Senate Republicans have received marching orders from President Donald Trump to ram through his remaining nominees, but Democrats are slow-walking the process over some key nominations.
Some of the nominees giving Senate Democrats the most heartburn include Jeanine Pirro, Emil Bove, Mike Waltz and Paul Ingrassia, all of whom Trump tapped for key roles in his administration.
Most of them have all slowly moved through the process, but they are just a few of many other, less controversial figures that are being held up by delay tactics.
There are now over 140 pending ‘civilian’ nominations for positions across the gauntlet of federal agencies, ambassadorships and judgeships. While the Senate has moved at a blistering rate over the last six months to confirm nominees — they’ve clocked nearly 100 so far — Trump has called on Republicans to stay in town rather than leave Washington for a roughly month-long break.
Republicans are trying to hammer out a deal with Democrats to see that more low-hanging fruit nominees, like ambassadors, get the green light for a faster process on the Senate floor, and are willing to keep lawmakers in town over the weekend if their counterparts don’t relent.
‘Democrats want to get out of here for August recess, then fine, give us a certain amount of en blocs that we can go through with non-controversial nominees,’ Sen. Markwayne Mullin, R-Okla., said.
Bove, who currently works at the Justice Department but previously served as Trump’s personal attorney, has been a particular target for Democrats. Trump nominated him to serve a lifetime appointment to the 3rd U.S. Circuit Court of Appeals, and he is nearing the end of his confirmation process.
Democrats have accused Bove of being unfit for the role, and listed whistleblower allegations that he suggested the Trump administration could ignore judicial orders, among other sticking points, as reason enough to try to subvert his appointment to the bench.
‘I have never advised a Department of Justice attorney to violate a court order,’ Bove said during his confirmation hearing.
He’s also become a prime target of Senate Majority Leader Chuck Schumer, D-N.Y., and other Democrats, including Democratic members of the Senate Judiciary Committee, who staged a walkout in protest of his nomination during a recent hearing.
‘He’s the extreme of the extreme,’ Schumer said. ‘He’s not a jurist. He’s a Trumpian henchman. That seems to be the qualification for appointees these days.’
Pirro, a former Fox News host who was tapped to be the top federal prosecutor in D.C., has similarly faced resistance — Senate Democrats walked out of the same meeting discussing her and Bove’s nominations — but not near the degree that Bove has.
Still, she was advanced out of committee on a party-line vote, coming another step closer to taking over the position she holds in the interim on a permanent basis.
Trump tapped Waltz to be the U.S. ambassador to the United Nations, the last cabinet position to be filled by the administration.
Waltz stepped away from his original role as national security advisor following ‘Signalgate,’ a highly publicized blunder that saw him add a journalist to a group chat on the messaging app Signal that included Secretary of Defense Pete Hegseth, Vice President JD Vance and others discussing the plans and execution of a strike against Yemen. He also advanced out of the Senate Foreign Relations Committee.
Ingrassia’s nomination as special counsel, a position that would see him lead the government watchdog Office of the Special Counsel, was derailed last week when his name was pulled from a list of other nominees slated to have a hearing before the Senate Homeland Security and Governmental Affairs Committee.
Ingrassia has come under scrutiny for his connections with Nick Fuentes, a white nationalist, and his limited career as a lawyer — he graduated from law school three years ago.
Fox News Digital reached out to the Senate panel for comment on Ingrassia’s hearing cancellation.
A federal judge in Boston on Monday blocked the Trump administration from ending federal Medicaid reimbursements for Planned Parenthood clinics nationwide, ruling that the effort is likely unconstitutional and in violation of the group’s First Amendment protections.
U.S. District Judge Indira Talwani, an Obama appointee in Boston, granted Planned Parenthood’s request for a nationwide preliminary injunction. ‘Patients are likely to suffer adverse health consequences where care is disrupted or unavailable,’ she said in her order on Monday.
‘In particular, restricting members’ ability to provide healthcare services threatens an increase in unintended pregnancies and attendant complications because of reduced access to effective contraceptives, and an increase in undiagnosed and untreated STIs,’ she added.
Judge Talwani said Monday that Planned Parenthood had sufficiently demonstrated to the court that they were ‘likely to succeed on the merits’ of their lawsuit— one of the ways in which judges evaluate emergency requests for injunctive relief—citing the harm that patients and clinics would likely suffer as a result of the lost Medicaid funding.
Attorneys for Planned Parenthood had sued over the Medicaid cuts earlier this month, which were enacted under a provision of the ‘one big beautiful bill’ narrowly cleared by the Republican-led Congress and signed into law by President Donald Trump on July 4.
Plaintiffs argued in their filing that the cuts would cause ‘grave’ health risks to as many as one million patients nationwide.
They also pointed to possible increases in cancer and in undetected sexually transmitted infections, especially in low-income communities.
Many areas could also see an increase in unplanned pregnancies as a result of the lost contraception access their clinics provide, they noted.
Judge Talwani’s order is expected to apply to the nearly 600 health centers operated across the country by Planned Parenthood. It is almost certain to be appeared by the Trump administration, which could even ask the higher courts to grant it an administrative stay in the interim while lower court battles continue to play out.
The administration has also found success in filing emergency orders to the Supreme Court. As of earlier this month, the high court has ruled in Trump’s favor in the majority of cases filed via the ‘shadow docket’ or via emergency application.
Fox News’s Ashley Oliver contributed to this report.
Hercules Mining (TSXV:BIG,OTC:BADEF) has entered into a transformative agreement with Barrick Mining (TSX:ABX,NYSE:B) to acquire a vast package of unpatented copper claims surrounding its Leviathan discovery in western Idaho.
Hercules will have the option to acquire a 100 percent interest in more than 74,000 acres of claims, collectively known as the Olympus belt, that flank both sides of the company’s existing Hercules property.
If exercised, the deal would expand Hercules’ total land position from 26,000 acres to over 100,000 acres, granting it control over a 73-kilometer stretch of highly prospective terrain.
The transaction is structured as an option agreement through Hercules’ US subsidiary, Anglo-Bomarc, with Barrick Gold Exploration, a wholly owned subsidiary of Barrick Mining.
In exchange for the land package, Barrick will increase its equity stake in Hercules and retain a 1 percent net smelter return (NSR) royalty on the Olympus claims. That royalty can be reduced to 0.25 percent through a US$7.5 million buyback.
Hercules will pay a total of C$8 million (around US$5.8 million) over three years—either in cash or shares, at its discretion—to complete the earn-in.
Hercules CEO Chris Paul said the consolidation of the Olympus belt marked a “once-in-a-lifetime opportunity” for the company’s shareholders and underscored Barrick’s confidence in the team’s exploration strategy.
