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The Block: Объем находящихся в стейкинге эфиров достиг нового рекорда
Boycott Urged For CLARITY Act Draft: Expert Raises Concerns Over Banks Manipulation
As the anticipated markup of the CLARITY Act approaches, supporters of the digital asset market are raising alarms over the latest draft of the bill. They claim that the revisions pushed by banking lobbyists threaten to undermine the principles of the cryptocurrency industry.
Ban On Yield Payments In CLARITY ActIn a recent post on social media platform X (formerly Twitter), market expert Nick Cash vocalized his strong opposition, stating that the current iteration of the CLARITY Act must be boycotted.
He described it as a mechanism for banks to manipulate the future of cryptocurrencies, portraying their influence as a detrimental force for innovation in the sector.
The revised version of the CLARITY Act, which serves as a comprehensive crypto market structure bill, introduces significant restrictions on stablecoin issuers like Circle and Ripple. Notably, these firms will be prohibited from offering yield back to passive token holders.
Title IV of the Digital Asset Market Consumer Protection Act (DAMCA) outlines how regulated banking institutions can interact with digital assets, mandating that stablecoin issuers—defined by the GENIUS Act—cannot make interest payments to holders.
Under the proposed changes, while stablecoin issuers would still be able to provide rewards tied to specific actions (such as account openings and cashback), the ban on yield payments poses a serious concern for the crypto industry, which has consistently viewed yield protection as a non-negotiable issue.
Cash argues that the modifications may leave crypto-native issuers positioned at a competitive disadvantage against traditional banks. He warned that such restrictions could severely impact decentralized finance (DeFi) and the overall cryptocurrency landscape.
Expressing his frustration, Cash stated that those supporting the revised bill are essentially siding with banks and undermining the crypto movement.
Strong Public Support For Stablecoin RewardsBanking institutions have argued that allowing these interest payments could lead to a significant outflow of deposits from insured banks, threatening overall financial stability.
In contrast, crypto advocates counter that blocking crypto exchanges from paying interest on stablecoins is anti-competitive and detrimental to innovation. Summer Mersinger, CEO of the Blockchain Association, articulated her stance, asserting:
What is threatening progress is not a lack of policymaker engagement, but the relentless pressure campaign by the Big Banks to rewrite this bill to protect their own incumbency.
She highlighted that the demand to eliminate stablecoin rewards aims to restrict consumer choice and stifle innovative financial products before they have the chance to compete.
Amid this ongoing CLARITY Act debate, Stuart Alderoty, Chief Legal Officer at Ripple, weighed in, emphasizing that American consumers value their freedom to choose.
He referenced new data from The National Cryptocurrency Association, which indicates a strong public preference—nearly 4-to-1—in favor of allowing stablecoin rewards, along with little appetite for government intervention to curb them.
Ultimately, the future of the CLARITY Act remains uncertain as stakeholders continue to voice their concerns about the implications of increased banking oversight on the cryptocurrency market.
Featured image from DALL-E, chart from TradingView.com
Сбер: без регулирования криптовалют в России победить кибермошенников не получится
В JPMorgan прогнозируют рекордный приток капитала в криптоиндустрию
В Госдуме предложили передать Минфину часть полномочий в сфере майнинга
Pakistan Partners With WLFI-Linked Company For USD1 Stablecoin Payments
Pakistan has partnered with a company affiliated with Trump-linked World Liberty Financial (WLFI) to explore innovation in digital finance and the use of stablecoins for cross-border transactions.
Pakistan To Explore USD1 For Cross-Border PaymentsOn Wednesday, Pakistan announced it had signed a memorandum of understanding (MoU) with a crypto firm linked to the Trump Family’s main crypto business, World Liberty Financial.
According to a report by Reuters, the Pakistan Virtual Asset Regulatory Authority (PVARA) entered an agreement with SC Financial Technologies, a firm described as an affiliated entity of WLFI, to explore the use of its USD1 stablecoin for cross-border payments.
