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Биткоин рискует остаться под давлением в ближайшие месяцы — CryptoQuant
Топ-менеджер Finality Capital: Крипторынок ожидает многоэтапная перезагрузка
Отток средств из биткоин-ETF превысил $290 млн за неделю
Cardano Founder Hoskinson Just Released A Free Book On Zero-Knowledge
Cardano founder Charles Hoskinson has released a free book aimed at explaining zero-knowledge systems to a broader crypto audience, framing it as both an educational project and an on-ramp into Midnight, Cardano’s privacy-focused network. The linked GitHub repository shows the work is being published under a Creative Commons Attribution 4.0 license, while the latest public release is now titled Proving Nothing: A Layered Guide to Zero-Knowledge Proof Systems.
Cardano Founder Drops Free 337-Page ZK BookIn a March 27 livestream, Hoskinson said the project grew out of what he described as a “shockingly low level of understanding” around zero-knowledge proofs and ZK cryptography. “So I wrote a 337 page book over the last few months,” he said. He described it as a non-technical manual, though one that still contains a significant amount of technical material, built around a seven-layer framework for understanding how ZK systems are designed from setup and languages down to proof systems, cryptography, and the verification environment.
I wrote a book https://t.co/FrzBeFEQbS
— Charles Hoskinson (@IOHK_Charles) March 27, 2026
That structure is central to the pitch. The Cardano founder said the framework is meant to help readers “understand all ZK systems from that lens,” then move upward into adjacent privacy-enhancing technologies and, eventually, Midnight itself. The repository’s README makes the same case in more formal language, describing the book as a guide to “the entire zero-knowledge stack from the ground up” and arguing that ZK systems do not remove trust so much as decompose it into smaller, testable pieces.
The Midnight angle is not incidental. Hoskinson explicitly presented the book as “a good way of introducing Midnight to people,” and said one chapter is dedicated to the network, even if the broader work is designed as a general introduction to zero-knowledge.
He also said the book goes beyond the seven-layer model into private smart contracts, the Aleo-linked ZEXE model, Midnight’s Kachina system, zkVMs, STARK-to-SNARK pipelines, and the wider market landscape for privacy and proof systems.
That scope has already expanded since the version Hoskinson described on video. The GitHub release notes for v1.10, published on March 30, show the book was renamed from The Seven-Layer Magic Trick to Proving Nothing, and now ships in both EPUB and PDF formats. The file inventory in that release lists a 357-page dark-mode PDF, while the chapter notes show edits and additions across 14 chapters, including sections on zkVMs, market structure, eIDAS 2.0, rollups, and a more detailed Midnight case study.
new release for my book: Version 1.1 of Proving Nothing is out https://t.co/KAbk2jyHza
— Charles Hoskinson (@IOHK_Charles) March 30, 2026
Hoskinson also made clear that this is not a static publication. “This is the first edition, version 1.01,” he said in the livestream. “I’ll keep adding and changing and work on it throughout the weekends as more things come up and as more stuff in Midnight gets launched, I’ll add to this.” That matters because the book appears designed less as a one-off manifesto than as a living educational document tied to Midnight’s rollout and the broader commercialization of privacy tech.
At press time, Cardano traded at $0.2468.
Bitwise: Биткоин устойчивее традиционных рынков к экономическому шоку
Объем ставок на рынках прогнозов превысил $23 млрд — Dune Analytics
Bitcoin Price At $59,000 Is The Line In The Sand, Here’s What You Should Know
Over the last few weeks, the Bitcoin price has ping-ponged between $60,000 and $74,000, suggesting that the direction that the price breaks out of in this range could be determinant of what direction the entire market takes next. After dropping more than 45% already, all attention has now shifted to when the pioneer cryptocurrency will make a new bottom. So far, bulls have held up surprisingly well, but there is still a ‘line in the sand’ that the price must not cross.