“The Leviathan system hosts evidence of a rare and exceptional copper-silver enrichment event formed during a regional tectonic episode that potentially affected the entire Olympus belt,” Paul said in the company press release. “This makes it one of the most compelling new copper projects in the United States today.”
The Olympus claims are understood to contain multiple porphyry targets extending along the same trend as Leviathan. Hercules intends to apply its proprietary geological mapping and deep-penetrating geophysics to accelerate identification and testing of new drill targets across the expanded land package.
The deal continues the company’s aggressive 2025 exploration campaign at Leviathan. As of mid-July, the company had completed seven drill holes and had five more in progress, totaling over 5,500 meters of drilling so far this season.
Initial results have continued to validate a new 3D geological model announced in April, prompting the company to increase its drill rig count from three to five.
The consolidation also comes during a paradigm shift in US federal policy toward domestic mining. Streamlined permitting processes and efforts to secure critical mineral supply chains have bolstered interest in American copper projects, which are increasingly seen as strategically vital.
In that context, the company says that the Hercules project is well-positioned to deliver long-term value given declining reserves, rising prices, and possible trade restrictions on foreign copper.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Sranan Gold offers early-stage exposure to a high-impact gold discovery in Suriname’s Guiana Shield, one of the world’s most underexplored gold belts. Backed by the same technical team behind some of the region’s largest gold discoveries, Sranan is a high-leverage discovery story in a mining-friendly jurisdiction.
Overview
Sranan Gold (CSE:SRAN,FSE:P84) is a junior explorer operating in Suriname, a South American nation producing more than 600,000 oz of gold per year. Sranan’s main asset is within Suriname’s prolific Guiana Shield, one of the world’s most underexplored gold belts.
Sample collected from the Tapanahony project’s Poeketi pit.
The company’s flagship asset, the 29,000-hectare Tapanahony gold project, overlays a historic mining belt with strong geochemical and structural indicators. Sranan’s objective is straightforward: convert local knowledge, legacy drill data and modern tools into an inaugural gold resource over a 4.5 km mineralized corridor.
Backed by one of the most credentialed gold discovery teams in Suriname, credited for the Merian, Rosebel and Saramacca deposits, the company is targeting hard-rock gold potential beneath proven saprolite zones with plans to fast-track drilling, build community partnerships and expand its concession footprint.
Company Highlights
District-scale land position: The 29,000-hectare Tapanahony project covers one of Suriname’s oldest and most productive artisanal mining districts, offering untested hard-rock upside within the Guiana Shield, home to numerous multi-million-ounce gold deposits.
Immediate drill targets: A 10,000-metre diamond drilling program is set to kick off in 2025 across the 4.5 km Poeketi-Randy trend, targeting high-grade shear zones validated by historic IAMGOLD drilling.
World-class discovery pedigree: The technical team has led or co-led discoveries at Merian (7 Moz, Newmont), Rosebel (13.7 Moz, now Zijin) and Saramacca (1.5 Moz).
Deep in-country knowledge: Geologists are locally trained at Anton de Kom University and have decades of experience in Suriname’s regolith-dominated terrain.
Key Project
Tapanahony Gold Project
The Tapanahony gold project is Sranan’s flagship asset, covering a 29,000-hectare land package in southeastern Suriname. The project lies within the Guiana Shield, a well-endowed Paleoproterozoic terrane that hosts multiple Tier-1 gold systems. The property sits at the intersection of regional NW-striking structures, the large NE-SW Tapanahony structure and older NE-SW fabric, forming a favorable setting for orogenic gold emplacement. These structural fabrics, crenulated by later deformation events, are visible in recent LiDAR and magnetic datasets and provide excellent ground preparation for high-grade shear-hosted deposits.
Local miners have long exploited the saprolite horizons here, especially around the Poeketi-Randy zone, and Sranan’s exploration strategy is to transition that surface gold production into a defined, hard-rock resource. The project has seen more than US$10 million in historical exploration, including geochemical soil surveys, auger and panning programs by the UN and Golden Star, and 4,000 metres of diamond drilling by IAMGOLD. They have confirmed the presence of extensive mineralization, including intercepts such as 4.2 grams per ton (g/t) gold over 13.5 m and 39.3 g/t gold over 2 m at the Randy pit. These results suggest steeply dipping, fault-controlled mineralization within a metavolcanic host package, drawing parallels to the structurally hosted gold at the Saramacca, Antino, Merian and Rosebel mines.
The 2025 Phase 1 program is targeting this trend with 10,000 metres of diamond drilling. It will infill and extend the 4.5 km mineralized corridor and test additional parallel shear zones revealed by LiDAR and soil geochemistry in the western lobe of the concession. Sranan plans to reprocess historical drill data, conduct soil/silt sampling, trenching and trench mapping, with field teams prioritizing locations where artisanal mining is ongoing but remains underexplored by modern methods.
Geophysical interpretation highlights a property-scale NW shear zone crosscutting a penetrative NE-SW fabric, which has led to localized folding and thickened mineralized zones. Commonly described by the team as the “double folded” system, they extend across eastern Suriname into Guyana and French Guiana. This orogenic system is thought to be analogous to the geology that underpins other major discoveries in the belt.
Sranan’s Phase 1 campaign also aims to generate new targets through high-resolution LiDAR imaging, which has already revealed three parallel mineralized corridors and topographic inversions associated with lateritic terraces, a common concealment mechanism for mineralization in this region. Pending early success, the company plans to expand drilling into the western lobe, pursue adjoining concessions, and delineate a resource.
Management Team
Oscar Louzada – CEO and Director
Fluent in Dutch and active in Suriname for over a decade, Oscar Louzada has taken two Suriname-based exploration companies to IPO (Sela Kriki and Nassau, now Miata Metals). With 25+ years’ experience in natural resources finance (Canaccord, Investec), he brings capital markets depth and local execution credibility.
John Williamson – Chairman
Geologist and co-founder of Founders Metals, John Williamson is credited with >10 Moz in gold discoveries and nearly $1 billion raised. He was an early believer in Tapanahony’s potential and a key seed investor.
Dennis LaPoint – EVP, Exploration and Corporate Development
Dennis LaPoint is a veteran geologist with 35+ years’ experience. LaPoint discovered Merian (Newmont, 7 Moz) and oversaw major exploration programs at Rosebel and Omai. He leads strategy and resource targeting, and sits on multiple boards, including ASBOG. He also teaches geology at Anton de Kom University in Paramaribo in Suriname.
