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the Hungarian Parliament has voted to abolish the crypto verifier requirement, eliminating the need for third-party approval for certain crypto transactions. This requirement originated from Hungary's 2024 Crypto Asset Act, which was originally set to mandate that from July 1, 2025, licensed verifiers must check asset sources, wallet ownership, and client information before issuing compliance statements. Hungarian Finance Minister Kármán András stated that the previous rules disrupted Hungary's crypto market, with some service providers ceasing local operations, leading the government to cancel the verification requirement. Broader licensing and compliance requirements continue to apply. On July 20, the Hungarian National Bank (MNB) granted authorization to Tiwala Solutions, the operator of the crypto platform CoinCash, under the European Union's Markets in Crypto-Assets Regulation (MiCA). The authorization covers custody, exchange between cryptocurrencies and fiat currencies, exchange between cryptocurrencies, transfers, investment advice, and portfolio management. CoinCash plans to gradually resume its services.
According to Cointelegraph, the Hungarian parliament voted to abolish the crypto asset verification requirements previously set to take effect on July 1, 2025, which mandated that specific cryptocurrency conversions could only be executed after licensed third parties verified asset sources, wallet ownership, and customer information. Finance Minister Kármán András stated that the previously strict regulatory provisions had caused multiple service providers to exit the Hungarian market, and the market is currently showing signs of recovery. Meanwhile, the Hungarian National Bank (MNB) officially granted Tiwala Solutions, operator of the Budapest crypto platform CoinCash, the first domestic license under the EU MiCA framework on July 20, with authorization covering custody, cryptocurrency-to-fiat and cryptocurrency-to-cryptocurrency exchange, transfers, investment advice, and portfolio management services.
According to The Block, 44 state attorneys general led by Ohio Attorney General Andy Wilson jointly submitted a public comment letter to the Commodity Futures Trading Commission (CFTC), stating that the CFTC's proposed rules exceed the authority granted by the Commodity Exchange Act and requesting them to redraft new rules compliant with the Constitution. The letter emphasized that sports betting has historically fallen under state-level regulatory jurisdiction, and the federal government has never intervened. Meanwhile, the NFL also wrote to CFTC Chairman Michael Selig, requesting to curb the expansion of sports prediction markets, arguing that the current proposed rules are insufficient to protect the integrity of events. Currently, the legal battle between states and the CFTC continues to intensify: a Minnesota court ruled to suspend the enforcement of the state's prediction market ban, allowing Kalshi and Polymarket to continue operations; however, a New York federal judge again refused to block New York State from enforcing gambling laws against Kalshi, and Michigan and Washington states have also issued temporary injunctions restricting Kalshi from conducting sports event contract business locally.
According to Cointelegraph, the UK Financial Conduct Authority (FCA) has released a "Stablecoin Sprint" policy research report, consolidating opinions from industry participants such as banks, payment companies, and stablecoin issuers. The report indicates that stablecoins currently demonstrate the most prominent advantages in the cross-border payment sector, particularly offering significant benefits to emerging markets with limited access to US dollars; however, in UK domestic retail payment scenarios, due to the existing payment system being relatively fast and low-cost, consumers lack the motivation to switch, and adoption is expected to be relatively slower. The aforementioned research findings have been incorporated into the final regulatory rules released by the FCA on June 30, requiring stablecoins issued in the UK to be fully backed by reserve assets and redeemable at par value.
: Federal Reserve Chairman Kevin Warsh will announce the Federal Open Market Committee (FOMC) interest rate decision on July 29. The market widely expects the benchmark interest rate to remain unchanged at 3.50% to 3.75% for the fifth consecutive time. Data from CME FedWatch shows the probability of a rate hold is between 95% and 98%. TD Securities stated that traders are still overestimating the probability of a surprise rate hike, and the related pricing includes a risk premium due to the Iran situation. The institution believes that if the Fed holds rates steady as expected, the deviation between current market pricing and actual policy action will narrow. TD Securities predicts that if the Fed keeps rates unchanged for an extended period, the dollar could fall by about 2% in the second half of 2026. The institution believes that the Fed needs to see clearer evidence of sustained inflation and a strong labor market before considering a rate hike.
the UK Financial Conduct Authority (FCA) has published the results of its March Stablecoin Sprint policy initiative, which brought together banks, payment companies, stablecoin issuers, and other industry participants to explore the use of stablecoins. Participants indicated that cross-border payments are the clearest near-term use case for stablecoins, particularly in emerging markets with limited access to US dollars. In major payment corridors where existing systems are already fast and relatively low-cost, stablecoins offer fewer advantages. Participants also noted that the incentive for domestic UK consumers to shift to stablecoin payments is limited, given that existing payment methods are already fast and low-cost. However, merchants could benefit from lower costs and faster settlement times. The feedback has been incorporated into the FCA’s final rules on June 30 and will influence its subsequent stablecoin payment policies.
