Bitcoin briefly tops $85,000 on cool inflation data before retreating

Crypto Industry Spent $8M Lobbying for Clarity Act That Failed to Pass

The cryptocurrency industry spent $8 million on lobbying efforts in the first half of 2025, with the bulk of spending directed toward advancing the Clarity Act, a U.S. market structure bill. Despite the significant financial investment, lobbyists were unable to push the legislation across the finish line. The funds were channeled through various lobbying firms hired to influence U.S. lawmakers on crypto market regulation. The failed effort highlights the challenges the crypto sector faces in translating financial muscle into concrete legislative outcomes.

Open Standard launches equity-sharing stablecoin to rival Tether and Circle

A new stablecoin issuer called Open Standard has entered the market with a model designed to compete with industry giants Tether and Circle. The company is introducing a stablecoin called Open USD, which takes a distinct approach to growth and distribution. CEO Zach Abrams stated that the overwhelming majority of Open Standard's equity will be distributed to partners over time. The equity allocation will be tied directly to how much each partner contributes to growing the stablecoin's adoption. This incentive-driven structure sets Open Standard apart from the fixed ownership models of its major competitors.

CFTC Sends Swap Definition Rules to White House Amid State Gambling Disputes

The U.S. Commodity Futures Trading Commission (CFTC) has submitted two rules related to event contract and swaps definitions to the White House for review. The move comes as the agency is engaged in ongoing disputes with several U.S. states over the regulation of prediction markets. The proposed definitions could potentially counter state-level claims that certain prediction market contracts constitute illegal gambling. By seeking federal-level clarification, the CFTC appears to be working to assert regulatory authority over these financial instruments. The outcome of the review may have significant implications for how prediction markets are classified and governed across the country.

Crypto Long & Short: What will the AI agents run on?