Regulations

Apart from coinbase and circle, Galaxy Digital dropped about 8% and Gemini lost 7%. Robinhood was down around 3%. The miners weren't spared either, with Riot falling about 5% and several other major mining stocks down between 3% and 4%.

On August 20th Mayor Wendell Hughes introduced Local Law P-2, it lumped crypto mining in with AI, machine learning, server farms and colocation services under a label called "high energy computing." Anything pulling 300 kilowatts or more would be frozen from new approvals for a full year.

The bill would prevent digital asset platforms from offering California users memecoins launched on or after January 1, 2027, when those tokens are issued by, or created in collaboration with, federal officials or state and local public officers.

Thune confirmed that lawmakers won’t vote on it before the recess, blaming Democrats for holding things up.

The Justice Department unveiled new charges on July 9th against the 53 year old Bulgarian national, who’s currently serving a federal sentence conspired in January 2024 to withdraw and transfer crypto worth $290,000 out of a Kraken account.