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Court upholds ban that is shaking cryptocurrency world: 'Unduly discriminatory and unreasonable'

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Court upholds ban that is shaking cryptocurrency world: 'Unduly discriminatory and unreasonable'

The Canadian province of British Columbia has held firm in its stance against cryptocurrency, extending its restrictions against bitcoin mining into December.

According to CoinDesk, the BC Supreme Court upheld a ban early last year that the provincial government initiated in December 2022 after Conifex Timber — a forestry company that intended to begin mining operations in the province with the Tsay Keh Dene First Nation — challenged the moratorium.

“The total amount of megawatt-hours that would have been required to service all the interconnection requests from cryptocurrency operations in 2023 grossly exceeded the projections of BC Hydro,” the judge wrote.

A press release from the BC government following the initial ban stated that it paused 21 projects that requested 1,403 megawatts — equivalent to the energy needed to power approximately 570,000 homes in the region or charge 2.1 million electric vehicles.

Cryptocurrency advocates have pointed to the rising number of mining operations using renewable energy off the grid and to how the lucrative benefits of mining crypto flexibly can help to drive innovation, investment, and expansion of renewable energy and avoid wasting electricity. But for a region or country dealing with active threats to its energy grid, it may be harder to lean into that optimism until it is properly prepared to take advantage.

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“The temporary suspension will preserve BC’s electricity supply, while giving government and BC Hydro sufficient time to engage with industry and First Nations, and develop a permanent framework for any future cryptocurrency mining operations,” the statement reads.

BC originally imposed an 18-month restriction to preserve its supply of sustainable and affordable energy provided by its largest electricity utility, BC Hydro, which produces over 90% of its power from hydroelectric sources, per CoinDesk.

The provincial government also passed an update to the Energy Statutes Amendment Act in 2024 to allow the Cabinet to bypass the BC Utilities Commission, giving it direct authority over the energy allocation to the crypto industry.

While the government argued that “these amendments will enable the eventual implementation of a permanent policy,” Conifex Timber contended in court that the ruling was “unduly discriminatory and unreasonable.”

The ruling comes amid bitcoin’s surging value and Vancouver, BC’s most populous city, pushing to become a bitcoin-friendly city.

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Bitcoin has been an extremely divisive issue, with detractors noting its immense energy demands and resulting environmental impact. Its profitability and popularity have overburdened grids and even allegedly come at the cost of human health. 

Meanwhile, proponents have championed its creative potential in sustainability; for example, companies are utilizing the high temperatures its data centers produce to heat commercial and residential buildings. 

Join our free newsletter for good news and useful tips, and don’t miss this cool list of easy ways to help yourself while helping the planet.

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Senate Urged to Vote on CLARITY Act Before August Recess as Lawmakers Return July 13

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Senate Urged to Vote on CLARITY Act Before August Recess as Lawmakers Return July 13

Key Takeaways

Limited July Schedule Raises Urgency for Floor Vote

Efforts to pass a federal crypto market-structure bill have entered a critical phase as the Senate remains in recess until July 13. The advocacy group Stand With Crypto on July 1 urged supporters to contact Senators and push for a floor vote on the Digital Asset Market Clarity Act, or CLARITY Act, before lawmakers leave for the August recess.

The timeline leaves a narrow window for action following months of committee work and industry lobbying. Supporters say the bill would reduce regulatory uncertainty by establishing clearer federal rules for digital asset issuers, trading platforms, developers, and market participants.

“The Senate is in recess. The clock on Clarity is running,” Stand With Crypto noted on X, adding:

“The window before the August recess is short, and when Senators return on July 13, they can vote on the Clarity Act to end years of regulatory guesswork. Don’t let the window close. Call your Senators to schedule a vote on Clarity.”

The legislation advanced in June when the Senate Banking Committee approved H.R. 3633 in a bipartisan 15-9 vote. The bill outlines agency oversight, registration pathways for crypto firms, consumer protections, and compliance standards across digital asset markets.

Lawmakers return to Washington on July 13 after the Independence Day recess, leaving Congress with just eight legislative business days before the planned August recess. The compressed schedule gives lawmakers limited time to consider the CLARITY Act alongside annual defense and government funding legislation.

Industry Groups Increase Pressure on Senate Leadership

Industry advocacy has intensified as the legislative calendar tightens ahead of the 2026 midterm elections. More than 200 organizations, including Coinbase, Ripple, Kraken, Circle, Binance.US, Uniswap Labs, Paradigm, Andreessen Horowitz, and Stand With Crypto chapters, have urged Senate leaders to bring the bill to the floor.

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Mason Lynaugh, policy director at Stand With Crypto, said:

“There’s a limited window to get this done, with few remaining days left in the current Congress before the midterm elections. If Senate leaders don’t schedule a CLARITY Act vote in the coming weeks, an enormous amount of bipartisan work, compromise, and progress, could be wasted.”

Ripple has also promoted the effort in Washington, D.C., including a branded CLARITY truck near Capitol Hill to raise visibility as lawmakers consider crypto legislation.

Stand With Crypto cited polling showing nearly three-quarters of surveyed crypto owners in Senate battleground states are more likely to support candidates who favor clearer cryptocurrency rules. The group also reported that more than one-third of respondents use digital assets for personal transfers, while 21% use them for monthly expenses.

