TFTC

Economics Strategy graded 25 of the world's largest banks on Bitcoin adoption and published a leaderboard. Fidelity leads at 71%. The overall score sits at 32%. No methodology has been released. Strategy put a number on TradFi's Bitcoin progress. The number is unverified, self-serving, and still more useful than anything Wall Street has published about itself.

The FOMC's standing T-bill purchase directive has no end date, no sunset clause, and a $540B annual tab. Key takeaways The New York Fed's Open Market Desk is running $10B/month in Reserve Management Purchases plus approximately $16.5B/month in MBS-to-T-bill reinvestments, totaling roughly $26.5B/month in new SOMA T-bill demand.

Economics DP World is negotiating a new multipurpose port in Fujairah on the UAE's Gulf of Oman coast, a direct capital response to the ~95% collapse in Jebel Ali container traffic after Iran closed the Strait of Hormuz earlier this year. Dubai's state-owned ports giant is moving from contingency planning to capital deployment on a Hormuz bypass, and the math behind that decision is stark.

Economics The Senate returned July 13 with roughly three weeks before the August recess. Section 604, the provision that would bar the federal government from treating non-custodial Bitcoin developers as money transmitters, is one of three live disputes blocking the 60 votes needed for cloture. The provision that would protect Bitcoin developers from money-transmitter prosecution is one vote-count dispute away from being traded away.

TFTC - Truth for the Commoner Sup, freaks. Iran and the United States are trading fire again. Traffic through the Strait of Hormuz is slowing. Oil is moving higher. The Fed is already staring at 4.1% inflation, and bitcoin is back near $62,500 as markets brace for another energy shock. The peace dividend lasted about five minutes. LEAD STORY The War Premium Is Back Last week, falling oil prices and easing inflation expectations suggested the Middle East risk premium was fading.

Technology Block turned its dollar wallet into a Lightning payment rail. The businesses cashing in first are the ones Visa and Mastercard treat as second-class. Block turned its dollar wallet into a Lightning payment rail. The businesses cashing in first are the ones Visa and Mastercard treat as second-class. Key takeaways Any eligible Cash App user can scan a Lightning invoice and pay it straight from their US dollar balance, with no bitcoin knowledge, no wallet setup, and no exposure to price.

Economics A São Paulo state court ordered Coinbase to return approximately R$507,000 after unauthorized transactions drained a user's Coinbase Wallet, ruling that the burden of proof fell on Coinbase as the software provider under Brazil's Consumer Protection Code. Brazil's consumer protection law just turned the self-custody defense into a liability.

Economics Keyrock's T-bill issuance framework, which showed an ~80% correlation with Bitcoin prices since 2021, called the October 2025 top 8 months early. The same signal now points to a structural tailwind by late 2026 or early 2027, if the transmission channel holds. A single liquidity gauge, tracking net U.S. Treasury bill issuance with an 8-month lag, lined up with Bitcoin's cycle peak and its subsequent collapse better than any on-chain metric or Fed-watching framework.

Technology BIP-110, the proposal to temporarily restrict arbitrary data on Bitcoin, enters its mandatory signaling window around August 7 with zero miner support in the current period and cumulative backing that never cleared 1%. Saylor and Adam Back both went public with opposition on July 11. Without a The proposal to temporarily ban arbitrary Bitcoin data hits its mandatory window around August 7 with near-zero backing and two of Bitcoin's most prominent voices publicly opposed.

Economics EPSA CEO Todd Snitchler makes the case that state-mandated plant retirements and permitting blockades, not PJM's governance structure, are manufacturing the grid capacity crunch that governors are blaming on the market. Governors are blaming the grid operator for a capacity crunch their own permitting offices created.