Crypto total market capitalization surges to all-time high. House passes three key crypto bills
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers&n…; EYE-CATCHING STORIESHouse passes three crypto billsIn what was dubbed as 'Crypto Week' the House of Representatives passed three key crypto bills last week, a major step forward in achieving regulatory clarity for cryptoassets in the US.After lengthy discussions the Digital Asset Market Clarity (CLARITY) Act, Anti CBDC Surveillance State Act and GENIUS Act were passed by the House.The former two will now head to the Senate for approval, whilst GENIUS, as it has already passed the Senate, will now head to President Trump's desk to be signed into law.The CLARITY Act lays out definitions to distinguish between which cryptoassets fall under securities and which fall under commodities, and in turn which regulator, either the SEC or CFTC, is responsible.The Anti-CBDC Surveillance State Act prevents the Federal Reserve from developing or issuing a Central Bank Digital Currency.GENIUS establishes the first federal regulatory framework for payment stablecoins - tokens whose values are pegged to fiat currencies such as the US dollar.As well as the overall capitalisation of stablecoins significantly growing in the years to come as financial institutions and major retailers form their own stablecoins, the prices of the native cryptoassets of the blockchains on which these stablecoins are issued could also benefit, as typically the price of the native cryptoasset correlates to increased network activity.Trump preparing executive order to allow 401K plans to invest in cryptoassetsAs reported by FT.com, President Trump is preparing to sign an executive order that would allow 401K plans to include cryptoassets, as well as gold and private equity marking a major shift in how Americans can invest their retirement savings.The executive order would instruct regulatory agencies to assess and remove the existing barriers which currently prevent investment in these alternative assets.
The US retirement market stands at around $9 trillion. Even a small percentage flowing into the crypto space could drive significant adoption and price increases of included cryptoassets.
© 2000 - 2025 Al Bawaba (www.albawaba.com)
Signal PressWire is the world's largest independent Middle East PR distribution service.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Bawaba
2 days ago
- Al Bawaba
Apple and Amazon Earnings in Focus Amid Market Pressures and AI Expectations
As the tech world awaits two of the most anticipated earnings announcements this week, Apple and Amazon are firmly in the spotlight. Both companies face high investor expectations amid shifting economic dynamics and intensifying competition in the artificial intelligence (AI) A Pivotal Quarter AheadApple's stock has fallen roughly 15% year-to-date, placing added importance on its upcoming earnings results. Investors are closely watching for updates on consumer demand, supply chain resilience, and the company's approach to emerging pressing concern is the new U.S. import tariffs on China-made devices, which analysts estimate could shave off approximately $900 million from Apple's profits this quarter. To offset the impact, Apple has been accelerating its manufacturing diversification, shifting production to India and Vietnam. Additionally, Apple's pricing power—evident in its 47% gross margin last quarter—may provide a cushion, allowing it to pass on higher costs without significantly denting Wall Street will be listening for clarity on Apple's AI roadmap. The company offered limited insight into generative AI at its June developer conference, raising concerns about falling behind rivals. Analysts will be eager for updates on AI integration into Siri, new on-device features, or potential AI investments. While Apple has historically adopted a privacy-first, cautious stance on AI, signs of acceleration would be a welcome signal for Gilbert, Market Analyst at eToro, said: Outside of AI, product and service demand remains in focus. iPhone sales are forecast to reach around USD $47 billion, though ongoing weakness in China may weigh on performance. Meanwhile, recent launches—including the 11th-gen iPad and the new M4 MacBook Air—may drive stronger results for the Mac and iPad segments. Any updates around the upcoming iPhone 17 will also be closely current challenges, Apple remains a major player—but may no longer be the standout of the 'Magnificent Seven' tech Cloud Power and E-Commerce ResilienceAmazon's upcoming earnings will be anchored by performance in its two core segments: Amazon Web Services (AWS) and its sprawling retail Amazon's highly profitable cloud unit, remains the engine of growth, delivering $11.5 billion in operating income last quarter with nearly 40% margins. The company's aggressive push into AI cloud services is at the center of investor attention. CEO Andy Jassy recently described demand as 'insatiable,' with the company allocating around $100 billion in capital expenditures for 2025 to expand its AI and cloud infrastructure. With Alphabet recently raising its capex, investors will be watching for a similar move from commentary on how generative AI is driving cloud usage will be critical. While early signs are encouraging, any indication of slowing growth may impact the retail side, Amazon's drive for efficiency is paying off. The company has undertaken extensive cost-cutting, laying off around 27,000 employees and restructuring its fulfillment operations. As a result, North America retail margins improved to 6.2% in Q1, up from 5.8% a year prior. Automation has been key, with over 750,000 robots now deployed across its logistics network, and further AI-driven enhancements expected to continue driving margin Prime Day results—estimated at USD $24.1 billion in U.S. online sales—suggest healthy consumer demand despite inflationary pressures. Investors will be keen to hear whether this momentum is expected to carry through the remainder of the quarter. As the world's largest cloud provider, Amazon must show it's not just keeping pace in the AI race, but setting the standard.