Bitcoin Macro Structure Is Still BullishPresently, the Bitcoin price is still holding well above the 200-Week Moving Average, which is very bullish for the price, according to crypto analyst Crypto Patel. The reason for this dates back to the past market cycles, where the 200-Week Moving Average has been the major level to hold or beat.
Digging into the past cycles, Crypto Patel explained that the Bitcoin price had been able to stay above the 200-Week Moving Average back in 2015. The result of this was a major rally that saw the Bitcoin price rally toward $20,000 in the bull market that followed.
Then again, in 2019, the same 200-Week Moving Average held firm, and the resulting bull market led to the 2021 peak of $69,000. Even the third time in 2023, despite the price preciously crashing below $20,000, Bitcoin had managed to hold above the 200-Week Moving Average, and bulls were rewarded as the price would reach $126,000 in 2025.
Given this trend, it becomes obvious that the Bitcoin price being above the 200-Week MA is bullish, and likewise, a crash below it would be bearish. This is why it is important for the bulls to maintain a hold on this level.
BTC Price Must Not Fall Below $59,000Going by the analyst’s post, the current 200-Week Moving Average for Bitcoin lies at $59,000. This immediately makes it the level to defend for the bulls. As Crypto Patel explains, as long as the Bitcoin price stays above this level, then ‘every dip is a gift.’ This means it could be an opportunity to buy.
If historical trends are to be respected, holding the 200W MA would mean that the Bitcoin price would see new all-time highs sometime in 2028. “The Macro Structure Is Still Bullish. Don’t Let Short-Term Fear Shake You Out,” the analyst warns.
Alternatively, a break below this 200-Week Moving Average could be disastrous for Bitcoin, because it would mean that the cryptocurrency has now officially entered bear market territory. It could also bring the harbinger of more decline, sending the cryptocurrency lower before establishing a bottom.
Bitcoin Spot ETFs Break 4-Week Positive Streak With $296M Outflow
Bitcoin price struggles over the last week were also in its ETF market, as the Bitcoin spot ETFs posted their first net outflows in a month. Before this trading session, these investment funds had experienced a 4-week bullish streak, resulting in a combined net inflow of $2.21 billion.
Bitcoin ETFs See Red Again, While Potential New Member AwaitsAccording to data from SoSoValue, the combined trading activity across the 12 Bitcoin Spot ETFs resulted in a negative inflow of $296.18 million over the past week. This development represents the seventh weekly outflow of 2026, and the fifteenth since the crypto bear market commenced in October 2025. A daily analysis shows the net withdrawal performance is highly linked to consecutive outflows on Thursday and Friday, combinedly valued at over $396 million. For context, the $225.48 million outflow registered on Friday represents the market’s largest net outflow since March 3rd.
Looking at individual fund performance, BlackRock IBIT experienced the largest net redemptions valued at $158.07 million. Meanwhile, Grayscale’s GBTC, Bitwise’s BITB, and Ark/21 Shares ARKB also registered a total netflow of $169.26 million. ETFs such as Grayscale’s BTC and VanEck’s HODL also posted respective net withdrawals of $5.45 and $10.28, marking minor contributions to the general market’s negative performance. On the other hand, Fidelity’s FBTC accounted for the only recorded net inflow, valued at $46.88 million.
Other ETFs, such as Invesco’s BTCO, Valkyrie’s BRRR, Wisdom Tree’s BTCW, Franklin Templeton’s EZBC, and Hashdex’s DEFI, all experienced zero weekly net flows. At press time, the Bitcoin Spot ETF reported a cumulative total net inflow of $55.93 billion and total net assets of $84.77 billion.
Meanwhile, recent reports indicate that American banking giant Morgan Stanley has filed to launch its own Bitcoin spot ETF under the ticker MSBT. According to Bloomberg analyst Eric Balchunas, the proposed fund will offer the lowest fee in the market at 0.14%, just below Grayscale’s 0.15%. If approved by the SEC, MSBT will be the first Bitcoin spot ETF directly listed by a US bank. For context, Morgan Stanley ranks as a leading financial services operator in the world with an asset under management of $1.9 trillion and a market cap of $251 billion.
