Sir Joef Joeden

 A bipartisan Senate duo has finalized its approach to the contentious ethics provision in the crypto Clarity Act, CoinDesk reported, citing people briefed on the effort. Senators Thom Tillis and Ruben Gallego say the initial work is done to revamp the section that would limit government officials from direct ties to cryptocurrency projects, though details have not yet emerged. The provision squarely targets President Donald Trump's crypto business empire, seeking to bar senior officials from direct industry ties.The refurbished language would still need White House approval and buy-in from many Democrats before the Digital Asset Market Clarity Act can advance to a US Senate vote, CoinDesk said. Time is tight, with roughly seven days left before the Senate's August recess. Majority Leader John Thune said a vote on the bill is likely but may hinge on shifting Democratic sentiment. Remaining sticking points include illicit-finance protections affecting DeFi and the allowance of stablecoin rewards programs. Many in the industry are quietly shifting their hopes to September.

Bloomberg reported that DeepSeek has told prospective investors in its second fundraising round that it is suspending the deal for now, days after comments widely attributed to founder Liang Wenfeng about US-Chinese AI competition went viral.The Chinese AI pioneer verbally informed some would-be backers that they would not be signing investment agreements in the coming days as expected. DeepSeek might choose to resume the deal process at a later date. The suspension stemmed in part from Liang's frustration over online reports about his comments to investors during his first financing deal, which closed in June and raised $7 billion.Bloomberg has not verified the authenticity of those posts, which concerned a transcript of a meeting Liang held with unidentified parties. Chinese media reported that the billionaire founder discussed a reliance on Nvidia chips for AI development and China's persistent lag in AI sophistication relative to the US.Negotiations remain fluid and the company may still choose to proceed. The talks kicked off weeks after DeepSeek closed its record first financing round, securing backers including Tencent and CATL.DeepSeek was aiming to raise at least 10 billion yuan in a follow-on deal, targeting a pre-money valuation of at least 480 billion yuan, up from roughly $50 billion in its first round. The company has also begun preparations for an IPO and may file as soon as this year.Founded in 2023 and owned by hedge fund Zhejiang High-Flyer Asset Management, DeepSeek drew enormous interest as a centerpiece of China's effort to compete globally on AI. Liang's net worth more than doubled to $36 billion after the first fundraising round, making him the world's richest AI model creator.

Bloomberg reported that the US paused its almost two-week run of strikes against Iran for a second night as skirmishes between Yemen's Houthi militants and Saudi Arabia ratcheted up tensions near a global energy chokepoint in the southern Red Sea.

The Iran-backed Houthis fired missiles and drones at facilities linked to Saudi Aramco in the port towns of Jizan and Yanbu on Saturday. Saudi authorities briefly issued emergency warnings before saying the danger had passed. A Saudi-led coalition responded by striking Houthi military positions later Saturday.

After attacking Iran for 13 days, the US has apparently held off since Friday night without explanation or announcement, raising questions over President Donald Trump's war strategy. Iran's media and government have not reported any incoming attacks either.

Iranian and Omani officials met over the weekend to discuss navigation through the Strait of Hormuz, the flashpoint that caused the collapse of a ceasefire agreed in mid-June. Islamic Republic Foreign Ministry spokesman Esmail Baghaei said the talks were constructive and some progress was made.

The Red Sea escalation compounds a severe squeeze on regional energy flows caused by the near-total stoppage of traffic via Hormuz, previously the conduit for a fifth of global crude supplies. Brent crude has soared around 27% in the past two weeks, closing Friday at $96.78 a barrel.

Trump said late Friday the US is "locked and loaded" for major strikes on Iran but has not made a decision on whether to go ahead. White House spokesman Steven Cheung said Trump prefers a diplomatic solution but continues to retain all options.

One ally described the president as being in revenge mode against Iran, while others said he is looking to exact a cost from Tehran for the war, which has driven up energy prices and put Republicans in a tough spot politically ahead of November midterms.