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The U.S. lost 23,000 jobs in July, far shy of forecasts for a gain of 80,000

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The U.S. labor market showed weakness for the second consecutive month in July, possibly giving the Federal Reserve room to hold rates in place despite high inflation.

According to the government’s Nonfarm Payrolls Report released Friday morning, the U.S. lost 23,000 jobs last month. That was far below the consensus expectation of a gain of 80,000 jobs, and down from June’s addition of 20,000 (revised down from an originally reported 57,000).

May’s job gains were also revised sizably lower — down to 63,000 from an originally reported 129,000.

The last negative jobs print was in February, when the U.S. lost 156,000 jobs.

The unemployment rate dipped to 4.1%, compared with the expected 4.2% and June’s 4.2%.

Market reaction is swift, with U.S. stock index futures gaining and interest rates dipping. Also moving higher are precious metals, with gold now up 3% for the day and silver up just shy of 6%. There’s little action in crypto, with bitcoin remaining modestly higher on the session at $65,000.

Bitcoin’s volatility has nearly disappeared. The risk hasn’t: Crypto Daily

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Spot bitcoin ETFs are yet to see outflows this month, bringing in $754 million in the first week of August. Yet, bitcoin remains steady at $64,700, while options flow favors protection at $62,000 and $63,000.

The opposing signals point to a market with a spot bid but limited conviction. ETF demand has seemingly returned, but derivatives traders are guarding against a retreat ahead of today’s U.S. jobs report.

The options market adds another layer. Put options, giving holders the right but not the obligation to sell, accounted for 53.8% of bitcoin options volume over the past 24 hours, and three of the four most-traded contracts were puts at $62,000 or $63,000 expiring Aug. 10, Aug. 14 and Aug. 28, CoinGlass data shows.

Calls still represent 60.7% of total open interest, showing that the broader options market remains tilted toward calls even as recent trading focuses on downside puts.

Protection is also cheap. Deribit’s DVOL index, which tracks bitcoin’s expected 30-day volatility, is near 35, down from a high of 90 earlier this year. That implied volatility tracks the market’s pricing of future movements, implying not much is expected to happen in the near future.

Stripe-owned Bridge joins EU MiCA register after Luxembourg approval

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Stripe-owned Bridge has entered the EU MiCA register following Luxembourg approval, joining regulated providers under the bloc’s crypto framework.

CLARITY Ethics Proposal May Give Trump Tax Benefit: Bloomberg

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A bipartisan ethics proposal pitched to US President Donald Trump to secure passage of the crypto market structure bill in Congress could create a significant tax benefit for the president, Bloomberg reported Thursday. 

The ethics addendum, which has not been made public, includes a provision requiring the president to divest from crypto-related businesses, according to people familiar with the matter. The proposal would reportedly allow Trump to defer capital gains taxes on any required divestitures, potentially leading to tax savings in the millions. 

Democratic concerns over Trump’s crypto conflicts have been a central obstacle to passing the market-structure bill. Senators have been working on an ethics addendum meant to break that impasse, though the reported tax-deferral benefit could become another point of contention for Democrats to question whether the president’s financial interests are genuinely curbed. 

Cointelegraph reached out to the White House for comment but did not receive an immediate response. 

Related: US Senate pushes CLARITY Act vote to September: Report

Trump’s annual financial disclosure report for 2025, released at the end of June, revealed the US president saw $1.4 billion in income from crypto-related ventures last year.

According to the 927-page disclosure, the licensing and sale of memecoins such as Official Trump (TRUMP) generated the most income for Trump, with about $635 million coming from “royalties” in a “license agreement with Celebration Coins.”

Meanwhile, the Trump family’s DeFi platform, World Liberty Financial, was the second-biggest earner, generating about $588 million from “proceeds from token sales.” 

The disclosure also revealed that Trump earned $197 from the sale of an equity interest in a stablecoin venture

Meanwhile, disclosures on World Liberty’s website show that DT Marks DEFI LLC, an entity affiliated with Trump and certain family members, owns “approximately 38% of the equity interests” in World Liberty’s parent company.

Magazine: CLARITY hopes fade, BitMEX shuts as lawsuit looms: Hodler’s Digest, July 26 

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Japan FSA Seeks New Crypto Exchange Safeguards Against Fraud

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All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

US Senate pushes CLARITY Act vote to September: Report

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Senate Majority Leader John Thune reportedly confirmed that the chamber was “punting” the vote until September.

Crypto for Advisors: Europe's crypto rules, U.S. Preview

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You’re reading Crypto for Advisors, CoinDesk’s weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday.