Rayiez Bhoelan – VP, Exploration
A Surinamese national and key member of the Saramacca discovery team (IAMGOLD, 1.5 Moz), Rayiez Bhoelan specializes in regolith geology and shear zone mapping. He has worked across the Guiana Shield at Omai and Founders Metals, and lectures locally on geochemistry.
Mario Stifano – Director and Audit Chair
Mario Stifano is a CPA and seasoned mining executive with prior leadership roles at Cordoba Minerals, Lake Shore Gold and Galantas Gold. He led the 2020 acquisition and re-listing of Omai Gold Mines in Guyana.
Thailand and Cambodia reached a ceasefire deal ‘through trade,’ President Donald Trump announced Monday, ending a burgeoning conflict that displaced 260,000 people.
The declaration from Trump comes after he said over the weekend that he had spoken to the leaders of Cambodia and Thailand, urging a ceasefire, adding the U.S. would not get back to the ‘trading table’ with the southeast Asian countries until fighting stops.
The fighting began Thursday after a land mine explosion along the border wounded five Thai soldiers. Both sides blamed each other for starting the clashes that have killed at least 35 people and displaced more than 260,000 people on both sides.
‘Numerous people were killed and I was dealing with two countries that we get along with very well, very different countries from certain standpoints. They’ve been fighting for 500 years intermittently. And, we solved that war … we solved it through trade,’ Trump told reporters during his trip to Scotland.
‘I said, ‘I don’t want to trade with anybody that’s killing each other.’ So we just got that one solved. And I’m going to call the two prime ministers who I got along with very, very well and speak to them right after this meeting and congratulate them. But it was an honor to be involved in that. That was going to be a very nasty war. Those wars have been very, very nasty,’ Trump also said.
‘By ending this War, we have saved thousands of lives. I have instructed my Trade Team to restart negotiations on Trade. I have now ended many Wars in just six months — I am proud to be the President of PEACE!’ Trump added in a post on Truth Social.
As part of the ceasefire deal, military commanders from both sides will begin to hold talks Tuesday to defuse tensions while Cambodia will host a border committee meeting on Aug. 4, according to Malaysian Prime Minister Anwar Ibrahim.
He added that the foreign and defense ministers of Malaysia, Cambodia and Thailand have also been instructed to ‘develop a detailed mechanism’ to implement and monitor the ceasefire to ensure sustained peace.
It is ‘time to start rebuilding trust, confidence and cooperation going forward between Thailand and Cambodia,’ Cambodian Prime Minister Hun Manet said during a press conference in Malaysia alongside Thai Acting Prime Minister Phumtham Wechayachai.
Secretary of State Marco Rubio wrote on X that the U.S. ‘applauds the ceasefire declaration between Cambodia and Thailand announced today in Kuala Lumpur.’
‘President Trump made this happen. Give him the Nobel Peace Prize!’ added White House Press Secretary Karoline Leavitt.
Fox News’ Brie Stimson and the Associated Press contributed to this report.
The SEC has incorrectly categorized most crypto tokens as investment contract securities.
A crypto token should only be considered a security if its programming includes the ability to make payments, similar to the terms of payment specified in the contract of a traditional security.
Digital securities should be sorted into four classes based on the different risks they pose to investors.
Regulations for digital securities should be tailored to the specific risks of each of the four classes of digital securities.
How Should Crypto Tokens Be Regulated?
Perhaps the most vital legal question holding back the burgeoning cryptocurrency industry is how to determine which crypto tokens (digital assets traded on decentralized public blockchains) should be classified as securities. Securities and Exchange Commission (SEC) officials, guided by their new Chair Paul Atkins and Crypto Task Force head Commissioner Hester Peirce, are engaging with major players and key constituencies from across the cryptocurrency industry, ranging from long-time Bitcoiners to corporate executives, to academic experts,[1] in an effort to build appropriate definitions, standards, and guidelines for digital securities.[2]
Congress, too, is seeking to address this important issue. The recent Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act of 2023 is under consideration in the House of Representatives.[3] A bill is expected soon in the Senate based on the Principles for Market Structure Legislation recently released by Senators Tim Scott, Cynthia Lummis, Thom Tillis, and Bill Hagerty.[4]
These proposals will direct the US financial regulatory agencies in establishing a regulatory regime for digital assets and determining which crypto tokens should be treated as securities under the law. It is vital that Congress lay out a proper foundation for this regime, as details and implementation are likely to play out over years or decades.
To help frame that foundation, this brief proposes a simple way to differentiate which crypto tokens should be treated as securities. Although the legal definition of securities is murky and confusing, a clear and simple standard is commonly used in economics and finance: a security is a tradable financial contract that promises future payments to the owner.[5]
This definition can be applied to crypto tokens. In the same way that the terms of payment for a traditional security are specified in a legal contract, the details of payment can be programmed into certain types of crypto tokens that have the ability to execute code, known as “smart contracts.” Anyone, be they a government regulator or average investor, can easily check if the code of a crypto token allows it to make payments and under what conditions any payments will occur. Only tokens programmed to make payments should be classified as digital securities.
In addition, digital securities should be sorted into classes based on the different risks they pose to investors, so that regulations can be tailored to specific risks. The most basic digital securities, for example, can only pay out funds already held in their smart contract. They pose little risk to investors since the funds available and conditions of payment can be easily verified. Tokens with the ability to execute embedded code are known as “smart contracts.” If a token has the ability to make payments, then it should be classified as a digital security. In some ways, a digital smart contract provides even more certainty than a traditional legal contract: once a token is launched, its code can never be changed.
Some digital securities are more complex and carry higher levels of risk. These include tokens programmed to make payments to the owners but whose interest rates or fees may still be changed by the issuers, in the same way that a bank might adjust the interest rate it pays to depositors or the manager of a corporation decides when its stock will pay dividends. While riskier than the simplest digital assets, these tokens maintain the advantages of transparency and reliability that stem from being fully on-chain.
Tokenized real-world assets — digital representations of ownership over tangible assets like commodities or real estate — are potentially the riskiest form of digital securities since their conditions and funding cannot be verified on the blockchain. These tokens represent ownership of some real-world, “off-chain” asset, and should therefore be subject to all the rules and regulations that apply to its non-digital equivalent. If, for example, a corporation like Apple or Tesla wanted to issue equity stock shares as digital securities, the tokenized securities would be required to comply with traditional securities laws, even if their equity tokens were traded only on decentralized blockchains rather than on traditional exchanges.
Different regulatory regimes apply to different classes of traditional financial instruments (like stocks, bonds, and mortgage-backed securities) according to their types and levels of risk. The same classification can be done for digital assets. Although the SEC is currently working to establish a clear and practical regime for the classification and regulation of digital securities, Congress still has an important role to play. Legislative clarity is needed to direct the SEC’s actions and to strengthen this new regulatory framework against future revision or misuse.