Related Reading: Greatest Wealth Transfer Is about To Happen For Altcoins, Analyst Warns
Ethereum Spot ETFs Record Consecutive OutflowsIn separate news, the Ethereum ETFs extended their negative performance for a second consecutive week after registering weekly net withdrawals of $206.58 million. At the time of writing, the cumulative total net inflow for the Ethereum spot market is $11.52 billion, while total net assets are valued at $11.33 billion.
Ripple CEO Says XRP Utility Is Company’s ‘North Star’, Acquisitions Overperforming
Ripple CEO Brad Garlinghouse laid out a sweeping vision for the company’s future during a Fox Business interview at a conference in Miami, touching on acquisition performance, the role of XRP as a ‘North Star’ within the company, the opportunity for stablecoins, and the regulatory path forward for the crypto industry in the United States.
XRP Utility Is Ripple’s ‘North Star’Garlinghouse made it clear that XRP is the guiding principle behind its strategic moves. According to the Ripple CEO, improving the real-world use cases of XRP, trust, and utility are now the main factors as to how the company approaches product development and expansion. “That is our North Star of how we think about it all,” he said.
This utility outlook of XRP has been central to Ripple’s acquisitions, which, according to Garlinghouse, are all already exceeding expectations. Garlinghouse mentioned that both of Ripple’s major acquisitions from last year have surpassed the company’s internal projections. Ripple Treasury, formerly known as GTreasury, and Ripple Prime have each outperformed expectations, with the most notable example being Ripple Prime tripling its revenue since the acquisition.
Stablecoins And Regulation Could Decide Industry’s Next PhaseGarlinghouse pointed to Ripple Treasury as a concrete illustration of the market opportunity ahead. The platform, in its prior form as GTreasury, orchestrated $13 trillion in payments last year. However, 0% of these payments were conducted in crypto or stablecoins. That gap is one of the biggest opportunities in how the crypto industry moves forward.
“That’s the opportunity,” Garlinghouse said.
Interestingly, he also elaborated on a future of how Ripple captures that opening by incorporating crypto payment rails directly into the dashboards corporate treasurers already use. He described a future where corporate treasurers and CFOs can choose between traditional payment rails that take days and cost more, or blockchain-based options that settle in minutes. That choice could be the important factor that brings crypto deeper into global finance.
Another important part of the discussion focused on crypto regulations in the United States, particularly the proposed CLARITY Act. Garlinghouse had previously expressed support for the CLARITY Act. He had even previously predicted that the legislature will be passed by US regulators by the end of April.
However, the Ripple CEO is now pushing the projected timeline further. He revised his timeline by 30 days and is now expecting progress closer to the end of May but maintained that negotiations are ongoing and that all stakeholders are still engaged. All that needs to happen now is a compromise on this important issue around how rewards are managed.
According to Garlinghouse, passing clear regulatory guidelines for the crypto industry is important for keeping innovation and capital within the United States and for the US to be competitive on a global scale. Without clear regulatory guidelines, there is a risk that entrepreneurs and investments will continue moving offshore.
Featured image from Unsplash, chart from TradingView
How Much Bitcoin Has Bhutan Sold This Year? Arkham Updates 2026 Figure After Latest Move
According to recent on-chain data, Bhutan has continued to move Bitcoin from its major government-linked holding wallets in the past day. This latest transfer confirms the trend of sending out their BTC assets to the open market so far this year.
Bhutan Moves $120 Million Of Bitcoin In 2026On Saturday, March 27th, Arkham Intelligence revealed that the Bhutanese government sent $8.5 million worth of Bitcoin out of its main holding addresses. “This transfer went almost entirely to a fresh address with a separate address type from Bhutan’s holding addresses,” the on-chain analytics firm wrote on X.
