Weekly Preview | U.S. stock earnings season enters its peak phase, with Google, Tesla, IBM, and Intel set to release results; the 《CLARITY Act》 enters a critical legislative window

News Preview:

• Changxin Technology will publish the results of the online lottery for winning bids on the SSE website on July 20;
• LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7:00 PM Beijing time on July 20, with a ratio to circulating supply of about 4.6%, worth about $20.9 million;
• Robinhood ecosystem DeFi protocol Arrow will launch the token issuance platform Arrow Pad on July 20;
• After the close of U.S. stocks trading on Wednesday, Google, Tesla, AT&T, and IBM will release earnings; after the close on Thursday, Intel will release earnings;
• The European Central Bank’s monetary policy decision will be released on July 23 at 20:15, and markets broadly expect interest rates to remain unchanged this time;
• U.S. Senate Republicans plan to push for full Senate consideration of the “CLARITY Act” next week.

July 20

Exchanges:

Changxin Technology will publish the results of the online lottery for winning bids on the SSE website on July 20

According to an announcement disclosed by Changxin Technology, the issuer and the joint lead underwriter conducted the online subscription lottery draw ceremony for this offering on the morning of July 17 (T+1), and will publish the results of the online lottery for winning bids on the SSE website on July 20 (T+2). Changxin Technology reminds investors to focus on the payment stage of this offering, and to fulfill their payment obligations in a timely manner on July 20 (T+2). Offline investors should, based on the “Announcement of Preliminary Results of Offline Allocation and Results of Online Lottery Winning Bids” on July 20 (T+2), promptly and in full pay the funds for purchasing the new shares according to the finally determined issue price of 8.66 yuan per share and the number of shares allocated to them. The purchase funds must be credited by 16:00 on July 20 (T+2).

Binance will list the U-coin-margined SPCXUSD1 perpetual contract on July 20

Binance Contracts platform will list the SPCXUSD1 perpetual contract at 17:00 on July 20, 2026 (Eastern Eight Zone time), tracking the price of Space Exploration Technologies Corp. (SPCX). Maximum leverage can reach 25x.

Project Updates:

NEAR mainnet version 2.13.0 released: introduces post-quantum signatures and dynamic sharding; voting to start on July 20

According to an official announcement from NEAR Chain Status, the NEAR mainnet version 2.13.0 has been released, introducing a post-quantum transaction signing scheme and dynamic sharding functionality. Voting will begin at 8:00 AM Beijing time on July 20.

A former NEAR core developer, Vadim, said that this upgrade includes functionalities that most blockchains would require a 10-year roadmap to complete: post-quantum signatures ML-DSA-65 becomes the third key type for the protocol after ed25519 and secp256k1; accounts can hold keys that quantum computers cannot forge, and the chain records only 32-byte hashes on-chain; dynamic sharding enables the chain to automatically monitor the status and size of each shard and split/re-shard at epoch boundaries, without requiring a protocol upgrade or any manual intervention; Gas Keys provide key functionality for the proxy economy—one account can run a batch of agents to send transactions simultaneously without nonce conflicts.

Robinhood ecosystem DeFi protocol Arrow will launch the token issuance platform Arrow Pad on July 20

Robinhood ecosystem DeFi protocol Arrow Finance announced it will launch Arrow Pad on July 20. Users will be able to issue utility tokens and Meme tokens in a one-stop way on Robinhood through this platform.

NYSE-listed Bitcoin miner Cango will merge shares at a 10:1 ratio on July 20

NYSE-listed Bitcoin miner Cango (CANG) will merge Class A and Class B ordinary shares at a 10:1 ratio at 5:00 PM U.S. Eastern Time on July 20, meaning every 10 shares will be merged into 1 share. After the share consolidation, new CUSIP numbers will be assigned, but the trading symbol will remain unchanged. Trading is expected to continue on the NYSE under “CANG” starting from the market open on July 21.

TownSquare will launch a public token sale for TOWN; the window will open on July 20

Cross-chain yield infrastructure provider TownSquare announced the launch of a public sale of the TOWN token. This sale allocates approximately 0.66% of the total TOWN supply, aiming to raise about $1 million, with pricing in two tiers: $0.015 (6-month lockup) and $0.020 (TGE immediate unlock). The minimum and maximum commitment amount per transaction is $100 to $100,000. KYC/KYB verification is required, and any oversubscription will be allocated proportionally. Tokens will be issued on the Monad and Base dual chains. Registration opened on July 14, the commitment window will run from July 20 to 26, and settlement will begin on July 27.

This sale will be conducted on the Monad network and handled by the on-chain token sale platform Sonar (supported by Echo). TownSquare has previously completed total funding of $16.25 million, with investors including the World Liberty Financial ecosystem fund, OKX Ventures, Amber Group, Auros, Animoca Ventures, and others.