According to the Seoul Economic Daily, Korea Financial Services Commission (FSC) Chairman Lee Bok-hyun stated that regulatory authorities are studying a proposal to further raise the investment threshold for single-stock leveraged products. Future restrictions on investment qualifications cannot be ruled out; retail investors may be prohibited from participating, with access limited to professional investors only.
Benchmark partner Chetan Puttagunta posted on X, expressing confusion over Anthropic's public call for stricter regulation on AI model distillation. He noted that Anthropic is currently a company valued at approximately $1 trillion with vast technical and financial resources. At the scale described, so-called "large-scale distillation attacks" should theoretically be easier to identify and track. If Anthropic chooses to restrict such activities, the real cost may not be a lack of technical capability, but rather the sacrifice of some API revenue. "The only cost required seems to be reducing revenue from related API businesses."Previously, AI companies like Anthropic have been paying close attention to the issue of model distillation. Model distillation typically refers to using the output of a large model (the teacher model) to train another model (the student model), aiming to reduce costs and improve efficiency. Some AI companies are concerned that competitors might obtain model outputs by calling a large number of APIs, which could then be used to train their own models, thereby bypassing the original R&D investment. According to Puttagunta's perspective, the controversy surrounding model distillation in the AI industry essentially involves the balance between commercial interests, open competition, and intellectual property protection. For leading AI companies, finding the balance between protecting core technology and maintaining an open ecosystem will become an important issue for future industry competition.
Odaily Odaily News: OpenAI Codex Product Lead Tibo announced that usage limits have been reset for all ChatGPT Work and Codex users.Tibo stated that recent user feedback indicated GPT-5.6 Sol was consuming Codex limits faster than anticipated. Following an investigation, OpenAI has implemented several optimizations. It is projected that under typical usage scenarios, Sol's limit endurance will improve by approximately 18%, with some users seeing more noticeable improvements starting today.He explained that Sol tends to work for longer periods, make additional tool calls, and coordinate complex processes, while High mode consumes more tokens compared to previous models. Additionally, factors such as parallel tool calls in code mode and increased cached input have also led to higher-than-expected usage for certain tasks.OpenAI stated that Sol represents a significant upgrade to Codex's capabilities, but increased model capabilities do not always translate into efficiency gains. The company will continue to optimize code mode efficiency and restore the five-hour limit that was suspended during the investigation.
1,178 employees from leading AI companies have jointly released a statement titled "Pacing the Frontier," urging the U.S. government to support international cooperation in developing technologies and governance tools to proactively regulate the pace of frontier AI development.The statement says that global leading AI companies believe the future may be approaching the point where automated AI research becomes achievable. Although it is impossible to predict exactly how this will accelerate AI progress, there is a risk that AI capabilities could rapidly surpass human understanding and control.The signatories stated that the industry, governments, and society need to retain the option to "buy time" to address emerging risks, improve safety measures, and strengthen regulation. However, due to competitive pressures faced by both companies and nations, the world currently lacks governance mechanisms capable of proactively controlling the pace of frontier AI development.The statement notes that frontier AI agents are already capable of discovering and exploiting real software vulnerabilities, and could be used for large-scale cyberattacks in the absence of safety measures.Employees from multiple organizations including OpenAI, Anthropic, Google, and Meta have signed the statement, and believe there is a need to establish international coordination mechanisms to reduce potential risks while advancing AI development.
: The Financial Services Commission (FSC) of South Korea plans to draft a unified "Basic Digital Assets Act" together with the ruling Democratic Party. The content will cover stablecoin issuance and circulation, digital asset business rules, exchange listing requirements, information disclosure, internal controls, and system resilience standards. Currently, there are 10 pending bills related to digital assets and stablecoins in the South Korean National Assembly. The FSC has yet to decide on the timing and method for submitting the unified bill. Major points of disagreement include whether banks should hold a majority stake in issuers of Korean won-pegged stablecoins, and whether major crypto exchanges should be subject to ownership restrictions. The National Assembly's Planning and Finance Committee plans to deliberate on a proposed amendment to the Income Tax Act put forward by the opposition party, which aims to abolish the crypto income tax before its implementation on January 1, 2027. Under the current arrangement, income exceeding 2.5 million Korean won from the transfer or lending of crypto assets each year is subject to a 20% tax plus a 2% local income tax.