Bhutan, a nation famous for its government-backed mining operations, has been trimming its Bitcoin stash, which was built over the past few years. As Arkham revealed in its report, the South-Asian country has embarked on episodic selling of its Bitcoin (in batches of $5 to $10 million) since September 2025.
The crypto intelligence platform highlighted that Bhutan has transferred around $159 million out of its holding addresses since the turn of the year, with more than $39 million flowing back in the opposite direction. This movement amounts to a net outflow of $120 million worth of Bitcoin to open-market participants or platforms, including exchanges and trading firms like QCP Capital.
Arkham wrote on the X platform:
Bhutan sells portions of its Bitcoin in clips of ~$5-10M, and sold ~3500 BTC mid-late September 2025. Bhutan’s outbound transfer volume has also started to increase in recent weeks, with the state appearing to reduce its holdings by about 1700 BTC since the start of the year.
With the price of BTC struggling so far this year, it is no surprise that the country might be looking to reduce its exposure to the world’s largest cryptocurrency by market capitalization. At the same time, the continuous outflow of Bitcoin from the government’s holding addresses has sparked the question of whether Bhutan is exiting the Bitcoin mining scene.
This question has received much credence due to the fact that the identified Bhutan holding addresses have not seen an above-$100,000 inflow in more than a year, despite the constant withdrawals. While the on-chain trend suggests a halt in the kingdom’s mining operations, there is no way to confirm, especially considering the possibility of moving their mining proceeds to fresh, unmarked wallet addresses.
Bitcoin Price At A GlanceAs of this writing, the price of BTC stands at around $66,770, reflecting an over 1% jump in the past 24 hours.
Фонд World Foundation избавился от токенов WLD на $65 млн
Bitcoin Heist Gone Wild: Teens Cross 600 Miles To Rob Couple Of $66M In Crypto
A man identifying himself only as “Red” allegedly ran the whole operation from somewhere far away — and police still don’t know who he is.
Bitcoin Robbery Mastermind Still At LargeThat detail emerged during a March 17 court hearing in Maricopa County, where prosecutors revealed that an unidentified third party was on a phone call with two California teenagers throughout a violent home invasion in Scottsdale, Arizona, directing their every move in real time.
The teenagers – Jackson Sullivan, 17, and Skylar LaPaille, 16 – told investigators that “Red” and another individual known as “8” had been communicating with them through the encrypted app Signal — and had handed them $1,000 to buy supplies before the job.
The target was a couple believed to hold $66 million in bitcoin.
According to court records, Sullivan and LaPaille drove roughly 600 miles from San Luis Obispo, California, arriving at a home near 98th Street on Windrose Drive on the morning of January 30.
Teenage Scottsdale home burglars tried to steal $66 million in crypto, police say https://t.co/vqPtYJEORl pic.twitter.com/gprkdHnjvs
— azfamily 3TV CBS 5 (@azfamily) March 27, 2026
Tied And BeatenThey came dressed in delivery driver uniforms purchased online. They brought a fake package and a dolly. When the homeowner answered the door, the teens forced their way inside.
What followed was brutal. The couple was restrained with duct tape and beaten repeatedly while the intruders demanded access to their cryptocurrency wallets.
The homeowner later addressed the court directly. “I have had a concussion. I’ve had a broken rib,” he said. “They used subterfuge to enter our house, and then he personally beat me repeatedly in my own home.”
The couple’s adult son was also in the house. He hid and called 911.
Officers Arrived While The Break-In Was Still HappeningPolice reached the home before the teens had left. Sullivan and LaPaille fled, driving a vehicle with stolen plates, at one point going the wrong direction into oncoming traffic during the chase.
They were arrested just after 11:30 a.m. on January 31. Left behind at the scene: duct tape, zip ties, a 3D-printed unloaded gun, and a burner phone.
Both teenagers now face nine felony charges, including aggravated assault, kidnapping, and second-degree burglary.
