Ripple CEO Brad Garlinghouse said the company nearly shut down within hours of the SEC's December 2020 lawsuit and spent about $150 million defending the case. A July 2023 ruling found some institutional XRP sales violated securities laws, imposing a $125 million civil penalty and a permanent injunction on future unregistered institutional sales. Appeals ended August 22, 2025, leaving the judgment intact.

Thailand is stepping up its anti-money laundering regime, with regulators set to increase scrutiny of large cash deposits, gold transactions and high-volume USDT activity.

Thailand’s financial authorities are escalating a wider campaign against hidden and potentially illicit capital flows, tightening oversight of both large cash movements and high-value stablecoin activity. Cash deposit rules expand in Q4 2026 Starting in the fourth quarter of 2026, the Bank of Thailand will require customers depositing 5 million baht (about $150,000) or more in cash to provide documentation and explain the source of funds. The central bank says the goal is to close a regulatory gap between controls on cash moving out of accounts and cash entering them. The new requirement builds on rules introduced in April: customers withdrawing 5 million baht or more must give banks a verified business reason and explain why electronic transfers or cheques were not used. The Bank of Thailand said high-value cash withdrawals dropped about 35% after those measures took effect. USDT transactions face closer review—not a ban The Bank of Thailand is working with the Securities and Exchange Commission (SEC) to audit unusually large USDT transfers after identifying patterns that could obscure beneficial ownership or bypass domestic remittance channels, The Nation reported. The focus is on who ultimately controls the funds and whether regulated platforms have complied with local requirements. Regulators emphasized the review is investigative in nature. Thailand’s SEC added USDT and USDC to its approved cryptocurrency list in March 2025, allowing licensed exchanges to use them as base trading pairs and permitting certain regulated providers to accept them for specified transactions. Implications for crypto firms and users Authorities are targeting very large flows, unclear ownership structures, and attempts to shift value outside formal remittance routes—effectively extending monitoring expectations on blockchain activity alongside existing licensing and customer-check frameworks for Thai crypto businesses. Exchanges, custodians, and institutional traders should expect tighter transaction surveillance and may need to prepare additional compliance documentation while the audit proceeds. Regulators have not said when the USDT review will conclude, whether any platforms will be identified publicly, or whether penalties will follow. Any formal enforcement would be led by the SEC. Broader crackdown on "grey" channels The effort goes beyond digital assets. Banks are required to flag suspicious bullion transactions, especially rapid online gold purchases followed by same-day physical withdrawals. Officials are also examining large banknote exchanges, as well as accounts linked to online gambling and mule-account networks. Authorities said enhanced oversight has already reduced physical gold withdrawals on a monthly basis from roughly 4,000 kilograms to about 700 kilograms. Controlled crypto use for tourists The Bank of Thailand and the SEC are also overseeing TouristDigiPay, a program that allows eligible foreign visitors to convert crypto into baht and pay merchants through the PromptPay QR network. Users must register with approved providers and complete identity checks, keeping merchant payments within the baht system while permitting regulated conversion from digital assets. Policy stance and next milestones Governor Vitai Ratanakorn described the measures as long-term, layered controls designed to close loopholes rather than short-term fixes. Banks and customers are awaiting detailed guidance ahead of the Q4 2026 cash-deposit rule. Regulators have not provided a timeline for completing the USDT audit or publishing transaction-level findings. The SEC is also reported to be preparing rules for 2026 covering crypto ETFs, derivatives, and tokenized bonds, pointing to continued regulatory expansion under Thailand’s cautiously permissive digital-asset approach.

Japan is preparing to increase its $1.8 trillion pension fund's exposure to private markets and alternative assets.

Thailand is tightening oversight of large Tether transfers, putting high-volume USDT activity under a joint review by the Bank of Thailand and the Securities and Exchange Commission. Bank of Thailand Governor Vitai Ratanakorn said on July 11, 2026, that regulators are examining transactions suspected of masking beneficial ownership or bypassing standard remittance channels. Enforcement is expected to ramp up notably in Q4 2026, and early findings have already been referred to the SEC for possible disciplinary action. The audits began in Q3 2026 and coincide with new cash-deposit controls. Cash deposits above 5 million baht (about $140,000 at current exchange rates) now require documentation proving the source of funds. Authorities point to earlier measures as evidence the tighter approach is biting. Rules introduced in April 2026 drove a 35% drop in high-value cash withdrawals. The impact has extended beyond crypto: monthly gold withdrawals fell from about 4,000 kg to roughly 700 kg after the changes, an 82% decline. A key driver behind the crackdown is the profile of stablecoin sellers. A January 2026 investigation found around 40% of USDT sellers on Thai platforms were foreign individuals, accounting for nearly half of sell-side activity in Thailand's stablecoin market. The move comes after the SEC's recent acceptance of stablecoins within regulated markets. In March 2025, the regulator approved USDT and USDC for trading on regulated venues, expanding the list of permitted digital assets for ICO-related activities beyond Bitcoin, Ether, XRP and Stellar. Market participants expect stricter checks to raise compliance costs and slow execution, pressures that typically reduce trading activity. With a meaningful share of USDT volume tied to foreign sellers who may now face higher barriers, volumes could contract before stabilizing. Traders are likely to focus on Thai exchange data in Q4 2026 as enforcement intensifies.

