Donald Trump’s new 50% copper tariff, starting August 1, will fully include refined metal, according to Bloomberg. The decision, which caught most of the industry off guard, adds another layer of pressure on U.S. businesses that rely heavily on imported copper to function. Refined copper is the largest import category, and its inclusion is expected to cause ripple effects across key sectors like energy, construction, electronics, and auto manufacturing. People close to the matter confirmed the tariff’s reach, noting that semi-finished copper products will also be affected. Those include rods, tubes, and other intermediary forms essential for turning raw copper into finished goods. U.S. producers don’t make enough of either to meet current demand, which is why this move is already causing concern among manufacturers. Industry tells Trump to leave copper scrap alone Just hours after Trump’s announcement on Tuesday, his Council of Economic Advisers met with metals industry executives. They urged the president not to include export controls on copper scrap. The U.S. produces more scrap than it can use, and the excess is shipped overseas. Industry leaders argued that blocking these exports wouldn’t help the domestic shortfall, it would just create a surplus no one can process. Executives from Rio Tinto, Southwire, and Trafigura were among those who asked Trump to instead restrict the exports of ore and scrap rather than taxing imports. Their position is that focusing on outbound shipments would be more effective in protecting domestic supply. The U.S. imported 908,000 metric tons of refined copper last year. It’s defined as copper with more than 99.993% purity, and it’s what fabricators rely on to make alloys, rods, and wires. Southwire, the largest fabricator in North America, supplies copper for military applications including naval vessels and bases. The company declined to comment. On top of that, the U.S. also imported 800,000 tons of semi-fabricated copper and alloy products in the same year. These imports filled the gap that domestic production couldn’t cover. A March 31 filing from the Copper Development Association to the Commerce Department explained that copper semis are critical to the military-industrial supply chain. The group, speaking for 90% of domestic copper semi producers, argued that the U.S. is structurally dependent on imports. Krisztina Kalman, co-founder of consultancy MM Markets, said she believes the 50% tariff will eventually hit semi-products too. “Any disturbance in foreign supply of copper and semi-finished products could expose the U.S. to significant issues in delivering electricity,” she said. She also warned that U.S. producers don’t have the capacity to replace the lost imports. “The local fabricators will not be able to produce 800,000 tons more semi-products with current capacity, and it could take up to seven years to install new capacity.” Chile, Canada react as market braces for long-term disruption Chile, the world’s top copper producer, has not yet received formal notice of the new tariffs, but Mining Minister Aurora Williams confirmed on Thursday that her government is pushing for an exemption. “Chilean mining production, in all its gambits, has high responsibility, is highly valued and highly necessary for manufacturing in the U.S.,” she told reporters. She also stressed that Chile’s refined copper is shipped with full traceability. Canada, the second-largest supplier of copper to the U.S., responded more aggressively. Industry Minister Melanie Joly called the tariffs “illegal” and promised to “fight” them. Speaking at an event in Vancouver, she said the measures were “a direct attack against its workers.” Meanwhile, the copper market is already reacting. Analysts at Macquarie said that once tariffs kick in, U.S. consumers will begin using copper from stockpiles that were built up earlier this year. They estimate those inventories will last about nine months, giving some temporary breathing room before the real supply squeeze hits. Last year, U.S. production of refined copper from ore totaled 850,000 tons, while imports added another 810,000 tons, according to Bloomberg Intelligence. Recycling and inventory drawdowns made up the remaining 5% of the country’s copper demand. With only two active copper smelters in the U.S., about half of the semi-processed ore produced here is sent abroad; mostly to China. Rebuilding domestic capacity isn’t going to happen overnight. If refined copper is taxed but semi-fabricated products are not, analysts warn that those semi-products could flood the U.S. market instead. Alon Olsha and Richard Bourke of Bloomberg Intelligence wrote, “Without broader incentives and tariffs on semi-finished goods, import reliance will likely persist and hurt copper consumers.” Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
