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What’s in the Crypto Nutshell Portfolio?

BREAKING: SEC Ready to Provide Crypto Rules if Clarity Act Flounders

Last week the Senate left for its summer break without voting on the CLARITY Act, crypto's best shot at a permanent federal rulebook.

This week the SEC decided it wasn't waiting for them.

The agency has set a meeting for Friday to propose its own crypto rules, a package it calls Regulation Crypto, and open them for public comment.

CLARITY is the bill that would split oversight of digital assets between the SEC and the CFTC and write the rules into law.

Reg Crypto does a piece of the same job by regulation instead.

It would give crypto projects a legal way to raise money in the US without the full weight of SEC registration, the thing years of enforcement actions effectively blocked.

It even offers a path to step outside the agency's reach altogether.

Chair Paul Atkins has called it a bridge to CLARITY, not a replacement.

A law passed by Congress stays put.

A rule written by a three-member, all-Republican commission can be undone by the next one, without a single vote in Congress.

And even this version is months off, with a comment period and a rewrite to get through first.

For over a year the question was whether Congress would write crypto's rules.

It still hasn't, so the SEC is starting without it.

CLARITY gets another shot in September, and only that version would be built to last. 🚀

What happens when AI can do more than answer customer questions? On August 13th, hear from Junan Pang (Fin) and Emily Haahr (Plaid) on how AI and trusted financial connectivity can deliver more proactive customer experiences.

We’ll cover everything from reducing onboarding and bank-linking friction to resolving real financial tasks directly within the customer conversation.

Reserve your seat

On her latest Bloomberg appearance, Cathie Wood pointed to a milestone that quietly passed with almost no attention.

Wood is the founder and CEO of ARK Invest and one of the most closely followed growth investors in the world.

We just crossed 20 million Bitcoin mined. Ever. And the cap is 21 million.

Her comparison to gold is the part that lands.

That's the whole difference in two sentences. Gold's supply responds to price. Higher prices fund more exploration, more digging, more supply. Bitcoin's issuance does not care what the price does. It's already scarcer than gold on a growth-rate basis.

She sees two roles converging. First, the internet finally has a native currency, which matters enormously as agentic AI arrives and machines start buying from other machines. Second, it's a global monetary system already responding to events in the Middle East.

On the drawdown, her read is that the October flash crash and the auto-deleveraging that caught so many people offside has now fully washed through.

And with the largest intergenerational wealth transfer in history underway, she thinks Bitcoin becomes the store of value of choice.

One million left to mine. Forever. ⏳

Today we’ll be taking a look the overall stablecoin supply.

Stablecoins are the backbone of crypto liquidity, used for seamless trading and instant cross-border transactions.

The chart below tracks the aggregate change in the total stablecoin market cap.

$260.25 billion in stablecoins now sit on-chain. (Two weeks ago: $263.12 billion)

Down $2.87 billion in a fortnight, and the pause didn't last.

Last print broke a four-fortnight losing streak with a small tick higher, and we left it asking whether the bleed was done or just resting.

This read answers it.

Supply gave back $2.87 billion, nearly matching the steepest drop of the whole run, so one green print and then straight back to draining.

That drops the pool to roughly $12 billion below its highs, and deeper below where 2026 began.

Stablecoin supply shrinks when holders redeem to fiat and walk, so a move this size is real capital leaving the system, not noise.

Last fortnight's bounce looks like a breather in the bleed, not the end of it.

Ravencoin Crashes 20% as Critical Exploit Threatens to Rollback Network. Two mining pools controlling most of Ravencoin’s hashpower are rebuilding from before the first invalid block, putting roughly four days of transactions at risk of reversal.

Brazil’s largest lender Itaú is stepping deeper into tokenization. Latin America’s largest bank joined an ANBIMA pilot testing tokenized bonds and investment funds.

Nasdaq to acquire LeveL Markets in push toward ‘always-on’ markets. Nasdaq is buying the third-largest US alternative trading system as it combines institutional liquidity, tokenization, and longer trading hours.

Grvt eyes $100 million USDY position in Ondo Finance tie-up. The derivatives venue is targeting a $100 million position in Ondo’s tokenized Treasury-backed note.

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Because what would the crypto world be without its share of memes?

Trivia Answer: An attacker tricks a mobile carrier into transferring a victim's phone number 🥳

Controlling the number can let the attacker intercept calls and text-message security codes.

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