Republican Senator Roger Marshall has withdrawn his support for a controversial anti-crypto bill he co-created with Senator Elizabeth Warren, Donald Trump raised more than $3 million in cryptocurrency for Q2, most of which came from exchange co-founders and 10x Research signaled there may be trouble ahead and outflows hit over $100 million.
US senator withdraws support for Elizabeth Warren’s anti-crypto bill
Republican Senator Roger Marshall has withdrawn his support for a controversial anti-crypto bill he co-created with Democrat Senator Elizabeth Warren in 2022.
Marshall withdrew his support as a “cosponsor” of the Digital Asset Anti-Money Laundering Act on July 24, leaving 18 senators still supporting the bill, according to the official Congress directory concerning the legislation.
Marshall and Warren introduced the DAAMLA bill together in December 2022, with Senator Warren claiming that crypto was being used by “rogue nations, oligarchs, drug lords, and human traffickers […] to launder billions in stolen funds.”
The bill aims to bring the crypto industry to heel under existing Anti-Money Laundering and counter-terrorism financing frameworks.
Several crypto organizations and individuals have lashed the proposed legislation for wildly exaggerating crypto’s role in funding terrorism and illicit activities and warned that it could hamstring the US crypto industry.
Trump campaign raises $3M in cryptocurrency for Q2
The Donald Trump re election campaign has raised around $3 million in cryptocurrency donations since May of 2024. This, according to Q2 filings from the Federal Election Committee.
The bulk of those donations came from individual donations from Cameron and Tyler Winklevoss, venture capitalists and founders of the Gemini cryptocurrency exchange, and Kraken co-founder Jesse Powell. Each committed to donating $1 million, but election regulations placed a limit of $844,600 per individual.
Ethereum ETF sell-off signals more trouble — 10x Research
The long-awaited launch of spot Ether exchange-traded funds (ETFs), which brought optimism to the market, quickly led to a sell-off and subsequent decline in the price of Ether.
According to the latest 10x Research report, this sell-off trend closely follows a familiar pattern seen by previous crypto ETF launches, including spot Bitcoin (BTC) ETFs.
Speaking with Cointelegraph, Markus Thielen, the founder of 10x Research, explained that many traders “anticipated Ethereum ETFs would capture 20% of Bitcoin ETF inflows.”
“However, they overlooked potential billion-dollar outflows from Grayscale and the tendency for exchange listings to trigger ‘sell the news’ reactions. Additionally, the crypto market is entering a seasonally weak period.”
According to the 10x report, Grayscale’s $9 billion Ethereum Trust experienced significant outflows — hemorrhaging $481 million on day one and $326 million on day two.
In contrast, other ETF issuers, such as Bitwise, recorded $204 million in inflows on day one, largely from the venture capital firm Pantera Capital.
Although this suggests a mixed sentiment in the market, Pantera’s apparent quick sell-off of its “seed investment” indicates a lack of confidence in sustained growth, per the report.