What are Investment Contracts?
Much confusion around the classification of digital assets stems from the strategy of Gary Gensler, who served as SEC Chair from 2021 to 2025. Rather than creating clear regulations through the standard rule-making process, Gensler’s regime regulated using enforcement actions and wrongly classified most crypto tokens as a rare type of security known as an investment contract.[6] Those actions have left the SEC, Congress, and the crypto industry in disarray, lacking a clear definition for digital securities.
No clear legal definition exists to classify what constitutes a “security.” The statute 15 US Code § 77b is intended to legally define a “security,” but it does not provide a general definition or set of characteristics for the classification.[7] Rather, it simply lists the assets to be classified as securities, including commonly known assets such as stocks and bonds, and rarer items like investment contracts.
Investment contracts similarly lack a statutory definition. Their defining criteria are taken from the “Howey Test,” outlined in the Supreme Court ruling on SEC v. W.J. Howey Co. (1946). To qualify as an investment contract, an asset must be:
1. An investment of money…
2. in a common enterprise…
3. with expectations of a profit…
4. to be derived from the efforts of others.
Although there are some unusual cases, the simple way to think about an investment contract is as a security in which the benefits to the investor are based on an informal promise rather than an explicit legal contract. The seller of an asset might promise that the asset will increase in value, generating an “expectation of profits” for the investor. Because they are typically based on implicit rather than explicit agreements, investment contracts generally belong to an overlapping subset of the classes of securities and commodities, as shown in Figure 1.
Figure 1. Venn diagram of securities, commodities, and investment contracts
The SEC exploited the vagueness of the Howey Test to wrongly classify many crypto tokens as investment contracts.[8] While there were likely some token issuers who promised profits to investors, the vast majority of tokens were issued without such promises. Because investment contracts comprise only a small subset of securities, the Howey Test is not a useful guide to determining which crypto tokens are or are not securities.
Which Tokens are Securities?
How can regulators and token issuers judge which crypto tokens should be classified as securities? Congress and US financial regulators could adopt the standard definition used in economics and finance: a security is a tradable financial contract that promises some future payment to the owner.
The key element differentiating securities from other financial instruments is the promise of future payments. A bond, for example, promises a specific payment each period (often semi-annually), while a stock makes payments only if the company is profitable and at the discretion of corporate managers. Securities rules exist to make sure people get paid what they were promised and have enough information to understand what could go wrong, or why the investment might lose value.
The terms of payment for digital securities are actually more transparent than those for traditional ones. Digital securities have the terms of payment programmed into the token itself.
Once a token is deployed to the blockchain, its code can never be changed. The open, transparent nature of decentralized blockchains allows anyone to verify the funds available in a smart contract as well as the conditions under which payments will be made to token holders. Just knowing the contract address on the blockchain, regulators or investors can look up the contract on a blockchain-specific website like Etherscan for the Ethereum network or even in search engines like Google to get information about what token balances are held in the contract and all transactions that have ever been made with it. Issuers might be required to make basic disclosures, which would be much simpler than the financial statements of giant corporations. Given these advantages, such digital assets pose limited risk to investors and therefore require minimal regulation.
Classes of Digital Securities
Regulations on traditional securities vary by class based on the type of risk an asset poses to investors. The same logic should apply to classes of digital securities. This section considers four general classes of digital securities as well as non-security digital assets.
Tokenized Real-World Assets
Tokenized real-world assets, as previously mentioned, are digital assets that represent some off-chain asset. If the off-chain asset is a regulated security, like the example above of stock issued by Apple or Tesla, then the token should be similarly regulated by the SEC. Since their terms and conditions are stated in traditional legal contracts, such assets must be subject to the same laws and regulations as other traditional securities, although there may be additional rules regarding digital payments and transferability.
Decentralized On-Chain Digital Securities
Fully on-chain securities, those deployed on a decentralized public blockchain, can be separated into two types: centralized and decentralized. Tokens, which can be described as “decentralized on-chain digital securities,” have the ability to make payments and (once deployed to the blockchain) are fully decentralized and can never be changed. A decentralized exchange (DEX) trading pool, for example, allows any party to swap one token for another. The smart contract charges a fee for each trade, the proceeds of which are paid out to DEX token holders. In this case, the token holders receive a variable payment based on the size and number of trades, but the terms of payment are inalterably programmed into the contract, making it a fully decentralized digital security. This class of security requires minimal regulation (if any) by the SEC; perhaps only a disclosure by the issuer or a third-party code verification would be appropriate. Such disclosures could be simple, unlike the complex quarterly reports required for publicly traded companies, which often run hundreds of pages.
Centralized On-Chain Digital Securities
Some tokens, however, can make payments but should not be classified as fully decentralized. Sometimes, a token is programmed to make payments, but some variable, like the timing or amount of the payment, can still be controlled by an outside party. These later-adjustable tokens can be considered a “centralized on-chain digital security,” and would require much less regulation than traditional securities. They retain the safe and transparent features of the blockchain, but they may require certain disclosures so that investors can be made fully aware of the sources of funds, conditions of payment, and any potential risks.
Digital Investment Contracts
A small portion of crypto tokens may be accompanied by claims or promises that the asset will appreciate in value, which would make it part of an investment contract. Investment contracts are not fully on-chain securities, though, since the promise of returns is implicit, not programmed into the smart contract. The SEC should continue to monitor and regulate these riskier, relatively rare activities that might constitute an investment contract.
Non-Security Digital Assets
Finally, crypto tokens that cannot make payments should not be classified as securities and should not be subject to SEC regulation. More likely, they are commodities, and therefore should be regulated by the Commodities and Futures Trading Commission (CFTC). Bitcoin, for example, has been identified as a commodity by former SEC Chair Gensler and former CFTC Chair Rostin Behnam.[9] Other, simpler tokens that do not make payments are similarly commodities, especially the base-layer tokens that are used for transactions on other decentralized blockchains.
Decision Tree for Classes of Digital Securities
Figure 2 shows a decision tree using the basic characteristics discussed above. Traditional securities and investment contracts are subject to traditional financial (“TradFi”) regulation. Fully on-chain securities can be sorted into decentralized and centralized types, depending on whether an outside entity maintains control over important aspects of the payment contract. Digital assets that do not promise to make payments are not securities but commodities and may be regulated by the CFTC.
Figure 2. Framework for identifying classes of digital assets
A few unusual assets will, of course, not fit neatly into a particular class.[10] Tokens in multiple classes may require concurrent regulation, but this framework provides a useful guide to differentiating the primary classes of digital assets.
