US stocks closed lower across the board this morning, with SpaceX declining 5.43%.

Bank of America has appointed Sonali Theisen as head of its global digital assets platform and Kevin Milsom as head of AI transformation to advance the bank’s digital asset and AI strategic development. Theisen will oversee the design, development, expansion and governance of the bank’s digital assets platform, while continuing to serve as head of electronic trading and strategic investments for its fixed income, foreign exchange and commodities (FICC) business. Her key work includes integrating blockchain products into Bank of America’s existing financial market infrastructure, and collaborating with Adam Dixon, head of digital asset transformation, to advance tokenized deposits, stablecoins, digital collateral circulation, crypto trading settlement and custody services. Milsom will lead the application of AI across Bank of America’s global markets platform. Reports note that this move follows the trend of Wall Street financial institutions accelerating their expansion into digital assets and AI. Earlier, Vanguard launched a search for its first head of digital assets, and Morgan Stanley appointed Amy Oldenburg as head of digital asset strategy earlier this year to drive the integration of crypto assets and asset tokenization with traditional financial infrastructure.

According to GMGN market data, Base-based meme token Brain (Coinbase Man) briefly surged past $35 million in market cap yesterday before plummeting to $1.4 million as of now—down over 93% in 24 hours, with a 24-hour trading volume of $21 million. Brain adopts the native B20 token standard rolled out via Base’s Beryl upgrade, and its name is derived from Coinbase CEO Brian Armstrong. Armstrong recently changed his X profile picture, and the new image closely aligns with the Brain token’s icon, sparking community speculation and driving a rapid rise in trading activity. Following Armstrong’s latest X profile picture change, the meme token faced massive sell-offs and is now on track to “go to zero”. BlockBeats reminds users that meme coins are highly volatile, primarily driven by market sentiment, community hype, and narratives, with no solid fundamental support. Investors should pay close attention to risks.

FTX Recovery Trust and FTX announced that the fifth round of creditor distributions will launch on July 31, with roughly $900 million allocated to creditors in the "Convenience" and "Non-Convenience" categories under the restructuring plan. Eligible creditors will receive their payouts via BitGo, Kraken, or Payoneer accounts within 1 to 3 business days starting July 31. Creditors with claims under $50,000 will get a payout equal to 120% of their claim amount, while others are expected to receive between 103% and 105% of their claims. With this round of distributions, the cumulative amount disbursed by the FTX Recovery Trust since FTX filed for bankruptcy in November 2022 will reach approximately $10 billion.

A U.S. federal grand jury has indicted 43-year-old crypto investor Benjamin Paul Wiener of Sioux Falls, South Dakota, on 29 counts including wire fraud, money laundering, bank fraud and aggravated identity theft, involving approximately $20 million. Dozens of victims are located across South Dakota and Minnesota. Prosecutors allege Wiener used eight entities he controlled to induce investors to contribute funds and cryptocurrency through false statements, then transferred the assets via banks and crypto exchanges for personal spending. When investors requested redemptions or new capital dried up, he recruited new investors to repay old ones, an alleged Ponzi scheme. Additionally, prosecutors charge that in April 2025, Wiener secured a $1 million line of credit from a bank by forging documents, communications records and stealing others’ personal identifying information. Wiener has pleaded not guilty to all charges and is released on bail pending trial, scheduled for September 15. Under U.S. law, wire fraud and money laundering each carry a maximum sentence of 20 years in prison, bank fraud carries up to 30 years, and aggravated identity theft adds a consecutive mandatory minimum sentence of at least two years.

U.S. Central Command (CENTCOM) said U.S. military forces concluded their seventh consecutive night of military strikes against Iran at 9:30 p.m. ET on July 17. CENTCOM added that the operation targeted reconnaissance sites, military logistics infrastructure, underground weapons storage facilities and maritime targets, with various military assets including fighter jets, drones and warships deployed. The statement noted that U.S. forces will continue to hold Iran accountable in line with the president’s directives and fully enforce a maritime blockade targeting Iranian ports. Additionally, CENTCOM stated that more than 50,000 U.S. troops are currently deployed in the Middle East for operations, maintaining high alert and capable of launching rapid strikes.

Weeks ago, emails promoting posts from Donald Trump’s Truth Social platform began circulating among trading desks across Wall Street. A copy of an email reveals the product promises sub-second, 24/7 access to Trump’s post data, including weekends and after-hours trading periods. The email also urges recipients to “act quickly,” noting “some of your peers are already deploying this product.” Trump Media & Technology Group (TMTG) has openly offered high-frequency traders and hedge funds real-time access to the former president’s remarks, sparking fierce political and ethical debate on Wall Street. Institutions are weighing what it means to pay a publicly traded company where Trump is the largest shareholder for access to his posts. Trump has a history of making statements that move markets, meaning any firm unwilling to pay could fall behind competitors in algorithmic trading. Trump is clearly more emboldened to profit from various business ventures during a potential second term. As TMTG’s largest shareholder, he holds stakes worth roughly $1 billion. He has also broken longstanding norms by generating income from multiple business ventures while in office, earning over $1 billion from crypto projects alone in the past year.