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On July 13, Crypto In America reported that the legislative process for the CLARITY Act has entered a critical window period, with only about four weeks remaining before the August congressional recess. Industry insiders view this as the last realistic opportunity this year to push comprehensive cryptocurrency market structure legislation across the finish line. This week marks a significant milestone: the updated legislative text, merging versions from the Senate Banking Committee and the Agriculture Committee, is expected to be released soon. It will reflect negotiation progress, reserved provisions, and unresolved differences. Currently, two core sticking points remain unresolved: first, the final status of the Blockchain Regulatory Certainty Act is uncertain, as the debate over whether non-custodial software developers should be classified as "money transmitters" continues; second, ethics provisions have yet to be agreed upon with the White House, with Democrats and some Republican lawmakers demanding conflict-of-interest safeguards regarding former President Trump's over $1 billion in cryptocurrency gains. Political circumstances add further uncertainty: the death of Republican Senator Graham and the continued absence of McConnell have significantly narrowed the margin for error for a bill that already requires 60 votes to pass, making Democratic votes more critical than ever. Industry outlooks are sharply divided. Kristin Smith, President of the Solana Policy Institute, remains optimistic, believing a viable path to passage exists and that momentum for a full floor vote is building. Alex Thorn, Head of Research at Galaxy Digital, is more cautious, having lowered the probability of passage to 50%, warning that priorities like the National Defense Authorization Act are crowding out legislative time. If the bill stalls this year, U.S. crypto innovation will continue to flow overseas.

[CLARITY Act Faces Critical Window: Decision Before August Recess]On July 13, Crypto In America reported that the legislative process for the CLARITY Act has entered a critical window period, with only about four weeks remaining before the August congressional recess. Industry insiders view this as the last realistic opportunity this year to push comprehensive cryptocurrency market structure legislation across the finish line. This week marks a significant milestone: the updated legislative text, merging versions from the Senate Banking Committee and the Agriculture Committee, is expected to be released soon. It will reflect negotiation progress, reserved provisions, and unresolved differences. Currently, two core sticking points remain unresolved: first, the final status of the Blockchain Regulatory Certainty Act is uncertain, as the debate over whether non-custodial software developers should be classified as "money transmitters" continues; second, ethics provisions have yet to be agreed upon with the White House, with Democrats and some Republican lawmakers demanding conflict-of-interest safeguards regarding former President Trump's over $1 billion in cryptocurrency gains. Political circumstances add further uncertainty: the death of Republican Senator Graham and the continued absence of McConnell have significantly narrowed the margin for error for a bill that already requires 60 votes to pass, making Democratic votes more critical than ever. Industry outlooks are sharply divided. Kristin Smith, President of the Solana Policy Institute, remains optimistic, believing a viable path to passage exists and that momentum for a full floor vote is building. Alex Thorn, Head of Research at Galaxy Digital, is more cautious, having lowered the probability of passage to 50%, warning that priorities like the National Defense Authorization Act are crowding out legislative time. If the bill stalls this year, U.S. crypto innovation will continue to flow overseas.

CLARITY Act Faces Critical Window: Decision Before August Recess

On July 13, after the US Congress reconvened, the Clarity Act (crypto market structure bill) entered a critical legislative window. Industry insiders believe that the next four weeks will determine whether the bill can complete Senate review before the August recess and be officially passed this year. Reports indicate that the Senate is expected to release the latest version of the bill this week, which integrates versions from the Banking Committee and the Agriculture Committee. Currently, the bill still faces two core disagreements: first, the final wording of the Blockchain Regulatory Certainty Act regarding the regulatory responsibilities of non-custodial software developers; second, ethical clauses related to conflicts of interest among government officials, particularly those involving Trump's crypto business. Sources say the White House and Congress have yet to reach an agreement on the ethical clauses, which are seen as a key factor in securing the 60-vote threshold for the bill. Alex Thorn, head of research at Galaxy Digital, stated that the next four weeks may be the last chance for the Clarity Act to pass in this Congress; if the bill fails to materialize, the US may fall further behind overseas markets in the competition for digital asset innovation.

