Here’s what happened in crypto today

Today in crypto, the US Senate moved the CLARITY Act closer to consideration after Majority Leader John Thune filed cloture ahead of a September procedural vote. A US court backed Bybit’s efforts to trace funds stolen in the $1.5 billion North Korea-linked hack by granting expedited discovery. Meanwhile, Reform UK chair Lee Anderson called for an investigation into a political donation linked to former FTX CEO Sam Bankman-Fried.

US Senate sets up September procedural vote on CLARITY Act

US Senate Majority Leader John Thune filed cloture on a motion to take up the CLARITY Act, setting up a key procedural vote on the crypto market structure bill after lawmakers return in September.

The Senate is expected to vote after reconvening next month. Invoking cloture requires 60 votes, meaning Republicans will need Democratic support to clear the procedural hurdle and bring the legislation closer to Senate consideration. The vote is not on passage of the CLARITY Act and does not guarantee the bill will ultimately receive a final vote.

The move revives momentum for one of the most consequential pieces of US crypto legislation after lawmakers failed to reach an agreement before the August recess. The CLARITY Act would establish a federal market structure for digital assets and clarify oversight responsibilities between the Securities and Exchange Commission and Commodity Futures Trading Commission.

Negotiations have stalled over proposed ethics provisions and rules governing stablecoin rewards. Lawmakers have reportedly been working on a bipartisan ethics addendum aimed at addressing Democratic concerns over President Donald Trump’s crypto-related financial interests, including a proposal requiring the president to divest from certain crypto-related businesses.

US court backs Bybit’s bid to trace funds from $1.5 billion North Korea hack

United States court records unsealed on Thursday show that a federal judge backed crypto exchange Bybit’s effort to trace assets stolen in the $1.5 billion North Korea-linked hack by granting the company expedited discovery. 

According to the records, Bybit filed the lawsuit under seal on June 18 against North Korea, its Reconnaissance General Bureau, the Lazarus Group and 20 unidentified defendants. The court granted Bybit’s request for expedited discovery on June 19.

The discovery authority gives Bybit a practical route to identify alleged intermediaries and pursue a small portion of stolen assets that remains traceable, rather than relying solely on a judgment against North Korea. 

In its complaint, Bybit alleged that some traceable assets reached exchanges operating or maintaining infrastructure in the US. The company sought account-holder identities, balances and transaction histories, saying certain platforms had indicated they would cooperate after receiving a court order.

Reform UK chair seeks probe into SBF-linked political donation

Reform UK chair Lee Anderson is calling for a parliamentary investigation into a reported $50,000 political donation with ties to former FTX CEO Sam Bankman-Fried.

The money was reportedly given to UK Defense Secretary Wes Streeting in 2022 and 2023 by Labour for the Long Term, a think tank whose founder had previously received $675,000 from Bankman-Fried. Streeting reportedly requested the organization’s donor list before accepting the funds, but Bankman-Fried was not listed. The think tank’s founder said Streeting’s contribution came from another donor and denied receiving donations from Bankman-Fried or the FTX Foundation.

The dispute comes as Reform leader Nigel Farage prepares for a by-election following his resignation from Parliament amid a separate controversy involving millions of dollars in crypto-linked contributions. The cases are drawing renewed attention to UK political finance rules that critics say can obscure the original sources of some donations.

Meanwhile, a US appeals court this week formally upheld Bankman-Fried’s fraud conviction and 25-year prison sentence, narrowing his remaining options for challenging the case.