Emirates Airlines has officially offered cryptocurrency payment options via Crypto.com Pay. Users can complete payments on the official website and within the app, with transactions settled in UAE dirhams and complying with UAE regulatory requirements. This initiative aims to enhance payment method options and align with the cashless strategy goals under the Dubai D33 Economic Agenda. Crypto.com is responsible for converting the relevant crypto payments into regulated AED stablecoins or fiat currency before settling them to Emirates Airlines.
U.S. Senators Ruben Gallego and Thom Tillis are finalizing a bipartisan ethics counterproposal regarding the CLARITY Act, with plans to submit it to the White House within days. (Cointelegraph)
BlackRock、Fidelity 等华尔街机构公开支持《Clarity Act》加密监管法案，但 JPMorgan 与 Coinbase 在稳定币条款上存在分歧，参议院休会前立法时间紧迫。
分析师表示美联储任何略微鸽派的政策信号都可能推动比特币继续跑赢，当前比特币 7 月上涨约 6% 且与股市相关性减弱。
According to Cointelegraph, 10 European financial institutions have jointly launched the blockchain cooperative Regulated Layer One (RL1), which has commenced operations in Luxembourg as a European cooperative society. The network targets regulated financial markets, focusing on supporting institutional-grade applications such as digital currencies, tokenized bonds, collateral, and on-chain settlement.
Odaily Planet Daily: Ten European financial institutions have jointly launched Regulated Layer One (RL1), a network established as a European Cooperative in Luxembourg that has commenced operations, targeting regulated financial markets and tokenized assets. RL1 founding members include ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion. RL1 stated that each member holds equal decision-making power over the network's governance and development. This permissioned private network is built on infrastructure developed by German fintech company Secure Worldwide Interbank Asset Transfer (SWIAT), which has transferred ownership of the network to the cooperative. SWIAT stated that during its three-year production phase, the platform processed over 50 transactions with a total value exceeding €700 million. RL1's intended use cases include digital currencies, tokenized bonds, collateral, and blockchain-based settlement. RL1 will be led by former SWIAT Managing Director Henning Vollbehr. KfW and L-Bank will continue to support the initiative, and RL1 is in discussions with additional institutions such as NatWest regarding joining the network.
Cash Cat has announced the launch of its meme coin launchpad, letscash.fun. The project team stated that the platform originated from the community's demand for a fair launch mechanism following the listing of Robinhood Crypto, and was driven by community development.Cash Cat indicated that the platform operates in two modes: In Creator Mode, 70% of tokens go to the creator and 30% to the protocol; in Self-Destruct Mode, similarly, 70% is used to buy and burn tokens. The 30% obtained by the protocol will be used to burn cash-cat:native, increase treasury funds, and support development.The platform is powered by Uniswap v4, employing a permissionless, decentralized mechanism that is immutable after deployment. It is currently undergoing its final security review by Hyacinth Audits and SB Security.
Odaily News: Eric Richmond, the new CEO of Coinbase Canada, stated that the exchange aims to provide Canadian users with the same advanced crypto products available in the U.S. market, including derivatives, DeFi services, and tokenized assets. Eric Richmond noted that Canada needs to transition from case-by-case exemptions to a dedicated and coordinated national digital asset regulatory framework to support more complex products. Canada was an early adopter of spot crypto ETFs and has already passed the "Stablecoin Act." He pointed out that, compared to the United States, Canada’s regulatory guidance is progressing more slowly and is more fragmented, which is delaying Canadian retail investors' access to higher-yield lending, broader futures trading, and similar products.
Odaily News: The Thai Securities and Exchange Commission (SEC) has filed a criminal complaint against cryptocurrency exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, accusing them of submitting false financial reports between May and October 2021. The case has been referred to the Thai Economic Crime Suppression Division (ECD) for investigation, and prosecutors will determine whether to formally indict. The SEC stated that Bitkub suffered a cyberattack in May 2021, resulting in the theft of 16 types of digital assets, with losses exceeding $50 million. Regulatory investigations revealed that Bitkub failed to reflect the related losses in its Form DA 1 daily net capital reports from May 10 to October 30, 2021. The SEC alleges that the involved executives made false entries in the company's official documents, leading regulators to believe that client assets were intact and the company had not suffered financial losses. Bitkub subsequently completed the acquisition of replacement assets in late October 2021, but the SEC maintains that the reports during that period constituted false statements. In a statement on July 23, Bitkub stated that current customer holdings were secure and accounts were complete. Bitkub claimed that its co-founders purchased replacement assets of the same type and quantity, bearing the losses themselves, and noted that the cyber theft incident had been reported to law enforcement authorities on May 10, 2021.