The Clarity Act, a proposal designed to set federal rules for digital assets, is running into steep resistance in the U.S. Senate. The bill would need seven Senate Democrats to break ranks for it to move forward. The debate is further complicated by ethics scrutiny tied to former President Donald Trump, who could earn as much as $1.4 billion from crypto by 2025. Separately, Hyperliquid and Phantom have filed with the Commodity Futures Trading Commission (CFTC) in a bid to create an administrative framework for onchain perpetuals without waiting for Congress. If accepted, the approach could speed up regulatory clarity for decentralized finance platforms. Legacy derivatives venues, including CME Group and Intercontinental Exchange, are pressing regulators to require Hyperliquid to register, a push that could slow any CFTC move ahead of the August 7 deadline. Key takeaways: - The Clarity Act faces a high political bar in the Senate, requiring seven Democrats to support it for advancement. - Hyperliquid and Phantom's CFTC filing signals a pathway toward clearer rules without congressional action, offering an alternative route for DeFi. - Lobbying from established exchanges could shape the CFTC outcome and affect both timing and design of any framework for onchain derivatives. What to watch: - The CFTC's public docket for signs it takes up the Hyperliquid-Phantom proposal. - Any administrative action before August 7 that would signal growing regulatory support for decentralized finance. - Senate developments that could shift the odds for the Clarity Act, though current pricing indicates markets see near-term passage as unlikely. - Further steps by CME and ICE that could influence the regulator's decision. Get live predictionmarket analysis, powered by Vera. Sign up for Vera.

Crypto headlines on July 10 spanned federal enforcement, state-level financing and bank regulation. Bloomberg Law reported that the U.S. Department of Justice is preparing to end the BitClub Network prosecution of Matthew Goettsche. According to the report, DOJ leadership instructed prosecutors in New Jersey to seek dismissal with prejudice, which would bar the government from refiling the same charges. Goettsche's attorneys said they notified U.S. District Judge Claire Cecchi on July 8 that the parties had reached an agreement in principle and asked for additional time to finalize terms ahead of an October trial date. No final dismissal order had appeared in the public docket as of the reports. BitClub Network operators were originally accused of raising at least $722 million by selling what prosecutors described as fraudulent cryptocurrency-mining investments between April 2014 and December 2019. Goettsche faced allegations including wire-fraud conspiracy and unregistered-securities violations. DOJ records indicate multiple participants have already pleaded guilty in related matters, including Silviu Balaci (July 2020) on wire fraud and securities charges, as well as Joseph Abel and Jobadiah Weeks through separate proceedings. The reported shift follows Deputy Attorney General Todd Blanche's April 2025 memorandum on digital-asset enforcement. The guidance discouraged using criminal prosecutions primarily to resolve regulatory classification questions, while still prioritizing fraud that results in direct investor losses—a point that has drawn scrutiny given that the BitClub case centered on alleged fraud, not solely registration issues. In New Hampshire, the Executive Council rejected a proposed $100 million bond authorization on July 8. The five-member council voted 3–2 against the plan, despite support from Governor Kelly Ayotte. Under the proposal, bonds would have been issued through the New Hampshire Business Finance Authority, with a special-purpose vehicle purchasing a secured promissory note backed by Bitcoin; CleanSpark was to provide collateral. Moody's Ratings said state funds would not have been used to make payments, with Bitcoin liquidation intended to cover principal and interest. Supporters cast the proposal as aligned with the state's broader digital-asset direction after lawmakers approved a strategic Bitcoin reserve framework in 2025. Representative Keith Ammon criticized the council's decision and called for reconsideration. Moody's had assigned the proposed debt a provisional Ba2 rating, citing collateral volatility, transaction complexity and operating risks—a rating below investment grade. On the banking front, Circle said the Office of the Comptroller of the Currency granted final approval for Circle National Trust. The company announced the decision on July 10, following conditional approval in December 2025. Circle said the approved institution's legal name is First National Digital Currency Bank, National Association. The trust bank is set to begin by providing fiduciary digital-asset custody for Circle and affiliated entities, with a framework that could allow limited future services for regulated financial institutions. As a national trust bank, the institution will operate under federal supervision and fiduciary rules, without automatically functioning as a commercial, deposit-taking bank. Circle's announcement did not describe retail lending or insured deposit products, though it said reserve-management capabilities could be added within the approved framework. CEO Jeremy Allaire said federal oversight would strengthen governance and institutional infrastructure. Next milestones include a court filing that would formalize any BitClub dismissal and the launch of Circle National Trust's custody operations, which will bring ongoing examinations and compliance requirements under OCC supervision.

Next week is shaping up as one of the summer's most consequential periods for U.S. crypto policy. The Senate returns on July 13, and a revised draft of the CLARITY Act is expected within days, according to CoinDesk. Republicans are pressing to bring the measure to the floor before the August recess, warning that the legislative window is narrowing. Momentum is building: the bill has cleared committee on a 159 vote, a House version has already advanced, and the CFTC chair said the legislation is "so close." The next three weeks are expected to determine whether the CLARITY Act reaches a Senate floor vote before the end of the summer.