Here’s what happened in crypto today

Today in crypto, Revolut notified some users that it plans to delist Tether USDt, a major US law enforcement group said it no longer opposes the CLARITY Act, and US President Donald Trump defended earning $1.4 billion from crypto ventures while in office.

Revolut to delist USDT in August, citing regulatory and risk concerns

Revolut, a crypto-friendly digital banking platform headquartered in the United Kingdom, notified some users it will delist Tether USDt (USDT) stablecoin in August, citing regulatory and risk concerns.

In a Friday customer notice seen by Cointelegraph, Revolut said users will no longer be able to buy USDT starting July 6, with full delisting scheduled for Aug. 31, 2026.

If users do not sell or withdraw their USDT by the end of August, Revolut will automatically convert any remaining USDT holdings into users’ base currency at the day’s exchange rate, the company said.

USDT deposits will no longer be supported after July 30, 2026, after which any incoming USDT transfers will be rejected, it said.

Source: Cointelegraph

The move highlights how major fintech companies are adjusting stablecoin access in response to shifting regulatory frameworks. It also raises questions about timing, as exchanges such as Coinbase began delisting USDT in Europe in 2024 to align with EU’s Markets in Crypto-Assets (MiCA) requirements.

The Major County Sheriffs of America reportedly said it no longer opposes the CLARITY Act after initially raising concerns over how the bill would affect illicit finance investigations.

In a letter to US Senate Banking Committee chair Tim Scott and Senator Elizabeth Warren on Friday, the MCSA said it shifted its stance on the CLARITY Act to “neutral” after some of its concerns in a May 14 letter regarding Section 604 in the bill were addressed.

Section 604 relates to the Blockchain Regulatory Certainty Act, which seeks to protect developers from liability for illicit activity committed by users on their decentralized platforms.

The MCSA previously contended that Section 604 could create a loophole for criminals to exploit, making it tougher for law enforcement to investigate crypto-related crimes.

Source: Eleanor Terrett

While the CLARITY Act has bipartisan support, its passage through the Senate has largely been stalled by banking groups seeking to restrict stablecoin yield, which they argue functions like an unregulated deposit product that could drive trillions of dollars in outflows from the traditional banking system. 

The bill has been awaiting a full Senate vote since May, when the Senate Banking Committee passed the bill mostly along party lines.

Senators in favor of the bill are pushing for a full Senate vote this month, in hopes that it can be passed and signed into law before the US midterm elections in November.

Trump defends $1.4 billion crypto windfall

US President Donald Trump defended earning roughly $1.4 billion from crypto ventures while in office, saying there was "nothing wrong" with the profits after his latest financial disclosure reignited conflict-of-interest concerns.

The filing shows crypto accounted for the majority of Trump's more than $2 billion in reported 2025 income, with hundreds of millions of dollars coming from his TRUMP memecoin, World Liberty Financial and a stablecoin venture.

The disclosures come as Congress debates major crypto legislation, including the CLARITY Act, prompting renewed criticism that the president could personally benefit from policies shaping the industry. Trump dismissed those concerns, insisting others manage his investments and that he is not directly involved in the decisions.

The episode highlights how closely politics and crypto have become intertwined, with digital asset companies reportedly pouring roughly $189 million into the 2026 election cycle to influence regulation.

Trump interviews CNBC's Joe Kernen. Source: CNBC