Wealthion Macro Bites – Senate Crypto Bill Fails, Sending Bitcoin Down 5.3%

At the European Parliament in Strasbourg on Wednesday, European Commission President Ursula von der Leyen proposed opening the door to Canada becoming the EU's first "associate member,” in a significant policy shift alongside plans to forge new links ​in "an openly hostile world.”  EU lawmakers gave von der Leyen a standing ovation and then walked over to ‌embrace Canada Prime Minister Carney, who attended the session.

The ​U.S. Senate failed on Tuesday to advance comprehensive cryptocurrency legislation backed by President Trump in a major ‌blow for digital asset companies and Republicans who had championed the bill for months.  The Clarity Act fell 10 short of reaching the 60-vote threshold needed as four Republican senators (Moran, Collins, Hawley & Tillis) joined all Democrats in voting against it (50-49).  Bitcoin declined as much as 5.3% on the news.

Saudi Arabia has informed European customers that some September-loading crude cargoes will ​be cancelled and oil loadings at the Red Sea port of Yanbu have been suspended after drone attacks damaged its key export pipeline to the Red Sea.  Top customers such as Poland are now rushing to seek alternatives as cargo prices top $120 a barrel.

A recent status report from the DRC Ministry of Mines disclosed DRC copper exports hit a record 1.72Mt in H1 ‘26 (up from 1.65Mt y/y), while the share shipped to the U.S. and EU doubled from ’25 levels as Kinshasha pushes to diversify mineral exports away from China.   Cobalt exports fell 6.4% y/y (from 43.93kt to 41.14kt) reflecting recently imposed export quotas.  Since signing a strategic minerals partnership with Washington in Dec. ’25, Congo’s state miner Gecamines has used offtake arrangements with traders Mercuria and Glencore to market its pro-rata share of copper produced at major mines (incl. Chinese linked operations) to alternative markets.

Indonesia’s Ministry of Energy and Mineral Resources slashed benchmark nickel ore prices for low-grade limonite under new regulations (effective 9/15) providing relief for local processors suffering from cost pressures due to the Middle East hostilities.  The formula used to calculate the Mineral Benchmark Price (HPM) has been changed to reduce the minimum price payable for low-grade ore.  At the new level, the cost of 1.2% nickel ore will be almost halved, which will benefit high pressure acid leach plants (HPALs) processing low-grade nickel ore into a chemical used by the EV battery sector.

The CBO estimates the direct Pentagon cost of the Iranian war at $38B through 8/1, with each additional month costing $2B-$3B at current intensity.   Replacing expended munitions accounts for $21.7B of the total, and CBO estimates one-half to two-thirds of the Patriot, THAAD, SM-3 and SM-6 interceptor inventory has been depleted since June '25.  CBO also attributes 40% of Q2 PCE inflation to elevated energy costs.