Washington moved first today. The White House agreed to an ethics deal that's kept the CLARITY Act stuck for months, the SEC settled its last major fight from the Gensler era, and FTX starts paying out $900 million next week. Meanwhile, a UK bitcoin treasury company did what Strategy has only started to face — it voted to sell everything and delist.

Some of the stories in today's edition:

💎 White House agrees to ethics package, Senate releases updated CLARITY Act text 💎 SEC settles with Coinbase over records destroyed during Gensler's tenure
💎 FTX's fifth payout begins July 31, but 45 jurisdictions remain locked out
💎 UK's Satsuma Technology votes to liquidate its entire bitcoin holding
💎 Bank of America names new leaders to unify its digital assets and AI strategy

— Morten

Yesterday we launched a directory of ~30 companies moving onchain, from crypto exchanges to banks like DNB and Visa — with more added continuously.

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The White House agreed to an ethics package banning federal officials from issuing or profiting from digital assets while in office. Senate Republicans released updated bill text incorporating the deal, and Treasury Secretary Scott Bessent called it the "1-yard line" — though Republicans still need Democratic votes to clear the Senate before the August recess.

Why it matters: This is the single hurdle that has stalled the bill for months — a real resolution, not just another round of talks, even though passage is still far from guaranteed.

Source: New Clarity Act emerges that's a start on the final draft, makes ethics rule temporary — CoinDesk

Anthony Scaramucci said the CLARITY Act's new ethics package is insufficient and called for it to also ban insider trading by officials, not just the issuing of digital assets. His comments came as the bill's Senate odds remain volatile on prediction markets, swinging sharply within days.

Why it matters: Even among crypto-friendly voices, the ethics deal isn't being read as a full fix — a sign the bill's remaining path may still run into resistance beyond just Democratic votes.

Source: Scaramucci Says CLARITY Act's Crypto Ethics Isn't Enough, Wants Insider Trading Gone — BeInCrypto

Benchmark lowered its Q2 estimates for Coinbase ahead of next week's earnings, citing softer trading volumes, but kept its Buy rating and raised its price target. The firm argues the market hasn't yet priced in the "option value" of CLARITY Act passage, calling Coinbase one of its biggest potential beneficiaries.

Why it matters: An analyst downgrading near-term numbers while raising the importance of a pending law shows how much of Coinbase's valuation now hinges on Washington rather than trading volumes.

Source: Benchmark lowers Coinbase earnings estimates but says Clarity Act could eclipse weak second quarter — The Block

The SEC agreed to pay Coinbase $150,000 and reform its record-retention policies, settling a FOIA lawsuit after admitting it lost nearly a year of former Chair Gary Gensler's text messages. The SEC will also release two previously withheld documents tied to the agency's crypto enforcement strategy.

Why it matters: The regulator that demanded strict recordkeeping from the industry couldn't manage its own — a symbolic closing note to years of "regulation by enforcement."

Source: SEC reaches settlement with Coinbase over records requests from Gensler era — The Block

FTX will distribute roughly $900 million to eligible creditors starting July 31, reaching only those who cleared an earlier deadline and onboarded with an approved payment provider. Residents of 45 jurisdictions still cannot select a provider, and risk forfeiting their claim if they don't onboard within six months.

Why it matters: Nearly three years after the collapse, the money is real and moving — but for tens of thousands of creditors in the wrong country, getting paid is still not guaranteed.

Source: FTX begins $900M payout as creditors in 45 jurisdictions could lose their claims within 6 months — CryptoSlate

MoneyGram CEO Anthony Soohoo said the company's blockchain strategy is meant to modernize cross-border payments invisibly, not as a consumer-facing feature. The remittance giant serves roughly 60 million active customers who prioritize speed and cost over the technology behind their transfers.

Why it matters: For a company built on serving people with little patience for new financial technology, treating blockchain as invisible plumbing — not a selling point — may be the more honest measure of adoption.

Source: MoneyGram's CEO says blockchain works best when customers don't know it's there — CoinDesk

More than 90% of shareholders of London-listed Satsuma Technology voted to sell the company's full bitcoin holding, worth roughly $43.5 million, and delist from the London Stock Exchange. The company had already been forced to sell bitcoin in December to repay noteholders, and its CFO and CEO both departed earlier this year as the stock collapsed.

Why it matters: Where Strategy is losing its premium, Satsuma is the version of the same story that runs all the way to the end — a bitcoin treasury company unwinding completely rather than just under pressure.

Source: Another crypto company to sell its Bitcoin stash — TheStreet

Bank of America appointed Sonali Theisen to lead its global digital assets platform, covering stablecoins, tokenized deposits, custody and crypto settlement, while Kevin Milsom takes on AI transformation across the bank's global markets platforms. The moves follow similar leadership hires at Morgan Stanley and Vanguard earlier this year.

Why it matters: When a bank of BofA's size assigns senior, named leaders to crypto and AI rather than folding them into innovation labs, it signals the bank now treats both as core business lines, not experiments.

Source: Bank of America taps new leaders to bridge crypto, AI and traditional finance — The Block

S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index, using a rules-based methodology that only includes tokens and companies with real usage and revenue, rather than price momentum or popular tokens. The index is designed as a benchmark for institutional investors and as a reference for new investment products.

Why it matters: Most crypto indices today reward attention and market cap; this one is explicitly built to reward the opposite — a sign index providers now see enough mature, revenue-generating projects to build a benchmark around.

Source: S&P Dow Jones Indices and Pantera Capital Launch New Index for Digital Assets — S&P Global

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Wishing you a great Thursday — and welcome back tomorrow morning for the next edition of Kaupr Daily.

Best regards, Morten Myrstad Founder & Editor