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Posted July 17, 2026 at 11:30 am
As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with the “Crypto Currents” weekly from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio.
TRUMP SAYS SENATE SHOULD PASS CLARITY ACT: In a Monday post on Truth Social, President Donald Trump said, “In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act. China, and many other countries, would like to take complete and total control of this major financial ‘happening,’ as well as A.I., where we are now leading, but where they are fighting hard. Don’t let China win on either subject!!!” Circle Internet (CRCL) and Coinbase (COIN) shares moved higher following the post.
Following the post, TD Cowen said it expects to see an updated version of the Clarity Act bill that combines updated language from the Senate Banking and Senate Agriculture committees as the Senate returns this week and sees the legislation hitting the floor as soon as the week of July 20. While the firm believes there is pressure for the Senate to act before the House departs for the August recess, the firm added that the death of Senator Lindsey Graham removes an expected “yes” vote for Clarity, which makes getting to 60 votes “more complicated.”
Mizuho downgraded Circle. The firm believes that Open-USD’s pass-through model to distributors and large scale with over 140 partners could fundamentally alter the company’s business model, which relies on retaining a large portion of the treasury yield to drive revenues, the analyst said. Mizuho added that while it expects higher rates in 2027 vs. its prior model, this is not enough to offset potential pricing compression.
William Blair said it “admittedly” sees limited near-term upside for Coinbase as the Street likely lowers estimates but thinks “investors should stay involved” as spot crypto volume potentially bottoms alongside bitcoin and new revenue drivers emerge. The firm, which believes casual crypto traders who have left the company’s ecosystem during this downturn will return to its leading platform as bitcoin recovers, sees “asymmetrical risk/reward” in both Coinbase and Circle.
Additionally, Piper Sandler lowered the firm’s price target on Coinbase and kept a Neutral rating on the shares. The firm updated models in the exchange and trading companies space as part of a Q2 earnings preview. Option volumes reached record levels in Q2 and U.S. cash equities saw their strongest volume quarter on record, but prediction markets and perpetual futures “were the story” as the World Cup drove “massive” growth across the prediction market industry, the analyst said. Piper sees “significant investor attention on the perpetual future threat” heading into Q3.
Meanwhile, the Information’s Michael Roddan and Yueqi Yang reported Wednesday that nearly a year after announcing their partnership, JPMorgan (JPM) and Coinbase have yet to launch any consumer-facing features, with delays occurring amid weaker crypto markets and ongoing policy disagreements over crypto legislation.
VISA INTRODUCES VISA STABLECOIN PLATFORM: Visa (V) announced Thursday the Visa Stablecoin Platform, a new enterprise platform designed to help financial institutions, fintechs, and crypto natives access stablecoin capabilities through a single Visa-managed environment. The company said VSP gives FIs, fintechs and other payment providers a simple way to access, store, and redeem stablecoins, beginning with Open USD, a stablecoin recently introduced by Open Standard. This includes onchain wallet infrastructure through a newly introduced Wallet-as-a-Service offering and connectivity for minting and burning Open USD.
“Stablecoins are opening up a new layer of programmable money, but for most institutions the hard part isn’t the concept, it’s the operational reality,” said Jack Forestell, Chief Product and Strategy Officer. “With the Visa Stablecoin Platform, we’re giving our clients a single place to mint, move and manage stablecoin operations with the controls, security and network reach they already expect from Visa. It’s how we help them turn interest in stablecoins into real products and real payment flows.”
Following the news, Clear Street said Visa isn’t issuing its own coin, but “positioning itself as the trusted middleware layer between traditional finance and blockchains.” There are still obstacles in stablecoin adoption for institutions, but the firm believes Visa can help accelerate the pace of adoption given its brand and network, said the analyst, who addsed that while many focus on increased competition between Visa and Circle/Tether, Clear Street sees this as “a positive development for the stablecoin and blockchain industry.”
NY IMPOSES MORATORIUM ON HYPERSCALE DATA CENTERS: On Tuesday, New York Governor Kathy Hochul signed an Executive Order to create the nation’s first moratorium on new hyperscale data centers. The Governor is temporarily pausing State environmental permits for up to one year in order to build a nation-leading regulatory framework that protects ratepayers, the environment, the energy grid and communities across the state.
“New York has always been at the forefront of innovation and change but we’ve also always guaranteed that New Yorkers benefit. As data center development threatens to hike up utility bills, deplete our natural resources, and create uncertainty for New Yorkers, it’s my responsibility to take action and lead,” Hochul said. “New York will lead the way in creating the strongest standards in the nation for data center development, ensuring that when companies succeed because of New York, New Yorkers succeed too.”
