Today in crypto was shaped by macro policy, regulatory maneuvering in Washington, and continued product launches and protocol governance, markets steadied around Bitcoin while lawmakers and industry groups adjusted strategies after a high-profile vote in the Senate.
Federal Reserve raises rates; markets steady
The U.S. Federal Reserve raised its benchmark interest rate by 25 basis points to a 3.75%-4.0% range in a unanimous vote, marking the first increase since 2023. Fed Chair Kevin Warsh said the economy has strengthened but identified inflation as the core problem; he did not comment on political reactions to the move. Fed projections leave open the possibility of one more hike before year end. Bitcoin (BTC) price activity was relatively stable, trading near $75,500 after the announcement.
CLARITY Act setback shifts regulatory focus
Senate consideration of the CLARITY Act faltered in a narrow 49-50 vote, but JPMorgan said the bill is “not completely dead,” even as its window for enactment this year appears “extremely narrow.” Seven Democratic senators described the defeat as a “setback, not the end” and remain committed to the measure. Financial firms including JPMorgan and Bernstein said attention is shifting from Congress to regulatory agencies: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are preparing for what was described as “aggressive and rapid” regulatory action.
House committee advances crypto tax bill
In the wake of the Senate vote, the House Ways and Means Committee approved the Digital Asset Tax Certainty Act by 38 to 5. The bill would establish a $10 tax-free threshold for network fees and classify revenue from staking and mining as ordinary income. It does not include a tax deferral for staking and mining that parts of the industry had sought. The full House is in recess until after the November elections.
Circle launches Arc mainnet with institutional validators
Circle launched the mainnet for its Arc blockchain, naming founding validators such as BlackRock, DTCC, Mastercard and Visa. Circle CEO Jeremy Allaire described the deployment as a major launch following USDC. Arc uses USDC for transaction fees and offers sub-second confirmation times, and Circle said more than 100 applications are already live on the chain. The company also minted 10 billion ARC tokens but did not commit to a public distribution or release schedule.
Revolut data extortion using Monero demand
A hacking group calling itself “iamnotavillain” claimed to have obtained personal data for at least 680 Revolut customers by submitting fraudulent requests that posed as a government agency. The group demanded 6,000 Monero (approximately $3 million) within 24 hours, threatening to sell passports and full transaction histories. The attackers said they selected targets through blockchain analysis. Revolut confirmed that customer funds remain safe.
Zcash community votes to speed block time
Zcash token holders voted overwhelmingly to change protocol parameters: two proposals passed with roughly 99.9% and 98.9% support to reduce block time from 75 seconds to 25 seconds while keeping the existing Bitcoin-style halving schedule. Participation reached about 2.4 million ZEC, roughly 66% of the eligible supply, a large increase from February’s 7.25% turnout. ZEC’s market price rose more than 10% and crossed the $1,200 level following the vote.
Day’s takeaway
The day’s developments underline a bifurcated crypto landscape: monetary policy and regulatory processes in Washington are driving cautious market responses, while private firms and open-source communities continue product launches and governance changes. With lawmakers returning to recess and regulators preparing responses, industry attention appears likely to split between agency actions and further on-chain and infrastructural rollouts.