A political clash over cryptocurrency regulation is escalating in the U.S. Congress as top Democrats push back against Republican-led legislation scheduled for debate this week. House Financial Services Committee ranking member Maxine Waters and subcommittee colleague Stephen Lynch announced their intention to oppose a package of bills that Republicans plan to fast-track starting Monday. According to Waters, the proposed laws lack crucial consumer safeguards and threaten to expose the U.S. financial system to new vulnerabilities. Accusations of Favoring Industry Interests “[Republicans are] doubling down by fast-tracking a dangerous package of crypto legislation through Congress,” Waters said. She further claimed that the bills would make lawmakers “complicit in Trump’s unprecedented crypto scam,” referencing the former president’s ventures in the digital asset space. Legislative Package Includes Three Key Bills The crypto package includes the GENIUS Act, which aims to regulate payment stablecoins and has already passed the Senate. Also on the table are the CLARITY Act, which would establish digital asset market structure, and the Anti-CBDC Surveillance State Act, which seeks to block any development of a U.S. government-issued digital currency. While Republicans hold a slim House majority, it remains uncertain whether they can gather enough support to pass all three bills, particularly in the face of unified Democratic opposition. Concerns Over National Security and Oversight Lynch criticized the GOP for prioritizing crypto industry interests over consumer protection. “My Republican colleagues are eager to continue doing the bidding for the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto,” he said. Many Democrats argue the legislation would reduce oversight by shifting regulatory authority away from the Securities and Exchange Commission (SEC) and toward the Commodity Futures Trading Commission (CFTC). Trump’s Crypto Ties Complicate Debate Trump’s connections to the crypto sector are also drawing attention. Reports indicate his personal wealth has increased by roughly $620 million in recent months, driven largely by investments in crypto-related ventures, including World Liberty Financial. This firm has reportedly launched its own stablecoin, USD1, raising further questions about the intersection of political influence and crypto regulation. Senate to Take Up Market Structure Bill While the GENIUS Act is likely to reach the president’s desk soon, momentum around the CLARITY Act appears to be shifting toward the Senate. Senate Banking Committee Chair Tim Scott and Senators Cynthia Lummis and Kirsten Gillibrand are working toward a new draft of the bill with the goal of finalizing legislation by September 30. House Financial Services Committee Chair French Hill said the revised draft will be the “best” version debated since 2023. Regulatory Roles Could Shift A comprehensive market structure bill would clarify regulatory jurisdiction between the SEC and CFTC. Current drafts suggest handing more oversight to the CFTC, particularly for registering and supervising digital asset platforms. This restructuring could significantly reshape how cryptocurrencies are governed in the United States moving forward.
A prominent Bitcoin whale recently transferred 1,000 BTC to Binance, marking a significant move in the cryptocurrency market. This transaction occurred four months after the whale initially acquired the assets,
Institutional investors across the EU and UK are significantly increasing their cryptocurrency allocations, with 86% planning to boost holdings or enter the market in 2025, according to a Coinbase and EY-Parthenon survey of 97 institutions. DeFi Engagement Set to Jump 2.5x in European Institutions Half of respondents intend to allocate over 5% of their assets
Bitcoin’s recent surge past $117,000 marks a significant milestone, signaling renewed strength in the cryptocurrency market. Shiba Inu’s breakout above key moving averages indicates growing bullish momentum supported by increased
The European Securities and Markets Authority (ESMA) has warned crypto firms against misrepresenting the extent to which their products are regulated, signaling a renewed effort by European regulators to tackle risks in the digital asset space. This move highlights a broader shift by EU authorities toward stronger oversight of the crypto industry. Under the Markets in Crypto-Assets (MiCA) regulation—a unified EU law aimed at streamlining rules for digital assets and related services—investor protections include clear standards for asset custody and complaint resolution, ESMA noted. Crypto regulators call for investor protection in the crypto ecosystem For years, regulators worldwide have expressed concerns about the crypto-related risks to digital asset investors. This was after various crypto platforms left several investors bankrupt after investing millions of their assets in them. An example is FTX , which failed in 2022. To address this, ESMA tried