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The US "Clarity Act" Enters Final Sprint Phase: Trump's Conflicts of Interest Remain a Key Obstacle
The US Congress is in the final sprint for the "Clarity Act," with lawmakers growing optimistic, but ethical clauses surrounding Trump's conflicts of interest remain the biggest obstacle.
"This is one of the President's top priorities and a bipartisan issue in Congress," said Republican Representative William Timmons of South Carolina, adding, "We will get it done, there may be bumps in the road, but we will get it done."
Senate Majority Leader John Thune hopes to bring the bill to a floor vote before the August recess, with an updated text expected this week. However, if passed by the Senate, the bill will still need to return to the House, making the timeline tight.
On the ethics clauses, negotiators from both parties have been discussing for months restrictions on senior officials, including the President, Vice President, and members of Congress, profiting from digital assets during their tenure.
MegaETH sunsets Mega Mafia accelerator program, noting 'most' of its successful apps left
Ethereum scaling project MegaETH is sunsetting its flagship $Mega Mafia accelerator program after two years and two cohorts, according to an X post on Thursday from core MegaETH team member Shuyao Kong.
"While it was a success in many ways, we believe that the program was built on assumptions that no longer hold," Kong said.
The program, designed to incubate builders creating "0-to-1" and "OMEGA" applications building on MegaETH’s unique platform, supported about 20 teams that went on to raise approximately $80 million in pre-seed to Series A funding, according to Kong.
MegaETH "hand-picked teams" that then "co-lived and co-built with the MegaETH core team," which also offered technical, managerial and market-making support, among other forms of bootstrapping.
"In many ways, the MegaMafia was the best incubator of this cycle. But very little of that value has trickled to $Mega," Kong wrote, adding that of the projects successfully incubated, "most of those applications are no longer being built with us."
Indeed, many of the most high-profile $Mega Mafia projects have decided to build elsewhere.
A whale withdrew 50,000 ETH from Coinbase Prime within two days, valued at approximately $95.40 million
According to Onchain Lens monitoring, a whale holding 10,000 $ETH continues to withdraw $ETH from Coinbase Prime.
One day after withdrawing 30,000 $ETH, the whale withdrew another 20,000 $ETH (approximately $37.70 million), bringing the total withdrawal to 50,000 $ETH (approximately $95.40 million).
"Brother Maji" reduces leveraged ETH long positions by 7,000 coins, with remaining holdings only $16 away from liquidation price
According to monitoring by @ai_9684xtpa, "Big Brother Maji" is gradually reducing its $ETH long positions, currently holding 9600 $ETH, valued at approximately $17.76 million.
The current price is only $16 away from the liquidation price. The account has experienced a cumulative drawdown of $1.008 million within 24 hours, with floating profits nearly disappearing.
Bitcoin & Ethereum Spot ETF Flow
Bitcoin Spot ETF saw a total net inflow of 79.15M USD yesterday, marking a 3 days of consistent inflow
According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 79.15M USD yesterday (Eastern Time, July 16th).
The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a daily net inflow of 33.44M USD, and the total historical net inflow of IBIT currently stands at 60.35B USD.
The second highest was Fidelity's ETF FBTC, with a daily net inflow of 30.73M USD, and the total historical net inflow of FBTC currently stands at 9.97B USD.
As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 77.72B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.04%. The historical cumulative net inflow has reached 51.22B USD.
Ethereum spot ETFs had a total net outflow of $28.0413 million yesterday, with only the Bitwise ETF (ETHW) recording a net inflow.
According to SoSoValue data, Ethereum spot ETFs recorded a total net outflow of $28.04 million yesterday (July 16, U.S. Eastern Time).
The Ethereum spot ETF with the largest single-day net inflow yesterday was the Bitwise ETF $ETHW, with a net inflow of $2.28 million; $ETHW’s cumulative net inflow to date stands at $384 million.
The Ethereum spot ETF with the largest single-day net outflow yesterday was the Grayscale Ethereum Mini Trust ETF $ETH, with a net outflow of $14.28 million; $ETH’s cumulative net inflow to date stands at $1.80 billion.
As of press time, the total assets under management (AUM) for Ethereum spot ETFs stood at $10.10 billion, the ETF’s asset-to-market-cap ratio (i.e., AUM as a percentage of Ethereum’s total market capitalization) reached 4.47%, and the cumulative net inflow to date has reached $11.04 billion.
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