Sullivan was released on a $50,000 cash-only bond and is wearing an electronic monitor. LaPaille’s bond was also set at $50,000, though it was unclear whether he had posted it.
Their attorneys have argued the teens were manipulated. Sullivan’s lawyer told the court his client was targeted online and that his parents had no knowledge of what was happening.
The teens themselves told investigators they had been extorted into carrying out the crime.
An FBI spokesperson confirmed the agency is aware of the investigation but said it is not currently involved.
The mystery figure known as “Red” has not been charged and remains unidentified. Prosecutors acknowledged in open court they do not know his current whereabouts.
Featured image from Unsplash, chart from TradingView
How Weakening US Labor Data Could Impact Bitcoin Market — Report
The global macro environment has been one of the major defining factors in Bitcoin and the broader crypto market so far this year. From the brewing geopolitical tensions in the Middle East to the rising inflation expectations in the United States, the global financial markets have barely caught a break in 2026. A prominent market expert has come forward with interesting US labor data, breaking down how the rising macroeconomic pressure could impact Bitcoin and the broader financial markets.
Macro Shock Could Trigger Risk-Off Behavior Among BTC InvestorsIn a March 28th post on the X platform, Alphractal founder and CEO shared that the participation of the United States labor force has been in a steep decline over the past few weeks. According to the crypto pundit, the Labor Force Participation is one of the most underrated macroeconomic signals in the current market landscape.
Wedson highlighted the major trends of the Labor Force Participation over the last two decades and its impact on the S&P 500 index. According to the highlighted data, participation reached its peak around 2000, before collapsing during 2008 financial crisis, briefly recovering, and then falling to historic lows during the COVID-19 pandemic.
As the labor force participation rate dwindled, the S&P 500 soon followed despite its initial show of resilience. The same can be seen for Bitcoin in the chart below, which seemed to succumb to the macro stress each time the LFP suffered a nosedive.
Wedson noted that, before the “liquidity” flood sent the Bitcoin price to new highs, the market leader initially fell to cycle lows as the labor participation crashed during the COVID lockdown in 2020. What’s different now is that there’s no obvious liquidity fuel to take advantage in the current labor participation plunge.
Wedson wrote in his post:
A falling participation rate means fewer people working, less consumption, weaker real economic output. The stock market can diverge from that reality for a while but not forever.
According to the Alphractal founder, the specific risk for Bitcoin is a macro shock that triggers a risk-off behavior among investors, with most market participants fleeing to safety before the next accumulation phase begins. And, as rightly baked in the steadily-declining Coinbase Premium, the demand for BTC among US investors seems to be in a steady downturn.
Bitcoin Price OverviewAs of this writing, the flagship cryptocurrency is valued at around $66,750, reflecting a roughly 1% jump in the past 24 hours. The single-day action has not been enough to wipe out losses from the past week, which still stand at more than 5%.
Crypto Giant Bitmain Faces Scrutiny As US Senator Flags Trump Family Ties
A federal investigation into a Chinese hardware maker sits unresolved, its outcome unknown to the public. That uncertainty is now drawing fire from Capitol Hill — and putting US President Donald Trump’s family in the middle of it.
Security Probe Stretches Back To Biden White House
Senator Elizabeth Warren wrote to Commerce Secretary Howard Lutnick Thursday, asking for internal documents and communications tied to Bitmain Technologies, the Beijing-based company that makes a dominant share of the world’s bitcoin mining machines.
According to Bloomberg, which first reported the letter, Warren wants to know what the department has done to address what she called “potential national security concerns” — and whether business ties to the Trump family have shaped any of those decisions.
The federal probe Warren is pressing on has a name: Operation Red Sunset. Led by the Department of Homeland Security, it examined whether Bitmain’s ASIC mining rigs could be remotely manipulated for espionage or used to knock out parts of the US power grid.
The investigation was launched under the Biden administration and carried into the opening months of Trump’s current term. Based on Bloomberg’s November 2025 reporting, its status remains unresolved.
