NEW: Michael @Saylor's @Strategy launches a public $BTC Credit model showing credit spreads, undercollateralization risks and $BTC floor prices across its $53.5B in reserves and $21.95B in debt and preferred stock.

JUST IN: Harmony's harmony:native token drops ~40% after an apparent exploit mints ~4 billion new tokens, equal to 26% of existing supply, with the team pausing its bridge and asking exchanges to freeze four linked wallets.

Strategy wants to be the "central bank of Bitcoin." On CoinDesk's Public Keys at the @NYSE, @Strategy's @phongle makes the case for beating BTC with digital credit, @Bitwise's Ryan Rasmussen (@RasterlyRock) says the market is mispricing @circle, and Deus X Capital's Tim Grant on sovereign AI and the best week for BTC ETFs since April. Watch with @JennSanasie. Chapters/Timecodes: Welcome to Public Keys00:00 Welcome to Public Keys 00:21 Sleepy Markets and 'Groundhog Week' With Tim Grant 02:08 The Coldcard Hack and the Self-Custody Debate 03:15 Strategy's Phong Le Joins Public Keys 03:46 Why Strategy Expects to Beat Bitcoin 04:20 Inside 'STRC' and the Digital Credit Play 09:38 $4.75B in Cash and the Preferred Stock Lesson 11:47 Strategy: 'The Central Bank of Bitcoin' 12:19 Where Strategy's Software Business Fits 14:55 Circle, Galaxy and American Bitcoin Earnings 15:12 Why Bitwise Says Circle Is Mispriced 19:37 Circle's Arc Mainnet and the GENIUS Act 21:07 Galaxy's Pivot From Crypto to AI 24:05 American Bitcoin and the Miner Shakeout 27:41 Trump Ties and CLARITY Act Ethics Risk 30:14 ETF Flows: Bitcoin's Best Week Since April 32:52 Tim Grant on Sovereign AI and Data Privacy

UPDATE: The CLARITY Act will not get a Senate vote before August recess, with Senate Majority Leader Thune confirming a September vote, calling it "queued up first thing when we come back."

NEW: Dinari launches tokenized U.S. stocks for eligible American investors, offering 724 companies including the full S&P 500, tradeable in $USDC across Ethereum, Arbitrum, Base and Avalanche via self-custody wallets.

NEW: @Coinbase CEO @brian_armstrong urges lawmakers to pass the CLARITY Act: "Whether people love crypto or hate it, there is broad consensus that we need clear rules to protect consumers."

Strategy started selling Bitcoin, Coinbase missed again, and will PayPal be acquired? On this episode of Public Keys at the @NYSE, we look back at Q2 earnings with @ClearStreetLLC's Owen Lau & Brian Dobson. Plus the latest on ETFs with @Grayscale's @Krista_Lynch_ and macro outlook with @AltiusLabs' @_annabellehuang. Watch with @JennSanasie. Chapters/Timecodes: 00:00 Welcome to Public Keys 00:19 Clear Street's Owen Lau and Brian Dobson Join 00:40 Strategy's First Bitcoin Sale and $8.2B Loss 03:44 Coinbase Misses for the Third Straight Quarter 04:45 Prediction Markets Emerge as a Bright Spot 06:20 Bitcoin Miners Pivot to AI Data Centers 08:04 Does the CLARITY Act Matter for Coinbase? 10:42 Stripe and Advent's Bid for PayPal 13:02 Spot BTC ETFs Flip Negative, ETH ETFs Stay Green 14:17 Morgan Stanley Launches Cheapest ETH and SOL ETFs 14:52 Ally Wallace on Morgan Stanley's ETF Edge 15:42 Grayscale's Krista Lynch on Competing on Fees 16:54 Reading BTC and ETH ETF Flows 17:47 Crypto Whales Embrace In-Kind ETFs 21:29 Grayscale's Hyperliquid ETP and Perpetual Futures 23:31 Altius co-founder and CEO Annabelle Huang on the Macro Picture 24:41 The Coldcard Exploit and AI-Driven Hacks 26:18 Bitcoin Range-Bound Since October 28:35 DeFi Security in the Age of AI 32:11 Crypto Fear and Greed Index at 28

JUST IN: Bernstein warns a CLARITY Act failure would likely trigger a crypto selloff, but argues the SEC and CFTC would respond by accelerating rulemaking, with the current downturn expected to end in late Q3 or early Q4.

South Korea's largest trading company, POSCO International, is putting trade receivables onchain in a tokenization pilot with LG CNS. @EricInjective of @injective joins @jennsanasie to break down what the move means for tokenization and enterprise adoption. Brand New Rails is presented by @realfi_co.

ALERT: 594 $BTC ($38M) has been drained from 500 @COLDCARDwallet hardware wallets in a 25-minute window, exploiting a flaw in how the device generated private keys. The vulnerability traces to firmware 4.0.0 shipped in March 2021.

RESEARCH: Binance remained the largest spot venue in 2026 at 25.9% market share as of May, with more than $10B in average daily volume. That sits well below its 67.0% peak in February 2023. The spot market has fragmented since centralized exchange concentration topped out that year.

MARKETS: OSL Group, a publicly listed exchange regulated by Hong Kong's Securities and Futures Commission, becomes the first licensed exchange in the city to offer retail $XRP trading.

NEW: Morgan Stanley is passing back 100% of staking rewards to investors on its new $ETH and $SOL ETFs — while some rival issuers keep a cut. Thank you to @realfi_co 👋 for being a sponsor of the CoinDesk Media Network.

RESEARCH: TRX rose 3% in Q2 2026 while Bitcoin fell 4%, outperforming every major benchmarked asset except Hyperliquid. The divergence held through a broadly weaker market rather than a single move.

UPDATE: The CLARITY Act has been pushed back further, the Senate is now prioritizing nominations and a Russia sanctions bill, leaving crypto legislation unlikely to see floor time before next week at the earliest.

UPDATE: A new CLARITY Act draft has been released, merging the Senate Banking and Agriculture Committee versions and adding an ethics provision for the first time. A motion to proceed is expected Monday or Tuesday, with a possible floor vote the week of August 3.