🚨NEW: We sat down with @HouseAgGOP Digital Assets Subcommittee Chair @RepDustyJohnson at @SolanaInstitute Washington x Wall Street event in Chicago.
We examined the toughest fights left in crypto legislation, what has to happen before crypto market structure legislation can reach the President's desk and more.
Links below.
🚨 CLARITY ACT MAY CROSS THE FINISH LINE BY JULY 4TH
White House official Patrick Witt said he is “optimistic” that the CLARITY Act could pass by Independence Day.
“Every day we’re making great progress” he tells Eleanor Terrett.
In testimony today, the Secretary of the Treasury for the world’s largest economy declared that the United States is moving toward a formal strategic Bitcoin reserve.
Also, Saylor didn’t sell because Bitcoin is dead. He sold to prove its capital.
Meanwhile, the Bitcoin maximalists are still busy fighting each other and declaring Bitcoin dead.
All while short sighted investors sell Bitcoin and chase parabolic charts in AI. You know what they say: you can’t fix stupid.
JUST IN: 🇺🇸 Treasury Secretary Scott Bessent says he's looking forward to working with lawmakers on the Strategic Bitcoin Reserve 👀
"We are proceeding with all deliberate speed. And we are making sure...we use best practices and things will be durable for the future" 🚀
🚨NEW: President Trump just praised the @CFTC and @ChairmanSelig’s fight for federal preemption over prediction markets while touting America as the Crypto/Bitcoin Capital of the World.
“It is a major industry and we must protect it.”
Global liquidity increased by roughly ~$1 trillion this week, rising from ~$142.4T to ~$143.4T (+0.75%).
More importantly, momentum continues to strengthen.
Our RoC chart is now showing a clearer shift higher after the recent period of stalling and volatility.
What makes this interesting is the backdrop.
Over the past week, bond markets remained under pressure with long-duration yields pushing higher again, while markets continued pricing in the possibility of structurally higher rates over the next 12 months.
Normally, this would create a much more difficult environment for liquidity-sensitive assets.
Yet despite that, liquidity conditions still improved.
Part of that likely comes from continued DXY stabilization around the critical 100 level after months of weakness.
A softer dollar generally eases global financial conditions and tends to support liquidity expansion globally.
At the same time, risk assets have remained surprisingly resilient despite elevated geopolitical tensions and ongoing uncertainty around inflation and refinancing conditions.
For now, the key takeaway remains the same:
Liquidity momentum is improving again, which is constructive for risk assets - but this still looks more like the early stages of reacceleration rather than a fully established expansion regime.
Bear markets end and bull markets begin in Bitcoin when the weekly +DI crosses above the -DI
Typically this takes 60 wks after the initial bear cross begins – this time its been around 30
The -DI is now diverging away from +DI
If BTC didn't bottom, this was one of the best indicators to show us that it didn't
BREAKING: The SEC is set to release its so-called "innovation exemption" for tokenized stocks which will pave the path for trading digital versions of securities, per Bloomberg.
Details include:
1. In a "surprise move," the SEC is leaning toward allowing the trading of tokenized assets
2. These tokenized assets would be tradeable on decentralized crypto platforms
3. The move could "reshape the landscape of the American stock market"
4. This would also be one of the US' biggest shifts into crypto infrastructure yet
Tokenized assets are rapidly expanding.
USDC is becoming the standard across crypto markets.
Coinbase is deploying USDC on @HyperliquidX to help grow the ecosystem and scale how capital moves.
Hyperliquid.
🚨NOW: WARREN LEADS MASSIVE AMENDMENT PUSH AGAINST CLARITY ACT
More than 100 amendments have been submitted ahead of the Senate Banking Committee’s markup vote on the CLARITY Act, per Politico.
Sen. Elizabeth Warren alone has reportedly filed over 40 amendments, signaling intensifying political resistance against the landmark U.S. crypto legislation.
The Internet’s largest paradigm shift is happening now, and our Q1 results underscore Circle’s role at the center of these changes.
→ $694M total revenue and reserve income, +20% YoY
→ $77.0B USDC in circulation, +28% YoY
→ $21.5T in USDC onchain transaction volume, +263% YoY
From digital dollars and global payments to the agentic economy, Circle is building trusted infrastructure for a more programmable internet financial system.
Full results at https://t.co/v1jSV7zRFs
The difference now v. late 2025 is that the non-commercial traders of B!+c0in futures are net long in a big way now. For most futures, it is the "commercials" who are the smart money. But few qualify for that category in these futures, so the non-commercials fill that role.
Shocking stat of the day:
Adjusted Stablecoin volume is projected to reach $719 TRILLION by 2035, according to a new report from Chainalysis.
This projection is assuming organic growth alone. When factoring in macro catalysts, Chainalysis says this figure could approach $1.5 quadrillion.
In fact, Stablecoin payment volumes are on pace to match Visa and Mastercard’s off-chain transaction volumes somewhere between 2031 and 2039.
This comes amid a massive shift toward Stablecoin infrastructure, with Western Union, $USDPT, Fidelity, $FIDD, Meta, and many other Fortune 500 companies preparing launches.
The ecosystem is also evolving, such as Jupiter's $JUPUSD, which returns yield back to the ecosystem and has been attracting large inflows.
Stablecoin adoption is skyrocketing.
Institutions are slurping up 500%+ of Bitcoin's daily mined supply. Every time it's been this high before, price has shot up over the next week. The average return in prior cases is +24% over the next 1 month from here, that would take is to around $96K.