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Project Overview
Passage provides an ecosystem for building and connecting virtual and physical experiences through creator-built games. On its face, Passage is a social network. Under the hood, it’s an open worldbuilding platform with invisible infrastructure for connecting digital / metaverse experiences. Built with Cosmos, Passage is blockchain-agnostic and offers a suite of tools to make virtual worlds more accessible: in-browser streaming, cross-world commerce for fungible tokens and NFTs, social functionality, and 3D communication infrastructure.
SEC Chairman: Optimistic About Congressional Passage of the CLARITY Act
: Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), stated that he is optimistic about Congress passing the CLARITY Act. The SEC is assisting Congress in advancing the bill, including answering questions and providing technical assistance. The CLARITY Act aims to establish a clearer regulatory framework for digital assets in the U.S. crypto market. The bill has passed the House of Representatives and is currently under consideration in the Senate. Atkins stated that legislation is the way to ensure relevant rules have long-term applicability. If Congress fails to complete the legislation, the SEC is prepared to formulate rules addressing the market structure issues covered by the CLARITY Act and other crypto market matters.
Aave Founder: CLARITY Act Nears Final Passage, DeFi Set for Regulatory Milestone
Aave founder Stani Kulechov posted on platform X, stating that now more than ever, the industry needs to build consensus and do everything possible to ensure the smooth passage of the U.S. CLARITY Act.Stani stated that although the CLARITY Act is not perfect and many details still need to be formulated by regulatory agencies in the future, the bill will become the first regulatory legislation involving decentralized finance (DeFi). It will provide a clear legal framework and regulatory certainty for institutions, fintech companies, and banks to participate in on-chain finance. Once the CLARITY Act is officially passed, its driving effect on the on-chain finance ecosystem is expected to be similar to the development opportunities the GENIUS Act previously brought to the stablecoin industry, attracting more investment and institutional capital into the on-chain space.Stani added that over the past year, and especially in recent weeks and days, the Aave team has been in close communication with relevant policymakers in Washington, D.C., USA. He stated that they have now entered the "last mile" of pushing for the bill's enactment, a phase that is critically important.
Trump Crypto Interest Controversy Weighs on CLARITY Act, Dimming Prospects for Passage This Year
the long-awaited digital asset regulatory bill, the CLARITY Act, has hit a snag in its advancement. Senate Majority Leader John Thune stated that the Senate is not expected to pass the bill before the August recess.The CLARITY Act aims to establish a clearer regulatory framework for digital assets, promoting the integration of blockchain and crypto assets into the mainstream financial system. Previously, the bill had undergone multiple rounds of negotiations between the crypto industry and opposing forces, such as the banking sector, and was once considered close to passage.However, recent controversy surrounding conflicts of interest related to President Donald Trump and his family's involvement in crypto projects has emerged as a new obstacle. Democrats are demanding the inclusion of ethical clauses in the bill that would restrict government officials from profiting from crypto transactions, a stance Republicans have previously opposed. Prediction market data indicates that the probability of the CLARITY Act passing this year has significantly declined. Polymarket data shows that as of Friday, the probability stood at approximately 37%, well below the over 80% level seen earlier this spring.Crypto policy organizations and industry insiders believe the current delay is largely influenced by the political dynamics of the U.S. midterm elections. Ron Hammond, Head of Policy and Advocacy at Wintermute, stated that the votes to support the bill may still exist, but "election politics are louder." He suggested that a window for advancing the bill could still emerge after the November elections.Analysts point out that if Congress needs to prioritize major issues such as government funding and national defense before the end of its current term, the CLARITY Act could be further marginalized. As the U.S. political landscape may shift following the midterm elections, the outlook for crypto regulatory legislation remains highly uncertain. (Fortune)
Clarity Act Legislative Time Window Narrows, Passage Within the Year Still Awaits Congressional Coordination
According to CoinDesk, the U.S. Crypto Market Structure Bill Clarity Act failed to be signed within the previously expected timeframe. As Congress approaches its summer recess, pressure is mounting for the bill to be enacted within 2026. However, several observers following the legislative process remain cautiously optimistic about its passage within the year, believing that current key coordination efforts are still ongoing, including the consolidation of content between the Senate Agriculture Committee and Banking Committee versions.
