News linked to both this project and an event.
Binance's US stock business adopts a dual-core structure of "introducing broker + clearing broker," with Nest Trading responsible for order referral, and US fintech company Alpaca Securities handling the entire process of trade execution, clearing, settlement, and asset custody.Nest Trading, formerly known as BCI Limited, obtained a broker-dealer license from the Abu Dhabi Global Market (ADGM) FSRA at the end of 2025 and officially began operations on January 5, 2026. Together with Nest Exchange and Nest Clearing and Custody, it forms Binance's compliance "troika" in ADGM. Registered on Reem Island in Abu Dhabi, Nest Trading handles key Binance services such as OTC, Convert, and Earn.Alpaca is an SEC-registered broker-dealer and a member of FINRA and SIPC, commanding a 94% market share of tokenized US stocks and ETFs, facilitating 1:1 on-chain asset conversion for platforms like Ondo Finance. In January 2026, Alpaca completed a $150 million Series D funding round at a valuation of $1.15 billion, achieving unicorn status with investments from Citadel Securities, Kraken, MUFG, and others. As of early 2026, Alpaca serves over 300 institutions, covering 9 million brokerage accounts. By the end of 2025, it held total assets of $1.386 billion and net capital exceeding $100 million.Public information indicates that Binance and its core team had no prior connection with Alpaca. This collaboration establishes a cross-border US stock trading loop characterized by "ADGM licensed connectivity + US compliant clearing."
Investment bank TD Cowen stated that as the relevant political environment continues to deteriorate, the likelihood of the US crypto market structure bill, the "Clarity Act," passing this year is declining.TD Cowen analyst Jaret Seiberg pointed out that while the Senate Banking Committee advanced the bill earlier this month, this does not signify a substantive bipartisan agreement; rather, it merely pushes the controversy to the full Senate floor.The report indicated that the escalating controversies surrounding US President Donald Trump and his administration related to crypto in recent days are making it harder for Democrats to support the bill. If the bill does not include clear conflict-of-interest provisions, it will face even greater difficulty in gaining sufficient support in the current political environment.
Odaily News: Greg Cipolaro, Research Director at financial services firm NYDIG, stated that the most realistic legislative window for the U.S. Senate's crypto market structure bill is June to early August. If progress cannot be made during this period, the bill may face uncertainty extending beyond the midterm elections or even longer.Earlier, White House crypto advisor Patrick Witt had proposed July 4 as an ideal legislative timeline, but NYDIG considers this target overly optimistic. The bill still needs to clear multiple hurdles, including committee review, a full Senate vote, and House procedures.The bill aims to establish a clear regulatory framework for U.S. crypto assets and is regarded as one of the most critical pieces of legislation this year. However, it has faced repeated delays due to disagreements over stablecoin regulation, ethical clauses, and DeFi rules. The Senate Banking Committee has advanced the draft for a full Senate vote, but it still requires at least 60 votes to pass.Analysts point out that if the bill fails to pass before the election cycle, shifts in Republican and Democratic control of the Senate could further reduce legislative certainty, keeping the industry in a state of regulatory ambiguity.However, if the bill is ultimately passed and signed into law, it would bring regulatory clarity to the market. In particular, Bitcoin is expected to be clearly classified as a commodity, thereby reducing uncertainty for institutional entry. (Cointelegraph)
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.
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.
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.
: 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.
According to crypto journalist Eleanor Terrett, the U.S. Senate Committee on Banking will hold a markup session for H.R.3633, the “Digital Asset Markets Structure Act of 2025,” at 10:30 a.m. ET on May 14. Committee members will vote on the bill’s text and related amendments. If approved, the Banking Committee’s version will be merged with the portion overseen by the Senate Committee on Agriculture to form the final version, which will then proceed to a full Senate vote.
, Coinbase Vice President of US Policy Kara Calvert stated at the Consensus 2026 conference that the CLARITY crypto market structure bill could be reviewed by the US Senate Banking Committee as early as next week. Kara Calvert noted that the bill requires at least 60 votes to pass in the Senate, and parties are currently working to secure bipartisan support.A HarrisX survey shows that 70% of voters believe the US should enact clear cryptocurrency legislation. Additionally, Kara Calvert believes that the lack of a cohesive tax policy is a major barrier to institutional adoption of cryptocurrencies, as current tax rules require crypto exchanges to record transactions as small as $1. She expressed hope that tax reform legislation could make progress in 2026 and predicted that the House of Representatives might take action on related legislation within the next month or two.
According to The Block, Senator Kirsten Gillibrand stated clearly on Wednesday at the Consensus Miami conference that she would not support the Cryptocurrency Market Structure Act unless it includes an ethics provision. She emphasized that members of Congress, the President, the Vice President, and senior executive branch officials must not profit from the industry by virtue of their insider status, bluntly declaring, “Without this provision, corruption will destroy this industry.” Previously, before the presidential inauguration, both Donald Trump and his wife launched meme coins. Their family-led DeFi and stablecoin project, World Liberty Financial, has also sparked widespread controversy. Bloomberg estimates that Trump has already earned at least $1.4 billion from cryptocurrency-related businesses.
