34th week, August 10–16, 2026 U.S. crypto market regulation has moved from Congress to agencies and courts. Lawmakers went on recess without passing a sector-specific bill. Supervisory authorities are drafting rules under their existing powers, while industry disputes are increasingly being settled through lawsuits. Market infrastructure is moving independently of politics: settlements of the public debt are going on-chain, and the reserves of the largest stablecoin issuer were audited by a Big Four firm for the first time. Companies that built their balance sheets on crypto assets are moving in the opposite direction and are unwinding positions at a deep loss. Agencies are writing the rules, courts are resolving disputes. U.S. crypto regulation has shifted from the legislative level to the regulatory and judicial ones. The U.S. Commodity Futures Trading Commission (CFTC) will hold a meeting of its advisory committee on innovation on August 20. The topic: rules for crypto assets outside of congressional laws. The U.S. Securities and Exchange Commission (SEC) previously published a similar notice. Both support the CLARITY bill and are simultaneously preparing rules outside of it: according to Polymarket, the odds of passage in 2026 are 18%. The CFTC invoked emergency powers to allow the prediction market Kalshi to continue operating under federal jurisdiction despite a lawsuit by New York Attorney General Letitia James: withdrawal from the state and more than $36 billion in fines. Bybit obtained an injunction in its lawsuit against North Korea and the Lazarus Group to prevent the withdrawal of the stolen $1.5 billion. Crypto infrastructure is gaining institutional status. The market is being integrated into the institutional framework through settlements and audits. In Japan, Mitsubishi, along with its subsidiary banks and a joint venture with Morgan Stanley, is launching repo operations with government bonds on the Canton Network blockchain. Project partners are Digital Asset Holdings and Progmat, and the work is being carried out under a pilot launched by Japan’s Financial Services Agency in February 2026. Broadridge processed $8 trillion in transactions in July, averaging $365 billion per day, 28% more than a year earlier. KPMG issued an unqualified opinion on Tether’s reserves for 2025: assets exceeded liabilities by $6.8 billion. USDT’s market capitalization is $183 billion, 59% of the stablecoin market. Corporate treasuries are de-risking their balance sheets. Companies that made crypto assets the core of their balance sheets have switched to selling. Michael Saylor’s Strategy sold BTC for the fourth time in 2026 — 1.7 thousand coins for $108.6 million, reducing its holdings to 840.4 thousand BTC ($53.4 billion), or 4% of the total supply. The unrealized loss on the position is $10.3 billion (19.3%). After posting a $238 million loss for Q2 2026, Trump Media announced it would shift capital into the media business, while retaining 14.1 thousand BTC ($890 million), some of which is pledged. On August 11, BitMine bought 7.4 thousand ETH ($13.8 million) and holds 5.8 million ETH ($10.8 billion), with an unrealized loss of $8.7 billion (44.6%).