U.S. Senator: Without Prompt Passage of the “Clarity Act,” Cryptocurrencies and Financial Dominance Will Fully Shift Overseas
Senator Kevin Cramer stated in an interview that the U.S. Congress must immediately pass the Clarity Act; otherwise, the cryptocurrency industry—and control over future finance—will be completely lost to other countries worldwide. He emphasized: “This is not about Bitcoin—it’s a strategic question about who controls the future of finance.”
US CLARITY Act Consideration May Be Delayed to July, Affecting Probability of Final Passage in August
crypto journalist Eleanor Terrett posted on platform X, stating that due to ongoing disagreements within the Republican party over the border security coordination bill, the US Senate failed to advance relevant agenda items before the Memorial Day recess. As a result, the crypto market structure bill, the CLARITY Act, will need to compete for Senate floor time again after Congress reconvenes in early June. The Senate's current schedule is already very tight, with housing legislation, the farm bill, and the FISA Act deadline on June 12 also needing to be addressed. Therefore, the crypto market structure legislation is likely to be postponed for consideration until July, thereby affecting the probability of its final passage before the August recess. It is reported that staff from the Senate Agriculture Committee and the Banking Committee have already begun coordinating and merging bill texts behind the scenes, and related technical drafting work will continue during the recess.
Trump Crypto Interest Controversy Weighs on CLARITY Act, Dimming Prospects for Passage This Year
the long-awaited digital asset regulatory bill, the CLARITY Act, has hit a snag in its advancement. Senate Majority Leader John Thune stated that the Senate is not expected to pass the bill before the August recess.The CLARITY Act aims to establish a clearer regulatory framework for digital assets, promoting the integration of blockchain and crypto assets into the mainstream financial system. Previously, the bill had undergone multiple rounds of negotiations between the crypto industry and opposing forces, such as the banking sector, and was once considered close to passage.However, recent controversy surrounding conflicts of interest related to President Donald Trump and his family's involvement in crypto projects has emerged as a new obstacle. Democrats are demanding the inclusion of ethical clauses in the bill that would restrict government officials from profiting from crypto transactions, a stance Republicans have previously opposed. Prediction market data indicates that the probability of the CLARITY Act passing this year has significantly declined. Polymarket data shows that as of Friday, the probability stood at approximately 37%, well below the over 80% level seen earlier this spring.Crypto policy organizations and industry insiders believe the current delay is largely influenced by the political dynamics of the U.S. midterm elections. Ron Hammond, Head of Policy and Advocacy at Wintermute, stated that the votes to support the bill may still exist, but "election politics are louder." He suggested that a window for advancing the bill could still emerge after the November elections.Analysts point out that if Congress needs to prioritize major issues such as government funding and national defense before the end of its current term, the CLARITY Act could be further marginalized. As the U.S. political landscape may shift following the midterm elections, the outlook for crypto regulatory legislation remains highly uncertain. (Fortune)
Clarity Act Legislative Time Window Narrows, Passage Within the Year Still Awaits Congressional Coordination
According to CoinDesk, the U.S. Crypto Market Structure Bill Clarity Act failed to be signed within the previously expected timeframe. As Congress approaches its summer recess, pressure is mounting for the bill to be enacted within 2026. However, several observers following the legislative process remain cautiously optimistic about its passage within the year, believing that current key coordination efforts are still ongoing, including the consolidation of content between the Senate Agriculture Committee and Banking Committee versions.
