Latest Crypto News & Market Updates

Coinbase loses Michigan bid over sports prediction markets

Coinbase Financial Markets lost its bid for preliminary relief in Michigan on Aug. 6 after U.S. District Judge Shalina Kumar refused to block state officials from enforcing sports betting laws against the companys event contracts.　　The order leaves Coinbase without the injunction it sought as its challenge continues.　　Coinbase sued Michigan Attorney General Dana Nessel, arguing that event contracts offered through federally regulated prediction markets fall under the Commodity Exchange Act and the Commodity Futures Trading Commissions exclusive jurisdiction. Coinbase wants Michigan customers to access contracts supplied through Kalshi.　　Judge rejects Coinbases preemption case　　Kumar concluded that Coinbase had not shown a likelihood of success on its federal preemption claims, a requirement for preliminary relief. The judge rejected Coinbases argument that sports event contracts necessarily qualify as swaps under the Commodity Exchange Act and therefore sit beyond Michigans gambling authority.　　The court also rejected Coinbase‘s claim that compliance with federal derivatives law and Michigan’s Lawful Sports Betting Act would be impossible. Kumar wrote that Coinbases assertions were “applesauce,” adding that higher costs or operational difficulty do not establish legal impossibility. The ruling addresses preliminary relief rather than a final judgment.　　New: District court judge denies Coinbase motion for a preliminary injunction against Michigan.　　One of my favorite

08-07Industry

XRP Ledger 3.3.0 brings privacy and batch upgrades

XRP Ledger developers released xrpld version 3.3.0 on Aug. 6, moving several protocol changes closer to possible mainnet activation.　　The official GitHub release confirms work on ConfidentialTransfer, BatchV1_1, Sponsor and DynamicMPT, alongside fixes and other protocol changes. The software release itself does not activate those features on the network.　　The distinction matters because some reports describe six upgrades as already live. Under the XRP Ledger amendment process, new protocol features require validator support before activation. An amendment must maintain more than 80% support from trusted validators for two continuous weeks before taking effect.　　XRP Ledger 3.3.0 upgradesXRP Ledger 3.3.0 adds privacy and atomic transaction tools　　ConfidentialTransfer is designed to add privacy for Multi-Purpose Tokens, or MPTs. XRPL documentation says the amendment uses cryptography to shield individual balances and transfer amounts while preserving mechanisms that let authorized parties, including issuers or auditors, verify information needed for compliance.　　The feature remains subject to amendment activation, so private MPT transfers should not yet be described as active on XRPL mainnet.　　BatchV1_1 is another major component. The XLS-56 standard allows multiple transactions to be packaged and processed together, including transactions involving different accounts. Atomic execution can help settlement workflows where several actions must succeed together rather than leaving one leg

08-07Industry

Ethereum staking token weETH splits from restaking as rewards debate heats up

SummaryEther.fi has removed restaking from its main token, weETH, turning it into a plain Ethereum staking token and shifting restaking to a new token, weETHs.The change lets users choose between standard staking rewards with weETH or higher-yield, higher-risk restaking exposure with weETHs.Ether.fi‘s move comes as Ethereum researchers propose cutting staking rewards to zero once staking participation crosses a threshold, a plan Ether.fi’s founder argues would hurt smaller stakers and staking-based products.　　Ether.fi, which holds about $3.55 billion of customer deposits and is one of the largest staking businesses in crypto, has stripped restaking out of weETH, its main product, leaving it as a plain token that earns ordinary Ethereum staking rewards.　　Anyone wanting the extra yield now has to hold a second token, weETHs.　　Staking means locking up ether to help run Ethereum and getting paid for it — whereas restaking puts that same ether to work a second time, securing other services for extra rewards on top.　　The tradeoff is that it doubles the ways a holder can be penalised, since a failure on either system can cost them part of their deposit.　　For current holders:　　You now have a clearer choice between basic staking exposure and additional restaking exposure depending on your goals　　For new