[US Senate Enters Critical Window for Clarity Act; Next Four Weeks May Determine Bill's Fate This Year]On July 13, after the US Congress reconvened, the Clarity Act (crypto market structure bill) entered a critical legislative window. Industry insiders believe that the next four weeks will determine whether the bill can complete Senate review before the August recess and be officially passed this year. Reports indicate that the Senate is expected to release the latest version of the bill this week, which integrates versions from the Banking Committee and the Agriculture Committee. Currently, the bill still faces two core disagreements: first, the final wording of the Blockchain Regulatory Certainty Act regarding the regulatory responsibilities of non-custodial software developers; second, ethical clauses related to conflicts of interest among government officials, particularly those involving Trump's crypto business. Sources say the White House and Congress have yet to reach an agreement on the ethical clauses, which are seen as a key factor in securing the 60-vote threshold for the bill. Alex Thorn, head of research at Galaxy Digital, stated that the next four weeks may be the last chance for the Clarity Act to pass in this Congress; if the bill fails to materialize, the US may fall further behind overseas markets in the competition for digital asset innovation.

US Senate Enters Critical Window for Clarity Act; Next Four Weeks May Determine Bill's Fate This Year

On July 13, despite Meta's continued investment in AI infrastructure, a latest BBC investigation found that Instagram in India is still showing users ads containing child sexual abuse material (CSAM), and some ads, even after being reported, were still deemed by the platform's moderation system as 'not violating community guidelines.' According to the report, a test account created by BBC received about 30 ads related to child sexual abuse content within a week without actively searching for such content. These ads directed users to Telegram channels to purchase illegal content. The Indian government has demanded that Meta remove the relevant ads and explain within seven days why the moderation mechanism failed. The report stated that Meta's advertising revenue in 2025 reached $201 billion, accounting for approximately 97% of total revenue. During the same period, its AI infrastructure investment amounted to $72.2 billion, and it plans to increase capital expenditure to between $125 billion and $145 billion by 2026. The article pointed out that the current controversy surrounding Meta stems more from platform governance and commercial incentives than from insufficient AI technical capabilities.

[BBC Investigation Finds Instagram Still Showing Child Sexual Abuse Material Ads, Meta's AI Moderation Mechanism Questioned Again]On July 13, despite Meta's continued investment in AI infrastructure, a latest BBC investigation found that Instagram in India is still showing users ads containing child sexual abuse material (CSAM), and some ads, even after being reported, were still deemed by the platform's moderation system as 'not violating community guidelines.' According to the report, a test account created by BBC received about 30 ads related to child sexual abuse content within a week without actively searching for such content. These ads directed users to Telegram channels to purchase illegal content. The Indian government has demanded that Meta remove the relevant ads and explain within seven days why the moderation mechanism failed. The report stated that Meta's advertising revenue in 2025 reached $201 billion, accounting for approximately 97% of total revenue. During the same period, its AI infrastructure investment amounted to $72.2 billion, and it plans to increase capital expenditure to between $125 billion and $145 billion by 2026. The article pointed out that the current controversy surrounding Meta stems more from platform governance and commercial incentives than from insufficient AI technical capabilities.

BBC Investigation Finds Instagram Still Showing Child Sexual Abuse Material Ads, Meta's AI Moderation Mechanism Questioned Again

The Depository Trust & Clearing Corporation (DTCC), a giant in financial market infrastructure, plans to demonstrate a real-time stock trading process based on blockchain technology this Wednesday. Market participants believe that this technology could streamline the clearing, settlement, and record-keeping processes behind Wall Street stock trading, thereby enhancing the efficiency of capital markets. This test is seen as an important step for the traditional financial system to explore on-chain securities infrastructure. However, the project remains relatively limited in scale at its initial stage. After years of research and development, the DTCC, one of the largest securities clearing institutions in the United States, is undertaking this demonstration more as a verification exercise rather than a full-scale push to migrate the stock market to blockchain. Market insiders note that although tokenized securities and on-chain settlement are considered to have the potential to reduce costs and improve trading efficiency, the migration of traditional financial infrastructure to blockchain still faces challenges such as regulation, compliance, system compatibility, and coordination among market participants.

