ABA and state banking associations published a joint letter calling for more detail on the CLARITY Act’s stablecoin yield provisions, ahead of the bill’s House hearing on July 17. A wide swath of the US banking industry is urging Senate leaders to amend the stablecoin yield provisions of the Digital Asset Market Clarity Act (CLARITY) now under consideration. The American Bankers Association (ABA), the Independent Community Bankers of America (ICBA) and 76 other state banking associations sent a joint letter to Senate leaders that claimed that the current language on stablecoin interest, yield and rewards is too ambiguous and argued that new amendments need to prevent payment stablecoins from acting as deposit substitutes rather than pure transaction tools. The joint letter, which showed support for the broader bill, said the ABA is concerned that ambiguities within the bill “could encourage stablecoin arrangements to effectively function as substitutes for deposits, despite Congress’s longstanding and clearl...
Superteam UK lead Stephen “Cap” Newnham is taking on Nigel Farage in the Clacton by-election with pledges on pension reform and onchain transparency. Stephen “Cap” Newnham, who leads the Solana community group Superteam UK, said he will run as an independent candidate in the Aug. 13 parliamentary by-election in Clacton against Reform UK leader Nigel Farage. On Tuesday, Newnham outlined five campaign pledges, including support for local entrepreneurs, digital and artificial intelligence education, financial literacy in schools and onchain political transparency. He announced his intention to stand as an independent candidate on July 9. Newnham’s fourth pledge, “You should own your pension,” argues that existing structures like self-invested personal pensions and small self-administered schemes allow savers to choose where their assets are held. He also pledged full transparency, with donations and meetings published in plain English and onchain. Read more
The European Central Bank will beta test a digital euro with 36 providers, including Revolut, after the project drew more than 50 applications. The European Central Bank is moving the digital euro from planning into testing, with dozens of payment companies joining the next stage of the project. The ECB selected 36 payment service providers (PSPs) to participate in a digital euro pilot, according to an official announcement published Tuesday. The list of selected PSPs includes fintechs Stripe and Revolut alongside traditional banks including Deutsche Bank, UniCredit and BPCE. Revolut has recently adjusted some cryptocurrency services for EU users by phasing out support for Tether USDt. Read more
Total value stolen and median hack size are declining compared to 2025, signaling that the AI hacking apocalypse was a false alarm, argued Dragonfly managing partner Haseeb Qureshi. Fears that artificial intelligence would trigger a wave of catastrophic decentralized finance (DeFi) hacks in what was coined as a “hackpocalypse” have not materialized, according to Dragonfly managing partner Haseeb Qureshi. While the incident count grew to a record high, the median size of hacks has dipped below $500,000 this year, down from over $2 million in 2025. Qureshi argued that this shows malicious actors using AI are targeting “small protocols and abandonware” while larger DeFi protocols have fortified themselves against AI’s threat. Excluding outlier months with large incidents, such as the Bybit hack in February 2025 along with the Drift Protocol and KelpDAO exploits in April of this year, 2026 has still seen less value hacked per month than the previous year, said Qureshi. Read more