to unmask various factors that could lead to risks to which investors could be exposed. An example involves crypto asset service providers (CASPs) offering regulated and unregulated products on the same platform at once. The regulators explained how risky this was to investors, stating that customers might be unaware of which products lack MiCA’s protection. ESMA exposed additional risks linked to Crypto-Asset Service Providers (CASPs). The regulator pointed out that some CASPs promote their MiCA-regulated status to attract customers, which can create confusion about which aspects of their offerings are regulated. Following this, ESMA has urged crypto firms to stop using their regulatory status as a tool for promotion and suggesting to their clients that crypto products and services are regulated when, in reality, they are not covered by the EU’s rules. Notably, MiCA does not regulate products and services that include direct investments in commodities like gold and lending involving crypto-assets. The EU releases new guidelines in the crypto market The EU has introduced new guidelines for the cryptocurrency sector, requiring crypto firms to secure a CASP license from a national regulator. This license will serve as a passport, enabling companies to offer crypto services across all EU member states. ESMA also issued regulations on staff employment in crypto companies. According to the regulators, t he staff should be knowledgeable and skilled in evaluating crypto services. ESMA’s remarks come a day after it investigated Malta’s process for issuing the license and discovered that Malta’s Financial Services Authority did not do a complete job in evaluating the risks of a specific unnamed crypto company. The review showed that the Maltese regulator had the knowledge and resources to approve and oversee crypto companies. However, its approval process only met expectations “partially.” In response to these accusations, the Maltese regulator said it took pride in being one of the first to adopt digital asset rules. At the same time, it avoided directly addressing the criticisms. Meanwhile, it is worth noting that ESMA was not the first to raise concerns on Malta’s process for issuing the license; some of the regulators had expressed fears behind closed doors about the swiftness with which some EU member states were issuing crypto licenses. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
Ranking member of the House Financial Services Committee Maxine Waters (D-CA) Congressman Stephen Lynch (D-MA) announced July 11 that next week will be known as “Anti-Crypto Corruption Week” on Captiol Hill. Democrats Push Back On GOP Crypto Week According to the Friday notice posted on the House Financial Services Committee’s website, Democratic lawmakers will be pushing against the Republican Party’s planned “Crypto Week” in opposition to their political opponents’ mobilization to pass crypto legislation. NEW: To counter the GOP’s “Crypto Week,” Reps. @RepMaxineWaters & @RepStephenLynch are launching “Anti-Crypto Corruption Week,” rallying Dems to block the GENIUS Act, CLARITY Act & Anti-CBDC bill — warning they pave the way for what they call Trump’s crypto corruption. pic.twitter.com/kpT6JpTEKx — Eleanor Terrett (@EleanorTerrett) July 11, 2025 Specifically, Waters and Lynch called out both the CLARITY Act and the GENIUS Act by name in the notice, going so far as to call the proposed rulemaking “dangerous pieces of crypto legislation.” The two U.S. lawmakers also took aim at U.S. President Donald Trump’s crypto ventures , claiming his dive into the world of digital assets is merely a part of his “evil and corrupt crypto empire.” “Aside from lacking urgently needed consumer protections and national security guardrails, these bills would make Congress complicit in Trump’s unprecedented crypto scam – one that has personally enriched himself, his entire family, and the billionaire insiders in his cabinet, all while defrauding investors,” Waters said. Donald Trump’s Digital Asset Ventures Questioned Trump has garnered increased scrutiny in recent months over his affiliation with novel crypto platform, World Liberty Financial, over their new USD1 stablecoin as well as his the launch of his namesake memecoin $TRUMP. Critics of Trump’s ties to the blockchain sector allege that his Trump-affiliated cryptocurrencies may pose ethics concerns as anyone – including those involved in foreign governments – may purchase and hold the coins. “My Republican colleagues are eager to continue doing the bidding for the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto – especially given President Trump’s acceptance of billions of dollars in investment in his family crypto business from foreign governments and his blatant conflicts of interest,” said Congressman Lynch. The post Democratic Lawmakers Announce Anti-Crypto Corruption Week In Blow To GOP’s Crypto Week appeared first on Cryptonews .
