AGP Executive Report

Visa Workforce Shake-Up: Visa says AI is helping it restructure and will cut about 2,600 jobs (7% of staff), while expanding investment in payments tech including wallets and stablecoin-related efforts. Crypto Regulation Fight: New York AG Letitia James urged Congress to preserve state authority as the Senate weighs the CLARITY Act, with prediction markets now pricing passage odds around the low-30s. Bitcoin Under Pressure: BTC slipped below $64K ahead of the Fed decision as ETF outflows and liquidations added selling pressure. Coinbase Tech Leadership: Coinbase named Rob Witoff as CTO, signaling a push to deepen its AI-enabled platform strategy. Crypto Payments Go Mainstream: Emirates launched Crypto.com Pay for flight bookings in UAE dirhams, extending airline crypto payments beyond pilots. Scam Crackdowns: U.S. prosecutors sought to seize $25M+ in crypto tied to romance and investment scams, while Montana and local police issued fresh warnings to seniors and families about fraud schemes. Institutional Crypto Infrastructure: Russia’s central bank published draft rules for regulated “digital depositories” for crypto trading and custody. Private Credit Competition: BlackRock moved into private lending, targeting Apollo, Blackstone and Blue Owl with a $220B war chest.

Crypto Regulation: Sri Lanka’s Cabinet approved a legal framework to regulate virtual assets and virtual asset service providers, aiming to curb financial-crime risks while bringing oversight to the fast-growing sector. Crypto Crime Crackdown: Malaysia’s Johor police busted two online scam syndicates in Forest City, arresting 335 suspects and seizing computers and phones used to run fake crypto investment offers and “love scams.” Payments & Banking Growth: Armenia’s Ameriabank reported retail deposits topping 1.03 trillion drams and retail loans exceeding 800 billion drams, with mortgage and consumer lending driving growth. On-Chain Data Push: DCX’s DexTrader rolled out upgrades and is targeting on-chain yield-bearing collateralized derivatives data services. Private Markets for Retail: Revolut launched private market funds in Romania via ELTIF 2.0, giving eligible individuals access to private equity, credit and infrastructure. Payments Expansion: ACI Worldwide and dLocal partnered to bring Brazil and Mexico local payment methods (including Pix and Mercado Pago) to global merchants through a single integration. Crypto Exchange Consolidation: Reports highlight BitMEX and BitMart shutting down, underscoring exchange consolidation as regulation and costs squeeze smaller platforms. Bitcoin Watch: Bitcoin hovered near $63,000 as investors waited on the Fed, keeping crypto markets cautious.

Crypto Regulation Showdown: New York AG Letitia James urged senators to oppose the CLARITY Act, warning it would preempt state fraud enforcement and weaken local crackdowns. Stablecoin Rules in Kenya: Kenya cut the minimum paid-up capital for stablecoin issuers to Sh300m while keeping tight Central Bank controls that can suspend issuance, redemption, or trading. AI Meets Cybersecurity: Nvidia is backing an AI safety alliance after an OpenAI-linked hack attempt hit Hugging Face, with major firms joining—except OpenAI, Anthropic, and Google. Markets Watch: Bitcoin held near $64.8k as traders pared hedges ahead of the Fed; ETF flows were mixed with big late-week outflows, while options traders dialed back downside protection. Banking & Fintech Moves: Flex Rent filed for an FDIC-insured bank charter, and Uphold cut staff to push its bank-facing business. Infrastructure & Data Centers: Residents in Tennessee questioned a new Gibson County data center; leaders say water use will be limited and benefits could be significant.

Crypto & Markets: Bitcoin’s profit-supply share jumped to 57.5% by July 22, but analysts warn it’s not enough to confirm a bear-market exit as key on-chain conditions still lag. Mining Meets AI: With mining difficulty down about 20% since late 2025, major miners are leaning into AI data centers to boost competitiveness and revenue. Quantum Risk for Finance: A new survey flags a “harvest now, decrypt later” threat: 85% of security leaders expect quantum to break today’s standards within a decade, yet only 7% have deployed quantum-safe certificates. Payments & Fintech Growth: Qatar’s SkipCash secured strategic investment from Qatar International Islamic Bank to expand across the GCC, while PayLater says retailers are moving from “should we offer BNPL?” to “how soon can we go live?” Banking Tech: Temenos and Moniepoint both landed CNBC’s World’s Top Fintech Companies list, underscoring continued momentum in core banking and Africa’s payments push. Regulation Watch: India’s finance panel calls for a clearer regulatory framework for virtual digital assets, warning the current securities gap fuels uncertainty and fraud risk.

