News linked to both this project and an event.
CME Group and Intercontinental Exchange, the parent company of the New York Stock Exchange, are reportedly pushing U.S. regulators to intensify oversight of the decentralized derivatives platform Hyperliquid, citing concerns over potential market manipulation and possible sanctions evasion.It is understood that the two major traditional financial market infrastructure providers are worried that on-chain perpetual contract platforms like Hyperliquid, operating without a unified regulatory framework, could impact the existing derivatives market structure and pose cross-border compliance challenges. Currently, relevant discussions are still in their early stages, but they have sparked further attention on whether on-chain derivatives should be incorporated into the traditional regulatory system.
Chloe (@ChloeTalk1), a columnist for HTX DeepThink and researcher at HTX Research, analyzed that Kevin Warsh’s formal confirmation as Federal Reserve Chair on May 14—by an extremely narrow Senate vote—marks the completion of the most contentious leadership transition at the Fed in decades. Global risk assets, especially the crypto market, are now entering a new phase characterized by “high volatility + high uncertainty.” The biggest current market contradiction lies in the head-on clash between “political pressure for rate cuts” and “real-world inflationary pressures.” Trump continues to demand rapid rate cuts to stabilize the financial environment ahead of the midterm elections. Yet the latest U.S. PPI year-on-year reading stands at 6%, with core PPI at 5.2%—both significantly exceeding market expectations—indicating that energy price increases driven by the Iran war have begun spreading across broader goods and services. Warsh’s stance proves more complex than market expectations. Though viewed by the Trump camp as a candidate “more willing to cut rates,” his long-standing intellectual framework is fundamentally hawkish: he has repeatedly criticized the Fed for excessive market intervention and long opposed unlimited balance-sheet expansion. What he truly advocates is not traditional large-scale monetary easing, but rather a “low-interest-rate environment without QE”: shrinking the balance sheet, reducing market intervention, and simultaneously curbing inflation via AI-driven productivity gains and regulatory relaxation. This implies that the future U.S. dollar liquidity environment will likely differ sharply from the era of unlimited QE seen in 2020–2021.
The regulatory environment for the crypto industry continues to improve, but macro interest rate risks are dampening market sentiment. The US CLARITY Act has passed the Senate Banking Committee with a 15:9 vote, moving closer to a full Senate vote. The market expects that this bill could provide a clearer regulatory framework for tokenization, stablecoins, and smart contract platforms, potentially accelerating institutional capital inflow.Kavi Jain, Senior Research Associate at Bitwise, stated that the progress of the CLARITY Act is a significant milestone for US digital asset regulation. It is expected to particularly benefit smart contract platforms like Ethereum and Solana, and drive growth in institutional activities related to stablecoins, tokenized funds, and on-chain capital markets.However, the macro environment continues to exert pressure on the crypto market. US April inflation data came in higher than expected, driven primarily by rising energy prices. The market is now even beginning to price in the possibility of another rate hike by the Federal Reserve before April 2027. Meanwhile, the US 30-year Treasury yield has reached 5% for the first time since 2007, indicating growing market concern over long-term inflation risks. Analysts suggest that in a high-interest-rate environment, the appeal of high-risk assets, including Bitcoin, may be suppressed. (CoinDesk)
According to a post by a16z crypto, on May 14, the U.S. Senate Committee on Banking, Housing, and Urban Affairs advanced the “Digital Asset Market CLARITY Act” (CLARITY) via a bipartisan vote—a historic step forward for U.S. crypto market structure legislation. The CLARITY Act aims to establish a clear regulatory framework for blockchain networks and digital assets. Its core provisions include: clarifying the jurisdictional boundaries between the SEC and the CFTC over crypto assets; regulating crypto exchange operations; protecting consumer rights; and providing a clear pathway for blockchain networks to operate compliantly in the United States. a16z notes that, over the past decade, the U.S. reliance on “regulation-by-enforcement instead of legislation” has not only distorted markets and stifled innovation but also spurred widespread regulatory arbitrage—driving numerous crypto projects overseas. The bill draws upon the 2024 FIT21 Act and the House version of the CLARITY Act introduced in 2025, further refining and strengthening those proposals. Currently, the drafts from the Senate Banking Committee and the Senate Committee on Agriculture, Nutrition, and Forestry will be consolidated into a unified bill for a full Senate vote. Upon passage, it must still be approved by the House of Representatives and signed into law by the President to take effect. a16z compares this legislative milestone to the historic significance of the 1933 Securities Act and cites the explosive industry growth following the passage of the GENIUS stablecoin bill as precedent—arguing that once enacted, CLARITY will usher in a new wave of innovation across the U.S. crypto industry.