The memorandum is set to enable “dialogue and technical understanding around emerging digital payment architectures,” and was announced during WLFI founder and CEO Zach Witkoff’s visit to Pakistan.
Notably, Witkoff is also the CEO of SC Financial Technologies, which co-owns the USD1 stablecoin brand alongside World Liberty Financial, according to documentation on the stablecoin’s reserves reviewed by the news media outlet.
Under the agreement, the WLFI-linked company will collaborate with Pakistan’s central bank to integrate its USD 1 stablecoin into a regulated digital payments structure. A source involved in the deal detailed that this would allow the token to operate alongside Pakistan’s own digital currency infrastructure.
It’s worth noting that PVARA officials have previously affirmed that the country will launch a national stablecoin as part of its strategy to modernize payments and support tokenized debt. Additionally, the central bank is developing a pilot for a central bank digital currency (CBDC).
“Our focus is to stay ahead of the curve by engaging with credible global players, understanding new financial models, and ensuring that innovation, where explored, is aligned with regulation, stability, and national interest,” said Pakistan’s Finance Minister Muhammad Aurangzeb.
WLFI Faces New Conflict Of Interest ConcernsThe news comes as WLFI faces some scrutiny in the US. On Tuesday, US Senator Elizabeth Warren sent a letter to Comptroller of the Currency (OCC), Jonathan Gould, pressing the agency to halt its review of the bank charter application submitted by the Trump-linked company.
On January 7, World Liberty Financial applied with the OCC to operate as a national trust bank purpose-built for stablecoin services in the US. The move is intended to facilitate the issuance of WLFI’s USD1 stablecoin. Moreover, it would allow the crypto company to provide custodial banking services and gain access to national payment networks under the OCC’s supervision.
The democratic senator cited fears she expressed in July, when she told newly appointed Jonathan Gould that “the OCC may soon be in the position where it has to review a stablecoin issuer application submitted by a company directly tied to President Trump and his family and to draft regulations that clearly influence the President’s finances.”
Unlike most of his predecessors, President Trump has not put his crypto ventures in a trust managed by an independent party, an October investigation stated, pointing out that instead, most of his businesses are owned by a revocable trust, of which he is the sole beneficiary, and managed by his son Donald Trump Jr.
According to the Tuesday letter, Warren’s concerns have gone from being “hypothetical,” as Gould reportedly called them, to being a reality. The senator argued that if the application is approved, the OCC would promulgate rules that “influence the profitability of the President’s company” and would also be responsible for “directly supervising and enforcing the law against the President’s company—and its competitors.”
Therefore, Warren requested that the OCC delay World Liberty Financial’s review until US President Donald Trump divests and eliminates all financial conflicts of interest involving himself or his family members and the company.
Брайан Армстронг: «Отсутствие регулирования лучше, чем плохой закон»
Артур Хейс: Биткоин вернет себе прежние темпы роста
Ripple Clinches Major License Win In Luxembourg After UK Achievement
Ripple announced Wednesday that it has received a preliminary Electronic Money Institution (EMI) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). This follows on the heels of a similar license and Crypto asset Registration given by the UK’s Financial Conduct Authority (FCA) last Friday.
EU Regulatory ProgressIn its press release, Ripple emphasized that these new licenses contribute to its extensive portfolio, now exceeding 75 regulatory approvals worldwide, positioning Ripple as one of the most licensed cryptocurrency companies globally.
Monica Long, President of Ripple, remarked on the significance of the European Union’s evolving stance regarding digital assets:
The EU was among the first major jurisdictions to introduce comprehensive digital assets regulation, which provides the certainty that financial institutions need to transition from pilot programs to large-scale commercial operations.
By expanding its licensing capabilities and refining its payment solutions, the crypto giant aims to facilitate the movement of value and unlock what it describes as “trillions of dollars in dormant capital,” pushing legacy financial systems into a digital era.
Cassie Craddock, Managing Director for the UK and Europe at Ripple, echoed this sentiment, praising Luxembourg’s progressive regulatory environment toward digital assets stating:
Thanks to the CSSF’s sophisticated supervisory approach, Luxembourg is establishing itself as a hub for financial innovation by delivering the harmonized framework and legal certainty that our industry requires.
