What has been happening this week in the world of blockchain and cryptocurrencies? Current events and background reports in our weekly review.

Bitcoin rallies past USD 75,000

After months of crypto winter, the market is showing life again. Bitcoin gained roughly 23 percent over the week and briefly traded at USD 79,300. Three triggers worked together. First, President Trump promoted the Clarity Act to industry representatives at the White House; the bill would split responsibilities between the SEC and the CFTC — though as legislation it would still need to pass both chambers of Congress before becoming law. Second, the US Treasury is doubling its long-dated bond buybacks to at least USD 4 billion per operation. Above all, however, a short squeeze drove the move: over the week, leveraged positions worth more than USD 5 billion unwound. In such a squeeze, traders who had bet on falling prices are forced to buy back their positions as prices rise, which amplifies the move.

Institutional money returned as well. Spot Bitcoin ETFs took in around USD 1 billion, the most since mid-January, pushing the cryptocurrency above USD 75,000. Altcoins climbed even harder: XRP gained 38 percent and Ethereum 29 percent. Bitcoin nevertheless sits about 39 percent below its record high of USD 126,080, so the recovery still looks mechanical rather than a trend reversal.

Is Hyperliquid about to move onshore?

At the same summit, Trump also announced that the CFTC is working on regulated US access for Hyperliquid. The exchange trades perpetual futures — contracts without an expiry date — and has operated offshore so far, which has kept it outside direct US oversight. Offshore venues of this kind have repeatedly drawn CFTC enforcement actions in the past when they served US customers without registration. Estimates of its share of onchain trading in such contracts range from 38 to more than 70 percent. CFTC Chairman Michael Selig had already said in April that he wants these markets onshore. The route there leads through registration as a futures exchange or through status as a foreign trading venue, and both options require customer monitoring and reporting duties.

Resistance comes from the exchange groups ICE and CME Group, however. Both demand mandatory registration and point to manipulation risks. Hyperliquid counters with its own policy office, which received a donation of 1 million HYPE in February, worth around USD 74 million today. The HYPE token rose by double digits after Trump's remarks.

SEC sets a milestone in crypto regulation

The CFTC is not the only agency reordering its field. This week, the SEC presented "Regulation Crypto Assets", a tiered framework for capital raising by crypto projects. Disclosure duties will depend on the size of the offering. Up to USD 5 million, a startup exemption applies that waives registration for four years. Up to USD 75 million per year, a second tier applies with ongoing reporting obligations. Above that threshold, the regular process remains.

More important still is the conditional safe harbor: a token can stop counting as a security once the team ends its work on it. The agency thereby revisits the old dispute over whether tokens remain securities permanently. In addition, individual states may no longer impose their own requirements. Commissioner Hester Peirce, who has championed a token safe harbor of her own in earlier proposals, called the draft "a step on a long road". As a proposal, the framework would take effect only after the agency reviews the feedback and adopts final rules. The comment period starts with publication in the Federal Register.

MSCI weighs another index exclusion for Strategy

Regulators are not the only ones deciding how crypto assets reach capital markets. Index provider MSCI, whose indices underpin numerous ETFs, is again reviewing a filter for non-operating companies — firms whose market value rests largely on asset holdings rather than day-to-day operations. A simulation using May data shows that Strategy and Metaplanet would drop out of the ACWI IMI Index. For the firms, that would be costly, because index-tracking funds would have to sell the shares regardless of market conditions. Strategy tops the list, with USD 23.9 billion in free-float market value, and JPMorgan analysts estimated possible passive outflows there alone at around USD 2.8 billion.

The filter only bites once a company fails at least four of five metrics, and existing members must also fail in two consecutive financial years. Strategy counters that an index provider should measure markets rather than decide which assets are allowed. MSCI accepts feedback until late September, with results following in October.

Gold lobby takes aim at Bitcoin

David Tait, head of the World Gold Council, expects Bitcoin to fall toward zero. The association represents gold miners and promotes gold to investors as an asset class. Tait does not rely on a model, however, calling it "pure trader instinct". His argument: Bitcoin has failed as a hedge and behaves like a high-beta risk asset. During stress phases such as the US-Iran conflict, gold rose while Bitcoin declined. The interview dates from May, yet it only went viral on X now.

The rest of his statement is notable. Tait nevertheless recommends holding both assets. Moreover, he explicitly excludes stablecoins and sees value in payments and settlement. The conflict of interest is open, because his association competes for exactly that capital. Furthermore, the council itself plans a platform for tokenized gold, with a test run due in late 2026 — even as BlackRock's IBIT, the largest spot Bitcoin ETF, gathered USD 70 billion in 341 days.