the deliberation of the "Cryptocurrency Market Structure Act" (i.e., the CLARITY Act) has commenced in the U.S. Senate Banking Committee. As of now:1. An amendment proposed by Senator Mike Rounds to create an AI regulatory sandbox was passed with 15 votes in favor and 9 against, indicating some bipartisan support, despite Senator Elizabeth Warren urging Democratic members to vote against it.2. An amendment proposed by Elizabeth Warren, aimed at "preventing high-risk assets from entering retirement accounts," was rejected with 11 votes in favor and 13 against.3. An amendment previously proposed by Senator Katie Britt of Alabama, which would have allowed certain retirement accounts to invest in pooled investment vehicles, was withdrawn before the vote.It is reported that one of the most contentious amendments comes from Elizabeth Warren, concerning the strengthening of sanctions authority over cryptocurrency mixers. In her remarks, she referenced the U.S.-sanctioned mixing protocol Tornado Cash, stating it has been used to launder over $7 billion for criminal organizations and North Korean hacker groups, including over $450 million in related funds. Warren argued that the current bill does not grant the U.S. Treasury Department sufficient legal authority to isolate or restrict mixer services, potentially creating loopholes in anti-money laundering oversight. In response, Cynthia Lummis countered that the illegal financial activities are already covered in Parts Two and Three of the bill.
The Cryptocurrency Market Structure Act (also known as the CLARITY Act) has begun its review process in the U.S. Senate Banking Committee. Senator Elizabeth Warren stated that the bill “is just not ready,” criticizing it during her opening remarks. She noted that American citizens are currently facing real-world pressures—including rising costs for food, utilities, and healthcare—and argued that Congress should prioritize measures to lower living costs and cap credit card interest rates, rather than “spending time on a bill drafted by the crypto industry for its own benefit.” She also cited a poll showing that only 1% of 1,000 registered U.S. voters identified cryptocurrency as the most important issue ahead of the 2026 election, underscoring that crypto regulation is not a top priority for voters. Additionally, Warren called for more comprehensive debate and revisions to the CLARITY Act, stating that significant unresolved concerns remain regarding enforcement, anti-money laundering (AML), and other regulatory issues.
David Sacks stated in a post that tomorrow's consideration of the Digital Asset Market Clarity Act (CLARITY Act) is an important step towards making the United States the "global crypto capital" and maintaining its leadership in innovation.David Sacks expressed gratitude to Senate Banking Committee Chairman Tim Scott and the relevant committee for driving the compromise and advancement of the bill, while also thanking White House Crypto Czar Patrick Witt and the crypto industry for their support.He noted that currently, approximately 50 million people in the U.S. hold or use cryptocurrency, and this bill will help ensure continued innovation and development of the American crypto ecosystem for years to come.
According to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) filed an amicus curiae brief with the U.S. Court of Appeals for the Sixth Circuit, supporting Kalshi’s appeal in its litigation against Ohio and asserting that prediction markets fall under the CFTC’s regulatory jurisdiction. The CFTC stated that Ohio’s prior demand that Kalshi cease offering sports-event contracts constituted “jurisdictional overreach.” The CFTC warned that if states were permitted to restrict sports-event contracts traded on designated contract markets (DCMs), the CFTC’s long-standing regulatory authority over event contracts, swaps, and binary options markets could be undermined. The outcome of this case will also impact prediction market platforms such as Kalshi and Polymarket.
JPMorgan Chase has filed an application to launch a tokenized money market fund, JLTXX, on the Ethereum blockchain. Officially named the JPMorgan OnChain Liquidity-Token Money Market Fund, this fund will invest exclusively in US Treasuries and overnight repurchase agreements fully collateralized by US Treasuries or cash. It is designed to meet the eligible reserve asset requirements for stablecoin issuers under the GENIUS Act.Last year, JPMorgan launched its first tokenized money market fund, MONY, on Ethereum.
