Senate shelves Clarity Act. Bitcoin remains steady.

BTC stability hasn’t sparked a broader altcoin rally. Only 29 of top 100 coins trade above 50-day averages. Senate shelves Clarity Act. Fed decision Wednesday could be the catalyst. SPONSORED BY Tuesday, July 28, 2026 Bitcoin and ether are under mild pressure today but remain above their 50-day moving averages — a bullish sign. The wider market isn’t so fortunate: only 29 of the top 100 crypto assets are trading above their respective 50-day averages, a decisively bearish breadth reading that compares poorly with the Nasdaq 100, where 47 stocks held above that threshold as of Monday. BTC’s relative stability since the selloff stalled near $58,000 on June 1 has yet to spill over into the broader altcoin market. Ether’s recent outperformance offers a sliver of hope for a rotation, but much depends on the Fed’s rate decision due Wednesday. With a September hike now fully priced into futures, analysts say the bar for a hawkish surprise that could meaningfully boost the dollar — and hurt BTC — is high. The Senate’s decision to shelve the Clarity Act in favor of a Russia sanctions bill removes a key near-term catalyst. Stay alert. Read today’s full report → Market snapshot As of 9am EST Asset Price 24h BTC $63,327.39 −2.50% ETH $1,877.71 −3.20% SOL $73.08 −4.08% XRP $1.05 −4.44% Prices approximate. Visit coindesk.com/price for live data. A message from RealFi Most stablecoins leave capital sitting still. RealFi is different. It connects on-chain capital to real-world markets like US Treasuries, money market funds, and private credit. Real transparency. Real impact. RealFi. RealFi is launching August 2026. Join the Testnet now at realfi.co Find out more What matters today Markets Story 1 of 2 U.S. Senate puts off crypto Clarity Act for now as it focuses limited bandwidth elsewhere. The U.S. Senate has shelved the Digital Asset Market Clarity Act, opting to first pursue a package of federal nominations and a Russia sanctions bill honoring the late Senator Lindsey Graham. Majority Leader John Thune began the nominations process Monday and moved to the Russia bill Tuesday, triggering a cloture process that involves multiple steps and waiting periods — limiting the Senate to one disputed bill at a time. The Clarity Act is therefore unlikely to receive a vote before next week, the final days before the August 8 recess begins. Key sticking points remain, chiefly the ethics provision limiting senior officials including President Trump from backing crypto projects — with Democrats arguing the current language doesn’t go far enough. Even if the Senate acts before the recess, the bill must return to the House for another vote, where Republican infighting has complicated progress on other initiatives. If Clarity misses 2026, the next avenues for regulatory legitimacy are the GENIUS Act stablecoin rollout and ongoing policy efforts at the SEC and CFTC. Read more → Policy   Story 2 of 2 Inside the CME and CFTC’s battle over onchain perpetual futures. The largest derivatives exchange in the U.S., CME Group, is at war with its own regulator. Last month CME sued the CFTC and its chairman Mike Selig, challenging his decision to allow Kalshi and Coinbase to list crypto perpetual futures — leveraged, no-expiry contracts that let traders speculate on asset prices indefinitely. CME argues the CFTC mislabeled the products: perps lack an end date, making them swaps under existing law, which carry heavier margin and registration requirements. Both sides now await a federal court ruling that could shape how the U.S. handles a market that generated roughly $60 trillion in non-U.S. volume last year. The CME also attempted to fast-track 24/7 crude oil futures trading, but was blocked by the CFTC — adding another layer to a feud that critics say amounts to a large incumbent using regulation to fend off competition. Kalshi’s debut perp offering exceeded $1 billion in trading volume within its first week. CFTC Chair Selig, currently the sole member of the five-person commission, is pursuing a case-by-case approval approach rather than formal rulemaking — a strategy that mirrors the SEC’s recent policy-statement approach to crypto. Read more → Exchange Review, supported by Gate Gate leads spot market share gains as CEX volumes rise for first time in five months Combined spot and derivatives trading on centralized exchanges rose 13.0% to $4.99T in June — the first monthly increase since January. Gate was the standout performer, with spot volumes surging 50.8% to $66.1B, lifting market share by 1.55% to 5.95% — the largest gain of any tracked exchange. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

Crypto's $90T Perps Market Hits Wall Street

Bitcoin holds near $65K as AI stocks sell off. Wall Street is sizing up crypto's $90 trillion perps market.  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Monday, July 27, 2026 Bitcoin shrugs off AI selloff but high-stakes Fed meeting could determine what's next Bitcoin held near $65,000 on Monday even as AI-linked tech stocks — led by Nvidia, down 4.8% — came under pressure, while ether hit its strongest price in nearly two months. The resilience sets up a critical test: with the Federal Reserve's policy decision, key U.S. inflation data, and mega-cap tech earnings all due this week, analysts say the outcome could determine whether bitcoin finally breaks out of its months-long range or revisits June's lows. LMAX Group's Joel Kruger called the decoupling from traditional risk assets "encouraging," noting bitcoin needs to clear $67,300 and ether needs to hold above $2,000 to confirm the next leg higher. Tom Lee flagged ether's outperformance versus bitcoin — the ETH/BTC ratio hit a three-month high — as a bullish signal. Not everyone agrees: Nansen's Nicolai Sondergaard said the rebound lacks conviction, with falling futures open interest and persistent net selling pressure pointing to a potential pullback toward the mid-$50,000s rather than a sustained breakout. Read more → A message from Bullish The standard for institutional crypto trading.   The only NYSE-listed crypto exchange, regulated by NYDFS, HKSFC, Bafin, and GFSC. Built for institutional trading, on the infrastructure regulated markets require.   One global order book, open 24/7, serving institutions in 50+ jurisdictions, with deep liquidity that holds in volatile markets.   Top 3 for BTC and ETH volume among the exchanges in the CME CF benchmarks. (CoinDesk Data)   Not investment advice. Digital assets and related products are high risk. Visit bullish.com/legal for more important information and risk warnings. Learn more about Bullish Markets Crypto's favorite $90 trillion trading product is coming to Wall Street, but big banks are taking it slow Perpetual futures — crypto's most traded product, with Bank of America estimating annual volume at roughly $90 trillion — are officially landing in regulated U.S. markets. Kalshi topped $1 billion in perps volume within a week of its June launch, and Coinbase has also received CFTC approval. But while prop trading firms and crypto exchanges race to capture demand, large Wall Street banks are holding back. Unlike prop shops that trade their own capital and can test new venues quickly, big banks face stricter capital requirements, compliance costs, and reputational risk that make them want years of data, clear regulatory treatment, and stable infrastructure before committing. The product has genuine institutional use cases — including managing weekend risk when traditional futures markets close — but thin liquidity, unsettled swap-vs-futures classification questions, and a brewing competitive fight between Kalshi and CME mean the largest banks are likely to be fast followers, not first movers. Read more → Markets Fanatics buys regulated exchange in bid to grow prediction markets business Fanatics is making a major push into prediction markets, announcing it will acquire Water Street Labs and CX Clearinghouse from BGC Group — giving the sports merchandise giant ownership of a federally regulated exchange and clearinghouse it can use to list and settle its own contracts. The deal lets Fanatics control its own prediction market infrastructure rather than rely on third-party venues, and move faster in bringing new markets online. The two companies also plan to build joint market data products combining prediction market activity with traditional financial data. Fanatics launched its Markets platform in late 2024 and is currently available in 23 states and four U.S. territories, betting its massive sports audience can bring event-based trading to a broader consumer base — a space already heating up with Kalshi, Polymarket, Coinbase, Robinhood, and DraftKings all staking out positions. Read more → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.