Swedish company Bitcoin Treasury Capital obtains approval to list the preferred stock BTC PREF; trading to begin on July 20

According to Crypto Briefing, the European listed company Bitcoin Treasury Capital (official name B Treasury Capital AB) has been approved to list 195,078 shares of Class A preferred stock on the Spotlight Stock Market, with trading to begin on July 20. The stock code is BTC PREF, priced at 120 Swedish kronor per share, and the company has committed to pay 10% dividends annually. This placement is intended to raise approximately 23.4 million Swedish kronor (about $2.5 million), and the company plans to use the funds to purchase more Bitcoin.

Token Unlocks:

LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7:00 PM Beijing time on July 20, with a ratio to circulating supply of about 4.6%, worth about $20.9 million

KAITO (KAITO) will unlock approximately 17.6 million tokens at 8:00 PM Beijing time on July 20, with a ratio to circulating supply of about 4.3%, worth about $16 million

July 21

Policy & Regulation:

Russia’s “Digital Currency and Digital Rights” bill has tentative second and third readings on July 21

Russia’s State Duma is tentatively scheduled to review the “Digital Currency and Digital Rights” bill on July 21. The draft proposes to establish licensed crypto trading and custody systems, limit purchase quotas for non-qualified investors, and strengthen oversight of foreign stablecoins and unlicensed intermediaries.

Macroeconomics:

At 20:15 on July 21, the weekly change in U.S. ADP employment numbers for the week ending July 4 (in ten-thousands) will be released.

Project Updates:

Decentralized derivatives exchange Grvt to launch its GRVT token on July 21

Decentralized derivatives exchange Grvt posted on social media that its GRVT token will be officially launched on July 21. Previously, Grvt said its second quarter has been officially completed and final point allocation has been finished.

Token Unlocks:

Undeads Games (UDS) will unlock approximately 2.15 million tokens at 8:00 AM Beijing time on July 21, with a ratio to circulating supply of about 1.11%, worth about $2.4 million

July 22

U.S. Stock Earnings:

After the close of U.S. stocks trading on Wednesday, July 22, Google, Tesla, AT&T, IBM, and Texas Instruments will release earnings

Project Updates:

Grass opens Phase 2 participant rewards; rewards will be distributed in USDC and claim opens on July 22

Decentralized bandwidth-sharing network Grass Foundation launches a query portal for Phase 2 participant rewards. Users can log in to view their estimated reward amounts. This rewards program covers users who participated in the network by sharing bandwidth during Phase 2, Epoch 1 to Epoch 19 (from October 14, 2024 to June 8, 2026). Rewards will be distributed in the form of USDC. Users can start claiming at 21:00 Beijing time on July 22, and claims will continue until the deadline of January 22, 2027 (any rewards not claimed after the deadline will be retained by Grass).

Sui ecosystem lending protocol NAVI Protocol will open the next migration phase on July 22

Sui ecosystem lending protocol NAVI Protocol will open the next migration phase on July 22. As part of the migration to a dedicated isolated market, the liquidation thresholds for the affected deprecated assets (xAUM, CETUS, HAEDAL, NS, BLUE, and IKA) will be reduced by 15%.

Kaia has opened early deposits for the first batch of CR Mission; the first batch of Missions will be activated on July 22

L1 blockchain Kaia has opened early deposits for the first batch of CR Mission. Participants must satisfy two requirements at the same time: deposit Kaia native USDT into SuperEarn or Unifi, and delegate to GC via the Public Delegation feature or stake KAIA via the LST protocol (Swapscanner or Lair Finance). Both must use the same wallet or a wallet connected through the Kaia Portal, and rewards will be calculated according to the contribution proportion. CR Mission rewards include protocol native USDT earnings, KAIA staking rewards, and additional contribution rewards. Rewards will be settled by Epoch with a linear unlock over 6 months. The first batch of Missions will be officially activated on July 22.

Previously, Kaia posted that it would open the first batch of CR Mission. This Mission requires pairing Kaia native USDT with KAIA at a ratio of 1 USDT : 10 KAIA. The early deposit channel will open on July 16.

Token Unlocks:

MBG By Multibank Group (MBG) will unlock approximately 27.15 million tokens at 8:00 PM Beijing time on July 22, with a ratio to circulating supply of about 6.96%, worth about $3.3 million

July 23

Macroeconomics:

The ECB will publish its interest rate decision on July 23 at 20:15

The European Central Bank’s monetary policy decision will be released on July 23 at 20:15, and markets widely expect that interest rates will be maintained unchanged this time. Bloomberg Industry Research points out that the deceleration in eurozone inflation in June removed the need for emergency rate hikes; however, due to risks of a second round of inflation driven by rising energy prices, there remains a possibility of another rate hike in September. Analysts at both ING and UBS expect the ECB to keep policy interest rates unchanged at 2.25% next week, while also emphasizing that developments in the Middle East situation and their impact on inflation will be the core considerations for decision-makers ahead of the September meeting.

