Autor Cointelegraph By Turner Wright

The trust behind reimbursing creditors with ties to defunct cryptocurrency exchange FTX announced that its next distribution of funds would start on July 31.In a Friday notice, the FTX Recovery Trust and crypto exchange said that they would distribute about $900 million to claimants in the recovery plan’s “convenience and non-convenience classes.” Eligible creditors can receive funds through their BitGo, Kraken or Payoneer accounts within one to three business days starting from July 31.The distribution will mark the fifth round of attempts of repaying FTX’s creditors. Convenience claims under $50,000 will receive a 120% reimbursement under FTX’s recovery plan, while others will receive between a 103-105% distribution.Source: Sunil KavuriFollowing a March distribution of $2.2 billion, the trust has paid out about $10 billion since the company filed for bankruptcy in November 2022 amid a crypto market downturn that resulted in many exchanges filing for Chapter 11 protection. Former FTX executives including CEO Sam “SBF” Bankman-Fried and Ryan Salame, the co-CEO of FTX’s Bahamian affiliate, are still in federal prison as part of their role in the exchange’s misuse of customer funds.Related: FTX estate misses out on $3B Cursor stake value after $200K sale in 2023In May, the law firm Fenwick & West, which advised FTX before its collapse, agreed to pay $54 million to settle a class action lawsuit filed by former users. A group of 20 FTX users sued the law firm for $525 million just days earlier.Presidential pardon looking less likely for former FTX CEOBankman-Fried, who pleaded not guilty to criminal charges related to his role in the misuse of customer funds at FTX, was found guilty and sentenced to 25 years in prison in 2024. His appeal for his conviction and sentence was denied last month after a federal court upheld the New York court ruling.However, even before the appellate court ruling became public, Bankman-Fried applied for a pardon from Donald Trump, something the US president said in a January interview that he did not plan on granting. Despite the statement from Trump, this week the US Senate unanimously adopted a resolution opposing clemency for the former FTX CEO. The measure can’t stop Trump from issuing a pardon but reflected bipartisan opposition to the president granting clemency to a convicted felon. Many lawmakers have criticized the president issuing a pardon for former Binance CEO Changpeng Zhao after a UAE entity invested $2 billion into the crypto exchange using a stablecoin issued by the Trump family business, World Liberty Financial.Magazine: Strategy became a symbol of the dot-com crash: Could history repeat?Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

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Senator Elizabeth Warren, one of the more outspoken voices in the US Congress associating digital assets with illicit activities, has called on President Donald Trump to release additional information on his crypto investments ahead of a mandated deadline.In a Thursday letter, Warren requested Trump voluntarily release a financial disclosure report on his earnings related to cryptocurrency between Jan. 1 and July 15. The request came after Trump’s 2025 financial disclosures showed he had earned $1.4 billion from crypto-related ventures in 2025, including through his memecoin, Official Trump (TRUMP), and his family’s company World Liberty Financial.“Your financial disclosure raises key questions about the appropriateness of Presidents, Vice Presidents, senior administration officials, members of Congress, and their families profiting off the crypto industry, just as the US Senate debates crypto market structure legislation that has the potential to increase the value of your crypto holdings,” said Warren.Thursday letter from Elizabeth Warren requesting financial disclosures from Donald Trump. Source: Senate Banking Committee Trump’s 2025 disclosure was filed on June 30 as part of a US Office of Government Ethics mandate to prevent conflicts of interest with elected officials. Warren noted that the president was not required to file his 2026 annual report until May 2027, but requested that he do so voluntarily by July 23 as the Senate considers a crypto market structure bill, the Digital Asset Market Clarity (CLARITY) Act.Warren added:“[W]ithout adequate guardrails, [CLARITY] would turbocharge the President’s significant conflicts of interest and almost certainly boost the value of his and his family’s crypto holdings.”Related: US indicts crypto investor over alleged $20M fraud schemeCointelegraph reached out to the White House and Warren’s office for comment but did not receive an immediate response. In a July 2 interview, Trump said that there was “nothing illegal” and “nothing wrong” with profiting from his crypto investments as president.According to Senate Majority Leader John Thune, the chamber will hold a vote on the crypto bill before the Senate breaks for August states work periods. However, many Democrats have publicly said that they will not support any legislation without clear provisions on ethics, with some citing Trump’s potential conflicts of interest.House Republicans hold CLARITY hearing as Senate debates billOn Friday, the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held a field hearing in New York City on the CLARITY Act. Although the bill was already passed by the House of Representatives in July 2025, it will return to the chamber if approved with 60 votes in the Senate.Representative French Hill, who chairs the full committee and attended on Friday, said CLARITY has been “a bipartisan priority” for Congress. However, no Democratic representatives appeared to be present at the hearing. Cointelegraph reached out to Democratic lawmakers on the committee for comment but did not receive an immediate response.Magazine: Crypto’s CLARITY Act faces partisan fight over ethics on Senate floor

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.