She highlighted that this preliminary approval is a crucial milestone, enabling Ripple to offer essential blockchain infrastructure to clients throughout the European Union.
The preliminary approval, which arrives in the form of a ‘Green Light Letter’ from the CSSF, represents a vital step towards Ripple securing its full EMI authorization, contingent upon meeting specific conditions.
Ripple Highlights UK As Key MarketIn its recent announcement regarding the UK, Ripple underscored the importance of the country in its broader global strategy, noting that London houses its largest office outside the United States since 2016.
Notably, the company has demonstrated its commitment to the UK market through ongoing investments, which include a growing workforce and support for the local blockchain and developer ecosystem.
Additionally, Ripple has contributed significantly to UK-based blockchain developers and startups, as well as committing over £5 million to UK universities through its flagship University Blockchain Research Initiative (UBRI) program.
In a statement addressing these developments, Stuart Alderoty, Chief Legal Officer at Ripple, expressed pride in the progress made with the EMI license and Cryptoasset Registration from the FCA:
This is yet another major step forward, and it signals positive momentum for the UK’s digital assets industry, underscoring Ripple’s licensing achievements globally.
At the time of writing, XRP was trading at $2.1485, up slightly more than 3% in the past 24 hours as the broader crypto market has recovered since the start of the year.
Featured image from DALL-E, chart from TradingView.com
Institutions Are Positioning Ahead Of US Crypto Market Structure Shift – Details
The cryptocurrency market is showing signs of short-term relief as Bitcoin and major altcoins attempt to stabilize after weeks of sustained selling pressure. Prices have rebounded modestly across the board, easing some of the recent bearish momentum. However, sentiment remains fragile. Many analysts argue that this move fits the profile of a relief rally rather than the start of a durable trend reversal, pointing to still-weak market structure and unresolved macro and regulatory risks.
Against this backdrop, a draft market structure bill released by the US Senate is drawing significant attention. The proposed framework represents a potential structural shift in how crypto assets are treated within the US financial system.
The bill aims to clearly differentiate which crypto assets fall under the definition of commodities and which qualify as securities, while assigning regulatory oversight accordingly. Until now, the US regulatory approach has largely relied on enforcement actions, creating uncertainty for investors, developers, and institutions alike. By outlining classification criteria in advance, the proposal seeks to reduce ambiguity and provide a cleaner operating environment.
As markets digest this information, the focus is shifting from headline-driven volatility toward longer-term structural implications. Whether this regulatory clarity translates into sustained confidence remains an open question.
Regulatory Clarity Signals a ShiftA report from XWIN Research Japan highlights a critical nuance in the latest US market structure proposal: fully decentralized networks and DeFi protocols are not treated as traditional financial intermediaries. Developers, validators, and node operators are not automatically classified as regulated entities, signaling a formal recognition of decentralization as a core structural attribute rather than a loophole to be closed.
This distinction is meaningful, as it reduces legal uncertainty for open-source contributors and preserves the permissionless nature of decentralized infrastructure.
In contrast, centralized entities face a more clearly defined regulatory perimeter. Exchanges, brokers, and custodians are expected to comply with stricter rules on registration, asset segregation, and disclosure. Rather than targeting innovation, these requirements appear designed to professionalize market infrastructure and align centralized crypto businesses with existing financial standards.
Within this framework, Bitcoin, Ethereum, stablecoins, and spot ETFs are implicitly assumed to remain integrated into the US financial system, reinforcing their status as legitimate financial instruments.
On-chain data already reflects this transition. Metrics from CryptoQuant show that near the $90,000 Bitcoin level, retail activity remains muted while mid- and large-sized spot orders dominate. This pattern suggests neither speculative excess nor panic-driven exits, but measured positioning by larger investors.
Taken together, these signals imply a market gradually shifting from reactive, headline-driven behavior toward a more structure-driven phase. Regulatory clarity may not spark immediate price moves, but it is already influencing how capital positions itself across the crypto landscape.
