CryptocurrencyBlockchain infrastructureDeFiRegulatory/PolicyMining
A senior exchange and payments executive said he assesses about a 90% probability that a federal crypto market-structure bill—widely discussed in industry circles as the CLARITY Act—will clear Congress by the end of April, pointing to intensified, clause-level engagement from the White House on stablecoin yield and supervisory language.
Negotiations have shifted from high-level principles to technical drafting, with participants including exchange and bank representatives, Capitol Hill staff, and trade groups focusing on whether stablecoins may include repeat reward or yield-like mechanics and which federal agency will have primary oversight. Industry withdrawals and withheld endorsements, including a high-profile exchange pulling public support, have complicated near-term markups and pushed negotiators to craft committee-ready amendments rather than sweeping statutory overhauls.
At the protocol level, BGD Labs — a core contributor to the Aave ecosystem — announced it will cease development contributions after April 1, citing governance alignment and centralization concerns. To help cover transition risk, the team offered an optional $200,000 retainer to support security work while stewardship is reallocated.
Corporate financials added market nuance: a bitcoin-focused public company defended its treasury posture after reporting a $619 million net loss for 2025 and noting a sharp year-over-year rise in operating profit; the firm’s stock is down roughly 23% year-to-date versus bitcoin’s near 24% decline.
Onchain infrastructure showed resilience: network mining difficulty jumped about 14.7% to an elevated level as hashrate recovered from weather-related curtailments that had temporarily removed roughly 200 EH/s of capacity, lifting total estimated hashrate from about 884 EH/s to approximately 1,030 EH/s.
Political and regulatory pressure intensified: lawmakers formally pressed the Treasury for explanations regarding a contested application for a national trust bank charter tied to politically connected investors and stablecoin ambitions, underscoring heightened congressional scrutiny on charter approvals and hiring vetting.
Separately, Malaysian authorities detained 12 police officers alleged to have been involved in crypto-related extortion schemes, signaling a law-enforcement focus on corruption and crypto-enabled crime that could raise regional compliance and reputational risks.
Taken together, the updates reflect converging forces: aggressive regulatory and legislative bargaining over stablecoin mechanics, tangible developer churn at a major DeFi protocol, corporate balance-sheet volatility tied to crypto exposures, and robust mining fundamentals after a short-term capacity shock.
What to watch next: final clause-level adjustments to stablecoin yield language, whether negotiators use procedural levers (including conditioning effective dates on CFTC quorum) that could extend timelines, governance proposals for next-generation protocol releases, and macro datapoints—such as mortgage figures and weekly jobless claims—that could shift sentiment.
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Coinbase publicly withdrew support for a congressional market-structure draft, creating friction for near-term markups, but HSBC analysts say a narrower, committee-level compromise could still deliver the statutory certainty institutions seek. The White House has scheduled a targeted convening next week—organized by its digital-assets advisory council—to try to resolve a specific dispute over reward-like incentives tied to stablecoins, a move that could produce language suitable for quick committee amendments.
Goldman Sachs CEO David Solomon said stalled congressional progress has pushed the CLARITY Act’s market-structure markup into an uncertain timeline, increasing ambiguity for tokenization and stablecoin products even as crypto markets showed a short-term uptrend. The pause amplifies lobbying activity and technical fights over custody, yield-bearing stablecoins and market definitions — favoring well-resourced incumbents and pressuring product roadmaps.
Sen. Roger Marshall privately agreed to stand down on a controversial card swipe-fee amendment to avoid jeopardizing an upcoming Agriculture Committee markup of a bipartisan crypto market-structure bill. The move comes as broader intercommittee disputes — including formal objections from Judiciary members to developer-exemption language in the Banking draft and at least one major exchange withholding support — have pushed leaders to buy time and manage amendments to preserve a path forward.
Treasury Secretary Scott Bessent used testimony before the Senate Banking Committee to urge quick passage of the Digital Asset Market Clarity Act, warning that U.S. leadership in digital finance is at stake. His remarks came amid a stalled markup after key industry backers withdrew support, a White House convening to seek compromises, and technical committee fights over CFTC staffing, stablecoin yield restrictions and DeFi carve-outs.
A broad crypto market contraction erased roughly $1 trillion in value over the past month, yet infrastructure-focused companies and tokenized real‑world assets drew fresh institutional capital. Notable moves included a $107M acquisition financed in part with ~363.6M shares and a $650M venture fund close, while tokenized RWAs climbed about 13.5% and concentrated on a handful of settlement rails.
Major banks preparing to offer crypto-linked services are increasing acquisition pressure on mid-sized digital-asset firms, shrinking standalone growth options. Rising yield alternatives tied to stablecoins and tokenization themes are reshaping exit pathways and investor returns in the sector.
A procedural step in a Senate committee tied to federal crypto legislation set off a sharp market reaction, knocking Bitcoin from near $90,000 to about $84,000 and pulling major altcoins lower. The move came amid thin liquidity, recent ETF outflows and other geopolitical and policy noise that likely amplified liquidations and algorithmic selling.
Senators reconvened to resume a Senate Agriculture Committee markup of a comprehensive crypto market-structure bill; lawmakers are weighing an amendment that would suspend the law’s effectiveness until the Commodity Futures Trading Commission reaches a minimum number of confirmed commissioners. Committee leaders have also been managing flashpoints — including a quietly restrained payments amendment and formal Judiciary objections to a developer exemption — while intercommittee friction and industry withdrawals complicate prospects for a unified package.