Crypto Market on High Alert as Volumes Plummet and Approval Sparks Controversy

Anthony Scaramucci's SkyBridge Capital hit back at actor-turned-crypto-critic Ben McKenzie after McKenzie celebrated the failure of the CLARITY Act to get a Senate vote. Scaramucci dismissed the criticism, insisting that nothing can stop Bitcoin.

Mckenzie argued the bill would weaken oversight by shifting regulation from the SEC to the CFTC without ethics provisions covering officials' crypto holdings. He called it a win against Donald Trump's 'crypto corruption.'

World Liberty Financial, co-founded by members of the Trump family, secured conditional approval for a national trust bank charter through World Liberty Trust Co. The charter would let the firm issue stablecoins directly instead of relying on third-party provider BitGo.

Binance's perpetual futures trading volume hit its sixth-lowest daily level in five years on August 8, and spot trading volume fell to its lowest level since 2019. Analysts say low liquidity has historically been followed by large market moves.