Trump Targets Crypto Debanking with Punitive Executive Order

President Trump plans to imminently sign an executive order penalizing banks that debank crypto firms for political or ideological reasons. A Wall Street Journal report revealed the order directs regulators to investigate financial institutions violating antitrust and equal-credit protection laws.

Crypto companies have long alleged discrimination by banks following Biden-era regulatory campaigns, notably labeled "Operation Choke Point 2.0". Banks countered, asserting their withdrawal from crypto clients was strictly influenced by legal risks, anti-money-laundering rules, and federal policy pressures.

Trump’s aggressive directive demands immediate policy reversals by federal banking regulators, explicitly barring "reputational risk" as grounds for client termination. Financial institutions found violating this policy face substantial monetary penalties, disciplinary consent decrees, and investigation by the Attorney General.

Industry heavyweights, including Coinbase CEO Brian Armstrong and Gemini's Winklevoss twins, welcomed the administration’s stance after publicly detailing past banking exclusions. Eric Trump, also highlighted his personal debanking experiences, emphasizing crypto’s significance after banks rejected his business.

SEC Clarifies Liquid Staking Exempt from Securities Laws

The US Securities and Exchange Commission clarified that liquid staking activities, including popular services like Lido and Stakewise, fall outside securities regulations. Under guidance issued by Chairman Paul Atkins' Project Crypto initiative, users holding staking receipt tokens won't need SEC registration. Experts say this approach could encourage staking features in proposed Ethereum ETFs.

This SEC update expands on recent stablecoin guidelines that allow USD-pegged tokens with redemption guarantees to be classified as cash equivalents. Analysts describe these changes as major steps toward broader crypto adoption in US financial markets. Chairman Atkins aims to modernize securities rules, positioning America as a global crypto innovation leader.

Solana Mobile Ships Second-Gen Crypto Phones Globally

Solana Mobile has started global shipments of its second-generation Seeker smartphone to buyers in over 50 countries. The Android-based handset features blockchain-native tools such as hardware-backed Seed Vault key storage, a built-in Solana dApp store, and on-chain Genesis Token rewards. Tens of thousands of units priced at $450 are now being delivered worldwide.

Seeker builds on the earlier Solana phone, Saga, expanding its ecosystem to mobile users interested in decentralized applications and crypto rewards. By offering token incentives and exclusive access to blockchain services, the company aims to boost mainstream crypto adoption through daily mobile use. Solana’s dApp Store currently supports over 100 applications across DeFi, gaming, and payments.

Man Launches Bitcoin Layer 2 After Losing $923M BTC

James Howells has ended his unsuccessful 12-year mission to recover a hard drive with 8,000 Bitcoin worth roughly $923 million from a Welsh landfill. Unable to access the landfill despite numerous offers, Howells now plans to launch Ceiniog, a Bitcoin layer 2 blockchain theoretically backed by his lost fortune. He intends to raise capital through an initial coin offering later this year.

Ceiniog aims to become a cultural hub supporting crypto applications like NFTs and Ordinals. Howells believes the coin’s market cap will eventually match his lost Bitcoin’s value, drawing investors intrigued by the project's unique narrative. Although the underlying Bitcoin remains inaccessible, Howells guarantees Ceiniog tokens' value through transparency about the funds remaining untouched.

Data of the Day

Crypto derivatives exchange Hyperliquid reported record-high trading volume of nearly $320 billion in July, marking a 47% jump from June. This achievement underscores Hyperliquid’s dominance in perpetual futures decentralized exchanges, where it consistently maintains over 75% market share. The platform's volume reached nearly 12% of Binance's perpetual trading volume during the month.

Meanwhile, Drift, a rival decentralized exchange on Solana, also saw growth with volumes surging 336% to $14.8 billion in July due to a zero-fee trading promotion. Despite gains by decentralized perpetuals, overall DEX-to-CEX futures trade volume remained stable at around 7.8%. These trends indicate strong user interest, yet centralized exchanges like Binance continue to command market dominance.

More Breaking News

• Coinbase will raise $2 billion through convertible notes to fund general operations and acquisitions, as COIN stock dips in pre-market trading.
• Jito proposed routing 100 percent of block engine and marketplace fees to the DAO treasury, giving tokenholders full control over protocol revenues.
• Galaxy Digital said its $9 billion BTC sale was absorbed by buyers like Strategy and Trump Media, reinforcing Bitcoin treasury firms’ growing market influence.
• Base network resumed block production after a half-hour outage, following a surge in activity tied to the relaunch of the Base App.
• Linea will automatically stake bridged ETH via Lido, enabling users to earn passive yield and reduce incentive fragmentation in current DeFi environments.
• CEA Industries closed a $500 million raise to launch a BNB treasury strategy and will rebrand under the new name BNB Network Company.
• Ethereum’s onchain activity soared in July, with $238 billion in transaction volume and a record 46.67 million monthly transactions across 17.5 million addresses.

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