34th week, August 10-16, 2026 Crypto market regulation in the US has moved from Congress to agencies and courts. Lawmakers went on recess without passing a sector-specific law. Supervisory authorities are writing rules within their existing powers, while industry disputes are increasingly being settled through lawsuits. Market infrastructure is advancing independently of politics: federal debt settlement is moving onto the blockchain, and the reserves of the largest stablecoin issuer were audited for the first time by a Big Four firm. Companies that built their balance sheets on crypto assets are moving in the opposite direction and unloading positions at a steep loss. Agencies are writing the rules, courts are settling disputes. Crypto regulation in the US has shifted from the legislative level to the supervisory and judicial levels. The US Commodity Futures Trading Commission (CFTC) will hold a meeting of its Advisory Committee on Innovation on August 20. Topic: rules for crypto assets outside Congressional laws. The US Securities and Exchange Commission (SEC) previously published a similar notice. Both support the CLARITY bill and are simultaneously preparing rules outside it: according to Polymarket, the chance of its passage in 2026 is 18%. The CFTC used emergency powers to allow the prediction market Kalshi to continue operating under federal jurisdiction despite a lawsuit filed by New York Attorney General Letitia James: exit from the state and more than $36 billion in fines. In a lawsuit against North Korea and the Lazarus Group, Bybit obtained a ban on the withdrawal of the stolen $1.5 billion. Crypto infrastructure is gaining institutional status. The market is being integrated into the institutional framework through settlement and auditing. In Japan, Mitsubishi, together with its banking subsidiaries and a joint venture with Morgan Stanley, is launching repo operations with government bonds on the Canton Network blockchain. The project partners are Digital Asset Holdings and Progmat, and the work is being carried out as part of a pilot by Japan's Financial Services Agency launched in February 2026. In July, the Broadridge platform processed $8 trillion in transactions, 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, or 59% of the stablecoin market. Corporate treasuries are reducing their balance sheets. Companies that made crypto assets the foundation of their balance sheets have turned 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 supply. The unrealized loss on the position is $10.3 billion (19.3%). After a $238 million loss in Q2 2026, Trump Media announced that it is shifting capital into the media business, while retaining 14.1 thousand BTC ($890 million), some of which is pledged as collateral. On August 11, BitMine bought 7.4 thousand ETH ($13.8 million) and now holds 5.8 million ETH ($10.8 billion), with an unrealized loss of $8.7 billion (44.6%).