Trump Media & Technology Group is significantly adjusting its strategy for the prediction market product "Truth Predict." The project, originally planned to launch full trading functionality in partnership with Crypto.com, may now only materialize as a marketing and promotional collaboration, with a notable contraction in the scale of its features.According to the latest regulatory filings, the project is still under development. However, the initial phase will be limited to a promotional partnership with prediction market platform OG.com, rather than embedding trading functions directly within Truth Social. The market's initial vision of an integrated "social + prediction market trading" model appears to be diminished.Earlier plans indicated that Truth Predict intended to allow users to convert platform credits into crypto assets and participate in trading events related to sports, inflation, and elections. However, the newly disclosed structure leans more towards an "external platform traffic-redirecting partnership," with specific commercial mechanisms yet to be clarified. Meanwhile, the prediction market industry is experiencing rapid expansion alongside regulatory conflicts. Platforms like Kalshi and Polymarket continue to expand their sports and event contract businesses, but are also facing jurisdictional disputes between state-level gambling regulators and federal authorities.Analysts suggest that the strategic downsizing of Truth Predict reflects the increasing uncertainty surrounding compliance structures, product forms, and regulatory boundaries for prediction markets. Particularly against the backdrop of an as-yet-unified U.S. regulatory system, related products are trending towards "asset-light cooperation" models rather than direct financial integration into social platforms. (Wired)
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asset management giant BlackRock has filed a new tokenized fund structure application with the U.S. Securities and Exchange Commission (SEC), again selecting Securitize as the provider of underlying technology and issuance infrastructure. According to the filing, the fund will record ownership on the blockchain and integrate with regulated transfer agents and investor access systems. Specifically, Securitize Transfer Agent, LLC will be responsible for maintaining the official registry and ownership records of fund shares across multiple public blockchains, achieving the integration of on-chain assets with traditional compliance systems.This application represents a further expansion built on the success of its first tokenized fund, BUIDL. Since its launch in 2024, the product's scale has grown to approximately $2.3 billion. Market data shows that the total market size for real-world asset (RWA) tokenization has now surpassed $30 billion, with institutional capital accelerating its shift from experimental phases towards compliant, scaled on-chain financial infrastructure development.
Odaily Odaily News According to the latest weekly report from Gate Ventures, global markets continued to strengthen last week, driven by the technology sector. Both the S&P 500 and the Nasdaq index hit new record highs, with the S&P 500 gaining 2.36% for the week and the Nasdaq rising 4.52%. In the crypto market, BTC rose 4.6% last week, ETH rose 2.1%, spot BTC ETFs recorded net inflows for the fifth consecutive week, and market sentiment recovered to the neutral range. Additionally, the total market cap of cryptocurrencies excluding the top ten assets increased by 12.6% for the week.On the macroeconomic front, the ISM Services Price Index rose to 70.7, a two-year high, coupled with energy price fluctuations and the Federal Reserve's policy expectation of "keeping interest rates higher for longer," leading to increased market focus on a "stagflation" environment. On the industry level, Payward, the parent company of Kraken, has applied to the OCC for a national trust charter, highlighting the increasingly evident trend of industry compliance. In terms of investment and financing, 10 deals were completed last week totaling $34.2 million, primarily concentrated in the DeFi and infrastructure sectors. Among them, OpenTrade completed a $17 million funding round to accelerate the development of institutional-grade stablecoin yield infrastructure; OnRe secured a $5 million Series A round to advance its Solana-based tokenized reinsurance product offerings.
According to The Block, the Gross National Happiness (GNH) Mindful City (GMC) in Bhutan’s Special Administrative Region has officially launched its Accelerated Licensing Program for globally regulated digital asset enterprises. Companies holding licenses from major financial centers—such as Singapore, Abu Dhabi Global Market (ADGM), and Hong Kong—can benefit from an integrated regulatory approval and bank account opening process, significantly shortening time-to-market and gaining direct access to corporate bank accounts via DK Bank. On taxation, GMC offers zero corporate tax (for priority sectors), zero capital gains tax, zero dividend tax, and zero inheritance tax. Foreign-investment tax exemptions remain in effect until 2030.
Odaily Coinbase CEO Brian Armstrong plans to meet with U.S. Republican senators this Wednesday, on the eve of a key committee vote on the CLARITY Act scheduled for Thursday by the Senate Banking Committee.Reports indicate the latest draft of the bill exceeds 300 pages, covering mechanisms for stablecoin reward programs, DeFi protection clauses, and federal regulatory standards for digital assets. Previously, Coinbase had withdrawn its support for the bill due to restrictions on stablecoin yield and DeFi protections. However, after revisions driven by Senators Thom Tillis and Angela Alsobrooks, Armstrong has recently softened his stance, stating the industry "didn't get everything it wanted, but the core demands were preserved."Currently, U.S. banking organizations continue to lobby for tighter stablecoin provisions, while some Democratic lawmakers are demanding the inclusion of conflict-of-interest clauses to restrict government officials from engaging in crypto-related business. Market participants are closely watching the outcome of this week's committee deliberations, which could determine whether the first comprehensive U.S. crypto regulatory framework can advance toward enactment by the end of 2026. (FinanceFeeds)
According to The Block, the U.S. Senate Committee on Banking has released an updated 309-page version of the Clarity Act, scheduled for review and vote later this week. The new text includes language restricting stablecoin rewards and incorporates provisions from the Blockchain Regulatory Certainty Act, clarifying that non-custodial developers are not considered money transmitters. Coinbase—which had previously withdrawn its support due to controversy over the stablecoin rewards provision—has now reversed its position and endorsed the bill; however, banking industry groups still deem the restrictions insufficient. Meanwhile, the bill still lacks ethics-related provisions targeting digital asset-related benefits received by the President and other federal officials. Democratic lawmakers have stated that, absent such compromises, the bill is unlikely to gain their support.
