CLARITY Act · US Senate · Bitcoin · Cointelegraph
BIP-110 ends with a whimper, CLARITY vote punted: Hodler’s Digest, Aug. 9
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BIP-110 forks itself into oblivion with a “2-block chain” and CLARITY will finally get a Senate vote in September.
Key facts
- At the end of the week, Bitcoin (BTC) is up 2% to trade at $64,814, Ethereum (ETH) is up 1.7% to trade at $1,908 and XRP (XRP) is down 5% to $1.02
- Binance led CEXs with $1.4 trillion in monthly perpetual futures volume, followed by OKX with $607 billion and Bybit with $300 billion, analytics platform CryptoRank said in a Friday X post
- The top three altcoin losers of the week are Injective (INJ) which was down 15.1%, Canton (CC) down 13.8% and Cronos (CRO) down 13.7%
- Criminals stole more than $30 million through physical attacks on crypto holders in the first half of this year, putting 2026 on pace to surpass the record $58 million stolen in 2025
Summary
Supporters of the BIP-110 soft fork hoped to eradicate spam from the blockchain, but after a lengthy and heated debate the proposal has been pronounced DOA or Dead On Arrival. This is probably no surprise given it’s as difficult and expensive to mine on the new chain as it is on Bitcoin, but without any hope of being able to sell the block reward to recoup the costs. BIP-110 aimed to rid Bitcoin of non-financial transactions, such as Ordinals, but opponents saw it as imposing censorship on the chain and it faced opposition from prominent Bitcoin advocates. Blockstream CEO Adam Back warned that the consensus-level change could damage Bitcoin’s credibility and potentially make certain unspent transaction outputs unspendable.