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Galaxy Research Director: The probability of the CLARITY Act being passed this year has been lowered to 10%, with political differences as the main obstacle

Galaxy Research Director Alex Thorn stated that the probability of the CLARITY Act passing in 2026 has been lowered to 10%. He believes that the core obstacles the bill currently faces are more political than policy-related, including ethical constraints on government officials involved in the crypto industry, opposition from the banking sector, particularly community banks, and controversies surrounding developer protection clauses.Thorn pointed out that Senate Majority Leader John Thune has scheduled the Senate to hold its first vote on the CLARITY Act after the recess ends in mid-September, but by then, the working window will only be about 2 to 3 weeks. If senators cannot immediately initiate the advancement process upon returning to Washington, the bill will likely need to occupy the entire working period to have a chance of passing in 2026.Meanwhile, the U.S. SEC had originally planned to advance two crypto regulatory measures, Reg Crypto and the "Innovation Exemption," but there has been another delay recently. Thorn believes that the SEC had previously delayed action at least partly to avoid interfering with the negotiations on the CLARITY Act, and as the advancement of the bill faces obstacles, the SEC may accelerate the independent advancement of the relevant regulatory framework. Thorn expects that regardless of whether the CLARITY Act ultimately passes, the SEC may announce the specific texts of Reg Crypto, the "Innovation Exemption," or both in the coming weeks to months.

Harvard Fund disclosed holdings of $2.21 billion in SpaceX shares, while Bitcoin ETF holdings remained unchanged

Harvard University's latest 13F filing shows that as of June 30, it still holds 3,044,600 shares of BlackRock's spot Bitcoin ETF IBIT, valued at approximately $101.4 million, with the number of shares unchanged from the end of the first quarter, ending a previous trend of two consecutive quarters of reduction. Harvard reduced its IBIT holdings by 21% in the fourth quarter of 2025 and by another 43% in the first quarter of 2026.Currently, IBIT accounts for about 2.4% of Harvard's disclosed $4.26 billion U.S. stock portfolio. Its gold-related product holdings are even more valuable; as of the end of the second quarter, the combined value of iShares Gold Trust (IAU) and SPDR Gold Trust (GLD) is approximately $171.2 million. Harvard has previously liquidated its position in BlackRock's spot Ethereum ETF, valued at $86.8 million, and did not add any new Ethereum-related positions in the second quarter.Harvard University's largest holding is SpaceX, totaling 12,935,100 shares, valued at $2.21 billion, making it the largest single stock holding disclosed in the filing. The total value of U.S. stock assets disclosed by Harvard this time is approximately $4.3 billion, meaning that the SpaceX holding accounts for 52%.Among other institutions, the Abu Dhabi sovereign wealth fund Mubadala and the Abu Dhabi Investment Authority each maintained their holdings of 14,721,900 shares and 8,218,700 shares of IBIT, respectively, with a combined value of approximately $764 million. JPMorgan increased its IBIT holdings from about 8.3 million shares to 10.4 million shares; Morgan Stanley reduced its holdings from 17.3 million shares to about 16.5 million shares, a decrease of 4.5%.
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