Following the EO, President Trump stated on Truth Social, “One of the biggest Driving Forces in the Future for Jobs, are Data Centers. They are big, strong, bold, and Money Machines for the State in which they are built. Governor Kathy Hochul, for political reasons, has terminated all Data Centers being built, or to be built, in New York State. These Companies are now being sought in Alabama, Florida, Texas, Arizona, and many other States. Both the Taxes and the Jobs amount to LIQUID GOLD! New York State has made a terrible decision. All of this Income, and other Benefits, will be going to Red States, and some Blue, where Data Centers are sought as Cash Cows, with Lower Taxes and Record Setting Jobs. They must pay for their own Water and Power, and any leftover goes back to the State and local Community. Data Centers are tremendous WINS for the States and Communities that are lucky enough to get them. New York should change its Policy, IMMEDIATELY. The Radical Left Dumocrats must not be allowed to cause us to lose Data Centers, AI, and all of this incredible new Technology, to China, and other countries!”
Additionally, Needham noted that TeraWulf (WULF) has exposure to New York at Lake Mariner and Lake Hawkeye/Cayuga. However, the firm believes signed Lake Mariner capacity is not impacted as it believes “existing construction” is not subject to this new moratorium and that New York State is using Department of Environmental Conservation permitting as the mechanism to block builds. While Cayuga at Lake Hawkeye is believed to be impacted, the firm said it is likely that TeraWulf would need to bring its own generation anyway, which it believes likely fixes the concerns NYS has “when and if that happens.” The firm kept rating on Terawulf shares.
Cantor Fitzgerald said the moratorium creates limited near-term risk and a buying opportunity for TeraWulf as existing leases remain unaffected and contracted lease value exceeds the current share price.
CLEANSPARK ENTERS INFRASTRUCTURE LEASE AGREEMENT: CleanSpark (CLSK) announced Tuesday it has entered into a 20-year infrastructure lease agreement, with two five-year extension options, directly with a high-investment grade, leading global technology company at its Sandersville, Georgia, campus. The lease is expected to generate approximately $6.6B of contracted revenue over the initial term. Under the agreement, the global technology company will deploy production-grade infrastructure at Sandersville, dedicated to a range of computing workloads. In connection with the transaction, the tenant has also executed a letter of intent and exclusivity arrangement covering CleanSpark’s entire Texas portfolio of 718 acres with up to 885 MW of secured and planned power capacity, positioning Sandersville as the first chapter of a substantially larger relationship.
“This lease is a transformational moment for CleanSpark as we complete our evolution into a diversified digital infrastructure platform and begin monetizing our power portfolio at institutional scale,” said Matt Schultz, CEO. “A 20-year commitment from a high-investment-grade global technology company with a market-leading commercial profile and exclusivity across our nearly 900 MW of additional capacity in Texas is a tremendous validation of our land-and-power strategy. We have long believed in the second-mover advantage in this sector: grow our portfolio as the market matures, then execute with excellent terms and velocity. Today’s announcement validates our thesis.”
B. Riley said that the 20-year lease validates the company’s land-and-power strategy, secures billions in long-term contracted revenue, and supports its transition toward a higher-value data center infrastructure business.
Keefe Bruyette said CleanSpark’s Sandersville lease economics are solid and largely in line with its expectations. Investor focus now shifts to CleanSpark’s larger Texas opportunity, the analyst said. Keefe thinks greater clarity on the equity funding could also influence investor sentiment on the announcement.
Cantor Fitzgerald raised the firm’s price target on CleanSpark and kept rating on the shares. The signing of the lease is the start of a new era for CleanSpark, making risk/reward at current levels attractive, the analyst said.
Meanwhile, Needham raised the firm’s price target on CleanSpark and kept rating on the shares. The firm has revised its estimates higher to include Sandersville and contribution from Sealy and Brazoria, the analyst said.
CITADEL INVESTS $400M IN CRYPTO.COM: Crypto.com ($PRIVATE) announced Thursday a strategic $400M investment from Citadel Securities valuing the company at $20B. Funding is expected to accelerate Crypto.com’s expansion into all asset classes, including tokenized securities and derivatives, bridging the gap between digital asset and traditional markets to create a more efficient 24/7 financial ecosystem.
“We are thrilled to work with Citadel Securities to continue driving the crypto industry into a new era of institutionalization,” said Kris Marszalek, CEO. “The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance. Having built the right regulatory and tech infrastructure over the last decade, Crypto.com is now perfectly positioned to capture this new wave of growth across all asset classes.”
OTHER CRYPTO NEWS:
CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings, Strategy, Riot Platforms (RIOT) and TeraWulf.
PRICE ACTION: As of time of writing, bitcoin dropped roughly 2% this week to $62,552 in U.S. dollars, according to CoinDesk.
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Originally Posted July 17, 2026
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