The fourth day of the Tornado Cash developer’s criminal trial in New York kicked off with witnesses from the FBI.

US prosecutors expect to close case against Roman Storm by July 25

White House spokesman Kush Desai told Cointelegraph that “No decisions should 
be deemed official,” unless it comes directly from President Trump himself.

Trump eyes executive order to open up retirement funds to crypto: FT

Daniel Yan, the founder and CIO of Kryptanium Capital, a managing partner at 
Matrixport Ventures, and previously an executive at Bitmain and Merrill Lynch, 
writes today via X: “Everyone is comparing SBET to MSTR and thus concludes 
super-bullishly for both ETH and SBET. Together with the ETF massive flow, the 
logic seems impeccable… I think SBET differs massively from MSTR on two 
fronts… All the above point to a maximization of short-term interest.” The 
comparison of SharpLink Gaming (SBET) to MicroStrategy (MSTR) has become a 
fixture of crypto-equity chatter as Ether rallies to 16-month highs on the 
back of record US spot-ETF inflows. But in a post published this morning, 
venture investor Daniel Yan argues that the two “proxy” trades share less DNA 
than the market assumes. SBET Isn’t MicroStrategy—What It Means For Ethereum 
Price SharpLink’s metamorphosis from an i-gaming software vendor into the 
world’s largest corporate Ether holder has been dizzyingly fast. Since the 
firm announced its treasury pivot on 2 June, it has amassed 280,706 ETH (≈ 
$925 million) and staked nearly all of it, earning 415 ETH in rewards. To fund 
the spree, SharpLink sold 24.6 million shares for $413 million via an at-the- 
market (ATM) facility between 7 and 11 July. The company still has $257 
million of authorised capital it has yet to commit to the market. Related 
Reading: Ethereum Could Shoot Above $4,000 This Week, Predicts Analyst 
Management insists dilution is offset by growing “ETH Concentration” (ETH ÷ 
1,000 assumed diluted shares), which has risen from 2.00 to 2.46 ETH in just 
five weeks. Nevertheless, Yan warns that the very mechanism powering 
SharpLink’s accumulation—constant equity issuance—is also a pressure point: 
“This method creates a massive dilution effect on the ETH-per-share metric, 
which makes SBET price more vulnerable to negative shocks.” MicroStrategy’s 
Bitcoin strategy is held together by cheap, long-dated leverage. Since 
mid-2020 the firm has floated $8.2 billion of convertible notes—all funnelled 
into BTC—and only secondarily tapped its own ATM shelf. Because converts embed 
an equity option, they dilute only if MSTR’s share price leaps, effectively 
synchronising new issuance with bullish sentiment. Yan calls this a “flywheel” 
that SBET lacks. Indeed, five of MicroStrategy’s six convert issues are 
already deep in the money as MSTR flirts with all-time highs, turning the debt 
into quasi-equity on highly favourable terms. By contrast, SharpLink relies 
almost exclusively on equity sales; every fresh tranche increases the 
denominator immediately, regardless of where SBET trades. Yan also highlights 
governance asymmetry: SharpLink was recapitalised by “one of the largest 
consortium of ETH holders,” whose own SBET shares unlock in roughly five 
months. He frames the arrangement as a “multi-party prisoner’s dilemma,” 
implying insiders may be incentivised to monetise quickly rather than steward 
a decades-long treasury strategy. No comparable unlocking event hangs over 
MicroStrategy, whose executive chairman Michael Saylor owns the bulk of the 
voting stock and has repeatedly pledged never to sell. Related Reading: 
SharpLink Gaming Buys Another $19.5M In Ethereum: Institutional Accumulation 
Yan’s comments land just as Ether ETFs smash records. US spot funds absorbed 
$726.6 million in net inflows on Wednesday, their best day since launch, 
lifting cumulative holdings above 5 million ETH. Bulls argue that such flows 
will continue to buoy both Ether and any equity that warehouses it. Even Yan 
concedes “there is merit in this for the short term.” But his analysis 
underscores that the path-dependency of SharpLink’s model—equity issuance 
first, crypto purchases later—carries different risks from MicroStrategy’s 
debt-driven lever. The key divergence is simple: MicroStrategy’s converts 
dilute only if the bet is already winning; SharpLink’s ATM dilutes so the bet 
can be placed. Yan is not forecasting an imminent crash—he explicitly disavows 
any short position in Ether—but he urges investors caught up in “the euphoric 
period” to scrutinise capital-structure mechanics. If SharpLink’s insiders do 
treat the company as a short-term vehicle and ETF momentum cools, the ATM- 
powered “flywheel” could spin the opposite way: more shares, lower ETH-per- 
share, weaker SBET. Conversely, if Ether keeps climbing and the firm times its 
issuance astutely, shareholders could still enjoy MicroStrategy-style 
convexity. The difference, as Yan makes clear, is that SharpLink’s leverage is 
worn on the cap table, not tucked inside a convertible note. At press time, 
ETH traded at $3,412. Featured image created with DALL.E, chart from 
TradingView.com