08-07Industry

Coldcard fallout shows up onchain as 210,000 bitcoin leaves old wallets

SummaryLong-term holder supply has fallen by roughly 210,000 bitcoin, from nearly 15 million BTC to approximately 14.7 million BTC.The movement comes with bitcoin almost 50% below its record high, unlike previous distribution waves near market peaks.The movement is linked to the Coldcard incident, with users transferring bitcoin to newly generated wallets or regulated custody services.　　The fallout from the Coldcard security breach is now surfacing on-chain.　　According to Glassnode data, roughly 210,000 BTC have moved out of long-term holder (LTH) wallets over the past week, the largest decline since December 2024, when bitcoin approached $100,000 for the first time.　　Glassnode classifies long-term holders, or LTHs, as entities whose coins have remained dormant for approximately 155 days, or just over five months. This cohort is often considered the markets “smart money” because its members tend to hold through short-term volatility.　　Long-term holder supply now stands at approximately 14.7 million BTC. Before the Coldcard incident, it was just under 15 million BTC, close to an all-time high.　　Historically, heavy spending by long-term holders has coincided with periods of market strength or tops. Similar waves of distribution occurred around the market peaks of March 2021, March 2024 and December 2024, as experienced holders took profits into rising demand.　　This

08-07Industry

Binance vs. RedotPay: The $470 Million “Ex-Partner Revenge Saga” — Who Owns the Users in Crypto?

In August 2026, the crypto world was thrown into chaos.　　The worlds largest cryptocurrency exchange, Binance, filed a lawsuit against the three co-founders of leading crypto payment card company RedotPay in Hong Kong, seeking $472.8 million in damages. At the same time, Binance launched another legal action in Singapore against entities affiliated with RedotPay, with the hearing having concluded this morning.　　On one side is Binance, the world‘s largest crypto exchange. On the other side is RedotPay, a rising star in Hong Kong’s stablecoin payment sector, widely known in the crypto community as the “Little Red Card”.　　This is not an ordinary business dispute. In its lawsuit, Binance used a highly serious term: “fraudulent scheme.”　　And at the center of this battle lies a question that every crypto user should pay attention to:　　In the crypto world, who really owns the users？A $470 Million “Revenge of the Ex” Saga: Two Agreements, Two “Betrayals”？　　The story begins three years ago...　　In 2023, Visa stopped issuing Binance-branded cards in Europe, followed by Mastercard announcing the termination of its partnership with Binance. Binance‘s card service was gone, but users’ demand for spending crypto assets remained.　　That was when RedotPay entered the scene.　　Its product was simple: a crypto debit card connected to

08-07Deep Dive

MARA swings to Q2 loss as Bitcoins slump masks higher output

Bitcoin miner MARA swung to a net loss of $611.3 million from a year-earlier profit in the second quarter of 2026, driven primarily by a change in the value of its Bitcoin holdings, despite reporting its highest quarterly Bitcoin production in more than a year.　　The net loss, equivalent to $1.60 per diluted share, is down compared to a net income of $808.2 million, or $1.84 per diluted share, in the second quarter of 2025, according to the companys 10-Q SEC filing. MARA mined 2,422 Bitcoin in the quarter, 3% more than the prior year period, but higher production was more than offset by a 28% decline in the average Bitcoin price.　　“Two things defined Q2 for MARA. Bitcoin prices created a challenging revenue environment [and] we used the quarter to fundamentally transform our power portfolio and capital structure,” said MARA chief financial officer Salman Khan during an earnings call on Thursday.　　The quarter highlights MARAs exposure to Bitcoin prices even as it expands mining capacity and pursues AI and high-performance computing infrastructure. As of June 30, MARA held a total of 35,577 Bitcoin, with a total fair value of $2.1 billion, making it the fourth-largest public Bitcoin holder after Strategy, Twenty One

08-07Industry

CLARITY Act delay gives Asian financial hubs an opening: First Digital CEO

The US Senates delay of a vote on crypto market structure legislation could give Hong Kong and Singapore more time to strengthen their positions as digital asset hubs, according to First Digital founder and CEO Vincent Chok.　　On Friday, Thunes office confirmed to Cointelegraph that the Senate would not vote on the legislation before the August recess. Thune cited Democratic opposition and said the bill would be a priority when senators return in September.　　Chok, whose company issues the FDUSD stablecoin, said the delay could give jurisdictions with clearer regulatory frameworks an advantage in attracting capital and talent as US uncertainty weighs on institutional adoption.　　He said the postponement leaves institutions without clear rules on market structure, custody and oversight. “Markets can adapt to slower timelines, but what they struggle with is prolonged uncertainty,” he said in a statement sent to Cointelegraph.　　Delay fuels concerns over enforcement and offshore innovation　　Chok said regulatory progress outside the US would continue regardless of the CLARITY Acts timetable.　　“For Asia, this delay gives regional financial hubs like Hong Kong and Singapore additional time to demonstrate that clear regulation can coexist with innovation,” he said.　　Maylea Ma, deputy general counsel at decentralized exchange aggregator 1inch, said that if Congress ultimately failed