According to CoinDesk, Patrick Witt, Executive Director of the White House’s Digital Assets Advisory Committee, stated at Consensus Miami 2026 that the White House has set July 4 as the target date for the House of Representatives to pass the Digital Asset Markets Clarity Act (Clarity Act). The specific timeline is as follows: the Senate Banking Committee will complete its markup process this month; in June, the full Senate vote will proceed during four designated Senate work weeks; and the bill will then be sent to the House of Representatives for a final vote before Independence Day. Regarding core points of contention in the bill, Senators Thom Tillis and Angela Alsobrooks have reached a compromise on the stablecoin yield provision—prohibiting stablecoins from offering yields equivalent to bank deposits, while preserving rewards tied to consumer spending. Witt stated this issue is “closed.” Additionally, the White House is pushing to expand the scope of conflict-of-interest provisions to cover *all* government personnel, “from the President to congressional interns,” and explicitly opposes targeted provisions aimed at specific officials or their families. Witt also warned that if the U.S. fails to establish regulatory leadership by 2026, it will be forced to follow rules set by other countries—“God forbid China sets those rules.”
Chloe (@ChloeTalk1), a columnist for HTX DeepThink and researcher at HTX Research, analyzes that the current macro framework for the crypto market has shifted from “liquidity trades awaiting rate cuts” to a constraining environment characterized by “higher-for-longer interest rates + sticky inflation + war-related shocks.” According to the latest Reuters survey, most economists have pushed back their expectations for rate cuts to after September, with nearly one-third believing no cuts will occur this year. The primary reason is that the Middle East conflict has driven up energy prices, pushing inflation trajectories higher once again and thereby constraining the Federal Reserve’s policy space. This shift directly undermines the two key narratives previously supporting crypto assets: expectations of liquidity easing and a declining interest-rate path. Elevated oil prices, coupled with consecutive upward revisions to PCE inflation expectations, increase the likelihood that interest rates will remain high—or even extend their elevated period—leading to a higher discount rate and shrinking risk budgets. As a result, marginal capital inflows into the crypto market are diminishing, and high-volatility assets broadly face mounting pressure.
According to CoinDesk, the U.S. cryptocurrency market structure bill—the Clarity Act—has seen no significant public progress over the past month and is not expected to achieve a breakthrough in April. The report notes that if the bill is to pass before the election, May 25—Memorial Day—is viewed as a critical milestone for advancement; after that date, members of Congress will gradually shift into campaign mode, leaving less time for legislative work. At present, it remains unclear whether the Senate Banking Committee will move forward with related hearings. Issues such as stablecoin yields and other outstanding matters have also yet to be publicly resolved. Even if these disagreements are addressed, the House of Representatives would still need to vote on the bill again.
Odaily Odaily: U.S. President Trump stated at a private event for TRUMP Meme coin holders held at his Mar-a-Lago estate in Florida that the White House will not allow banking lobbying groups to hinder the progress of the crypto market structure bill, the Digital Asset Market Clarity Act. He said the crypto industry has entered the mainstream, declaring "America is the leader in crypto," and that banks should not obstruct the establishment of stablecoin and crypto regulatory frameworks.Dubbed the "most exclusive meeting in the world," the event invited hundreds of large TRUMP coin holders. Guests included Tether CEO Paolo Ardoino, Ark Invest founder Cathie Wood, Anchorage Digital CEO Nathan McCauley, and boxing champion Mike Tyson. Previously, the U.S. banking industry had expressed concerns that stablecoin reward mechanisms could impact traditional deposit businesses, which had slowed the legislative process. (CoinDesk)
According to CoinDesk, the U.S. Senate’s Digital Asset Market Clarity Act has been delayed by several months, though a path forward remains amid a tight legislative calendar. Sources indicate that the bill’s original April timeline is now largely unattainable; the earliest it could reach committee review in the Senate is May. If the Senate manages to complete its vote before July, the bill could still become law in 2026. However, analysts note that, given the limited legislative window and overlapping political priorities, the probability of the bill passing in 2026 stands at approximately 50%. Should significant disagreements emerge later, the bill risks further delay—or even being shelved entirely.
According to The Block, Thom Tillis, a Republican Senator from North Carolina and a key negotiator on the Senate Banking Committee, stated that the committee does not expect to schedule hearings to revise and vote on the crypto market structure bill within April. The primary legislative disagreement currently centers on how to handle rewards associated with stablecoins: the current draft proposes banning rewards for idle stablecoin accounts while permitting returns generated from trading activity. Banking representatives fear such returns could draw deposits away from traditional banks, whereas crypto firms argue that restricting rewards would stifle innovation. Tillis suggested postponing the committee’s review to May. Previously, Senator Bernie Moreno warned that if the bill fails to pass before May, “digital asset legislation will stall indefinitely.”
Odaily News U.S. Senator Thom Tillis is urging the Senate Banking Committee to postpone the deliberation of the crypto market structure bill until May, in order to secure more time for finalizing a regulatory compromise on stablecoins between banks and the crypto industry.This move aims to provide additional negotiation space for key disagreements surrounding stablecoins and to promote the formation of a more feasible regulatory framework. (Cointelegraph)
Odaily News As the U.S. midterm elections approach, the White House is accelerating efforts to promote a crypto market structure bill to ease the long-standing disputes between the banking industry and the crypto sector.Reports indicate that multiple parties, including Treasury Secretary Scott Bessent, White House crypto advisor Patrick Witt, and related policy figures, have recently publicly called for advancing this bill. The U.S. Council of Economic Advisers has also released a report addressing the banking industry's concerns about the crypto sector.Analysts suggest that, based on the timing, the current period may be a critical window for promoting relevant legislation, but uncertainty remains regarding whether the bill can be smoothly passed. (The Hill)