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A Canadian man who pleaded guilty to criminal charges in the U.S. for his role in running a crypto firm that provided wash trading services to clients seeking to manipulate crypto trading has received a modest fine and no jail time in the case.

Aug 6 (Reuters) – The bipartisan ethics proposal senators have pitched to President Donald Trump to get ‌landmark crypto legislation over the line in ‌Congress could trigger a significant tax benefit for the president, Bloomberg ​News reported on Thursday.

The crypto market traded with mixed momentum on August 6. Bitcoin (BTC) moved closer to the $65,000 mark, while Ethereum (ETH) and Pi Network (PI) outperformed most major cryptocurrencies.

A crypto Cold War is underway as the United States, China, and Russia have competing visions about the future of crypto-economic systems. Washington encourages private crypto markets and dollar-backed stablecoins as a way to extend American financial reach. Beijing favors state-led payment systems and carefully regulated blockchain infrastructure.

Bitcoin (BTC) rose above $64,000, while several major altcoins also posted gains. The broader market benefited from stronger institutional demand, easing geopolitical tensions, and continued inflows into U.S. spot Bitcoin ETFs.

As of early evening on Aug. 4, Bitcoin (CRYPTO:BTC) rose 0.9% to $64,267.64, Ethereum (CRYPTO:ETH) rose 0.5% to $1,874.13, and Solana (CRYPTO:SOL) rose 0.6% to $74.13.

While the broader crypto market remains shaky, August is shaping up to be one of the busiest months of the year. Several blockchain upgrades, ETF developments, and product launches are scheduled over the coming weeks. According to one analyst, these events could put a handful of altcoins in focus before the next major market move.

Bitwise Chief Investment Officer Matt Hougan had previously said he didn’t expect the crypto industry to lose momentum even if the long-anticipated Clarity Act doesn’t pass the US Senate before its summer recess.

The odds that the US Senate will pass the CLARITY Act before its August recess are dwindling. So too are the crypto industry’s hopes for a comprehensive federal regulatory framework.

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