one in every 20 ETH creates a different setup from the smaller corporate crypto treasuries that emerged over the past few years. 

BitMine now combines enormous token ownership with one of the largest corporate staking positions in the ecosystem.

Its remaining liquidity includes about $549 million in cash and marketable securities, giving management additional flexibility to keep adding.

Take: BitMine is getting close enough to 5% of Ethereum’s supply that concentration itself becomes part of the story.

When you combine that ownership with more than $12 billion already staked, the company starts looking less like a passive treasury and more like a major piece of Ethereum’s economic infrastructure.

Policy

Senate Releases Final CLARITY Act With 126 Changes Before Key Vote

U.S. Senate Republicans have released the final version of the CLARITY Act, adding 126 substantive changes requested by Democrats before a crucial procedural vote.

The bill would establish a broader federal framework for digital assets, covering exchange registration, stablecoins, DeFi developers, consumer protections, and how regulators divide oversight.

A cloture vote is scheduled for September 15, with 60 votes required to move the legislation toward full Senate debate.

Stablecoins and DeFi Get New Rules

Several changes focus on areas that have divided lawmakers throughout the negotiations. Treasury would gain temporary authority to restrict stablecoin rewards if payment tokens trigger substantial deposit withdrawals from community banks. 

The bill also revised protections for non-custodial software developers and added new provisions on affiliate trading and conflicts of interest.

The updated ethics framework applies to elected federal officials, judges, employees, and their spouses.

The Senate Math Gets Serious

Republicans hold 53 Senate seats, meaning the bill needs support from at least seven Democrats or independents if every Republican votes to advance it.

Earlier versions have already attracted bipartisan support. The House passed its bill 294 to 134, including backing from 78 Democrats. Tuesday’s vote would not make CLARITY law. Amendments, final Senate passage, and additional House action could still follow.

Take: CLARITY's real importance is how many parts of the crypto market it touches at once. Once you put exchanges, stablecoins, DeFi, and federal oversight inside one framework, a single Senate vote starts carrying consequences far beyond Washington.

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TradFi

S&P, Nasdaq and BNP Back Kaiko in $110M Crypto Data Bet

Crypto market-data firm Kaiko has raised $110 million in a funding round led by S&P Global, with Nasdaq, BNP Paribas, Royal Bank of Canada, Susquehanna, and Bpifrance also participating.

Kaiko tracks pricing, liquidity, and market activity across more than 150 exchanges and protocols, supplying data to major financial institutions, trading firms, and regulators.

The investor list makes this more than another crypto funding round. Several companies at the center of global banking, trading, benchmarks, and market infrastructure are now financing the data layer behind digital assets.

Wall Street Backs the Plumbing

S&P Global and Kaiko already work together on crypto indices and onchain financial benchmarks. Their relationship has also expanded into tokenized traditional finance, including work to bring the iBoxx U.S. Treasuries Index onto blockchain infrastructure.

Fresh capital gives Kaiko more room to expand its pricing feeds, benchmarks, indices, analytics, and institutional products as tokenized markets grow.

More than 250 financial institutions and regulators already use Kaiko’s services.

Data Becomes Strategic Infrastructure

Reliable pricing becomes increasingly important as banks, exchanges, asset managers, and clearing systems move deeper into crypto and tokenized securities.

S&P, Nasdaq, BNP Paribas, RBC, and Susquehanna are therefore backing infrastructure they may increasingly rely on themselves.

Take: Institutional crypto adoption needs trusted pricing and benchmarks just as much as it needs exchanges and custody.

You start to understand the scale of that shift when some of traditional finance’s biggest infrastructure names begin funding the data layer behind it.

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Future Forward

Everything arrives at once this week, then the calendar empties out.

On the Radar:

🏛️ Cloture vote tomorrow afternoon, sixty votes needed

📊 FOMC decision Wednesday afternoon

⛓️ Arc mainnet opening Wednesday

Coming Up:

📅 The House leaves on the 17th and does not return for regular business until after the midterms

📅 ETHSofia later this month

Crypto Know-How: Ninety Percent of Your Solana Swaps Are Filled by Wall Street

Something quietly broke this year that almost nobody noticed. Research out recently found that proprietary market makers now handle somewhere between fifteen and twenty-seven percent of daily DEX volume across crypto.

On Solana-to-stablecoin swaps routed through Jupiter, they handle more than ninety percent of it.

Here’s the distinction. A normal automated market maker is a public pool running a fixed formula. Anyone can supply liquidity, anyone can trade against it, and the price comes out of the maths. That was the original pitch, and it’s what most people still picture when they swap.

A proprietary AMM works differently. It’s a professional trading firm quoting prices on-chain while keeping its inventory private.

When you hit swap on an aggregator, it pings a handful of these firms, asks who’ll fill you best, and routes you there. The execution is usually excellent, because these firms are very good at this and competing for your flow.

Two things follow. Your trade is frequently being filled by the same market makers you thought you were routing around, which is either fine or deeply funny depending on why you came to DeFi.

And more practically, private firms can pull quotes whenever they like. Public pools cannot. They sit there in a crash providing terrible prices, but providing them.

So you get better fills on ordinary days and thinner liquidity precisely when everything is on fire. Worth knowing which one you’re relying on.

Everything Else

• The Magnificent Seven reshaped the market but analysts say leadership is already rotating and these 7 stocks are showing the expanding cash flows and growing market share that tend to define the next cycle.

• DeFi Development Corp now holds roughly 2.39 million SOLand has created a $300 million ATM program to keep expanding its treasury.

• Strive crossed 25,000 BTC after another $36.6 million purchase, although the pace of buying has slowed from the previous week.

• A petition calling for another delay to the country's planned 22% crypto gains tax has crossed the 50,000-signature threshold required for legislative review. 

• The wallet added new protections designed to flag suspicious transfers and stop transactions that do not match their previews.

• The cross-chain protocol says it recovered 15 BTC following an exploit and offered the attacker a 20% bounty.