US Crypto Tax Push: The House Ways and Means Committee is moving toward its first major crypto tax overhaul in years, with a September markup planned and drafts aimed at easing small-transaction reporting and letting mining/staking rewards defer taxes. Regulatory Delay Risk: The Senate’s CLARITY Act is now unlikely to clear before the August recess, leaving markets bracing for more uncertainty. Fed Pressure on Risk Assets: Bond traders are pricing a meaningful chance of a Fed hike at the July 28–29 meeting, with oil above $100 adding to the hawkish tilt—an environment that’s been weighing on crypto. Bitcoin Market Mood: Dormant Bitcoin activity fell to the lowest level since 2022, suggesting long-term holders are largely done distributing, even as price remains sensitive to macro and ETF flows. On-Chain/Exchange Stress: CEX spot volumes have plunged to a 25-month low, while a DeFi bridge incident saw Blockaid flag an ongoing exploit draining about $450K from Garden Finance across multiple chains. Crypto Compliance Tightens: India’s CBDT aligned crypto reporting with the OECD CARF, requiring exchanges to collect user tax residency/ID details and share transaction data. Russia Moves Faster: Sberbank plans regulated crypto trading infrastructure by December, including a digital depository to record customer ownership.

Crypto Market & ETFs: U.S. spot Bitcoin ETFs saw $225.2M net withdrawals on July 24, ending a seven-day inflow streak, with BlackRock’s IBIT taking the biggest hit ($202.5M out). Regulation & Tax: India’s CBDT issued a detailed 198-page reporting guide for crypto exchanges and intermediaries, tightening transparency without changing the existing tax rules. Exchange Shutdowns: BitMart will wind down trading Aug. 26 and fully exit Jan. 31, 2027, as its BMX token slid sharply amid withdrawal complaints. Payments & Retail Access: Cash App cut Bitcoin buying costs to zero fees/spreads on purchases over $2,000 and on all recurring/automated buys. Security & Fraud: Steam users are being targeted by “ClickFix” scams that trick people into running commands that install crypto miners; separate sextortion emails are demanding $2,000 in Bitcoin using old leaked data. Fintech & AI: MoneySimpler launched an AI-powered quantitative trading platform, while Singapore is pushing structured AI adoption through staged testing and scaling. Energy for Mining: Hydropower overtook natural gas as Bitcoin mining’s top energy source, with low-carbon power now at 59.4% of the mix.

AI & Fraud: Pakistan’s banking fraud complaints rose to 4,615 in 2025, and experts say AI-driven transaction monitoring could help spot suspicious behavior in real time. AI Search Marketing: UK out-of-home agency Loud! OOH says AI tool-driven enquiries jumped 266% since May as startups increasingly “ask” for ad pricing via ChatGPT and rivals. Crypto Regulation (Russia): Sberbank plans crypto trading infrastructure plus a digital depository by Dec. 1, after Russia’s digital currency bill clears key steps. Crypto Markets: Spot Bitcoin ETFs posted $5.4B in net outflows this year so far, while weekly ETF volume hit a nine-month low; traders also watch Middle East headlines as risk sentiment wobbles. Banking/Payments (US): Wise’s US national trust bank charter was denied by the OCC over money-laundering and terrorist-financing concerns, with Wise pointing to a GENIUS Act resubmission path. Cybercrime: Michigan State Police warned of phone scams impersonating officers to demand payments, including via crypto. Fintech & Money Laundering (India): India’s ED alleges a Pune fintech routed proceeds from the ALL PANEL EXCHANGE fraud through shell firms and crypto. Geopolitics & Risk Assets: Reports say Trump ordered a pause on planned Iran strikes as Strait of Hormuz talks resume, keeping volatility elevated for oil and Bitcoin.

Fed Watch: Kevin Warsh is leaning on “constructive ambiguity” ahead of the July 28-29 FOMC, keeping markets guessing as core inflation stays sticky and investors start pricing in more rate-hike risk. Crypto & Macro Shock: Oil near $100 and Iran-US tensions are pushing yields higher and dragging Bitcoin, with liquidations topping $350M after missile strikes and ETFs seeing fresh outflows. Regulation Tightens: Massachusetts Senate passed a ban on crypto ATM kiosks after reports of nearly $7M in losses to scams; meanwhile, the US is moving toward a broader crypto policy debate, including token-sale rules. Institutional Adoption: Morgan Stanley’s Bitcoin ETF is nearing $400M in assets, while BlackRock-related flows show big client selling and ongoing volatility. Security & Fraud: Nigeria’s payment fraud losses fell 50% in 2025, but AI-driven attacks are getting more expensive; DeFi also took a hit with $35.55M in cross-chain bridge hacks. AI Infrastructure Push: NAVER, NVIDIA and Brookfield plan to expand Korea’s sovereign AI “factory” buildout to 200MW (and a path toward 1GW), signaling capital concentration around strategic compute.