[DTCC to Showcase On-Chain Stock Trading, but with Potential Scale Limitations]The Depository Trust & Clearing Corporation (DTCC), a giant in financial market infrastructure, plans to demonstrate a real-time stock trading process based on blockchain technology this Wednesday. Market participants believe that this technology could streamline the clearing, settlement, and record-keeping processes behind Wall Street stock trading, thereby enhancing the efficiency of capital markets. This test is seen as an important step for the traditional financial system to explore on-chain securities infrastructure. However, the project remains relatively limited in scale at its initial stage. After years of research and development, the DTCC, one of the largest securities clearing institutions in the United States, is undertaking this demonstration more as a verification exercise rather than a full-scale push to migrate the stock market to blockchain. Market insiders note that although tokenized securities and on-chain settlement are considered to have the potential to reduce costs and improve trading efficiency, the migration of traditional financial infrastructure to blockchain still faces challenges such as regulation, compliance, system compatibility, and coordination among market participants.

DTCC to Showcase On-Chain Stock Trading, but with Potential Scale Limitations

On July 13, according to data from the Korea Financial Investment Association, the recent sharp decline in the Korean stock market has accelerated margin deleveraging, with the cumulative scale of forced liquidations in July reaching 344.2 billion won. Among them, forced liquidations on a single day on July 9 amounted to 142.2 billion won. Due to a two-day lag in the reporting of forced liquidation data, the clearing pressure from the KOSPI's nearly 9% plunge on July 13 has not yet been fully reflected, and the market expects the scale of subsequent liquidations to further increase. On July 13, the KOSPI index closed down 8.95%, triggering the seller-side program suspension mechanism (Sidecar) and the primary circuit breaker mechanism during trading. The semiconductor sector suffered heavy losses, with SK Hynix falling 15.37%, marking the largest single-day drop in history, and Samsung Electronics falling 10.7%. At the same time, the margin scale of individual investors, credit financing balances, and investor deposits in South Korea have all continued to decline, and the market is trapped in a deleveraging cycle of 'stock price decline—forced liquidation—further decline'.

[Korean Stock Market Faces Margin Call Crisis: Forced Liquidations Reach 344.2 Billion Won in July]On July 13, according to data from the Korea Financial Investment Association, the recent sharp decline in the Korean stock market has accelerated margin deleveraging, with the cumulative scale of forced liquidations in July reaching 344.2 billion won. Among them, forced liquidations on a single day on July 9 amounted to 142.2 billion won. Due to a two-day lag in the reporting of forced liquidation data, the clearing pressure from the KOSPI's nearly 9% plunge on July 13 has not yet been fully reflected, and the market expects the scale of subsequent liquidations to further increase. On July 13, the KOSPI index closed down 8.95%, triggering the seller-side program suspension mechanism (Sidecar) and the primary circuit breaker mechanism during trading. The semiconductor sector suffered heavy losses, with SK Hynix falling 15.37%, marking the largest single-day drop in history, and Samsung Electronics falling 10.7%. At the same time, the margin scale of individual investors, credit financing balances, and investor deposits in South Korea have all continued to decline, and the market is trapped in a deleveraging cycle of 'stock price decline—forced liquidation—further decline'.

Korean Stock Market Faces Margin Call Crisis: Forced Liquidations Reach 344.2 Billion Won in July

On July 13, Intel (INTC.O) will spend €5 billion (about $5.7 billion) to expand its factory in Ireland, attempting to regain dominance in manufacturing amid the AI boom. Intel said in a statement that the investment will increase capacity at its campus in Leixlip, outside Dublin, as part of the company's plan to ramp up production of data center processors. The expansion will enhance production capabilities for products including its flagship Xeon server processors, while also advancing R&D activities. Intel Executive Vice President Naga Chandrasekaran said in a statement that the move is also part of a plan to improve delivery capabilities for Intel's foundry business customers. Intel's foundry business, which makes chips for other tech companies, is a key part of the company's revitalization strategy aimed at strengthening competition with rivals like TSMC.