Following Primary Loss, Crypto PACs Invest $1.5M in 3 US State Races

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Two groups affiliated with the cryptocurrency company-backed political action committee (PAC) Fairshake disclosed spending more than $1.5 million on media to support House of Representatives and Senate candidates in Florida, Alaska and Wyoming after suffering a primary loss in Michigan on Tuesday. 

According to Federal Election Commission (FEC) filings as of Thursday, Fairshake PAC affiliates Defend American Jobs and Protect Progress spent a combined $1.5 million on ads for Republican and Democratic candidates, many of whom voted in favor of the Digital Asset Market Clarity (CLARITY) Act while serving in Congress. 

In Alaska’s at-large congressional district, scheduled to hold a primary on Aug. 18, Defend American Jobs spent more than $500,000 on media supporting the re-election of Representative Nick Begich. The Super PAC spent about the same amount on Republican candidate Sydney Gruters in Florida’s 16th district, and Representative Harriet Hageman, running for the soon-to-be-vacant Wyoming Senate seat now occupied by Cynthia Lummis. Both US states will also hold primaries on Aug. 18.

The reported expenditures follow a primary loss for a Protect Progress-supported candidate in Michigan’s 13th Congressional District. On Tuesday, Democratic incumbent Shri Thanedar lost a primary to State Representative Donavan McKinney after the Super PAC poured more than $2 million into media supporting the former. The final day of Thanedar’s current term in Congress will be in January 2027.

Related: US Senate will vote on CLARITY crypto bill ‘without any question’ this week: Tim Scott

On the Democratic side, Protect Progress reported spending more than $50,000 for the re-election of Lois Frankel in Florida’s 23rd district. Frankel, Begich and Hageman all voted in favor of the GENIUS Act and CLARITY Act while serving in Congress, while Gruters did not appear to have made any public statements on crypto or blockchain, with the exception of saying she supported the crypto market structure bill in a questionnaire conducted by the advocacy organization Stand With Crypto.

The expenditures were the latest examples of Fairshake and cryptocurrency industry-aligned groups attempting to influence US elections through media. The Super PAC reported spending more than $170 million in the 2024 US election cycle on House and Senate races, potentially changing the makeup of the current Congress.

CLARITY votes to influence 2026 midterms?

While it was still uncertain as of Thursday whether the US Senate would hold a vote on the CLARITY Act before the chamber broke for a month-long recess, how lawmakers cast their ballots could affect whether the crypto industry actively supports or opposes their re-election bids. All 435 House seats are up for grabs in 2026, as are 33 seats in the US Senate.

In January, Stand With Crypto said that its “primary goal” in 2026 was getting crypto market structure legislation through Congress. The organization’s community director, Mason Lynaugh, told Cointelegraph in November that how lawmakers vote on the bill could impact their re-election chances. Stand With Crypto rates political candidates on a scale of “strongly supports crypto” to “strongly against crypto” depending on their voting records and public statements, which may be used by PACs and organizations deciding where to allocate funds.

Magazine: 10 weirdest things ever tokenized… including farts

Ondo Finance hit by corporate control fight as founder’s mother seeks to oust CEO

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According to the complaint, Allman appointed herself to the board, adopted an interim policy allowing ordinary business operations to continue, reaffirmed De Bode as president and requested basic corporate information, including a shareholder list, while expressing a desire to work collaboratively.

The estate said those efforts failed after De Bode and the company’s outside counsel refused to recognize her actions or provide the requested corporate records. Kathleen Allman subsequently expanded the board, appointed new directors and, at a July 24 board meeting, voted to remove De Bode from all company positions while appointing herself chair and interim CEO.

The filings characterize Kathleen Allman’s leadership as transitional rather than permanent, arguing that her objective is to stabilize governance while the board searches for Nathan Allman’s long-term successor and ensure the business continues operating without interruption.

The estate is seeking an expedited ruling because uncertainty over who controls the company could affect contracts, expenditures, equity issuances and other corporate decisions, the filings said.

The court has not ruled on the allegations, and the filings reflect only the estate’s version of events.

The Ondo Board of Directors said in a separate emailed statement that it “remains committed to our founder Nate Allman’s belief that onchain markets are the future of finance. We are focused on serving our community without interruption, and empowering our people to maintain our momentum, as we search for his successor.”

US appellate court mandate affirms Sam Bankman-Fried conviction

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Three circuit judges disputed the former FTX CEO’s claims that the defunct crypto exchange’s investors could have been made whole and wouldn’t have experienced any losses.