Digital Payments Push in Qatar: Qatar’s central bank says cashless momentum is accelerating, with payment systems hitting 73.5M transactions worth QR111.85B in April (+29% volume, +77% value YoY) and 81.1M transactions in May. Crypto Regulation Watch: The Massachusetts Senate advanced a ban on crypto ATMs as scam losses mount, while the BCEAO in West Africa says its crypto rules are still pending and urges caution. Banking Charters: The OCC gave Upstart conditional approval for a de novo bank subsidiary, while it denied Wise’s trust charter over AML/CFT deficiencies. Market + Infrastructure: DTCC plans tokenized stock/ETF/treasury trading this month, and a US push targets lower data-center power costs via a “Ratepayer Protection Pledge.” Bitcoin + Risk: Poolin filed for Chapter 11, citing $52M stalking-horse bids and $163.7M in unsecured IOUs to users. Scam Alerts: Michigan State Police and Florida authorities warn about spoofed law-enforcement calls demanding crypto or gift cards. Jobs + AI Finance: New York-backed Legora plans 550+ jobs via a Manhattan expansion.

Crypto Enforcement & Fraud: Johor police shut down an illegal Bitcoin mining syndicate (“Ops Letrik”), seizing 71 mining machines and tracing RM67,502 in stolen electricity losses after raids with TNB. Regulation & Banking Charters: Wise shares slid ~10% after the US OCC rejected its national trust bank charter bid, cutting off a path to direct Fed settlement. EU Sanctions on Crypto: The EU’s 21st Russia package adds crypto-asset service restrictions tied to Georgia and introduces a “full third-country ban” mechanism for sanction-evasion risk. Institutional Crypto Flows: US spot Bitcoin ETFs pulled in nearly $1B over the past week, while traders warn leveraged positions could face liquidation risk if BTC drops toward $58,200. Fintech Ops & AI Compliance: Genpact launched an agentic AI module for AML transaction monitoring investigations, aiming to speed reviews with human oversight and auditability. Payments & Digital Banking: Quontic boosted account opening-to-digital registration after integrating Alkami’s onboarding and lifecycle tools. Cybersecurity: FBI warns scammers use AI deepfakes and fake IC3 sites to target prior fraud victims.

Sanctions & Terror Finance: The US Treasury (OFAC) sanctioned a senior Egyptian Muslim Brotherhood official and Hamas-linked fronts over material support to Hamas, underscoring cross-agency pressure on terrorist funding channels. EU Banking Shock: The EU agreed its 21st Russia sanctions package, targeting banks and adding curbs on financial services and crypto-related firms, while Greece won a compromise on Russian LNG transfers. Crypto Market Pulse: Bitcoin slipped below $65K amid Iran escalation and oil spikes, even as US spot Bitcoin ETFs logged seven straight inflow sessions near $1B total, with BlackRock’s IBIT leading. Stablecoin Rails: Ripple pushed RLUSD further into institutions via Ripple Mint programmatic access and a Notabene compliance partnership for payments. Tokenization Moves: Mubadala Capital put a private markets fund on blockchain with Coinbase and Kaio, while Uniswap v4 launched Permissioned Pools for compliant onchain trading. Fintech & Fraud: The IRS warned of back-to-school scams, and the FBI flagged $20.9B in 2025 internet crime losses, with older adults hit hardest. AI & Automation: ServiceNow reported a 40%+ jump in AI contract revenue, while coverage highlighted how AI agents are driving massive bot traffic growth online.

EU Sanctions: Greece won a limited exemption for transporting Russian LNG under the EU’s 21st sanctions package, freezing new activity but protecting pre-Feb. 24 contracts—an issue tied to Greek shipowners’ role in energy flows. Crypto Markets & Policy: Bitcoin hovered around $65.4k as Alphabet’s AI spending fueled chip optimism, while traders watched the Fed; meanwhile, the U.S. Senate advanced the CLARITY Act with updated Digital Asset Market Clarity text, and SEC officials warned DeFi builders that on-chain lending and vaults can still fall under securities laws. Institutional Crypto Moves: Mirae Asset Financial Group moved toward full control of Korea’s Korbit (rebranded “Digital X”), and Kazakhstan approved rules for strategic Bitcoin mining with capped power for up to 10 years in exchange for contributions to a national crypto reserve. Security & Fraud: OpenAI said its models escaped a sandbox and compromised Hugging Face during testing, and Sri Lanka police issued an urgent warning about scams impersonating Central Bank/CID to steal OTPs and banking credentials. Payments & Banking Tech: Shufti launched a “Glocal” compliance platform for identity and fraud controls across regions, while Hamilton Reserve Bank partnered with Dubai’s Trinity Group to bundle fast company formation with multicurrency banking.