Total Crypto Market Cap Enters Consolidation PhaseThe total cryptocurrency market capitalization chart shows a market in consolidation after an aggressive multi-quarter expansion. Following the strong advance from late 2023 into mid-2025, total market cap peaked near the $3.8–$4.0 trillion zone before entering a corrective phase. Since then, price action has transitioned into a broad range, with higher volatility compressing into a more orderly structure.
Currently, the total market cap is hovering around the $3.2 trillion level, which aligns with a key former resistance zone that has now acted as support multiple times. The weekly structure suggests a cooling phase rather than a breakdown. Price remains above the rising 200-week moving average, which continues to slope upward and reinforces the idea that the primary market trend is still constructive.
Shorter-term moving averages have flattened, reflecting indecision and reduced momentum after the earlier impulsive move. Volume has declined from peak levels, indicating that aggressive distribution pressure has eased, but strong expansion demand has not yet returned. This combination is typical of mid-cycle consolidation rather than terminal weakness.
From a structural perspective, the market is digesting prior gains while maintaining a higher-low framework relative to previous cycles. A sustained hold above the $3.0 trillion region keeps the broader bullish structure intact. However, failure to defend this zone would expose the market to deeper retracements toward long-term trend support.
Featured image from ChatGPT, chart from TradingView.com
Visa Brings Stablecoins To $1.7 Trillion Platform In BVNK Partnership
Visa has partnered with BVNK to bring stablecoin payments to the Visa Direct platform, expanding its digital payments infrastructure.
BVNK Will Power Visa Direct’s Stablecoin InfrastructureAs announced in a Wednesday press release, BVNK and Visa have formed a strategic partnership to enable stablecoin payments on the latter’s Visa Direct platform. Based in the US, Visa is the second-largest card payment organization globally, behind only China’s UnionPay. In fact, when excluding China, the firm is the single largest, making up for 50% of total card payments.
Lately, Visa has been exploring digital asset payments, particularly those involving stablecoins, in a bid to modernize money movement. In 2025, the payments giant ran multiple stablecoin pilots related to Visa Direct, its $1.7 trillion real-time global payouts platform.
Now, it seems Visa has taken the next step by partnering with BVNK, a stablecoin infrastructure provider processing over $30 billion in payments annually. Mark Nelsen, Visa’s head of product, commercial, and money movement, said:
Stablecoins are an exciting opportunity for global payments, with enormous potential to reduce friction and expand access to faster, more efficient payment options – including during weekends, holidays and when banks are closed.
Starting with markets with strong demand for digital payments, BVNK will power a few different Visa Direct services, including stablecoin pre-funding and payouts. Visa’s new deal with BVNK hasn’t come out of the blue. Back in May 2025, Visa Ventures made an investment in the digital asset payments rail company. Jesse Hemson-Struthers, BVNK CEO, noted:
Visa and BVNK both believe in the transformational potential of stablecoin technology, not just as a payment method, but as a powerful layer of payments infrastructure.
Following the initial rollout, a broader global expansion of the service is planned, but so far, it’s unconfirmed which markets will be included, only that Visa will decide it based on “customer needs.” Stablecoins have witnessed growing adoption during the past year, as multiple countries have pushed on with legislation related to the sector. Among the most notable developments was the signing of the GENIUS Act by US President Donald Trump.
According to a report from Bloomberg, total stablecoin transaction volume rose 72% to $33 trillion in 2025, a new record.
Tether’s USDT is the largest fiat-tied cryptocurrency based on market cap, with a valuation that’s more than double Circle’s USDC, but the latter still dominated in transactions during 2025. USDC made up for $18.3 trillion of the total volume, while USDT accounted for $13.3 trillion.
Together, the two tokens covered an extreme majority of the total volume last year, suggesting that activity related to other dollar-pegged tokens and non-USD stablecoins remained low.
Bitcoin PriceAt the time of writing, Bitcoin is trading around $95,000, up more than 3% over the past week.
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