DEX Regulation
A related question is whether the SEC or some other agency should regulate decentralized exchanges. In the current system, centralized crypto exchanges like Coinbase and Kraken act as entry points or “on-ramps” for US citizens to enter the crypto space by trading their US dollars for cryptocurrency. These on-ramps conduct Know Your Customer and Anti-Money Laundering (KYC/AML) verification and other regulatory activities, just as banks do. Some have proposed that decentralized exchanges should be subject to a similar regulatory regime.[11]
This argument, however, misunderstands the nature of DEXs, which are, by definition, decentralized. A DEX creator issues smart contracts, each of which allows users to swap one token for another. The DEX is simply a collection of these smart contracts. If the integrity of the smart contract has been verified, then so has the DEX. Thus, DEXs may be regulated at the smart-contract level without the need for additional regulations, which have raised bank compliance costs[12] and lowered wages for low-skilled workers[13] without reducing the frequency of financial crises.[14]
How to Regulate Crypto Tokens
Rather than treating crypto tokens as investment contracts based on the Howey Test, the SEC should determine whether a token is a security based on its ability to make payments. Only tokens with the ability to make payments should be classified as digital securities. On-chain securities may be classified as centralized or decentralized, depending on whether they have aspects that can be changed after issuance. Fully on-chain securities require minimal regulation compared to tokenized real-world assets and investment contracts. On-chain digital securities exhibit the transparency and reliability of decentralized blockchains, which can be used to verify the terms and conditions of payment and, in some cases, the funds available to be paid out to token holders.
While the SEC is building a regulatory regime for digital securities within the current legal framework, Congress should act to guide the SEC’s actions and ensure that the regulations and policies created by the SEC are clear, appropriate for the class of a digital asset being regulated, and resilient to changing administrative interpretation in a way that erodes the rule of law.
Thomas L. Hogan is Associate Professor of Economics at the University of Austin as well as Associate Senior Research Fellow at the American Institute for Economic Research (AIER) and Senior Fellow at the Bitcoin Policy Institute (BPI).
Endnotes
[1] Descriptions and of the Crypto Task Force Roundtables and lists of the panelists can be found here: https://www.sec.gov/newsroom/press-releases/2025-57
[2] For more information, visit the SEC’s Crypto Task Force website: https://www.sec.gov/about/crypto-task-force
[3] The full text of the bill can be found online: https://www.congress.gov/bill/118th-congress/house-bill/6307/text
[4] More information here: https://www.banking.senate.gov/newsroom/majority/scott-lummis-tillis-hagerty-release-principles-for-market-structure-legislation
[5] For example, the textbook by Staszkiewicz and Staszkiewicz describes a security as “a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity” that is designed to be traded on the secondary markets.” See Staszkiewicz, Piotr and Lucia Staszkiewicz (2015) Finance: A Quantitative Introduction, Volume 1, pp.7-8.
[6] See, for example, Hogan, Thomas L. (2023) “The SEC’s Illegal War on Crypto,” AIER Daily Economy. July 14, 2023. https://www.aier.org/article/the-secs-illegal-war-on-crypto/
[7] The text of 15 US Code § 77b is available online here: https://www.law.cornell.edu/uscode/text/15/77b
[8] Shiller, Ben (2023) “SEC’s Gensler Suggests All Crypto Other Than Bitcoin Are Securities,” CoinDesk. Feb 28, 2023. https://www.coindesk.com/video/secs-gensler-suggests-all-crypto-other-than-bitcoin-are-securities/
[9] Kebin Helms (2022) “SEC Chair Gensler Affirms Bitcoin Is a Commodity — ‘That’s the Only One I’m Going to Say’” Bitcoin.com. June 27, 2022. https://news.bitcoin.com/sec-chair-gensler-bitcoin-is-a-commodity/
[10] Some securities may be a mix of off-chain legal contracts and on-chain smart contracts such as tokenized US Treasury bonds. The BlackRock product BUIDL, for example, is a tokenized security that makes payments on the blockchain, but the funds for such payments are generated by TradFi investments managed by BNY Mellon and the asset tokenization company Securitize. See Francisco Rodrigues and Krisztian Sandor (2025) “BlackRock, Securitize Expand $1.7B Tokenized Money Market Fund BUIDL to Solana,” CoinDesk. March 25, 2025. https://www.coindesk.com/markets/2025/03/25/blackrock-securitize-expand-usd1-7b-tokenized-money-market-fund-buidl-to-solana
[11] For example, Sirio Aramonte, Wenqian Huang, and Andreas Schrimpf of the Bank of International Settlements have proposed that applying TradFi regulations to DeFi would help address “issues related to financial stability, investor protection, and illicit activities.” Aramonte, Huang and Schrimpf (2021) “DeFi risks and the decentralisation illusion,” BIS Quarterly Review, December 2021. https://www.bis.org/publ/qtrpdf/r_qt2112b.htm
In addition, the SEC held an open comment period on its “proposed amendments to the definition of ‘exchange’ under Exchange Act Rule 3b-16” with a focus on “the applicability of existing rules to platforms that trade crypto asset securities, including so-called ‘DeFi’ systems.” https://www.sec.gov/newsroom/press-releases/2023-77
[12] Thomas L. Hogan and Scott Burns (2019) “Has Dodd–Frank affected bank expenses?” Journal of Regulatory Economics 55: 214–36.
[13] Thorsten Beck, Ross Levine, and Alexey Levkov (2010) “Big Bad Banks? The Winners and Losers from Bank Deregulation in the United States,” Journal of Finance 65: 1637–67.
[14] See Michael D. Bordo, Barry Eichengreen, Daniel Klingbiel and Maria Soledad Martinez-Peria (2001) “Is the Crisis Problem Growing More Severe?” Economic Policy, 16(32): 53-82.
Galan Lithium Limited (ASX: GLN,OTC:GLNLF) (‘ Galan ‘ or ‘ the Company ‘) is pleased to advise that the Comite Evaluador de Proyectos RIGI, responsible for awarding the Argentine Government’s Régimen de Incentivo para Grandes Inversiones (the incentive regime for large-scale investments referred to as the ‘ RIGI ‘), has approved the RIGI for Galan’s flagship Hombre Muerto West (‘ HMW’ ) Project in Catamarca Province, Argentina . Galan now expects to receive official approvals relating to the RIGI in due course.
The RIGI is a landmark investment framework introduced as part of the Government of Argentina’s new economic reform agenda, aimed at encouraging large-scale investment in key sectors, including mining. The RIGI provides long-term certainty on tax and foreign exchange regulations, as well as streamlined permitting, both critical enablers for project financing, efficient construction and operation of the HMW Project over its multi-decade life.
