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According to Coinbase CEO Brian Armstrong, the SEC requested the exchange to halt trading in all cryptocurrencies except bitcoin before filing a lawsuit against the platform in June.
“We really didn’t have a choice at that point. Delisting every asset other than bitcoin, which, by the way, is not what the law says, would have essentially meant the end of the crypto industry in the US,” said Armstrong. 
US stablecoin legislation negotiations have stalled, with House Financial Services Chair Patrick McHenry blaming the White House. McHenry noted that the parties were closer than ever to a bipartisan deal after 15 months of talks.
However, Rep. Maxine Waters criticized the current stablecoin bill as "deeply problematic," voicing concerns about state regulators approving stablecoin issuances without Federal Reserve input. She also feared companies like Amazon and Facebook issuing their own digital currencies. 
The United States House panel has approved two bills that could provide regulatory clarity for crypto firms, addressing the jurisdictional differences between the U.S. securities and commodities regulators.
The Republican bill introduces a process for firms to certify with the SEC that their projects are decentralized, enabling them to register digital assets as digital commodities with the CFTC.
The bipartisan Blockchain Regulatory Certainty Act aims to remove hurdles and requirements for “blockchain developers and service providers” such as miners, multisignature service providers, and decentralized finance platforms.
Congressmen praised the passing of these bills as a “huge win” for the United States. 
BTC and PAXG Chart Analysis for July 12, 2023
In light of the US inflation data set for release on July 12 at 8:30 AM ET (12:30 PM UTC), it's captivating to assess the state of market assets like gold, along with Bitcoin. Here's our breakdown of the market conditions for the cryptocurrencies Bitcoin (BTC) and PAXG (Pax Gold). How US Financial Giants Join the Crypto Market
The crypto market, boasting over $1.2 trillion in capitalization and hundreds of millions of users, is steadily drawing the attention of top-tier banking, financial, and investment entities. Yet, due to licensing hurdles, their entry remains somewhat barred. But as the old saying goes, where there's a will, there's a way... 
On Friday, Fidelity Investments and several other firms submitted revised applications for spot Bitcoin exchange-traded funds (ETFs) after the US Securities and Exchange Commission (SEC) deemed the initial filings inadequate.
The companies, including Invesco, VanEck, 21Shares, and WisdomTree, are part of a group of eight firms aiming to launch the first wave of US spot Bitcoin ETFs.
BlackRock kickstarted the trend with its unexpected filing in mid-June.
In the latest filings, all five firms indicated that Coinbase Global Inc. will provide market surveillance for their ETFs, a detail that was missing from their previous applications. 
Grayscale Investments has warned the US Securities and Exchange Commission (SEC) that granting approval to certain spot Bitcoin ETF proposals ahead of others could create an "unfairly discriminatory and prejudicial first-mover advantage".
The company's comments follow BlackRock's recent application to launch a spot Bitcoin ETF, which reignited hopes and triggered similar filings from other firms. Grayscale had previously attempted to convert its Bitcoin Trust (GBTC) to an ETF but was denied by the SEC.
The firm now supports the simultaneous approval of all proposed spot Bitcoin ETFs to maintain a level playing field. 
Brian Armstrong has publicly urged US residents to actively support the 21st Century Financial Innovation and Technology Bill, which promises to bring much-needed clarity to cryptocurrency regulation.
Armstrong emphasized that it is ordinary Americans who can have a decisive impact on the outcome of the vote by sending an email to their representatives asking them to support the bill.
In a more detailed statement, Coinbase added that the bill, in addition to protecting consumer rights and enhancing national security, has the potential to spur job creation in the US. 
US presidential candidate Robert F. Kennedy Jr. disclosed that he invested in Bitcoin earlier this year, buying two BTC for each of his seven children. This move came after facing criticism for promoting the cryptocurrency without having any personal stake in it.
Kennedy clarified that he made the investment right after attending a Bitcoin conference where he announced his decision to accept campaign donations in Bitcoin.
“Right after that Bitcoin conference, I got a big check, and I said, okay, you know, I’m going to put my money where my mouth is.”
During the conference, he denied having any personal investment in the cryptocurrency. However, he later decided to invest in Bitcoin to demonstrate his commitment to the technology and its potential. 
The U.S. Senate is considering a new bill aimed at imposing strict anti-money laundering (AML) rules on decentralized finance (DeFi) protocols.
The Crypto-Asset National Security Enhancement Act of 2023 targets entities controlling DeFi protocols or providing their applications. It requires customer vetting, AML programs, and reports of suspicious activities.
In absence of a controlling entity, anyone investing over $25 million in a protocol's development would be responsible. 
US Files First Criminal Charges Against Smart Contract Hacker
The United States Department of Justice (DoJ) has filed the first criminal charges against Shakeeb Ahmed for an attack on an undisclosed smart contract-controlled decentralized exchange (DEX) platform, potentially Solana-based protocol Crema Finance. Hermès Wins Lawsuit against MetaBirkin NFTs
The interpretation of the First Amendment in the context of NFT creation appears to be shifting in the US legal landscape. In the recent legal battle between French luxury fashion house Hermès and artist Mason Rothschild, Hermès has managed to secure another win. 
Brett Harrison: Today Marks a Turning Point for Crypto Exchanges
Brett Harrison, the former CEO of FTX in the US, is advancing a novel software product for investors under the Architect Financial Technologies initiative. Thanks to ChatGPT's integration, users of Architect can effortlessly follow intricate trading strategies. 