Al Bawaba
3 days ago
- Al Bawaba
Artists who left Spotify after boycott calls
ALBAWABA - Popular music streaming platform Spotify has recently been subjected to massive boycott calls from human rights activists after reports revealed that its CEO, Daniel Ek invested around $600 million in Helsing, a German tech company specializing in AI weapons. Additionally, beyond its CEO's investment in the development of AI weaponry, individuals are boycotting the music streaming platform for barely paying its artists a fair share for the music they upload. According to several reports, Spotify pays its artists $0.003 to $0.005 per stream, which, in contrast to competitors like Tidal, Anghami, and Apple Music, is low. Moreover, several other activists are shedding light on the increase of AI content flooding the platform. Following the mass boycott calls, several artists have joined the movement by taking down their music from Spotify. This list will not include artists who left Spotify after the platform signed a $250 million agreement with controversial media personality Joe Rogan. Several artists have responded to the boycott calls, including Xiu Xiu, Deerhoof, and just recently, King Gizzard and the Lizard Wizard. American indie-rock band Deerhoof recently responded to Ek's investment in Helsing and said, "We don't want our music killing people." American experimental rock band Xiu Xiu was featured in a YouTube video by the Internet's busiest music nerd, Anthony Fantano. Xiu Xiu band member Jamie Stewart revealed to Fantano that several smaller records were difficult to remove from Spotify due to label implications. Xiu Xiu took to Instagram with a statement that they are taking down all of their music from what they described as a "garbage hole armageddon portal," while urging their listeners to unsubscribe from the streaming platform. Last but not least, in a jaw-dropping move, experimental rock band King Gizzard and the Lizard Wizard also removed most of their records from Spotify. King Gizz released a statement on Instagram which read, "We just removed our music from the platform. Can we put pressure on these Dr. Evil tech bros to do better? Join us on another platform. F*ck Spotify."
Al Bawaba
4 days ago
- Al Bawaba
From OpenAI to Meta: ChatGPT architect joins Zuckerberg's billion-dollar AI bet
Published July 26th, 2025 - 12:37 GMT ALBAWABA - Meta CEO Mark Zuckerberg has appointed Shengjia Zhao, a founding figure behind OpenAI's ChatGPT, as Chief Scientist of Meta's newly established Superintelligence Labs, the company's latest venture into advanced artificial intelligence research. Also Read Israel launches a new wave of airstrikes on southern Lebanon The announcement, reported by CNBC, marks a significant step in Zuckerberg's aggressive AI hiring and investment campaign, which includes a $14 billion investment in Scale AI and the launch of Meta Superintelligence Labs — a division dedicated to building cutting-edge AI models and infrastructure. Though Zhao's name was listed in Meta's internal June hiring memo, Zuckerberg confirmed on Friday that Zhao co-founded the Superintelligence Labs and has served as its Chief Scientist "since day one." He will work closely with Zuckerberg and Alexander Wang, the former CEO of Scale AI and now Meta's Chief AI Officer. In a social media post, Zuckerberg praised Zhao's leadership in AI innovation, writing, 'Shengjia has led several breakthroughs, including a new approach to scaling models. He has established himself as a leader in the field, and I look forward to working closely with him to bring his scientific vision to life.' The new Chief Scientist of Facebook's Superintelligence Labs is Chinese. Shengjia Zhao did his Bachelor's at Tsinghua University and then came to the US to study at Stanford. He was also the co-creator of ChatGPT. How China and immigration make America great again! — S.L. Kanthan (@Kanthan2030) July 26, 2025 A Track Record of AI Innovation Zhao's AI credentials are extensive. At OpenAI, he played a key role in developing ChatGPT, GPT-4, and several advanced iterations such as GPT-4.1, O3, and a range of compact AI models. He also headed OpenAI's Synthetic Data Division, contributing foundational work to model training and scalability. His recruitment is part of Meta's broader ambition to dominate the next generation of artificial intelligence. The Meta Superintelligence Labs will be responsible for developing foundational AI models, such as the LLaMA open-source model series, alongside conducting high-level AI research. Billions Poured Into AI Infrastructure Zuckerberg has recently declared that Meta is prepared to invest 'hundreds of billions of dollars' into building the computing infrastructure needed to support its superintelligence ambitions. The company's goal is to position itself at the forefront of AI development, competing with major players like OpenAI and Google DeepMind. With Zhao now leading the scientific front and Wang overseeing strategy, Meta is positioning its Superintelligence Labs as a major force in the race toward artificial general intelligence (AGI). © 2000 - 2025 Al Bawaba (