the Bank of New York Mellon (BNY) has announced the launch of a compliant institutional-grade digital asset custody service in the Abu Dhabi Global Market (ADGM), aiming to position Abu Dhabi as a global digital finance hub. The service is designed to provide institutional clients with highly secure and scalable digital asset custody solutions. Initially, the service will support the custody of Bitcoin and Ethereum, with subsequent phases expanding to stablecoins, tokenized real-world assets (RWAs), and more regulated digital financial products. The project remains subject to final agreement confirmation and relevant regulatory approvals. (Crowdfundinsider)
Bloomberg ETF analyst Eric Balchunas posted on X that the prediction market ETF was not launched today as originally scheduled, as the U.S. Securities and Exchange Commission (SEC) has decided to conduct further reviews of related products.Eric Balchunas stated that the delay "is not a fatal issue" at this point, but rather suggests that regulators want to conduct additional scrutiny on the disclosure documents. He noted that such products are groundbreaking and, once approved, will set an important regulatory precedent for prediction market ETFs, so it is understandable that the SEC wants to dedicate more time to review them.
: Crypto analyst Axel Adler Jr stated that although Bitcoin rebounded after falling from around $125,000 to $60,000, the current trend remains a "repair after decline" and has not yet been confirmed as entering a new bull market cycle.He pointed out that from an on-chain data perspective, multiple key indicators have not yet entered the historical bear market bottom range. This includes the "Supply in Loss" and 90-day UTXO-related metrics, which have not yet shown a sufficient cyclical bottom structure. Meanwhile, the "LTH Realized Supply" has also not displayed the typical accumulation pattern seen at the end of a bear market, indicating that the market has not yet entered a deep reallocation phase.Additionally, spot selling pressure indicators have not shown obvious "capitulation selling", suggesting that a typical comprehensive market cleansing has not occurred during this decline. Axel Adler Jr believes that before improvements are seen simultaneously in on-chain structure, spot demand, and supply pressure, the current upward move is more likely a technical rebound rather than a trend reversal.On a macro level, he pointed out that the global risk environment remains tight. The conflict between the US and Iran has pushed Brent crude oil close to $100 per barrel, reigniting inflationary pressure. Consumer confidence and financial health indices are weakening, indicating pressure on the demand side. Meanwhile, US Treasury yields remain high, with real interest rates and inflation expectations rising concurrently, further suppressing risk asset valuations.He also mentioned that the leadership of the US Federal Reserve is about to enter a potential transition phase, but the interest rate market is no longer pricing in rapid rate cuts and has even begun to price in the probability of rate hikes. Market expectations have clearly shifted towards "higher for longer". In an environment of high oil prices, high interest rates, and uncertain monetary policy, overall financial conditions remain tight.Axel Adler Jr stated that the current market needs to wait for clearer on-chain bottom structures and signs of demand-side recovery. Until then, he maintains a cautious stance on the market outlook.
that, according to data submitted by the Bank of Korea to the National Assembly, the total value of crypto assets held by South Korean investors fell from 121.8 trillion won (approximately $83.3 billion) at the end of January 2025 to 60.6 trillion won (approximately $41.4 billion) at the end of February 2026, a decline of over 50% within a year. During the same period, the average daily trading volume on South Korea's top five exchanges—Upbit, Bithumb, Korbit, Coinone, and Gopax—dropped from $11.6 billion in December 2024 to $3 billion in February this year. The total Korean won deposits on these exchanges also decreased from 10.7 trillion won to 7.8 trillion won, reflecting that some funds are flowing into the South Korean stock market.However, stablecoin holdings have remained relatively resilient. Data shows that South Korean stablecoin holdings peaked at $597 million in December 2024 before falling to $41 million in February this year, a decline significantly smaller than that of the broader crypto market.Additionally, South Korean regulators plan to implement stricter anti-money laundering rules in August, which will automatically flag as suspicious any transactions involving overseas exchanges or private wallets exceeding 10 million won. The Digital Asset Exchange Alliance (DAXA) has warned that this measure could drive users toward offshore platforms such as Binance.Meanwhile, the South Korean Ministry of Economy and Finance recently confirmed for the first time that a 22% tax rate on crypto gains will officially take effect on January 1, 2027. (Cointelegraph)