08-07Industry

Scaramucci says crypto adoption will become invisible

SkyBridge Capital founder Anthony Scaramucci said on Aug. 7 that crypto adoption may reach its most important stage when consumers use blockchain infrastructure without knowing it is there.　　Responding to an X user who argued ordinary people would never use crypto, Scaramucci wrote that they “will soon use crypto/blockchain without even realizing it.”　　The claim is a forecast, not evidence that mass adoption has already arrived. Still, current payment and tokenization data provide examples of the model he describes: blockchain increasingly operates behind familiar interfaces while users interact with cards, wallets, brokerages and payment applications rather than raw addresses, gas fees or network settings.　　Normal people will soon use crypto/blockchain without even realizing it. https://t.co/0U1Xwo50K2　　— Anthony Scaramucci (@Scaramucci) August 6, 2026　　Stablecoins already show how invisible crypto could work　　Stablecoins provide the clearest existing test. Visa research using adjusted blockchain data estimated $10.2 trillion in stablecoin transaction volume over the previous 12 months, after filtering activity such as bots and internal exchange movements. Visa said adjusted volume was up 63% year over year, showing that blockchain settlement has expanded beyond speculative trading.　　The Federal Reserve has also documented the trend. In an April note, researchers said stablecoin market capitalization grew about 50% during 2025, while transaction

08-07Industry

New XRPL Version Here: 6 Definitive Upgrades Every XRP Holder Needs to Know

XRP Ledger developers have officially released the major v3.3.0 update and launched validator voting on six key amendments that could fundamentally change the rules of the game for all network participants.　　XRPL Foundation representative Vet has already called the release “historic and huge” for the entire ecosystem, bringing necessary elements for the XRP-focused network to make a major push toward privacy, institutional trading, and infrastructure optimization.　　What the v3.3.0 Release Brings to XRP Ledger　　The main feature of the update is the introduction of the Confidential Transfer amendment — the first privacy tool built directly into the XRPL protocol. The feature fully encrypts balances and transfers of Multi-Purpose Tokens (MPTs), which removes a key barrier for businesses and large investors: the size of their transactions and account balances can now be hidden from outside observers directly at the blockchain level.　　Beyond privacy, the update changes transaction mechanics and capital management. In particular, the Batch amendment allows up to eight operations to be combined into a single package that is executed atomically — either everything goes through together or nothing does.　　As Vet notes, this opens the door to secure, trustless swaps and professional over-the-counter (OTC) trading.　　At the same time, the issue of security for large

08-07Industry

'Applesauce': Michigan judge denies Coinbase bid to block state enforcement of sports event contracts

Quick TakeA Michigan federal judge has rejected Coinbases preliminary injunction motion seeking to block potential state enforcement over its planned offering of sports event contracts.“Coinbases averments are, in a word, applesauce,” U.S. District Judge Shalina Kumar wrote in the ruling.　　A Michigan federal judge has denied Coinbases preliminary injunction bid to block state enforcement against sports event contracts.　　U.S. District Judge Shalina Kumar of the Eastern District of Michigan ruled on Thursday that Coinbase failed to establish that it is likely to succeed on the merits of its claims that federal law preempts Michigans jurisdiction.　　The crypto exchange sued Michigan in December 2025, arguing that prediction markets fall under the exclusive jurisdiction of the Commodity Futures Trading Commission under the federal Commodity Exchange Act (CEA) rather than state gaming regulators.　　Coinbase specifically seeks to use its platform to provide customers, including those in Michigan, access to event contracts offered by Kalshi.　　The exchange claims that Michigans gambling laws are “conflict preempted” because they frustrate Congresss efforts to create a uniform federal regulatory scheme and because complying with both the CEA and the states Lawful Sports Betting Act (LSBA) would be impossible, according to the filing.　　However, the judge rejected the arguments, holding that Coinbase failed to

08-07Industry

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