U.S. Stock Earnings:

After the close of U.S. stocks trading on Thursday, July 23, Intel will release earnings

Project Updates:

Altura updates redemption progress: has recovered $14.97 million; expected to complete all fund inflows before July 23

On-chain yield platform Altura posted on social media to disclose its strategy close-out progress. As of now, Altura has successfully recovered $14.97 million, with $6.95 million still pending arrival. According to a timeline provided by partner Inessa, the remaining funds are expected to be fully received by July 23 or earlier. After the funds arrive and verification is completed, Altura will purchase USDT0 through over-the-counter counterparties, and then inject it into the treasury to complete the redemption. Altura also announced that its monthly services agreement with Accountable will be terminated on July 17, as a normal arrangement in the company’s liquidation process, with no operational issues between the two parties. Going forward, fund flows will continue to be continuously disclosed through Altura’s self-built Proof of Reserves (POR) platform.

Judicial Proceedings:

Bitcoin Rodney admits involvement in the $1.8 billion HyperFund fraud scheme; sentencing on July 23

Miami cryptocurrency promoter Rodney “Bitcoin Rodney” Burton admitted in federal court that he was involved in the $1.8 billion HyperFund fraud scheme that operated between 2020 and 2022. Under the plea agreement, Burton admitted that he participated in a conspiracy to provide unlicensed remittance services while promoting the HyperFund project, and transferred investors’ funds through entities that appeared to be consulting firms but effectively functioned as payment channels.

The Office of the Federal Prosecutor for the District of Maryland said in a statement on Wednesday that Burton profited at least $7,851,711 from the action. Burton currently faces a maximum penalty of five years in federal prison for conspiracy, and he will be sentenced on July 23 by U.S. District Judge Richard D. Bennett.

Token Unlocks:

aPriori (APR) will unlock approximately 31.88 million tokens at 8:00 AM Beijing time on July 23, with a ratio to circulating supply of about 11.28%, worth about $6.8 million

SOON (SOON) will unlock approximately 20.24 million tokens at 4:30 PM Beijing time on July 23, with a ratio to circulating supply of about 3.91%, worth about $3.3 million

July 24

Project Updates:

World will adjust WLD tokenomics starting July 24; daily unlock amount will be reduced by 43%

According to the World Blog, starting July 24, 2026, the total daily unlock amount of WLD tokens will be reduced from about 5.10 million to about 2.90 million, a decrease of 43%. Of this, the daily unlock amount for community tokens will decrease from 3.20 million to 1.60 million, a decrease of 50%; the daily unlock amount for team and investor tokens will decrease from 1.90 million to 1.30 million, a decrease of 32%. Tokens will still be unlocked linearly on a daily basis, with no single-day concentrated release node.

As of April 10, WLD has unlocked 4.9 billion tokens (49% of the total supply of 10 billion), including 3.3 billion tokens in circulation.

Token Unlocks:

SoSoValue (SOSO) will unlock approximately 23.46 million tokens at 5:00 PM Beijing time on July 24, with a ratio to circulating supply of about 6.78%, worth about $6.9 million

July 25

Token Unlocks:

Humanity Protocol (H) will unlock approximately 266 million tokens at 8:00 AM Beijing time on July 25, with a ratio to circulating supply of about 8.6%, worth about $15.5 million

Plasma (XPL) will unlock approximately 88.89 million tokens at 8:00 PM Beijing time on July 25, with a ratio to circulating supply of about 3.44%, worth about $7.3 million

July 26

None

Time TBA

Special Focus:

Burnham may be sworn in as the UK Prime Minister on July 20, delivering his first speech and announcing the names of the first cabinet

UK House of Commons MP Andy Burnham has received nominations and support from 349 Labour MPs, effectively locking in the Labour Party leadership position and putting him in line to take over as UK Prime Minister as early as July 20. Multiple polls show that he is one of the most popular Labour political figures currently. A Financial Times article pointed out that Burnham’s most core political capital is the “Manchesterism” he formed during his more than 9 years as mayor of Greater Manchester.

Policy & Regulation:

U.S. Senate Republicans plan to push for full Senate consideration of the “CLARITY Act” next week

The “Clarity Act,” which is intended to provide a regulatory framework for the digital asset industry, is facing a critical legislative window. Bipartisan negotiations in the U.S. have still not reached agreement on key issues such as government officials’ ethics rules and illegal financial activities. If the bill cannot be advanced before the August recess, there will be almost no time window ahead of the midterm elections, which could cause the legislative process to return to the starting point. At present, the Republican leadership’s goal is to push for consideration during the week of July 20, but it requires support from at least 7 Democratic senators in order to pass.

U.S. Representative Bryan Steil said the CLARITY Act is expected to pass in the Senate next week, and stated that the U.S. needs to establish a regulatory gold standard in the digital asset sector. Bryan Steil currently serves as Chair of the House Committee on Administration and also chairs the Digital Assets, Financial Technology, and AI Subcommittee within the House Financial Services Committee.