SharpLink Gaming has strategically acquired approximately $64.26 million in Ethereum (ETH) over the last four hours, utilizing both over-the-counter (OTC) channels and Coinbase Prime. This significant accumulation highlights a robust
Layer-1 blockchains are back in focus this July, with Solana (SOL) and MAGACOIN FINANCE emerging as top performers. While Solana is riding a wave of institutional momentum, MAGACOIN FINANCE is quietly capturing attention with its community-first model and impressive presale ROI projections. Solana Rallies on ETF Momentum and Technical Breakout Solana is continuing its upward trajectory after breaking out of a long-term falling wedge and holding key support at $144 earlier this week. Despite broader market softness yesterday, SOL dipped just 3%, signaling resilience that analysts attribute to strong investor confidence. As of this writing, Solana is trading at $147, marking a 1.9% daily loss. According to CoinGlass, the long-to-short ratio among Binance’s top traders is 2.49, meaning they hold 2.5 times more long positions than shorts on SOL. Adding to the bullish narrative, crypto strategist Ali Martinez has identified a textbook cup-and-handle formation on Solana’s higher timeframes. He projects a breakout could push SOL toward $3,000 and potentially higher. Institutional interest is also gaining traction. The recently launched REX Shares Solana Staking ETF recorded strong trading volume within its first 48 hours. Meanwhile, JPMorgan analysts estimate between $3 billion and $6 billion in potential inflows once spot Solana ETFs receive SEC approval. Further underscoring investor appetite, CME Solana Futures open interest surged to a record $167 million following the ETF’s debut. If Solana can break through resistance levels at $180 and $240, analysts believe a path toward a new all-time high is within reach. MAGACOIN FINANCE Emerges as Q3’s Breakout Layer-1 Project While Solana dominates headlines, MAGACOIN FINANCE is gaining momentum as one of the most promising and overlooked Layer-1 tokens of Q3 2025. The project is currently progressing through its presale and has rapidly expanded its community base. What sets MAGACOIN FINANCE apart is its community-first approach. A significant portion of its total token supply was allocated to presale participants, deliberately avoiding venture capital or institutional pre-allocation. This structure promotes fair ownership, decentralization, and a grassroots foundation. Its political relevance and rapidly expanding online presence on Telegram and X have amplified its visibility and attracted ideologically aligned investors. Unlike meme coins built solely on hype, MAGACOIN FINANCE is merging crypto fundamentals with cultural identity and long-term utility. Conclusion As the MAGACOIN FINANCE presale continues, the current entry point offers one of the most attractive setups for retail and early-stage investors ahead of its exchange listing. For traders scouting the next breakout altcoin of Q3, MAGACOIN may be the one to watch. To learn more or join the MAGACOIN FINANCE presale: Website: https://magacoinfinance.com X (Twitter): https://x.com/magacoinfinance Telegram: https://t.me/magacoinfinance Continue Reading: Solana and MAGACOIN FINANCE Lead July’s Top Gainers as Layer-1s Regain Investor Interest
Customers at JPMorgan Chase, Bank of America and Wells Fargo say the banks have refused to reimburse after bad actors ripped cash from their accounts. A Wells Fargo customer for nearly four decades says the lender refused to make him whole after scammers drained $20,000 from his account. Scott Merovitch says he received a call from someone claiming to work at the bank, warning his account was flashing suspicious activity, reports FOX 26 Houston. According to Merovitch, the caller was able to provide information about his recent transactions. After the call, a woman pretending to work at Wells Fargo showed up at Merovitch’s front door, asked for his card and cut it into pieces. Two hours later, Merovitch says $20,000 exited his account at ATM locations just a few miles from his residence. When he filed for a reimbursement claim, Merovitch says the lender issued a letter telling him that the transactions were made by him or someone who had his permission. Meanwhile, JPMorgan Chase is refusing to reimburse a man scammed by a fake Apple support text, reports the CBS-affiliated news station KOLD. The phishing text, posing as Apple’s billing department, claimed unauthorized activity was underway. The victim says he quickly called the number, and the scammer likely installed malware on his iPhone to tap into his bank account. Chase says reimbursement is not happening. “After further review, our claim denial stands as we found these transactions were authorized by the customer with no evidence of fraudulent account takeover or of a compromised device.” Lastly, Bank of America refused to reimburse a customer who lost $450 to a taxi scam in Panama. Keith Lee says he was charged $450 for a $10 cab ride, according to the Elliott Report. The driver claimed Lee’s card didn’t process, so he paid cash. Bank of America denied his dispute, saying a chip-verified “card-present” transaction was executed. Consumer advocate Christopher Elliott then stepped in, contacting BofA on Lee’s behalf. After hearing from Elliott, Bank of America finally reversed the charge. Elliott says the bank acknowledged such taxi scams are well-known. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post JPMorgan Chase, Bank of America and Wells Fargo Refuse To Reimburse Customers After $22,450 Drained From Bank Accounts appeared first on The Daily Hodl .