Crypto Market Update: Thune Sets September Vote for Stalled CLARITY Act

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Today's crypto news to know

Read on for a round-up of the biggest crypto market news:

• Senate majority leader advances CLARITY Act before recess
• Trump Media terminates Crypto.com ventures
• Grayscale pulls SEC filings for Cardano, Hedera and Polkadot ETFs

Senate majority leader advances CLARITY Act before recess

Senate Majority Leader John Thune moved early on Saturday (August 8) morning to set up a key procedural vote on the CLARITY Act before lawmakers leave Washington for August recess.

The filing queues up the landmark cryptocurrency bill for immediate floor consideration when the Senate reconvenes in mid-September. Republican leaders still need to secure at least 60 votes to pass the legislation, requiring support from all 50 Senate Republicans and at least eight Democrats.

The bill would establish the first comprehensive federal regulatory framework for digital assets.

Negotiations stalled ahead of the recess over a central ethics provision prohibiting public officials and their families from profiting off digital asset ventures. Democrats are demanding stricter enforcement mechanisms and divestment requirements targeting President Donald Trump, who reported over $US1.4 billion in family crypto income last year.

While analysts warn that a tight three week legislative window in September reduces the odds of passage before midterm elections, supporters remain hopeful for a final floor vote.

Trump Media terminates Crypto.com ventures

Truth Social parent company Trump Media & Technology Group (NASDAQ:DJT) has mutually agreed with Crypto.com and Yorkville Acquisition to terminate their proposed cryptocurrency treasury venture, Axios first reported.

Interim CEO Kevin McGurn confirmed that the company is abandoning plans for Trump Media Group CRO Strategy, a SPAC initiative designed to build a corporate treasury around Crypto.com's Cronos blockchain token.

The entities also canceled a related digital asset services agreement and scaled back plans to integrate prediction markets directly into the Truth Social platform.

Trump Media will instead pursue a simpler marketing arrangement that promotes Crypto.com prediction market products to Truth Social users without operating the underlying financial infrastructure.

McGurn explained that a saturated digital asset treasury market prompted new leadership to streamline operations and refocus resources on core media assets. The company is also seeking to complete its pending merger with fusion energy firm TAE Technologies before the end of the year.

Grayscale pulls SEC filings for Cardano, Hedera and Polkadot ETFs

Asset manager Grayscale Investments filed Form RW withdrawal requests with the US Securities and Exchange Commission (SEC) to cancel registration statements for three proposed altcoin exchange-traded funds (ETFs).

The withdrawals eliminate pending S-1 applications for the Grayscale Cardano Trust ETF, the Grayscale Hedera Trust ETF and the Grayscale Polkadot Trust ETF. Grayscale cited Rule 477 under the Securities Act of 1933, stating that the firm no longer intends to proceed with distributing registered trust shares. The filings confirm that the SEC never declared the registration statements effective and that Grayscale issued no shares under the prospectuses.

Following the announcement, prices for Cardano, Hedera and Polkadot each dropped over 2 percent within 24 hours. Hedera has fallen over 30 percent during the past two months to trade at $0.068.