Crypto industry backs candidate Adrian Boafo to win Maryland House of Delegates primary election.

Arthur Hayes(@CryptoHayes) bought another 645 $ETH ($1.2M) 9 hours ago. Since July 15, Arthur Hayes has bought a total of 3,915 $ETH ($7.47M) at an average price of $1,909 and is now down ~$113K.

The Kobeissi Letter stated in a post that the total market capitalization of global stock markets has climbed to 137% of global GDP, near its all-time high. Since April 2025, this ratio has risen by 40 percentage points cumulatively, now matching the peak level hit during the 2021 meme stock craze. In contrast, the peak ratio of global stock market total capitalization to GDP before the 2008 financial crisis stood at around 120%. This month, the total market cap of global equities reached a record $166 trillion, with the U.S. stock market accounting for roughly $77 trillion, or approximately 46% of the global total. AI is fueling the historic growth in stock markets.

According to Bloomberg, roughly $1.4 billion in profits Donald Trump and his affiliates earned from meme coins and token-related operations has become the single biggest obstacle to the passage of the CLARITY Act. Democrats are pushing for stricter provisions to prevent the president from continuing to profit from the crypto industry overseen by his administration, while Trump needs at least seven Democratic senators to back the bill to advance it. The Democratic party objects to having the Department of Justice, led by a Trump-nominated attorney general, serve as the primary enforcer of the ethics rules, and is demanding independent law enforcement authority for state attorneys general. Bipartisan senators Ruben Gallego and Thom Tillis are discussing compromise proposals, but Senate Majority Leader John Thune has stated the bill may not be passed before the August recess. Critics argue the current draft allows Trump to sell large stakes in his crypto business or place them in a blind trust, but does not mandate a sale; the provisions only apply when an official holds a "direct interest" in crypto assets, leaving unclear whether Trump’s roughly 38% indirect stake in World Liberty Financial via DT Marks DEFI LLC falls under the rules. The bill also does not restrict the children of government officials, and the ethics requirements will expire on January 20, 2029. Beyond ethics concerns, Democrats are calling for stronger consumer protections and anti-illegal finance measures, while the banking industry is pushing for tighter restrictions on stablecoin rewards. The likelihood of the CLARITY Act being passed this year has dropped to roughly 33%, about half the probability it held after the Senate Banking Committee backed an earlier version in May.

According to monitoring by Onchain Lens, a whale has accumulated 1.58 million LINK tokens via multiple transactions from Binance over the past week, worth approximately $13.2 million.

NVIDIA CEO Jensen Huang said in an interview with Bloomberg’s podcast that South Korea is in a "golden age," and its semiconductor and industrial capabilities can help build global AI infrastructure. NVIDIA has reached multiple partnerships with SK Group, with the two sides’ future business dealings in areas including memory procurement, AI supercomputers, and data center construction set to exceed $500 billion. NVIDIA will purchase large volumes of memory chips from SK Hynix for years to come, and will jointly advance the technology roadmap for products ranging from HBM2, HBM3, HBM3E, HBM4, HBM4E to subsequent generations. Meanwhile, SK Telecom plans to expand its AI cloud infrastructure to a maximum of 2 gigawatts in the near term, with NVIDIA set to supply it with supercomputers. The partnership covers both NVIDIA’s memory procurement and SK Group’s purchases of AI infrastructure. Huang believes that as AI agents and robots begin to use computers at scale, chip demand will no longer be driven solely by human users. Over the next decade, the global semiconductor industry may need to expand to 10 times its current size. Currently, resources such as HBM memory, land, power, and data center construction are all tight. The industry could potentially double its scale annually, but faster expansion will be very challenging. The entire industry could double its supply scale each year, but land, power, and factories cannot expand as quickly as consumer electronics equipment, so AI infrastructure construction may proceed at a constrained pace over the next decade. When discussing AI competition between China and the U.S., Huang said both countries have excellent AI researchers. Although their resources, conditions, and constraints differ, both will continue to advance AI technology. China may train more AI researchers annually than the rest of the world combined, and the U.S. still needs to continue learning, cooperating, and maintaining competition.

According to on-chain analyst Ai Yi (@ai_9684xtpa), the largest short address of Changxin Memory Technologies (CXMT) is still adding to its position. Two hours ago, this address added 2 million USDC in margin to Hyperliquid and continued placing limit sell orders via TWAP. Currently, the address holds 2.072 million CXMT in 1x leveraged short positions, with a notional value of approximately $12.78 million, an average entry price of $6.4434, and an unrealized profit of around $563,000. Additionally, there are still 435,677.8 CXMT limit sell orders at $6.11 that remain unfilled, with a total value of about $2.66 million.