Ethereum Boom Or Bust? Daniel Yan Sounds Alarm On SBET

Crypto is now so entrenched in the U.S. financial system—with bipartisan 
momentum and Wall Street alignment—that no future administration can unwind 
it, an expert explained. Can Future Administrations Shut Down Crypto? Not 
After What Just Happened Mounting bipartisan support and deep institutional 
adoption are anchoring U.S. crypto legislation, signaling a long-term policy 
shift that future […]

Crypto Legislation Hits Escape Velocity—No Future Presidents Can Stop It Now

A bill moving through Congress could reshape how big companies sell their 
shares. Senator Elizabeth Warren of Massachusetts warned that the CLARITY Act 
might let firms dodge long‑standing rules. Related Reading: If You’re Wealthy, 
1 Bitcoin Should Already Be In Your Wallet, Expert Says Based on reports, the 
measure would shift certain tokens onto a “mature” blockchain and hand 
oversight to the CFTC instead of the SEC. Warren Warns Of A Regulatory 
Loophole According to Warren, the bill’s text would let any company listed on 
the NYSE put its stock on a qualifying blockchain. At that point, companies 
could escape SEC registration. She said that could “blow up the value of the 
NYSE” by cutting out investor protections. Under the draft, token sales using 
a functional chain still count as fundraising, but tokenized shares may slip 
free of SEC checks. She wants to limit US companies (Amazon, Meta, GE) to 
protect the &#8220;US economy&#8221; / NYSE? Not against NYSE, but it&#8217;s just one company, 
fully owned by ICE, market cap: ~$100 billion. Amazon market cap: $2.40 
trillion. NYSE ≠ economy. All companies = economy. https://t.co/6Xo6QVgL1p — 
CZ 🔶 BNB (@cz_binance) July 17, 2025 Companies could raise money without 
filing the same forms. They would not need to share audited reports or follow 
proxy rules. Retail investors might face hidden risks if their favorite 
blue‑chip stock suddenly shifts on‑chain. Crypto Week Sees Multiple Bills This 
week in Washington is packed. The House Agriculture Committee and the House 
Financial Services Committee both cleared the CLARITY Act. It now heads toward 
the Senate, where approval is not guaranteed. (Update &#8211; On Wednesday, the GOP- 
led US House navigated crucial procedural checkpoints for crypto reform, just 
a day after President Donald Trump stepped in to keep the effort 
alive—clearing the path for America’s inaugural federal digital-asset statute. 
Those approvals came on the heels of more than nine hours of 
behind‑closed‑doors negotiations, as party leaders courted skeptics uneasy 
about the bill’s design.) US President Donald Trump said he expects these 
bills to land on his desk after Senate votes. Representative Andy Harris noted 
that the House Freedom Caucus plans to meet soon to add CBDC language into the 
CLARITY draft. Large parts of the market are watching closely. Token 
classification under one agency or another could shift billions in trading 
volume overnight. Related Reading: Massive Whale Profits $15 Million—Now 
Betting Big On Ethereum To Crash Industry Voices Split On Regulation Ripple 
CEO Brad Garlinghouse pointed out that over 55 million US citizens now use 
crypto. He cited a $3.4 trillion market cap and urged a clear framework to 
secure the industry’s future. On the other side, Americans for Financial 
Reform warned that the bill would curb the SEC’s powers to guard retail 
investors. They said it is more deregulatory than FIT21 from 2024, raising 
risks of scams and theft. SEC Commissioner Hester Peirce has said token rules 
should not remove securities‑law coverage where it belongs. Representatives 
Maxine Waters and Angie Craig also voiced concerns that the legislation favors 
big crypto players over everyday investors. Featured image from Meta, chart 
from TradingView

Is That Right? US Senator Says Crypto Could ‘Blow Up’ Financial System

The SEC is celebrating a regulatory revolution as landmark crypto legislation 
races toward final approval, promising sweeping clarity, innovation momentum, 
and stablecoin dominance for U.S. markets. SEC Hails Regulatory Breakthrough 
With GENIUS Act Awaiting Trump’s Sign-off U.S. Securities and Exchange 
Commission (SEC) Chairman Paul Atkins released a statement on July 17 
following the passage of […]