[Intel to Invest €5 Billion to Expand Ireland Plant]On July 13, Intel (INTC.O) will spend €5 billion (about $5.7 billion) to expand its factory in Ireland, attempting to regain dominance in manufacturing amid the AI boom. Intel said in a statement that the investment will increase capacity at its campus in Leixlip, outside Dublin, as part of the company's plan to ramp up production of data center processors. The expansion will enhance production capabilities for products including its flagship Xeon server processors, while also advancing R&D activities. Intel Executive Vice President Naga Chandrasekaran said in a statement that the move is also part of a plan to improve delivery capabilities for Intel's foundry business customers. Intel's foundry business, which makes chips for other tech companies, is a key part of the company's revitalization strategy aimed at strengthening competition with rivals like TSMC.

Intel to Invest €5 Billion to Expand Ireland Plant

On July 13, an advisor to Iran's Supreme Leader stated: 'No Iranian believes we should abandon the Strait of Hormuz. We defend the Strait of Hormuz to avoid having to pay ransom to enemies for the passage of our ships in the future. The strategic position of the Strait of Hormuz and its security and economic importance have no substitute. We will never back down on the issue of the Strait of Hormuz.'

[Iran's Supreme Leader Advisor: Strait of Hormuz Irreplaceable, No Concession]On July 13, an advisor to Iran's Supreme Leader stated: 'No Iranian believes we should abandon the Strait of Hormuz. We defend the Strait of Hormuz to avoid having to pay ransom to enemies for the passage of our ships in the future. The strategic position of the Strait of Hormuz and its security and economic importance have no substitute. We will never back down on the issue of the Strait of Hormuz.'

Iran's Supreme Leader Advisor: Strait of Hormuz Irreplaceable, No Concession

On July 13, US President Trump posted that the US may "operate" the Strait of Hormuz in the future. If the US dominates the Strait of Hormuz in the future, the US will be compensated. "We will become the guardian of the Strait of Hormuz."

[Trump: US May Be Responsible for Managing Strait of Hormuz in Future]On July 13, US President Trump posted that the US may "operate" the Strait of Hormuz in the future. If the US dominates the Strait of Hormuz in the future, the US will be compensated. "We will become the guardian of the Strait of Hormuz."

Trump: US May Be Responsible for Managing Strait of Hormuz in Future

On July 13, according to official sources, the third phase of staking activities on HSK Chain officially launched on July 13. This phase has a maximum cap on total staking amount and adopts a diversified incentive model. Participating users will receive corresponding expected ecosystem incentives based on on-chain rules. Additionally, users who participated in previous phases and continue to support ecosystem development will receive additional ecosystem subsidies based on their historical lock-up contributions, comprehensively enhancing on-chain participation benefits. It is reported that this phase of staking activities, while rewarding HSK holders and previous participants, will further promote the long-term stable growth of the HSK Chain ecosystem. With the continuous influx of on-chain developers, high-quality projects, and institutional-grade assets, this upgrade of the long-term incentive mechanism will become a core measure for the ecosystem's long-term construction.

[HSK Chain Launches Third Phase of HSK Staking, Upgrading Long-Term Ecosystem Incentive Mechanism]On July 13, according to official sources, the third phase of staking activities on HSK Chain officially launched on July 13. This phase has a maximum cap on total staking amount and adopts a diversified incentive model. Participating users will receive corresponding expected ecosystem incentives based on on-chain rules. Additionally, users who participated in previous phases and continue to support ecosystem development will receive additional ecosystem subsidies based on their historical lock-up contributions, comprehensively enhancing on-chain participation benefits. It is reported that this phase of staking activities, while rewarding HSK holders and previous participants, will further promote the long-term stable growth of the HSK Chain ecosystem. With the continuous influx of on-chain developers, high-quality projects, and institutional-grade assets, this upgrade of the long-term incentive mechanism will become a core measure for the ecosystem's long-term construction.

HSK Chain Launches Third Phase of HSK Staking, Upgrading Long-Term Ecosystem Incentive Mechanism

According to official information, the Fed reduced its balance sheet by more than $15.9 billion last week, and its total assets fell from $8.832 trillion to $8.816 trillion.

Detail

【Fed shrinks balance sheet by more than $15.9 billion last week】According to official information, the Fed reduced its balance sheet by more than $15.9 billion last week, and its total assets fell from $8.832 trillion to $8.816 trillion.

Fed shrinks balance sheet by more than $15.9 billion last week

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Fed shrinks balance sheet by more than $15.9 billion last week

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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