Crypto Market Update: Senate Pressed for Action on CLARITY Act

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrencymarket news

Here’s a quick recap of the crypto landscape for Friday (July 24) as of 11:00 p.m. UTC.

Bitcoin price update

Bitcoin (BTC) was priced at US$64,148.47 , down by 0.6 percent over the past 24 hours.

Simon-Peter Massabni, head of business development at XS.com, says that BTC is currently undergoing a “healthy repricing of risk” rather than the start of a bearish cycle, driven by macroeconomic pressures like inflation, rising oil prices and geopolitical tension.

“The key difference between today’s correction and those seen in previous market cycles lies in the composition of investors. In earlier years, Bitcoin’s movements were largely driven by retail speculation. Today, however, institutional participation has reached unprecedented levels,” he said in an emailed statement.

The market is bolstered by inflows into spot Bitcoin ETFs and major industry collaborations on network security. Analysts are also noting Deribit’s BTC options market, which is heavily focused on US$70,000 and US$72,000 calls, totaling nearly US$5 billion in open interest, about 18 percent of the exchange’s total.

At both levels, call options outnumber puts. Orbit Markets co-founder Jimmy Yang linked much of the demand to Clarity Act optimism.

“This view is further reinforced by the launch of the Bitcoin Security Alliance, backed by…several of the largest organizations in the digital asset sector,” Massabni continued.

“In my opinion, the significance of this initiative extends far beyond its US$15 million funding commitment. Its true importance lies in the message it sends to the market. When some of the world’s largest financial institutions collaborate to strengthen Bitcoin’s network security and invest in its long-term development — including preparations for future challenges such as quantum computing threats — it demonstrates a strategic conviction that Bitcoin has evolved beyond a speculative asset into a long-term financial infrastructure.”

Provided that macroeconomic conditions stabilize, Massabni says the long-term outlook remains bullish, with current pullbacks viewed as manageable corrections within a larger trend.

​Bitcoin price chart

Chart via the Investing News Network

Bitcoin price performance, July 24, 2026.

Ether and altcoin price update

• Ether (ETH) was priced at US$1,861.83, trading 0.8 percent lower over the last 24 hours.

• XRP (XRP) was priced at US$1.09, trading 1.4 percent lower over the past 24 hours.

• Solana (SOL) was trading at US$73.95, trading 2.2 percent lower over the past 24 hours.

​Today’s crypto news to know

Read on for a round-up of the biggest cryptomarket news

• Market leaders urge Senate to pass CLARITY Act
• EU enacts sanction package targeting crypto platforms
• BitMEX faces class-action lawsuit
• Ripple launches Mint platform
• Ondo Finance arm secures FINRA license

Market leaders urge Senate to pass CLARITY Act

Today, the Crypto Council for Innovation, Blockchain Association, and The Digital Chamber sent a joint letter to Majority Leader Thune and Minority Leader Schumer expressing strong support for Senate floor consideration of the Digital Asset Market Clarity (Clarity) Act.

In the letter, the signatories said there “is a crucial opportunity for the Senate to improve upon the status quo by establishing durable rules for digital assets that protect consumers, safeguard markets, and ensure that innovation can thrive in the United States.”

The Clarity Act would establish the first comprehensive federal framework for digital asset markets, replacing the current patchwork of regimes with clear guidelines and consumer safeguards tailored to digital assets.

The joint letter urged Senate leadership to prioritize floor consideration so Congress can pass legislation that has been gridlocked due to Senate Democrats and Republicans being unable to agree on the bill’s crypto market-structure rules, especially over how digital assets should be regulated and which agencies should have authority.

“For the United States to maintain its position as the global leader of financial innovation, there is no substitute for the long-term certainty of durable market structure legislation,” the letter concluded.

EU enacts sanction package targeting crypto platforms

The EU approved its 21st round of sanctions against Russia, specifically targeting its banking system and cryptocurrency networks.

The Council of the EU designated 218 new listings, comprising 170 entities and 48 individuals. European authorities imposed asset freezes, travel bans, and strict transaction restrictions on all listed targets.

Regulators froze assets and banned fund transfers for 94 banks, major financial institutions, and a prominent Russian banking executive. Officials expanded the transaction ban to cover 33 additional Russian financial institutions along with four non-Russian banks assisting with sanctions evasion.

The EU extended its transaction ban to 14 crypto service platforms operating across Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan, and Belarus.

For the first time, the bloc established a legal framework permitting a full third-country ban on crypto-asset services to deter foreign hosts.

BitMEX faces class-action lawsuit

Former tokenization project BKX Services and investor David Namdar filed a proposed class-action lawsuit against cryptocurrency exchange BitMEX alleging systemic Bitcoin theft and insider trading.

Plaintiffs submitted the lawsuit on the exact day BitMEX announced plans to cease all operations on September 23, ending an 11-year run as a derivatives exchange.

BKX claims forced liquidations caused the loss of 305 Bitcoin, while Namdar reports personal losses of 622 Bitcoin worth $40.7 million. The complaint names parent company HDR Global Trading alongside co-founders Arthur Hayes, Ben Delo, and Samuel Reed as primary respondents.

Plaintiffs allege the founders built a trading system specifically designed to retain customer collateral and transfer remaining funds directly into the platform’s insurance fund.

The lawsuit targets all US customers who purchased BitMEX Bitcoin swap products with up to 100 times leverage since July 2018.

The legal action demands full restitution of lost Bitcoin alongside compensatory and punitive damages.

Ripple launches Mint platform

Blockchain fintech company Ripple launched Ripple Mint to provide institutional clients with direct capabilities to mint, redeem, and manage its U.S. dollar-pegged stablecoin, RLUSD.

The unified platform offers access through both a dedicated web interface and direct application programming interface integrations. Ripple designed the portal to handle manual operations alongside automated workflows as financial institutions adopt stablecoins for corporate payments, trading, and treasury management.

The launch follows RLUSD’s December 2024 debut, which positioned the token for rapid enterprise adoption across traditional financial sectors.

The stablecoin climbed into the top ten US dollar-backed digital assets by market capitalization in less than twelve months. RLUSD achieved an all-time high market capitalization exceeding $US1.8 billion on June 1, 2026.

Following the announcement of Ripple Mint, RLUSD’s total market valuation briefly surged from US$1.54 billion to US$1.64 billion before stabilizing near US$1.59 billion.

The token currently holds the position of ninth-largest USD-pegged stablecoin in the global crypto ecosystem.

Ondo Finance arm secures FINRA license

Ondo Finance said its broker-dealer subsidiary, Oasis Pro Markets, secured authorization to offer tokenized equities and funds to US investors under SEC and FINRA oversight.

The approval covers tokenized versions of public equities, ETFs and mutual and index funds, which can be distributed through retail trading, new offerings and private placements. The structure is designed to plug into existing brokerage systems, making it easier for financial advisors and retirement accounts to access these products.

Ondo added that its Ondo Stocks platform has already processed more than US$20 billion in total volume and currently holds over US$1 billion in assets.

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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.