Oman’s Foreign Minister: Does Not Support Charging Toll Fees for Passage Through the Strait of Hormuz
Oman's Ministry of Foreign Affairs released the relevant content of Foreign Minister Badr's recent interview. Badr stated that Oman is always committed to ensuring a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in ongoing dialogues, and any future arrangements involving the Strait of Hormuz must be conducted within the framework of international law.Regarding the issue of toll fees that has drawn public attention, Badr stated that Oman does not support charging passage fees for transit ships, but did not rule out the possibility of discussing mechanisms related to maritime services. Badr said that discussions could be held on topics such as enhancing navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution. In this regard, practices from other straits could serve as references. He stated that such arrangements would be negotiated and formulated with countries and shipping companies using the Strait of Hormuz shipping route. Their purpose is to improve maritime services and ensure navigation safety, rather than adding new burdens to global trade. (CCTV News)
Coinbase CEO: CLARITY Act Closer Than Ever to Passage
Coinbase CEO Brian Armstrong stated that the "CLARITY Act" is "closer than ever" to advancing toward passage.Brian Armstrong noted that the bill would make the US financial system faster, cheaper, and more inclusive, helping the United States maintain its leadership in the competition for the next-generation global financial system.He also expressed gratitude to US Senate staff and the 3.7 million Stand With Crypto supporters, stating that these groups have driven the bill to its current stage.
TD Cowen: The Crypto Bill “Clarity for Digital Tokens Act” Faces Five Major Obstacles, Passage Outlook Uncertain
According to The Block, Jaret Seiberg, Managing Director of the Washington Research Group at investment bank TD Cowen, stated that stablecoin yield issues are not the sole obstacle to the passage of the Clarity Act—and cited the following five additional hurdles: 1. A severe shortage of Commodity Futures Trading Commission (CFTC) commissioners: only Chairman Michael Selig remains in office, and the process to appoint new commissioners could take several months, while the bill must complete its review by the end of July; 2. Complex regulatory questions surrounding prediction markets—including concerns about insider trading and potential conflicts of interest involving the Trump family—which may prompt Democratic lawmakers to withdraw their support via related amendments; 3. Ongoing controversy surrounding World Liberty Financial, a cryptocurrency project affiliated with the Trump family, increasing political resistance from Democrats toward supporting the bill; 4. Reports indicating Iran is discussing requiring vessels transiting the Strait of Hormuz to pay tolls in cryptocurrency—a development that could trigger contentious anti-money laundering (AML) amendments, potentially serving as a “poison pill” for the bill; 5. Risk that the Credit Card Competition Act could be attached to the Clarity Act, jeopardizing the entire bill’s progress. Regarding stablecoin yield issues, Senator Thom Tillis indicated that the Senate Banking Committee will not vote on the bill until as early as May. TD Cowen maintains its assessment that the bill has approximately a one-in-three chance of passing this year, while Galaxy Digital estimates the probability at roughly 50%.
Hormuz Strait Now Seeing Cryptocurrency “Safe Passage Fee” Scam Messages
According to Reuters, Greek maritime risk management company MARISKS has warned that some shipping companies stranded west of the Strait of Hormuz have received fraudulent messages impersonating Iranian authorities, demanding payment of a “transit permit fee” in Bitcoin or Tether (USDT). These messages are scams and not issued by official Iranian authorities. MARISKS stated that the scam messages claim documents must first be submitted and assessed by the “Iranian Security Department” before the cryptocurrency fee is determined. Currently, approximately hundreds of vessels and around 20,000 seafarers are stranded in the Gulf. During Iran’s brief opening of the Strait on April 18, at least two vessels—including one oil tanker—were forced to turn back after Iranian vessels opened fire on them.
Related news
SEC Chairman: Optimistic About Congressional Passage of the CLARITY Act
: Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), stated that he is optimistic about Congress passing the CLARITY Act. The SEC is assisting Congress in advancing the bill, including answering questions and providing technical assistance. The CLARITY Act aims to establish a clearer regulatory framework for digital assets in the U.S. crypto market. The bill has passed the House of Representatives and is currently under consideration in the Senate. Atkins stated that legislation is the way to ensure relevant rules have long-term applicability. If Congress fails to complete the legislation, the SEC is prepared to formulate rules addressing the market structure issues covered by the CLARITY Act and other crypto market matters.
