Here’s what happened in crypto today

Today in crypto, Senate leaders were urged to keep developer protections in a crypto bill, Adam Back’s Bitcoin treasury company heads back to the negotiating table over its planned SPAC merger with Cantor Equity Partners, and the European Securities and Markets Authority launches a review of crypto custody providers following MiCA’s transition.

Senate leaders urged to keep dev protections in CLARITY Act

US Democratic Senator Ron Wyden urged Senate leaders to ensure that a section of the CLARITY Act known as the Blockchain Regulatory Certainty Act (BRCA), which aims to protect crypto developers, stays in the bill that lawmakers are looking to pass ahead of the midterms.

“Developers who make and release software that allows people to manage their own digital assets — and, critically, where the developer does not control user assets — should not be treated as money transmitters solely because they create or publish software,” Wyden wrote in a letter shared by journalist Eleanor Terrett on Wednesday.

The letter comes after groups, including law enforcement and Catholic organizations, opposed the BRCA, while crypto groups have urged for the section to remain intact. Negotiations over provisions in the bill are ongoing, but Senate leaders are pushing for the bill to be passed this month.

Wyden argued that treating crypto developers as money transmitters “punishes technological innovation and advancement in strategically important areas at a time when the United States must remain globally competitive.”

It is one of multiple provisions in the CLARITY Act that are at issue before it can go to a floor vote, with some lawmakers calling for tighter ethics provisions on government officials’ involvement in crypto after US President Donald Trump revealed he made $1.4 billion from his crypto interests last year.

Adam Back’s Bitcoin treasury SPAC deal with Cantor returns to the negotiating table

Adam Back’s Bitcoin treasury company is renegotiating its planned SPAC merger with Cantor Equity Partners I, delaying its anticipated public listing as both sides seek terms that better reflect current market conditions.

The Bitcoin Standard Treasury Company (BSTR), founded by the Blockstream CEO, and Cantor Equity Partners I have scrapped the original 2025 merger terms and will negotiate a revised agreement, though neither side disclosed what changes are on the table. The move also postpones a shareholder meeting that was set to approve the transaction.

Under the original deal, BSTR planned to contribute more than 30,000 BTC alongside $1.5 billion in PIPE financing, and the US Securities and Exchange Commission had already cleared the registration statement in June.

The revision comes as enthusiasm for Bitcoin treasury SPACs has cooled, with Cantor reportedly broadening its focus beyond crypto-focused vehicles. The development follows tokenization company Securitize’s recent NYSE debut through a separate Cantor-backed SPAC, though its shares have since fallen sharply from their post-listing highs.

Source: BSTR

ESMA turns spotlight on crypto custody risks after MiCA transition

The European Securities and Markets Authority (ESMA), a key EU regulator supporting the implementation of the Markets in Crypto-Assets (MiCA) framework, is launching a dedicated process for reviewing crypto custody providers.

ESMA plans to conduct a common supervisory action (CSA) focused on the operational resilience of crypto-asset service providers (CASPs), with a specific emphasis on custody services, according to an official announcement on Wednesday.

“The CSA will assess the maturity of CASPs’ digital operational resilience frameworks in relation to custody activities,” ESMA said, adding that the reviews will focus on areas including key and storage management, alongside other operational risks.

The move comes shortly after the end of MiCA’s transition phase on July 1, prompting increased attention to how EU authorities will supervise compliance with the new framework, including potential enforcement questions.