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Trump expands generics tariff, broadens Section 232 scope

President Donald Trump unveiled a phased tariff plan for imported generic drugs, imposing a zero tariff for two years starting August 1, 2026, then escalating to 100% for one year and 200% thereafter to push onshoring of U.S. production and penalize companies that don’t build domestic facilities. The move expands the administration’s pharmaceutical trade policy after an earlier Section 232 action and signals potential broader application beyond generics to reshape drug supply chains.

26 sources

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Nike plans prune thousands online distributors in China

Nike plans to phase out thousands of online distributors in China starting January, shifting its digital footprint to the company’s official site and app as well as its storefronts on Tmall, JD.com, and Douyin to curb fragmentation and regain pricing control. Executives say the move will provide a single, consistent brand experience and direct consumer journeys, though some analysts warn it could worsen near-term revenue in a region that has already seen declines.

5 sources

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Digital Chamber Sues Illinois Over Crypto Tax

{"summary": "The Digital Chamber filed lawsuits to block Illinois’ Digital Asset Tax Act, the first state-level tax on digital-asset business activity set to take effect in January 2027, arguing the 0.2% levy unfairly singles out blockchain transactions and violates constitutional provisions. This legal push underscores ongoing regulatory scrutiny of crypto taxation and could influence market perceptions and future state policy across the industry.", "summary_sources": ["https://en.bloomingbit.io/feed/news/116734", "https://cryptobriefing.com/digital-chamber-sues-to-block-illinois-digital-asset-tax-before-2027-launch/", "https://www.coindesk.com/policy/2026/07/21/crypto-lobby-group-tdc-sues-illinois-to-block-digital-asset-tax", "https://cryptopanic.com/news/33076022/Crypto-lobby-group-Digital-Chamber-sues-Illinois-to-block-digital-asset-tax", "https://www.theblock.co/post/409160/the-digital-chamber-sues-illinois-over-incoming-crypto-transaction-tax"]}

9 sources

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Iran war costs reach $37.5B, Defense Secretary says

The United States has spent about $37.5 billion on the Iran war so far, with estimates possibly rising beyond current projections through September and including pay, operations, and maintenance costs. Defense Secretary Pete Hegseth defended a $67 billion supplemental funding request during Senate hearings as part of a broader GOP budget package, while the debate unfolded amid protests and warnings about a potential long-running conflict under the Trump administration.

8 sources

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UK reports US bases for Iran strikes

New UK Prime Minister Andy Burnham has authorized continued use of British bases by US forces for defensive strikes against Iran, maintaining the policy set by former PM Keir Starmer and allowing operations from Diego Garcia and RAF Fairford to counter Iranian missiles and protect shipping routes. The move faces criticism from the British left and some lawmakers over potential complicity in war, as Trump issues militant warnings and legal concerns loom.

10 sources

Movement Labs files for Chapter 11 bankruptcy protection

Movement Labs filed for Chapter 11 bankruptcy after a year of turmoil, including a 2025 MOVE token market-making scandal that allegedly dumped tens of millions of MOVE and sharp governance disputes. The firm has overhauled its strategy toward payments and remittances while Move Industries says the broader Movement ecosystem remains unaffected as development continues.

9 sources

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Telegram Plans Non-Custodial Gram Wallet For 1B

Telegram founder Pavel Durov announced a native non-custodial Gram wallet across all Telegram apps this summer, enabling instant, zero-fee cryptocurrency transfers for over one billion users. The rollout, built on The Open Network and rebranding TON to Gram, underscores Telegram’s push into decentralized finance and mass crypto adoption.

9 sources

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Wanchain Cardano Bridge Exploited, $10M NIGHT Stolen

The Wanchain Cardano-to-BNB Chain bridge was exploited, draining about 515.2 million NIGHT from the Cardano-side treasury and triggering a sharp drop in NIGHT’s price, with BlockSec pointing to a possible signature-reuse vulnerability in the TreasuryCheck validator. The Midnight Foundation and investigators say the core Midnight network remains secure and that the issue lies with third-party bridge infrastructure, while the investigation is ongoing and multiple analyses point to an encoding flaw that could allow different data to produce the same signed message.

7 sources

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Base plans 1:1-backed tokenized US equities launch

Base is close to launching 1:1-backed tokenized U.S. equities on its Ethereum Layer-2, with underlying shares held in custody and dividend passage, signaling a shift from its earlier social-token focus to broader financial applications. The effort places Base in a race with Robinhood Chain and comes amid regulatory progress and Coinbase-backed ambitions to expand on-chain real-world asset infrastructure.

8 sources

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Revolut Bank Australia launches after APRA licence

Revolut has officially become a licensed authorised deposit-taking institution in Australia, launching Revolut Bank Australia with plans to invest around AUD 400 million over five years and migrate existing customers onto the new bank. The bank offers instant-access savings with competitive rates, a no-fee credit card, and government-guaranteed deposits while aiming to disrupt the established Big Four banks and broaden Revolut’s Australian product suite.

14 sources

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LSE plans night-time trading venue 2027

The London Stock Exchange plans a dedicated overnight trading venue in 2027 that will run from 5:00 pm to 7:50 am London time, initially offering exchange-traded products while leaving the main market’s hours unchanged. The move, touted by LSE chief executive Julia Hoggett as meeting growing retail demand and competition from 24/7 crypto platforms, will also position the LSE to support future AI-driven trading tools.

12 sources

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Shinsegae OKO plans $500M luxury hotel JV

Shinsegae Group and OKO Group are forming a $500 million joint venture to develop luxury hotels and branded residences under Aman and Janu, expanding hospitality and mixed-use projects across Asia, North America, and South Korea. The collaboration combines Shinsegae Property’s development expertise with OKO’s Aman/Janu brands to pursue global luxury hospitality and related real estate opportunities.

6 sources

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Worldcoin ETF S-1 filed by Grayscale

Grayscale has filed an S-1 with the SEC to launch a spot Worldcoin ETF that would hold WLD directly and trade on Nasdaq as GWLD, with shares issued in 10,000-share creation blocks and a passive, non-leveraged structure. The filing names custodians and administrators (BitGo Bank & Trust, Bank of New York Mellon, CSC Delaware Trust) and notes that details like fees and seed investment will be provided in later amendments, with final listing contingent on SEC approval and a 19b-4 rule change.

13 sources

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Pentagon explores Cuban military options, CBS reports

U.S. military planners have explored possible actions against Cuba, including an Army-led air assault by the 101st Airborne, but officials say these are planning exercises with no decision by the Trump administration; Washington is meanwhile increasing political, economic, and diplomatic pressure on the Cuban regime, tightening sanctions on GAESA and state entities.

12 sources

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Eight Drones Shot Down Over Erbil, Iraq

Drones targeting Erbil and U.S. facilities in the Kurdistan Region were largely intercepted with no casualties: eight explosive drones were shot down over Erbil, and a separate Shahed 136 attack breached near Erbil International Airport, prompting security responses. Additionally, drones were reported near the U.S. Consulate in Erbil, with several intercepted and no injuries confirmed.

8 sources

Fed Chair Warsh: Crypto On Its Own, No Bailouts

Kevin Warsh, Trump’s nominee to head the Fed, says the central bank will not bailout crypto or any sector and will act to mitigate risks while keeping politics out of policy. His personal crypto holdings—reported to be well over $130 million—highlight the tension between his views and his own portfolio.

7 sources