BTC Ownership Overtakes Gold in The US, Democrats Reject CLARITY Draft, And More

WEEK IN REVIEW

Democrats Reject CLARITY Act Draft as Crypto Ethics Dispute Intensifies

Seven Senate Democrats rejected the latest CLARITY Act draft, saying it does not go far enough on ethics, consumer protection, and illicit finance… read more.

Editor’s comment:

As Blockworks’ Felix mentioned earlier this week, CLARITY passing would be bullish, but also the failure of it to pass would likely catalyze the final leg down for Bitcoin and crypto, thus allowing it to form its bear market bottom. So regardless of what happens, it’ll be positive for the industry.

Cathie Wood Says SpaceX Could Become ‘the Most Important Company in History’ Despite 48% Stock Slide

Ark Invest CEO Cathie Wood delivered a sweeping endorsement of SpaceX as shares traded 48% below their peak and 13% under the… read more.

Editor’s comment:

Wood’s performance over the last few years is not exactly indicative of an all-star stock picker, but her words still carry weight. With SPCX now at a half-off discount from its IPO price, and the US government as its main client, Musk’s company is likely to be an important bellwether for markets in the future.

Bitcoin Ownership Overtakes Gold as 49.6 Million Americans Now Hold BTC

Bitcoin has overtaken gold as the preferred hard asset among American investors, according to bitcoin financial services firm River.… read more.

Editor’s comment:
Slowly, then suddenly. In hindsight, it will look obvious that the asset, which is available to anyone through their phone, for any dollar amount they wish, which is also free to store and completely mobile, would gain popularity over heavy and shiny rocks.

Another Bitcoin Treasury Firm Is Shutting Down. What Satsuma’s Vote Means for Investors

Satsuma Technology shareholders voted overwhelmingly to liquidate the London-listed company, sell its remaining 668 bitcoin and return capital to… read more.

Editor’s comment:

The sudden explosion in new DATs marked the top of the last bull market, and the implosion of those DATs a year later appears to be marking the bottom of the bear market. Nakamoto (NAKA) which is down 99.6%, and Twenty One Capital (XXI), which is down 92%, could be next on the chopping block.

BitMEX’s Final Countdown: What the Shutdown Means and When You Should Withdraw

BitMEX operator HDR Global Trading Limited announced the permanent closure of the exchange, effective Sept. 23, 2026… read more.

Editor’s comment:

The end of an era. As the inventor of the perp and the launchpad for Arthur Hayes’ career in crypto, BitMEX is an important pillar to the industry and culture of digital assets. Last month, before announcing the exchange was shutting down, BitMEX’s CEO and several of its other execs resigned or stepped down.