The security questions around Bitmain did not start with Operation Red Sunset. A Senate Intelligence Committee report from July 2025 concluded that Bitmain hardware “can be forced by the PRC to turn over data” under China’s national security law.
A year earlier, a federal review ordered the divestment of a mining operation near Wyoming’s Francis E. Warren Air Force Base over what officials described as significant national security concerns tied to foreign-made equipment.
Trump Sons Spent $314 Million On The Same Rigs Under Scrutiny
What sharpens the political edge of Warren’s letter is who has been buying Bitmain hardware in bulk. American Bitcoin Corp., co-founded by Eric Trump and Donald Trump Jr. in a joint venture with mining company Hut 8, signed a contract in August 2025 to acquire 16,000 Bitmain machines for $314 million, paid in pledged bitcoin rather than cash. That deal came from SEC filings cited by Bloomberg.
The company has since grown its fleet considerably. Reports indicate American Bitcoin added another 11,298 machines earlier this month, bringing its total to roughly 89,000 rigs producing about 28.1 exahashes per second of mining power. Its bitcoin treasury has reached around 6,900 BTC — worth approximately $462 million at current prices.
Warren’s letter asks Lutnick directly what steps his department has taken to keep national security decisions clear of influence from firms with Trump family business connections.
Банк BNP Paribas предложит клиентам криптоноты
Growing Pressure On BTC: On-Chain Data Reveals Bitcoin’s Institutional Exodus
Bitcoin is sending distress signals from within. Information tracked from on-chain analytics platform CryptoQuant shows mounting institutional discomfort, and two metrics are simultaneously displaying warning signs that could define Bitcoin’s trajectory for the rest of the month.
The Coinbase Premium CollapseOne of the clearest windows into institutional Bitcoin behavior has now swung substantially negative. According to CryptoQuant data reviewed by crypto analyst Darkfost, the Coinbase Premium Index, which measures the price difference between Coinbase Advanced and Binance, has plunged to its most negative reading since the crypto crash in early February.
The indicator carries particular significance because of the type of trading that’s majorly going on in each exchange. Coinbase Advanced is the platform of choice for professional and institutional investors, while Binance serves a broader, predominantly retail base. Whenever Coinbase prices are trading at a discount to Binance, then that means institutional participants are selling more than the wider market.
Bitcoin Coinbase Premium. Source: @Darkfost_Coc On X
Institutional sentiment is being shaped by ongoing geopolitical and economic developments. The conflict in Iran, rising oil prices, and concerns around inflation and bond yields are feeding directly into how institutional investors are investing in Bitcoin.
These are precisely the kinds of macro variables that large funds and institutional desks are structurally sensitive to, and with conditions deteriorating in recent days, these institutions are reducing their Bitcoin exposure in response.
A Stubborn Ceiling At $72,500Even if macro sentiment were to stabilize, Bitcoin is still facing a structural obstacle that on-chain data makes difficult to ignore. According to a second metric tracked using CryptoQuant data, Bitcoin’s price action is still unable to reclaim its realized price when inactive supply is excluded.
This adjusted realized price filters out Bitcoin that has not moved in more than seven years. Once it has been over seven years since it has been moved, the coins will be considered to be either permanently lost or held by long-term holders who do not participate in market activity. Stripping away that dormant supply produces a cost basis that more accurately shows the coins actually circulating in the market.
At the time of writing, that adjusted realized price is sitting at approximately $72,500. Interestingly, the entire Bitcoin realized price is even below this level.
BTC Adjusted Realized Price. Source: @Darkfost_Coc On X
The significance of this level becomes clearer when placed in historical context. In previous bear market phases, Bitcoin has often spent between six and ten months below this cost basis before managing to break above it again. The current structure is beginning to resemble those earlier periods. Although the Bitcoin price managed to break to $76,000 in the middle of March, it has since returned to trading below the adjusted realized price.
