Crypto Valley Journal's weekly review rounds up the key developments in blockchain and cryptocurrencies, spanning the failure of a US crypto bill, a new pathway for tokenized stock trading, a licensing dispute over Binance in Europe, and a major funding round for market-data provider Kaiko.

Clarity Act: US Senate rejects the crypto bill

The Clarity Act failed in the US Senate this week. The procedural vote ended at 49 to 50, eleven short of the 60 votes needed to advance. The law would have split crypto oversight between the SEC and the CFTC, giving trading venues, brokers, and issuers a nationwide framework for the first time.

The bill foundered on ethics rules, not on substance. Republicans wanted officials to sell large holdings or place them in a blind trust. For Democrats, that fell short, because Trump's own Justice Department would rule on any lawsuit. In addition, the amendment arrived just two days before the vote — far too late.

Trump's disclosure shows more than USD 1.4 billion from crypto business last year. On that basis, the entire Democratic caucus voted no, joined by four Republicans. The bill now stays blocked until the end of the year, as the Senate turns to the midterm campaign — a clear setback for the industry. Until a successor bill moves, trading venues, brokers, and issuers in the US continue to operate without the single nationwide framework they were promised, and any renewed attempt would have to wait until after the midterms. CVJ's full report: Clarity Act: US Senate rejects the crypto bill.

SEC chief Atkins opens the gates for tokenized stock trading

SEC chief Atkins has opened the gates for tokenized stock trading. Under the Innovation Exemption, the SEC frees tokenized trading venues from exchange and dealer registration for five years, tied to volume limits, clearing the way for onchain stock trading. For issuers and platforms, the exemption functions as a defined testing window: onchain equities markets can take shape without the full registration burden, while the volume caps keep the experiment contained.

A phone call in Athens costs Binance its EU access

According to a WSJ report, Christine Lagarde reportedly denied Binance its MiCA license, blocking the exchange's approval in Greece. The Hellenic Capital Market Commission (HCMC) rejects that account, and the ECB declines to comment. What is at stake is EU-wide reach: MiCA, the EU's common rulebook for crypto-asset service providers, allows a firm licensed in one member state to operate across the bloc, making the Greek approval the gateway to the EU market for Binance.

Revolut attacks Swiss banks with CHF 150 million

Revolut is taking aim at Swiss banks with a CHF 150 million push. FINMA is reviewing Revolut's application for a Swiss banking license, a move that would bring salary accounts, a local IBAN, and deposit insurance. If approved, Revolut would gather Swiss retail deposits under FINMA supervision directly — a notable advance for a fintech platform pushing into a banking market long anchored by domestic incumbents.

S&P Global leads USD 110 million funding round for data provider Kaiko

S&P Global is leading the extension of Kaiko's Series B to USD 110 million, with BNP Paribas, Nasdaq, and Coinbase Ventures also participating. The round brings banks and exchanges on board as investors in the market-data provider. The investor lineup — a ratings and index provider, a global bank, a US exchange operator, and Coinbase's venture arm — shows how traditional market infrastructure firms are buying directly into the crypto data layer.