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Crypto

U.S. Senate Republicans unveil Clarity Act revision banning federal officials from issuing tokens

U.S. Senate Republicans unveiled a revision to the digital asset market structure bill known as the Clarity Act that includes an ethics provision banning the president and all federal officials from issuing or sponsoring tokens until 2029. The draft also restricts crypto platforms from listing assets issued or backed by federal officials. Enforcement would be handled by the Justice Department. The bill’s Senate prospects remain uncertain and would require some Democratic support.

Crypto

Trump family-backed American Bitcoin buys 500 more bitcoins in first purchase after reverse stock split

American Bitcoin (ABTC), a bitcoin mining company backed by Eric Trump, bought an additional 500 bitcoins, lifting its holdings to about 8,000 BTC. BitcoinTreasuries data put the value of its stash at about $495.7 million, ranking it 16th among listed companies by bitcoin holdings. ABTC said its bitcoin reserve and satoshis per share have both grown about threefold since its Nasdaq debut. Other firms also adjusted holdings as Strive added bitcoin, while Strategy sold bitcoins to fund dividends and boost cash.

Crypto

Trump family-linked American Bitcoin to carry out 1-for-15 reverse stock split after record low

American Bitcoin, a bitcoin mining company co-founded by Eric Trump, will carry out a 1-for-15 reverse stock split to meet Nasdaq Capital Market minimum price requirements. The move will take effect after the market close on July 2, with trading on the new basis starting July 6. Shares have hit record lows and fallen sharply over the past month and year. The share count will drop to about 73 million, with no change in market value.