If the current cycle follows suit, the implication is that Bitcoin may face several more difficult months trading below and around $72,500 before a sustained recovery becomes viable.
Featured image from Unsplash, chart from TradingView
Квартирантка устроила майнинговую ферму прямо на балконе съемного жилья
Morgan Stanley зайдет на рынок биткоин-ETF с околонулевой комиссией
В Сбербанке объяснили разницу между криптовалютами и цифровым рублем
Senator Defends CLARITY Act As Developer Protection Debate Heats Up
A crypto developer was convicted last year for running an unlicensed money-transmitting business. That case — and others like it — is now driving one of the sharpest disagreements in Washington over how the US plans to regulate decentralized finance.
The Conviction That Changed The ConversationRoman Storm, co-founder of the cryptocurrency mixing platform Tornado Cash, was found guilty in August 2025 of conspiracy charges tied to the operation of an unlicensed money-transmitting service.
His conviction sent a chill through the developer community. It also made the legal definitions buried inside pending crypto legislation feel a lot more urgent.
That backdrop is now shaping a public dispute between Senator Cynthia Lummis and prominent crypto attorney Jake Chervinsky over whether the Digital Asset Market Clarity Act — widely known as the CLARITY Act — actually protects the developers it claims to defend.
Don’t believe the FUD– we have worked on a bipartisan basis for the last few weeks to make changes to Title 3 that make this bill the strongest protection for DeFi and developers ever enacted. We have to pass the Clarity Act to get these protections. https://t.co/CMQNHuvvFv
— Senator Cynthia Lummis (@SenLummis) March 27, 2026
CLARITY Act: What Chervinsky Gets AtChervinsky’s concern is specific. Title 3 of the current Senate Banking Committee draft, he argues, contains money transmitter language broad enough to pull non-custodial software developers into Bank Secrecy Act territory — meaning KYC obligations and the regulatory exposure that comes with them.
His position: that result would effectively hollow out the Blockchain Regulatory Certainty Act, which was written precisely to keep non-custodial builders out of that category.
But the draft also has provisions in Title 3 that undermine the BRCA and subject all sorts of non-custodial software developers to KYC obligations anyway.
Those sections must be fixed or the bill doesn’t work for DeFi.
If the bill doesn’t work for DeFi, it doesn’t work at all.
— Jake Chervinsky (@jchervinsky) March 26, 2026
“The biggest challenge is ensuring non-custodial software developers aren’t misclassified as money transmitters,” Chervinsky said. He called the issue non-negotiable for DeFi, and said it remains unsettled.
The tension he’s flagging isn’t small. Section 604 of the CLARITY Act does incorporate the BRCA, which states that developers who don’t hold or control user funds should not be treated as financial institutions. But Chervinsky’s read is that other language in Title 3 creates enough ambiguity to undo that protection in practice.
On Friday, Lummis fired back directly. She said recent bipartisan revisions to Title 3 make the bill the strongest protection for DeFi developers ever put into law.
“Don’t believe the FUD,” she posted on X, urging supporters to back the legislation’s passage.
Text Still Not PublicWhile earlier drafts of the CLARITY Act have been made public, the latest negotiated revisions referenced by Cynthia Lummis have not yet been fully released. That means the specific changes she is describing cannot be independently verified — at least for now.
What is known: the bill is gaining momentum. Bipartisan progress on stablecoin rewards provisions has pushed it closer to a Senate Banking Committee markup, expected sometime in April.
Chervinsky has noted that those stablecoin provisions have consumed most of the public attention, leaving the developer protection debate in the background despite its significance.
For developers watching closely, the stakes could not be more concrete. The question of whether writing non-custodial software qualifies someone as a money transmitter is not theoretical.
Roman Storm found that out in court. Until the revised CLARITY Act text is available for review, the industry’s only assurance is a senator’s word on social media.
Featured image from Pexels, chart from TradingView
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