July was dominated by the question of whether regulation will come about anytime soon. The Clarity Act came within days of a Senate vote before being put off for now, the SEC signalled it stands ready to write crypto rules itself if the legislation flounders, and the sector's remaining disputes hardened into litigation, from New York's $36 billion suit against Kalshi to CME's fight with the CFTC over perpetual futures. Lastly, Vitalik Buterin laid out a rebuild plan of Ethereum that he places on par with the Merge in terms of importance.