The cryptocurrency market recorded a week of mixed performance, characterized by notable gains in select assets alongside significant declines in others. Beyond market movements, the week was marked by key developments across regulation, enforcement, and political scrutiny within the crypto space. Below is a comprehensive overview of the most important highlights.
Top gainers and losers of the week
- DeXe (DEXE) – broke out with an aggressive upside move, skyrocketing by 58.83% over the last seven days to cross the $36 mark at $36.20;
- Arbitrum (ARB) – posted solid gains throughout the week, rallying 19.88% to lock in at a price of $0.09377;
- Lighter (LIT) – mirrored that exact bullish pace, climbing 19.88% over the weekly stretch to finish up at $2.46.
- MemeCore (M) – gave back a massive portion of its previous gains, dropping 32.42% over the week to sit at $1.20;
- Audiera (BEAT) – hit strong resistance and slid downward, losing 20.54% of its value to settle at a price of $2.23;
- Venice Token (VVV) – faced notable selling pressure over the last seven days, retreating 18.82% to close out the period at $11.36.
Farage to resign UK seat over crypto gift investigations
Nigel Farage announced he will resign his Clacton seat in the UK House of Commons after confirming he is under two parliamentary standards investigations tied to crypto-linked gifts. The Reform UK leader said he would immediately stand in the resulting by-election, though the vote could take weeks or months given the procedural requirements to formally vacate the seat.
If I lose, they win. If they win, you lose.
— Nigel Farage (@Nigel_Farage) July 7, 2026
If you lose, Britain will forever be broken and nothing will change. We will prevail.
My message to the people of Clacton. 👇 pic.twitter.com/j9LCX2v0Dw
The Parliamentary Commissioner for Standards investigations relate to gifts from crypto investor Christopher Harborne and George Cottrell, a convicted fraudster linked to offshore crypto gambling platform Tether.bet. Harborne holds an estimated 12% stake in Tether. Farage received a reported $6.7 million from Harborne, which he described as recognition for his role in the Brexit campaign and later as personal security funding following threats against him.
The Sunday Times separately reported that Farage failed to declare security, staffing, and accommodation funded by Cottrell before the 2024 general election. Farage's spokesperson called the reporting "baseless and contrived."
"Let me be absolutely clear: I have done nothing wrong," Farage said. "I have not broken the law in any way at all. I have not misused public money."
Farage won the Clacton seat in July 2024 with 46.2% of the vote. He also holds a roughly 6.3% stake in UK bitcoin treasury company Stack BTC Plc through his investment vehicle Thorn In The Side Ltd.
Kraken parent wins $22M arbitration
Payward, the parent company of crypto exchange Kraken, is seeking final judgment in Delaware's Court of Chancery on a $22 million arbitration award against auditor Mazars USA, which abandoned a nearly completed audit in 2022 under what Payward describes as political pressure.
Payward co-CEO Arjun Sethi wrote in a Tuesday blog post that Mazars cited "uncertainty and risk from legal developments," including an SEC complaint against Kraken, when it terminated the engagement.
"When they withdrew, Mazars confirmed in writing that they had no disagreement with our management, no concerns about our integrity, and that they had found no fraud," Sethi said.
The SEC complaint against Kraken was later dismissed after Gary Gensler's departure. The FDIC, the post notes, sent at least 25 letters to 24 banks instructing them to pause or restrict crypto activity during the same period.
"An audit is not a favor. It is oxygen," Sethi wrote. "We spent years and millions in legal fees doing exactly that."
Sethi used the post to call for passage of the Clarity Act.
"Vindication is not the point," he wrote. "Pass the CLARITY Act."
Kenya's CMA tenders for blockchain surveillance system as crypto licensing begins
Kenya's Capital Markets Authority has issued a tender for a blockchain analytics platform capable of real-time and retrospective monitoring of digital asset transactions, according to tender documents reviewed by Capital FM Africa.
The system must support Bitcoin, Ethereum, and at least 20 other blockchain networks. Required capabilities include automated alerts for high-risk wallets, sanctions database matching against UN and U.S. OFAC lists, cross-chain fund tracing, and risk scores for money laundering, ransomware, and terrorism financing. The CMA also wants the platform to identify offshore exchanges that serve Kenyan users without regulatory approval.
The procurement follows President William Ruto's signature of the Virtual Assets Service Providers Act in October, which took effect the following month. The law splits oversight between the Central Bank of Kenya and the CMA. No crypto firms have received licenses yet. Existing operators have until November 2026 to meet compliance requirements.
Kenya is Africa's fourth largest crypto market. Chainalysis estimated users received roughly $19 billion in digital assets between July 2024 and June 2025, with more than six million Kenyans active in the sector.
Similar tools are already deployed by the FBI, DEA, IRS, and the UK's HMRC through contracts with Chainalysis and TRM Labs.
CFTC sues crypto pool operator for $14 million fraud and Ponzi-like payments
The Commodity Futures Trading Commission filed a civil enforcement action on July 7 against Trevor Vernon and Argent Capital Management LLC, alleging the pool operator hid consistent trading losses while sending investors false performance reports showing gains that did not exist.
.@CFTC Charges North Carolina Commodity Pool Operator and His Company with Fraud: https://t.co/AsgPoTjlBY
— CFTC (@CFTC) July 7, 2026
The CFTC said Vernon solicited more than $14 million from at least 60 participants between March 2022 and February 2026. The pool traded equity index futures, Bitcoin, Ether, and other crypto assets. According to the complaint, trading produced "consistent and catastrophic losses" totaling more than $8.6 million while monthly emails and quarterly updates showed fabricated rising balances.
The agency alleged roughly $3 million went to existing participants in a manner "akin to a Ponzi scheme," and that Vernon used approximately $136,000 of pool funds for private air travel. The complaint also states Vernon made false statements during sworn testimony in January while the agency investigated.
The lawsuit includes seven counts covering fraud, registration failures, and false statements. Argent Capital Management failed to register as required under federal commodities law, the agency said. The CFTC is seeking restitution, disgorgement, civil penalties, and permanent trading and registration bans. Vernon and Argent Capital will have the opportunity to answer the complaint in federal court.
Alex Shepel
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