HMW will be only the sixth project to receive the RIGI approval in Argentina and the second in the mining sector, following the recent award to Rio Tinto’s Rincon project.
Managing Director, Juan Pablo (‘JP’) Vargas de la Vega, commented:
‘ This is a major milestone for Galan that will further strengthen HMW’s global competitive position as a future low-cost producer. The RIGI will provide a strategic advantage to Galan and will unlock meaningful long-term value for the people of Catamarca and our shareholders.
The RIGI delivers fiscal stability and operational certainty over the long-term, key requirements for major project financing and execution. It also signals strong alignment between Galan and the Argentine government’s broader vision of accelerating lithium production and economic development.
Galan sincerely thanks the Government of Argentina and the Province of Catamarca for endorsing HMW for official approvals under the RIGI which further substantiates HMW as a significant project in Argentina and globally.’
Key Benefits of the RIGI for the HMW project:
Reduced Corporate Income Tax: a significant 10% reduction in corporate income tax rate to 25%.
Fiscal Stability : Certainty around income tax, royalties, and export duties for 30 years.
Foreign Exchange : Preferential access to currency markets for imports and dividend repatriation.
Customs & Tariff Exemptions : Reduced barriers for importing critical equipment and materials.
Accelerated Depreciation : Improved cash flow through tax-effective project development.
About Hombre Muerto West
HMW is a multi-decade, lithium brine project in Argentina with compelling economics. Phase 1 provides for a 4ktpa LCE operation, producing a 6% LiCl concentrate product over a projected 40-year life ( 1 ). Galan expects first Phase 1 production in H1 2026 and has secured an offtake agreement for 45,000 t LCE of production. Beyond Phase 1, the Company will undertake a phased scaling approach, eventually ramping up to 60ktpa at the conclusion of Phase 4. This approach mitigates funding and execution risk and will allow for continuous process improvement.
With a world class resource and a cost profile within the first quartile globally, HMW is a clear demonstration of the benefits of a high-quality lithium brine asset. These benefits are allowing Galan to progress through development and into production with a lower capital intensity and lower risk profile when compared to hard rock lithium (spodumene) projects.
As importantly, lithium chloride is a key component for lithium iron phosphate (LFP) batteries, which have become the dominant battery product globally. With the ability to be cost effectively converted into a lithium dihydrogen phosphate or lithium carbonate, lithium chloride, as will be produced at HMW, is an ideal source for LFP batteries.
The Galan Board has authorised this release.
Please refer to the Mineral Resource Statement for Galan’s Total Resources of 9.5Mt LCE.
( 1 ) Please refer to the announcement dated 3 July 2023 (ASX: Phase 1 of Hombre Muerto West (DFS Delivers Compelling Economic Results for Accelerated Production)). The Company confirms that all material assumptions underpinning the production target continue to apply and have not materially changed.
For further information contact:
COMPANY
MEDIA
Juan Pablo (‘JP’) Vargas de la Vega
Matt Worner
Managing Director
VECTOR Advisors
jp@galanlithium.com.au
mworner@vectoradvisors.au
+ 61 8 9214 2150
+61 429 522 924
About Galan
Galan Lithium Limited (ASX: GLN,OTC:GLNLF) is an ASX-listed lithium exploration and development business. Galan’s flagship assets comprise two world-class lithium brine projects, HMW and Candelas, located on the Hombre Muerto Salar in Argentina , within South America’s ‘lithium triangle’. Hombre Muerto is proven to host lithium brine deposition of the highest grade and lowest impurity levels within Argentina . It is home to the established El Fenix lithium operation, Sal de Vida (both projects are owned by Rio Tinto following its successful acquisition of Arcadium Lithium). Galan also has exploration licences at Greenbushes South in Western Australia , just south of the Tier 1 Greenbushes Lithium Mine.
View original content: https://www.prnewswire.com/news-releases/galan-lithium-limited-incentive-regime-for-hmw-project-in-argentina-302514518.html
Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) (OTCQB: HMRFF) (‘Homerun’ or the ‘Company’) is honoured to announce that following the Company’s June 12th news release confirming the selection of Homerun’s business plan to proceed to the Detailed Work-Plan phase for the strategic minerals funding initiative, the Company has now received a joint support plan from the public call issued by the Brazilian National Development Bank (BNDES) and the Brazilian innovation agency (FINEP), Call No. 753.
The joint support plan indicates the financial instruments available to Homerun within the scope of both institutions to support Homerun’s business plan – including long-term credit lines, equity investments, non-reimbursable funds and economic subsidies designed to accelerate high-impact mineral-transformation projects from the landmark USD $815 million strategic minerals transformation initiative jointly launched by BNDES and FINEP.
Below is a list of the Products/Programs/Lines that may be utilized, provided the requirements of each instrument are duly met:
Program/Line
Financial Cost
BNDES Rate
Term
Max. Value
Climate Fund – Green Industry
6.5% per year
Starting at 1.3% per year
Up to 16 years, including up to 5 years of grace period
R$ 500 million per economic group every 12 months
More Innovation – Investments in R&D&I
Reference Rate (TR)
Starting at 2.7% per year
Up to 16 years, including up to 4 years of grace period
R$ 300 million per economic group per calendar year
More Innovation – Pioneeering Plants
50% of TR + 50% of Selic, TLP, or USD
Starting at 2.7% per year (TR portion) + 1.1% per year (Selic, TLP, or USD portion)
Up to 16 years, including up to 4 years of grace period
R$600 million (including $300 million in TR) per economic group per calendar year
FINEM – Productive Capacity
Selic, TLP, or USD
Starting at 1.1% per year
Up to 20 years, including a grace period of up to 6 months after operations begin
80% of the project value, capped at 100% of fundable items
In addition to the facilities mentioned above, other long-term financing options are available. Homerun will now submit the financial support requests for final analysis by BNDES and FINEP.
Brian Leeners, CEO of Homerun Resources, stated: ‘We are pleased to receive this joint support plan from BNDES and FINEP to advance our solar glass production and silica processing capabilities, marking the successful review of our recently submitted detailed work plan. We will now work diligently to submit our financial support requests and look forward to providing updates to our shareholders in the near future.’
The R$5 billion funding program is part of the New Industry Brazil initiative and is designed to support both large-scale industrial plants and pilot projects, with a focus on research, development, and innovation (R&D&I). With approximately R$8 billion reserved for investments in company equity—partly in partnership with mining leader Vale—the initiative is expected to leverage additional private investment and accelerate Brazil’s leadership in sustainable, low-carbon mineral supply chains.
