📢 Senate Pushes Clarity Act

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Breaking: The U.S. Senate just unveiled the Clarity Act Draft, proposing significant regulatory provisions that redefine digital assets in the U.S. market. Meanwhile, Telegram takes the big leap by launching its TON Wallet for U.S. users, who can now seamlessly make crypto transfers at zero fees, just like sending a message.

Headlines:

• Senate Rolls Out Clarity Act Draft

• Telegram Unveils TON Wallet: Hits 87M U.S. Users

• ETH Breaks $3900 Amid Sharplink’s $295M Accumulation

• Cardano Founder Confirms Largest Airdrop for XRP Holders

• Monero Under an Impending 51% Attack from Rival Qubic

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The Senate Banking Committee released the discussion draft that “builds upon” the proposal established by the House-passed Clarity Act, redefining the regulatory framework surrounding digital assets.

In-depth

Published on July 22, 2025, the 35-page discussion draft was released under Senate Chairman Tim Scott and subcommittee members Cynthia Lummis, Bernie Moreno, and Bill Haggerty to push a new digital asset market structure legislation and regulatory clarity.

“For too long, outdated laws and regulatory uncertainty around digital asset market structure have hindered American innovation and left consumers without adequate protections,” said Senator Bill Hagerty, a member of the Senate Banking Committee.

The Background 🔍

On May 29, 2025, the House (the U.S. House of Representatives) unveiled a new bill, the Digital Asset Market Clarity (CLARITY) Act (H.R. 3633), to enforce a more comprehensive and unified regulatory framework for digital assets (except stablecoins) in the U.S.

Led by the U.S. Congressman French Hill, the bill received a bipartisan vote of 294-134 from lawmakers and republicans.

Key points:

• Set legal boundaries to enforce consumer interest.

• Classification of digital assets.

• Digital commodities will fall under the CFTC’s (Commodity Futures Trading Commission) jurisdiction.

• Restricted digital assets like “investment contracts” will fall under the SEC’s (Securities and Exchange Commission) jurisdiction.

• Establish clear regulatory standards for digital assets issuance for brokers, dealers, and digital commodity exchanges.

The Discussion Draft ✍️

The July 22 Clarity Act Draft redefines digital assets.  

Key provisions:

• Sets clear jurisdictional boundaries and role for CFTC and SEC in digital assets regulation.

• Establishes distinct mandates for “ancillary digital assets.”

• Invites feedback from the public through Request for Information (RFI) submission by August 5.

• Proposal of the “Covered Assets” framework for a clearer regulatory guideline.

• Questions lawmakers whether they should continue to rely on the Howey test to identify digital assets as securities.

The Clarity Act draft is still under review and open to public feedback. Once the bill is finalized and receives universal approval from the Senate and the House, it will reach President Trump’s office for potential signing.  

👉 Related: 3 Ways Trump Signing the GENIUS Act Could Impact the Price of Crypto

It's LIVE: Telegram launches a non-custodial crypto wallet for its U.S. users, called the TON Wallet, in partnership with MoonPay. The built-in app allows users to send, receive, swap, and manage crypto without separate login or downloads.

Details:

Built on the TON blockchain and engineered by the Open Platform, the interface is seamless, where users can execute transactions like sending a message.

Telegram boasts that it is the first-ever self-custodian crypto wallet integrated into a global messaging platform in the U.S. market. “We started considering the U.S. as a more interesting opportunity for us,” said Andrew Rogozov, CEO of TOP, to CNBC.

Since the app went mainstream, it reached over 100 million active users globally in 2024. Embedded with MoonPay, a leading financial tech company, the app facilitates Zero-fee peer-to-peer crypto transfers and crypto-fiat conversions using debit cards. Additionally, the app allows users to connect with decentralized applications and Telegram’s “Mini Apps” feature.

👉 Also Read: MoonPay Adds Single-Click Crypto Payments for Revolut Users in UK, EU.

ETH Breaks $3900 Amid Sharplink’s $295M Accumulation 🚨

On Monday, July 28, Ethereum surpassed $3900 with a 61% surge in the past 30 days, fueled by Sharplink Gaming’s acquisition of 77,210 ETH worth $295 million, contributing to a total ETH holding of 438,017 ETH ($1.69 billion). Ethereum’s rise highlights institutional demand, broader market optimism, and the onset of the altcoin season. Read More: CoinGape.

Cardano Founder Confirms Largest Airdrop for XRP Holders 💰

Cardano Founder Charles Hoskinson announced a massive Midnight airdrop for its 37 million eligible wallets via Midnight token at the Consensus 2025 event. According to the June 11 snapshot, wallets that hold a minimum of $100 XRP were eligible. The Midnight airdrop portal is now LIVE. It opened on June 15 and has a 60-day window till mid-September. Users can now claim their drop rewards. Read More: The Crypto Basic 

Monero Under an Impending 51% Attack from Rival Qubic ⚠️ 

Monero (XMR), a leading privacy-first crypto, faces an imminent 51% threat from its rival Qubic, starting August 2. Qubic, a layer-1 blockchain founded by Sergey Ivancheglo (CFB), has integrated the uPoW (Useful Proof of Work) consensus mechanism that allows “AI miners” to mine XMR during idle cycles to enhance its network security. This integration has leveraged significant Monero mining power, resulting in a hashrate fluctuation of 20-40% in July. According to July 27 reports, Qubic holds 26.96% of Monero’s total 6.12 GH/s hashrate. It raises concern that if Qubic launches a 51% attack, it could destabilize Monero. Read More: Ainvest 

What is a 51% Attack?

A 51% attack in the context of blockchain or crypto occurs when a group of miners or an entity controls over 50% of a particular network’s mining hash rate. This can lead to major consequences as the attackers may gain control over the network’s operations, prevent confirmation of new transactions or payments, cause double-spending of coins, or reverse completed transactions.

Read More at 👉 Hacken.

Cryptocurrency prices on 30th July according to CoinMarketCap.

• Ethereum outperforms Bitcoin; is ETH poised to lead next crypto bull run? Business Standard

• BNB Crypto Hits A New All-Time High Of $858, Making Binance Co-Founder One Of The World’s Richest Men. 99 Bitcoins

• ‘Ignore the Rumors’ Says CoinDCX CEO on $900 Million Coinbase Acquisition Plan. CoinGape

• PayPal Drives Crypto Payments into the Mainstream, Reducing Costs and Expanding Global Commerce. PayPal Newsroom

That’s it for this week guys. Before you go, do not forget to sign up with WhaleTales newsletter. See ya all next week. 🗞️😇

Disclaimer: The information provided in this newsletter is educational and not intended for any investment or financial advice.