Week 29, July 6–12, 2026 This week cemented crypto within the framework of regulated finance on both sides of the Atlantic. Swift launched a pilot for tokenized deposits with 17 banks, Europe continued issuing MiCA licenses, and Coinbase received UK approval for equities and derivatives. Institutionalization is outpacing rulemaking: the IMF and the Bank for International Settlements are debating whether tokenization will strengthen the system or add risks. At the same time, crypto’s political economy in Washington intensified. Trump reported $1.4 billion in income from tokens, while retail holders of his memecoin lost $3.8 billion, according to Nansen. MiCA is turning into the operating system of the European market. The EU’s Markets in Crypto-Assets regulation (MiCA) has evolved from a filter into infrastructure. On July 7, Ripple received a license in Luxembourg and the right to operate in 30 countries across the European Economic Area; 280 out of more than 3,000 companies have obtained authorization. On July 9, the European Commission proposed extending MiCA to tokenized securities and issuers of stablecoins outside the EU, collecting feedback until September 30. The unlicensed exchange AscendEX is shutting down and does not guarantee client payouts. Revolut announced the delisting of USDT from August 31 — Tether refused to comply with MiCA requirements. Traditional banks are taking over the crypto rails. Tokenization has moved from crypto exchanges to banks. On July 10, Swift launched a pilot for tokenized deposits on blockchain with 17 banks, including Citi, HSBC, UBS, and BNP Paribas — a common ledger will enable 24/7 settlement. On July 8, Coinbase received a UK investment-services license and opened perpetual futures, equities, and commodities to institutional clients. IMF official Tobias Adrian warned that tokenization shifts risks from intermediaries to smart contracts, and without common standards it could lead to fragmentation. The U.S. Securities and Exchange Commission (SEC) is considering an “experimental exemption” for such platforms. Trump’s crypto wealth is becoming a political issue. The president’s personal income from crypto has become the subject of legislative dispute. On July 6, Trump called the $1.4 billion he earned from tokens “completely legal”: the TRUMP memecoin generated $636 million, and World Liberty Financial generated $588 million. According to Nansen, 989,000 of the 1.48 million wallets holding the token lost $3.8 billion. Senator Kirsten Gillibrand introduced a bill banning officials from profiting from cryptocurrencies, while the MAGA Inc. committee received $56.2 million from the industry. The executive order on a strategic BTC reserve has become stuck on legal issues — the U.S. holds 328,400 BTC ($20.7 billion).