The Company will provide further updates as the initiative progresses.
About Homerun (www.homerunresources.com)
Homerun (TSXV: HMR,OTC:HMRFF) is a vertically integrated materials leader revolutionizing green energy solutions through advanced silica technologies. As an emerging force outside of China for high-purity quartz (HPQ) silica innovation, the Company controls the full industrial vertical from raw material extraction to cutting-edge solar, battery and energy storage solutions. Our dual-engine vertical integration strategy combines:
Homerun Advanced Materials
Utilizing Homerun’s robust supply of high purity silica sand and quartz silica materials to facilitate domestic and international sales of processed silica through the development of a 120,000 tpy processing plant.
Pioneering zero-waste thermoelectric purification and advanced materials processing technologies with University of California – Davis.
Homerun Energy Solutions
Building Latin America’s first dedicated high-efficiency, 365,000 tpy solar glass manufacturing facility and pioneering new solar technologies based on years of experience as an industry leader in developing photovoltaic technologies with a specialization in perovskite photovoltaics.
European leader in the marketing, distribution and sales of alternative energy solutions into the commercial and industrial segments (B2B).
Commercializing Artificial Intelligence (AI) Energy Management and Control System Solutions (hardware and software) for energy capture, energy storage and efficient energy use.
Partnering with U.S. Dept. of Energy/NREL on the development of the Enduring long-duration energy storage system utilizing the Company’s high-purity silica sand for industrial heat and electricity arbitrage and complementary silica purification.
With six profit centers built within the vertical strategy and all gaining economic advantage utilizing the Company’s HPQ silica, across, solar, battery and energy storage solutions, Homerun is positioned to capitalize on high-growth global energy transition markets. The 3-phase development plan has achieved all key milestones in a timely manner, including government partnerships, scalable logistical market access, and breakthrough IP in advanced materials processing and energy solutions.
Homerun maintains an uncompromising commitment to ESG principles, deploying the cleanest and most sustainable production technologies across all operations while benefiting the people in the communities where the Company operates. As we advance revenue generation and vertical integration in 2025, the Company continues to deliver shareholder value through strategic execution within the unstoppable global energy transition.
On behalf of the Board of Directors of Homerun Resources Inc.
‘Brian Leeners’
Brian Leeners, CEO & Director brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)
The information contained herein contains ‘forward-looking statements’ within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements’.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260290
Here’s a quick recap of the crypto landscape for Wednesday (July 23) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$118,148, down by 0.7 percent over the last 24 hours. Its highest valuation on Wednesday was US$118,462, while its lowest valuation was US$117,583.
Bitcoin price performance, July 23, 2025.
Chart via TradingView.
Bitcoin traded lower over the past 24 hours, hovering between $117,000 and $120,000 amid several market pressures.
A major whale moved over US$1.2 billion in dormant BTC, sparking speculation of potential selling.
After a rotation into altcoins, investors took profits following recent highs, while outflows from spot exchange-traded funds (ETFs) signaled weaker institutional demand.
Ethereum (ETH) was priced at US$3,592.65, down by 1.9 percent over the past 24 hours. Its lowest valuation as of Wednesday was US$3,568.86, and its highest was US$3,657.02.
Altcoin price update
Solana (SOL) was priced at US$188.86, down by 5.5 percent over 24 hours. Its lowest valuation on Wednesday was US$186.95, and its highest was US$192.58.
XRP was trading for US$3.25, down 8.9 percent in the past 24 hours. Its lowest valuation of the day was US$3.18, and its highest valuation was US$3.36.
Sui (SUI) is trading at US$3.70, down 5.5 percent over the past 24 hours. Its lowest valuation of the day was US$3.67, and its highest was US$3.84.
Cardano (ADA) was trading at US$0.8152, down by 6.9 percent over 24 hours. Its lowest valuation on Wednesday was US$0.8058, and its highest was US$0.8370.
Today’s crypto news to know
PNC Bank and Coinbase partner to advance digital asset solutions
PNC Bank and Coinbase Global (NASDAQ:COIN) have announced a strategic partnership to broaden access to digital asset solutions for PNC’s clients and institutional investors.
The collaboration will leverage Coinbase’s crypto-as-a-service platform, enabling PNC to offer secure and scalable cryptocurrency access. PNC clients will be able to buy, hold and sell cryptocurrencies directly through PNC’s platform.
PNC will also provide essential banking services to Coinbase, signifying a mutual commitment to strengthening the digital financial system. Both companies emphasize that this partnership will meet the increasing demand for secure and streamlined digital asset access.
Goldman Sachs and BNY to launch tokenized money market funds
Goldman Sachs (NYSE:GS) and BNY (NYSE:BK) are preparing to offer institutional investors access to tokenized money market funds, aiming to enhance capital markets with real-time settlement, 24/7 access and increased efficiencies.
BNY clients will soon be able to invest in money market funds with ownership recorded on Goldman Sachs’ private blockchain, as per a Wednesday news release.
“As the financial system transitions toward a more digital, real-time architecture, BNY is committed to enabling scalable and secure solutions that shape the future of finance,” said Laide Majiyagbe, global head of liquidity, financing and collateral at BNY, adding that mirrored tokenization of money market funds is the first step.
This initiative involves major players such as BlackRock (NYSE:BLK), Fidelity Investments, Federated Hermes and the asset management divisions of Goldman and BNY.
Tokenized money market funds offer a contrast to interest-bearing stablecoins, which are specifically prohibited under the GENIUS Act, which was signed into law last week. They provide yield, which makes them a low-volatility tool for hedge funds, pensions and corporations.
SEC halts Bitwise crypto index ETF conversion for review
On Tuesday (July 22), the US Securities and Exchange Commission’s (SEC) Division of Trading and Markets approved the Bitwise 10 Crypto Index to convert to an ETF, only to immediately pause it for review.
In a letter issued later that day, SEC Assistant Secretary Sherry Haywood said that the order will remain “stayed until the Commission orders otherwise.” Bloomberg ETF analyst Eric Balchunas has suggested that the SEC might be delaying its approval until it establishes a listing standard for crypto ETFs.
Bitwise had applied for this conversion in November for its fund, which offers exposure to a range of cryptocurrencies.
Nate Geraci, president of NovaDius Wealth Management, described the situation as “bizarre,” drawing parallels to the Grayscale Digital Large Cap ETF conversion, which experienced a similar approval and subsequent pause on July 1.
Bitcoin millionaires surge by 16,000 in 2025, according to report
Nearly 16,000 new Bitcoin wallets have crossed the million-dollar threshold since Donald Trump assumed the presidency in January 2025, according to a Finbold report. The number of Bitcoin millionaires is up from 132,842 in November 2024 to 192,205 as of July 20, marking a 45 percent increase in just eight months.