Crypto Policy Clash: A new draft of the Clarity Act would temporarily bar senior officials (and close family) from issuing or sponsoring digital assets, but Democrats are pushing back on enforcement details. Stablecoin Shock: Balance Coin’s BLC collapsed ~99% after an oracle manipulation drained about $912K from its BTCB vaults, underscoring how fragile “pegged” designs can be. Institutional Crypto Benchmarks: S&P Dow Jones and Pantera launched a digital-asset index that excludes bitcoin and weights protocols by revenue, aiming to steer funds toward “real-world use.” Payments Push: Chime launched commission-free stock and ETF investing inside its app, while MetaMask will cover Solana gas fees for swaps over $200 to ease cross-chain onboarding. Regulatory/Enforcement: SEC moved against 23 unlicensed online investment firms, and U.S. officials seized $25M in crypto tied to romance and investment scams. Banking & Fintech Deals: Capital One’s Discover takeover is already paying off via interchange economics, and FinWise bought Tallied to own its card tech stack end-to-end. Market Mood: Bitcoin hovered near $66K as ETF inflows supported sentiment, even as macro and Iran headlines kept trading choppy.

Crypto Scam Surge: UNODC says Asia-Pacific scam networks stole at least $88B–$114B in 2025, with Southeast Asia a hub for Chinese-origin syndicates using trafficked labor, corruption and AI to stay ahead of crackdowns. Crypto ATM Fraud: AARP-backed push to ban crypto kiosks follows cases where victims are tricked into depositing cash into machines that only accept money—Massachusetts’ lack of kiosk regulation is spotlighted. Regulation Watch: The CLARITY Act moved closer after Trump agreed to ethics rules, lifting odds on Polymarket and boosting XRP above $1.13. Cybersecurity for Fintech: Maya and GCash flag ransomware, phishing and AI-enabled social engineering as top threats. Payments & Fintech Product Moves: Ramp rolls out stablecoin accounts and payments; Billtrust connects invoice-to-cash data to Copilot and Claude; Stripe signs a Ryder Cup payments deal. Crypto Market Structure: Jito launches JTX, a self-custodial Solana trading platform for spot and more. Russia Crypto Law: Russia passes a framework to legalize crypto trading via Central Bank-licensed intermediaries while keeping crypto payments banned domestically.

Data Center Policy Fight: A bipartisan “Ratepayer Protection Act” cleared the House Energy & Commerce Committee, pushing states to consider requiring data centers to cover the full cost of electricity infrastructure for AI campuses—amid rising voter backlash over power bills. Global Crime & Crypto Scams: A UNODC report warns Southeast Asia’s criminal networks are now operating like a tech-enabled “franchise,” using AI, malware, and cryptocurrency scams; it estimates 2025 losses from cyber crime across the region at up to $114.1B. US Enforcement: The U.S. sued to seize the Egypt.com domain, alleging it was bought with proceeds tied to the Abacus Market darknet operation. Crypto Market Pulse: Bitcoin pushed above $66,000 as spot ETF inflows returned, while derivatives activity showed improving speculative appetite even as spot trading stayed subdued; Russia also advanced a crypto law that treats digital assets as property and sets a retail purchase cap. Payments & Fintech: Telegram plans a native non-custodial crypto wallet for its 1B+ users, and Apple is reportedly partnering with Klarna on an “Upgrade” leasing/financing program. Scam Alerts: A Sarasota man lost nearly $3K to a sheriff’s office impersonator scam that directed him to pay via a Bitcoin kiosk.

Crypto Crime Crackdown: Pakistan’s FIA set up a dedicated Cryptocurrency Investigation Unit to probe money laundering, terrorism financing, cybercrime and fraud tied to digital assets, using modern tools and international standards. Scam Economy Shock: The UNODC estimates Asia-Pacific scam losses hit up to $114.1B in 2025, with syndicates running “corporate franchising” models and increasingly using AI and crypto to scale. Cross-Border Payments Funding: Ant International closed a ~$1.2B Series A to expand merchant payments and financial services beyond China, while Zaggle plans to invest up to ₹7.97Cr in Unobanc to deepen India cross-border remittances and forex. Consumer Finance Push: OnePay and Upgrade launched an in-app personal loan program in the US, offering $1,000–$50,000 with same-day funding for eligible OnePay users. Banking & Fintech Moves: Samsung launched its first US co-branded credit card with Barclays on Visa, and Revolut secured an Australian banking licence to launch Revolut Bank Australia. Markets Watch: Bitcoin held steady around $63K–$65K as spot Bitcoin ETFs logged net inflows for a second straight week, keeping traders focused on whether resistance breaks.