A wide-ranging U.S. bill to regulate the cryptocurrency sector could be finalized within weeks, according to Galaxy CEO Michael Novogratz, who argues it does not need to be flawless to proceed. Coinbase CEO Brian Armstrong has withdrawn support from the current draft, warning it would hurt several of the exchange's product lines and stablecoin rewards. Senate Banking Committee efforts to mark up the more than 270-page market structure bill were postponed after dozens of amendments and pushback from industry stakeholders.

The Senate Banking Committee pulled its planned markup and vote on a comprehensive crypto bill after support eroded midweek. Chair Tim Scott announced the postponement Wednesday night; Coinbase withdrew backing, citing treatment of stablecoin yield, tokenized equities and DeFi. A new hearing date has not been set.

On Tuesday, Grayscale filed a registration statement to convert the Grayscale Bittensor Trust (TAO) into a U.S. spot ETF that would trade on NYSE Arca under the ticker GTAO. According to the filing, Coinbase Custody Trust Company LLC and BitGo Trust Company, Inc. would serve as custodians. The move follows Bittensor's first halving in mid-December.

21Shares listed an XRP exchange-traded fund on CBOE under the ticker TOXR. The fund tracks XRP, the fourth-largest cryptocurrency by market capitalization. Coinbase, Anchorage Digital Bank and BitGo will serve as custodians. Other providers including Grayscale, Canary Capital and REX Shares have launched similar products in recent weeks.

BlackRock submitted a registration statement to the U.S. Securities and Exchange Commission for the iShares Staked Ethereum Trust ETF, aiming to provide exposure to ether alongside staking rewards. The filing says the trust will seek to reflect ether’s price performance and staking returns where the sponsor believes this can be done without undue legal or regulatory risk.

Federal prosecutors have requested a 12-year prison term for Terraform Labs founder Do Kwon in connection with the 2022 collapse of Terra USD and Luna tokens that wiped out $40 billion in value. The sentencing recommendation was filed Thursday with the U.S. District Court for the Southern District of New York. Prosecutors cited the unprecedented scale of the fraud and Kwon's conduct in artificially inflating asset values while enriching himself.

Financial executives from Citadel Securities, Coinbase, Galaxy, and BlackRock revealed sharp disagreements over tokenization regulation during a Thursday SEC Investor Advisory Committee meeting. The session followed a Wednesday letter from Citadel Securities recommending stricter SEC oversight of DeFi protocols handling tokenized securities. Crypto advocates pushed back, arguing such rules are impractical for decentralized systems.

Rep. Bryan Steil questioned federal regulators on their progress implementing the GENIUS stablecoin law during a House Financial Services Committee hearing Tuesday. The legislation, which became law July 18, requires agencies to establish rules within one year. FDIC Acting Chair Travis Hill announced plans to propose implementation rules this month, while NCUA Chairman Kyle Hauptman confirmed regulators are committed to the July 18, 2026 deadline.

Grayscale Investments launched the Grayscale Chainlink Trust ETF (GLNK) on the New York Stock Exchange on Tuesday. The fund converted a private placement trust holding over $17 million in assets and offers investors exposure to Chainlink's oracle network infrastructure, according to Grayscale.