Large holders with over US$10 million in BTC also saw gains exceeding 16 percent in the same period.
The surge has been linked to renewed investor optimism following Trump’s re-election, along with clear signals of regulatory support and clarity for digital assets.
A significant boost came this week when the US House passed the Genius Act. The legislation, expected to streamline compliance for institutions, is widely seen as the most comprehensive federal crypto framework to date.
The rapidly changing policy environment has encouraged capital inflows and bolstered confidence in US-based crypto markets, with the resulting daily average tallying to 88 new Bitcoin millionaires in 2025 alone.
South Korea warns fund managers to reduce exposure to crypto stocks
South Korea’s Financial Supervisory Service (FSS) has issued informal warnings to asset managers over their exposure to crypto-related stocks and ETFs. According to the Korea Herald, firms with significant holdings in US-listed crypto companies such as Coinbase and Strategy (NASDAQ:MSTR) were reportedly told to scale back.
The directive follows the FSS’s longstanding 2017 stance prohibiting direct investment in virtual assets by financial institutions, despite recent global shifts in crypto regulation. While the agency has been reviewing possible easing of crypto rules, officials reportedly said that licensed entities must continue observing current guidelines.
The FSS has not yet issued a formal statement regarding the report.
PayPal unveils cross-border wallet platform
PayPal (NASDAQ:PYPL) has launched PayPal World, a cross-border payments network that integrates several of the world’s largest digital wallets, aiming to simplify international commerce for billions.
The platform’s initial partners include India’s UPI (via NPCI International), China’s Weixin Pay (via Tenpay Global) and PayPal’s own services including Venmo.
A memorandum of understanding has also been signed with Mercado Pago in Latin America.
According to PayPal CEO Alex Chriss, the initiative allows users to pay with their native wallets regardless of location. Chriss called it a potential “game changer” for frictionless payments in travel and e-commerce.
“The challenge of moving money across borders is incredibly complex, and yet this platform will make it so simple for nearly two billion consumers and businesses,’ Chriss said a recent press release.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Lu177-B7H3 monoclonal antibody is first in class targeted radiopharmaceutical in development against the 4lg subtype of B7-H3
On track to initiate first-in-human study of RV-01 in solid tumors in 4Q25
Radiopharm Theranostics (ASX: RAD,OTC:RDPTF, Nasdaq: RADX, ‘Radiopharm’ or the ‘Company’), a clinical-stage biopharmaceutical company focused on developing innovative oncology radiopharmaceuticals for areas of high unmet medical need, today announced that the U.S. Food and Drug Administration (FDA) has provided clearance of the Company’s Investigational New Drug (IND) application for Betabart (RV-01), its Lu177-B7H3 monoclonal antibody designed with strong affinity for the 4Ig isoform of B7H3 that is highly expressed in tumors and not in healthy tissues.
‘FDA clearance to initiate our first-in-human Phase 1 clinical trial of RV-01 represents a major milestone for Radiopharm Theranostics and our joint venture with MD Anderson Cancer Center,’ said Riccardo Canevari, CEO and Managing Director. ‘RV-01 is the first monoclonal antibody developed through this collaboration, and we believe it has the potential to become a highly differentiated radiopharmaceutical for patients with aggressive solid tumors. We are excited to advance this program into the clinic and anticipate dosing the first patients later this year.’
‘Recent reported preclinical studies demonstrated that RV-01 exhibits hepatic clearance, allowing the isotope sufficient time to effectively target tumors while potentially minimizing adverse effects such as hematological toxicities. Unlike peptides or small molecules, monoclonal antibodies are primarily cleared by the liver—an organ known for its radio-resistance. This characteristic, combined with the shortened half-life of RV-01 and the strong affinity for the target make this agent stand out and may offer a significant advantage not just over other monoclonal antibodies but also targeted radiotherapeutics with renal excretion pathway, the latter of which are often associated with higher risk of radiopharmaceutical-induced kidney toxicity,’ noted Dimitris Voliotis, M.D., Chief Medical Officer of Radiopharm Theranostics.
‘The high affinity and selectivity of RV-01 for the 4Ig isoform of B7H3 allows the antibody to bypass the soluble 2Ig isoform in the blood, boost binding of the radiopharmaceutical to tumor targets and avoid the formation of immune complexes in circulation,’ noted David Piwnica-Worms, M.D., Ph.D., Professor, MD Anderson Cancer Center, and scientific co-founder of Radiopharm Ventures.
B7-H3 is an immune checkpoint molecule that is overexpressed across several tumor types and has emerged as a compelling target for antibody-based cancer immunotherapy. Deregulated B7-H3 expression is consistently correlated with enhanced tumor aggressiveness and poor clinical outcomes. Targeting the 4 Ig isoform of B7-H3 with a selective radioligand therapy may offer a novel strategy for treating refractory or high-risk tumors.
About RV-01
RV-01 is the first radiopharmaceutical therapeutic agent developed by Radiopharm Ventures, the Joint Venture formed between Radiopharm Theranostics and MD Anderson Cancer Center (MDACC). RV-01 is a 177Lutetium-conjugated therapeutic that targets B7-H3, an immune checkpoint molecule that is overexpressed in several tumor types. Multiple preclinical studies with RV-01 have shown tumor shrinkage and prolonged survival in animals treated with the radiotherapeutic agent. RV-01 has received IND-clearance from the U.S. FDA and plans to initiate a first-In-human Phase 1 study in the second half of 2025.
About Radiopharm Theranostics
Radiopharm Theranostics is a clinical stage radiotherapeutics company developing a world-class platform of innovative radiopharmaceutical products for diagnostic and therapeutic applications in areas of high unmet medical need. Radiopharm is listed on ASX (RAD) and on NASDAQ (RADX). The company has a pipeline of distinct and highly differentiated platform technologies spanning peptides, small molecules and monoclonal antibodies for use in cancer. The clinical program includes one Phase 2 and three Phase 1 trials in a variety of solid tumor cancers including lung, breast, and brain. Learn more at radiopharmtheranostics.com .
Authorized on behalf of the Radiopharm Theranostics Board of Directors by Executive Chairman Paul Hopper.
For more information:
Investors: Riccardo Canevari CEO & Managing Director P: +1 862 309 0293 E: rc@radiopharmtheranostics.com
Anne Marie Fields Precision AQ (formerly Stern IR) E: annemarie.fields@precisionaq.com
View original content: https://www.prnewswire.com/news-releases/galan-lithium-limited-incentive-regime-for-hmw-project-in-argentina-302514518.html 
