Daily Edition · Page 6

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

POLYMARKET INVESTIGATIONS END WITHOUT CHARGES

Both the DOJ and the CFTC have formally declined to bring charges against Polymarket after civil and criminal probes into alleged acceptance of US bets, despite a 2022 CFTC settlement and $1.4 million fine requiring the platform to block US users. The investigations – one criminal led by the Manhattan U.S. Attorney's Office and one civil by the CFTC – followed an April raid on CEO Shayne Coplan's apartment but concluded with declination notices this month. Polymarket's handling of over $3.6 billion in presidential-election wagers underscored regulators' initial focus on market scale and cross-border compliance.

DAKOTA: POWERING THE FUTURE OF GLOBAL BANKING

Dakota is building the first globally accessible business financial account leveraging stablecoins, US Treasuries, and traditional rails. The platform lets companies in 100+ countries open accounts, execute SWIFT/SEPA/ACH/wire and stablecoin payments in minutes, issue smart corporate cards, and earn up to 4% yield on balances. Since its launch in 2024, over 500 businesses have processed billions in transactions.

BITWISE ADDS PROOF OF RESERVES FOR $BITB AND $ETHW ETFS

Bitwise has launched daily third-party Proof of Reserves verification for its Bitcoin and Ethereum ETFs ($BITB and $ETHW). Each trading day, the auditor confirms onchain balances and reconciles them against outstanding ETF shares, replacing the old method of listing 90+ wallet addresses. Soon, Bitwise will introduce daily CPA-attested reports covering both assets and liabilities, effectively setting a new standard for onchain transparency in public crypto funds.

HYPERLIQUID'S L1 BEGINS TO FIND ITS FOOTING

HyperEVM, Hyperliquid's EVM-compatible layer 1, has seen consistent growth in transaction volume, TVL (now 10th among L1s), and developer adoption since its February launch. The CoreWriter upgrade, enabling HyperEVM contracts to write directly to HyperCore's perpetuals and order books, is set to unlock integrated DeFi use cases and drive a surge in applications. Native HYPE gas burns and a dual-block, iterative rollout highlight a measured scaling approach that protects HyperCore's performance. With trading, lending, vaults, and staking poised to co-exist natively across both chains, HyperEVM is transitioning from a sidecar into a core pillar of Hyperliquid's unified financial stack.

3 KEY BILLS THAT COULD RESHAPE US DIGITAL ASSET LAWS

Congress has declared July 14-18 as “Crypto Week” to fast-track landmark digital asset bills aimed at solidifying U.S. leadership in blockchain innovation. The GENIUS Act would establish the first federal stablecoin framework, mandating 1:1 dollar backing and monthly reserve disclosures to enable mainstream issuance by firms like Amazon or Walmart. The CLARITY Act draws clear lines between SEC and CFTC oversight based on token decentralization and usage, while offering fundraising safe harbors for early-stage projects. Meanwhile, the Anti-CBDC Act seeks to block a Federal Reserve retail digital dollar to preserve financial privacy, collectively signaling regulatory clarity, boosting institutional confidence, and protecting consumer freedoms.

ETHEREUM'S ZK ROADMAP: SCALING L1 TO 10M TPS

Ethereum is pivoting to a zkEVM-based architecture that replaces transaction re-execution with real-time zero-knowledge proof verification, targeting 10,000 TPS on L1 and 10M TPS ecosystem-wide. This shift is powered by breakthroughs like Succinct's SP1 prover, a multi-horizon roadmap backed by the Ethereum Foundation, and innovations such as RISC-V Type 0 zkVMs and FOCIL for censorship resistance. The ultimate goal is decentralized validation on minimal hardware, unlocking on-chain abundance, and obsoleting optimistic rollups.

ETHER.FI CASH HITS $14.85M IN SPEND, GROWS 150% IN JUNE

Ether.fi's Cash credit product has crossed $14.85M in total spend since launch, with June alone driving 40% of volume and 1,741 new cardholders. With 3,400+ active users and 400 businesses onboarding, the team is aiming for 40K-100K users by year-end, leveraging deep integration with its yield vaults. The 3% cashback, currently subsidized by Scroll, may be adjusted as interchange fees and vault-linked monetization scale, positioning Ether.fi as a crypto-native challenger to fintech giants like Revolut and Robinhood.

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