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1/CMC Market Pulse: Market Stands Strong Amid CLARITY Act Headwind

BTC +0.30%, ETH +0.73%. Market cap edges up 1.14% to $2.66T even as the CLARITY Act fails in the Senate, with the SEC stepping in on tokenized stocks instead.

Let's break down this week's top crypto narratives 🧵

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LATEST: 🤖 Circle CEO Jeremy Allaire says "the machines have already chosen their money," pointing to agent-to-agent transactions overwhelmingly being settled in USDC.

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⬅️ what is this?

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LATEST: ⚡ a16z crypto's Chris Dixon says "it feels like we're in the most accelerationist moment in my career," pointing to developments in crypto and AI.

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Trading on the weekend?

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Scare a crypto trader with one word.

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LATEST: 🇺🇸 Coinbase CEO Brian Armstrong told Scott Melker that the SEC and CFTC rules replacing the CLARITY Act are "arguably going to be more permissive in certain ways than we would have seen" from the bill.

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LATEST: 🇺🇸 Ex-Treasury digital assets counselor Tyler Williams told Galaxy that pro-CLARITY Democrats voted no once its passage was clearly out of reach because voting yes could have carried a political cost.

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LATEST: 🇺🇸 Coinbase CEO Brian Armstrong told Money Rehab "a couple of the big banks" fought to kill the CLARITY Act because "they didn't want the competition."

"They really kind of went to the government to try to kill their competition."

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LATEST: 🇺🇸 Galaxy research head Alex Thorn says the CLARITY Act still has "a tiny chance" of a final revival in this session of Congress, but that the industry shouldn't expect it.

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LATEST: 🤖 "Big Short" investor Steve Eisman told CNBC there is "no evidence at all that AI has achieved artificial general intelligence" and dismissed extinction fears as "nonsense."

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LATEST: ⚡ Circle CEO Jeremy Allaire declared "the spectacle era of crypto is over" as blockchain becomes "invisible infrastructure."

"The most important technologies in history disappear into the background."

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LATEST: 📈 Tom Lee says "crypto is a huge winner" of the AI buildout because "that's really where all this is going to take place" financially.

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☻/
/▌ Raise your hand if crypto is home.
/ \

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First day as a full-time trader, what should I do?

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LATEST: ⚡️ Anthropic plans to shift its blockbuster IPO to November, later than the October timeline investors expected, per WSJ.

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LATEST: 🚨 Google's Gemini AI autonomously hacked 3 companies during a May cybersecurity test, the first known AI breakout by its systems, per WSJ.

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lock in, twin.

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LATEST: ⚡ Polygon Foundation CEO Sandeep Nailwal says 100M POL is set to be permanently burned once a permissionless burn contract clears mainnet after Security Council sign-off.

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LATEST: ⚡️ Anthony Pompliano's ProCap Financial will join the Russell 2000 and Russell 3000 indexes on Sept. 21, ahead of its upcoming rebrand to Silvia.