Elon Musk’s America Party Backs Bitcoin Over Fiat

Elon Musk just made it official: his new America Party is throwing its full weight behind Bitcoin, calling fiat money “hopeless” in a post reply on X. This settles weeks of speculation about the party’s potential stance on crypto and financial reform.

The announcement comes hot on the heels of Musk’s fallout with Donald Trump over a $2.5 trillion jump in the federal deficit tied to Trump’s big budget bill. Musk slammed both parties for breaking their promises to rein in spending and tame the national debt.

The America Party is gearing up to run candidates for Congress in the 2026 midterms, hoping to shake up the usual two-party gridlock with a platform that’s both pro-Bitcoin and anti-deficit. There’s no plan for a presidential run, but Musk is expected to be a key player behind the scenes, both strategically and financially.

Tesla and SpaceX already hold close to 19,800 BTC (worth more than $2 billion) making it clear Musk’s bets aren’t just talk. While the party hasn’t laid out a full crypto policy yet, early signals position Bitcoin as a tool for resetting the monetary system over the long haul.

US Treasury Ends Tornado Cash Court Battle

The US Treasury and Coin Center have formally ended their legal battle over Ethereum mixer Tornado Cash following OFAC’s March decision to lift sanctions. Court documents filed last week show both parties agreed the appeal was moot, prompting the Eleventh Circuit to dismiss the case. The government declined to argue its authority to sanction decentralized smart contracts, showing reluctance to defend its earlier stance.

Despite this reversal, Tornado Cash co-founder Roman Storm still faces federal charges and is set to stand trial next week in New York. Prosecutors allege Storm conspired to launder funds and evade US sanctions by maintaining the protocol’s code. Meanwhile, privacy advocates argue developers are being unfairly targeted for publishing code under free speech protections.

SEC Pressures Solana ETF Issuers To Refile

The Securities and Exchange Commission has asked Solana ETF issuers to amend and resubmit applications by the end of July, accelerating the regulatory timeline. Though the final decision deadline is October 10, sources say the agency is aiming to approve at least one fund earlier. This comes after the automatic launch of the REX-Osprey SOL Staking ETF under separate rules.

If approved, these would become the third group of spot crypto ETFs allowed in the US, after Ether and Bitcoin ETFs. SEC staff also requested issuers include language on staking and in-kind redemptions, a sign that such features may be permitted. Applications for XRP, Dogecoin, and Litecoin ETFs remain pending, with analysts expecting staggered approvals later this year.

TON Foundation Elaborates on UAE Visa Partnership

The TON Foundation clarified its proposed “Golden Visa” for Toncoin stakers, stating the initiative is not officially sanctioned by the UAE government. The foundation said it is in early talks to explore compliant residency programs tied to blockchain use, but no formal agreement exists yet. Applicants must still meet all government visa standards and approvals.

The project offers a 10-year UAE visa to individuals who stake $100,000 in Toncoin and pay a $35,000 processing fee through partner firm Peravel. UAE authorities responded that digital asset investments don’t currently qualify for visa eligibility under existing rules. TON traded at $2.78 on Monday, with a market cap nearing $7 billion.

Data of the Day

Strategy, formerly MicroStrategy, halted its weekly Bitcoin acquisitions for the first time in three months as it released Q2 financials on Monday. The firm still holds 597,325 BTC valued at over $65 billion, with unrealized gains of $22.6 billion based on acquisition costs. Co-founder Michael Saylor hinted at the pause by saying, “Some weeks you just need to HODL.”

The company has been funding its BTC purchases through a mix of equity and preferred stock offerings, including new perpetual share classes. Its “42/42” capital plan was recently upsized to $84 billion as it looks to expand holdings into 2027. Strategy’s filing also disclosed a $14.05 billion unrealized gain on assets and a $4 billion tax liability tied to those gains.

More Breaking News

• The IRS is preparing sweeping crypto audits under new guidance, catching many US taxpayers off-guard as notices and penalties begin flooding inboxes nationwide.
• Jack Dorsey has launched Bitchat, a decentralized Bluetooth messaging app with encrypted chats without internet access for censorship resistance and infrastructure-free communication.
• Vitalik Buterin now supports “copyleft” licenses like GPL, arguing developers should be required to keep derivative crypto code public in today’s competitive, corporate-dominated environment.
• Polymarket faces scrutiny after a disputed $160 million Zelensky suit bet triggered accusations of manipulation by validators overseeing its decentralized oracle protocol, UMA.
• Bit Digital sold its entire Bitcoin stash and spent $173 million to become one of the largest public holders of Ethereum, citing staking and RWA tokenization.
• Shenzhen officials warned of fake stablecoin projects used for crypto scams and illegal fundraising, telling citizens they may bear personal losses under Chinese financial laws.
• Crypto investment products attracted over $1 billion in inflows last week, pushing total assets under management to a record $188 billion amid strong institutional demand.

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