Despite the momentum, analysts remain cautious. Galaxy Research lowered its 2026 passage estimate for the CLARITY Act to 50-50 from 60%, citing the absence of a scheduled Senate floor vote, no motion to proceed, and no unified text between Senate committees.

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Trump denies conflict of interest over crypto. And, Vatican excommunicates rebel group

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Trump denies conflict of interest over crypto. And, Vatican excommunicates rebel group

Good morning. You’re reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day.

Today’s top stories

President Trump’s financial disclosures reveal that he and his family earned more than $1 billion through cryptocurrency ventures and other businesses last year, according to a 927-page report filed with the Office of Government Ethics. The report shows that more than $500 million came from the cryptocurrency venture “World Liberty Financial,” which was co-founded by Trump family members. The sale of souvenir “meme” coins featuring Trump’s image generated more than $600 million. Other income included more than $50 million from settlements with media companies and millions in profits from Trump-branded products like Bibles, sneakers and watches. These earnings, which have outpaced his real estate business, have sparked concerns about potential conflicts of interest. The White House released a statement denying any conflicts of interest, and spokesperson Anna Kelly applauded Trump for making the U.S. “the crypto capital of the world.”

President Trump walks to board Air Force One as he departs Bismarck Municipal Airport on July 1, 2026, in Bismarck, North Dakota. Trump traveled to North Dakota to attend the Theodore Roosevelt Presidential Library dedication.

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  • 🎧 Democrats have had a lot to say regarding the president’s earnings, NPR’s Linda Kenyon tells Up First. Sen. Adam Schiff of California suggested Trump has earned more money in the first year of his current term than in the rest of his life combined. Rep. Jason Crow of Colorado referred to the president’s cryptocurrency earnings as another example of what he described as “grift and corruption.” Crow also highlighted that the president took his first flight yesterday on a brand-new Air Force One, a gift from a foreign government valued at roughly $400 million.

The Vatican this morning formalized the excommunications of the bishops and priests of the conservative group known as the Society of St. Pius X, declaring that it has entered schism and broken communion with the pope and the Catholic Church. The group, known as SSPX, celebrates the traditional Latin Mass and opposes some modern church reforms. In the Catholic Church, the appointment of new bishops is the responsibility of the pope. But yesterday, the group defied Pope Leo XIV by consecrating four bishops without his approval. The Society framed its actions as a defense of Catholic tradition. During the ceremony, the Rev. Davide Pagliarani, head of the Society of St. Pius X, described the consecrations as an act of service rather than rebellion. Two of the excommunicated men teach in the U.S., where the group’s membership has been growing, according to the society.

A little over a week has passed since rare double earthquakes struck Venezuela. Thousands of people are feared dead as the official death toll continues to rise and hope diminishes for finding survivors in the rubble. Yesterday, the number of people killed by the quakes reached 2,295, and more than 11,200 people were injured, said Jorge Rodríguez, the president of Venezuela’s National Assembly. Tens of thousands of people remain unaccounted for. The number of people left homeless could be staggering. An analysis of satellite data by Corey Scher and Jamon Van Den Hoek from Oregon State University estimated that 58,870 buildings were likely damaged or destroyed by the earthquakes. The U.N.’s International Organization for Migration has reported that up to 6.8 million people could be affected by the disaster, needing shelter, water, sanitation, healthcare and other relief items. Here are the most significant developments since the tragedy occurred.

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Robert Kiyosaki Says Spiritual Mission Led Him to Financial Education

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Robert Kiyosaki Says Spiritual Mission Led Him to Financial Education

Key Takeaways

The Question That Changed Robert Kiyosaki’s Path

Robert Kiyosaki, author of the best-selling personal finance book Rich Dad Poor Dad, said the turning point began years ago while listening to an Indian guru. The guru told him, “Your body’s mission is to fulfill your spirit’s mission,” Kiyosaki wrote on X on July 1. He added that the sentence forced him to examine whether his work matched a deeper purpose.

“His words shook me. At the time my body was busy making money,” Kiyosaki said. That conflict became the central issue in his reflection: whether financial success alone could define a life’s work.

Why Teaching Became the Mission

Kiyosaki said the answer took years to understand. “It finally came to me that my spirit’s mission was to teach what my body was to do was to be a teacher… which was the last thing I thought I would ever become… just because I failed in school and hated school.”

He said the realization prompted him to leave manufacturing more than 50 years ago and begin teaching lessons he learned from his “rich dad,” shifting his career from manufacturing to financial education. Instead of focusing on producing goods, he redirected his energy toward sharing financial principles he believed were missing from traditional education.

The acclaimed author said he was ridiculed for years for teaching ideas such as “Savers are losers” and “Debt can make you rich.” Despite the criticism, he said he continued teaching because he believed traditional schools failed to educate people about money.

“My life changed.”

What Question Does Kiyosaki Leave Open

Kiyosaki said one way to find purpose is to ask, “What does my heart want to do to serve humanity?” He said he began teaching for free before the work became commercial.

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“That free education turned into a multimillion-dollar business and expanded throughout the world,” he wrote. He closes by encouraging readers to reflect on their own purpose, asking:

“What is your spirit’s mission?”

Beyond discussing purpose, Kiyosaki’s recent posts have continued to focus on economic risks. He has warned of a possible market downturn, advocated owning assets such as gold, silver, bitcoin, and ethereum, and said he is waiting for lower prices before making additional purchases.

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