Aave Founder: CLARITY Act Nears Final Passage, DeFi Set for Regulatory Milestone
Aave founder Stani Kulechov posted on platform X, stating that now more than ever, the industry needs to build consensus and do everything possible to ensure the smooth passage of the U.S. CLARITY Act.Stani stated that although the CLARITY Act is not perfect and many details still need to be formulated by regulatory agencies in the future, the bill will become the first regulatory legislation involving decentralized finance (DeFi). It will provide a clear legal framework and regulatory certainty for institutions, fintech companies, and banks to participate in on-chain finance. Once the CLARITY Act is officially passed, its driving effect on the on-chain finance ecosystem is expected to be similar to the development opportunities the GENIUS Act previously brought to the stablecoin industry, attracting more investment and institutional capital into the on-chain space.Stani added that over the past year, and especially in recent weeks and days, the Aave team has been in close communication with relevant policymakers in Washington, D.C., USA. He stated that they have now entered the "last mile" of pushing for the bill's enactment, a phase that is critically important.
Trump Crypto Interest Controversy Weighs on CLARITY Act, Dimming Prospects for Passage This Year
the long-awaited digital asset regulatory bill, the CLARITY Act, has hit a snag in its advancement. Senate Majority Leader John Thune stated that the Senate is not expected to pass the bill before the August recess.The CLARITY Act aims to establish a clearer regulatory framework for digital assets, promoting the integration of blockchain and crypto assets into the mainstream financial system. Previously, the bill had undergone multiple rounds of negotiations between the crypto industry and opposing forces, such as the banking sector, and was once considered close to passage.However, recent controversy surrounding conflicts of interest related to President Donald Trump and his family's involvement in crypto projects has emerged as a new obstacle. Democrats are demanding the inclusion of ethical clauses in the bill that would restrict government officials from profiting from crypto transactions, a stance Republicans have previously opposed. Prediction market data indicates that the probability of the CLARITY Act passing this year has significantly declined. Polymarket data shows that as of Friday, the probability stood at approximately 37%, well below the over 80% level seen earlier this spring.Crypto policy organizations and industry insiders believe the current delay is largely influenced by the political dynamics of the U.S. midterm elections. Ron Hammond, Head of Policy and Advocacy at Wintermute, stated that the votes to support the bill may still exist, but "election politics are louder." He suggested that a window for advancing the bill could still emerge after the November elections.Analysts point out that if Congress needs to prioritize major issues such as government funding and national defense before the end of its current term, the CLARITY Act could be further marginalized. As the U.S. political landscape may shift following the midterm elections, the outlook for crypto regulatory legislation remains highly uncertain. (Fortune)
Iran's Foreign Minister Says Charging for Passage Through the Strait of Hormuz Is Justified, But 20% Is Too High
Iran's Foreign Minister stated President Trump's remarks were completely correct; any party providing security guarantees for the safe passage of commercial ships through the Strait of Hormuz should be compensated. However, a 20% charge is too high, and Iran will set a fair fee.
Clarity Act Legislative Time Window Narrows, Passage Within the Year Still Awaits Congressional Coordination
According to CoinDesk, the U.S. Crypto Market Structure Bill Clarity Act failed to be signed within the previously expected timeframe. As Congress approaches its summer recess, pressure is mounting for the bill to be enacted within 2026. However, several observers following the legislative process remain cautiously optimistic about its passage within the year, believing that current key coordination efforts are still ongoing, including the consolidation of content between the Senate Agriculture Committee and Banking Committee versions.
Oman’s Foreign Minister: Does Not Support Charging Toll Fees for Passage Through the Strait of Hormuz
Oman's Ministry of Foreign Affairs released the relevant content of Foreign Minister Badr's recent interview. Badr stated that Oman is always committed to ensuring a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in ongoing dialogues, and any future arrangements involving the Strait of Hormuz must be conducted within the framework of international law.Regarding the issue of toll fees that has drawn public attention, Badr stated that Oman does not support charging passage fees for transit ships, but did not rule out the possibility of discussing mechanisms related to maritime services. Badr said that discussions could be held on topics such as enhancing navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution. In this regard, practices from other straits could serve as references. He stated that such arrangements would be negotiated and formulated with countries and shipping companies using the Strait of Hormuz shipping route. Their purpose is to improve maritime services and ensure navigation safety, rather than adding new burdens to global trade. (CCTV News)