Crypto weekly is authored by maaria bajwa

PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.86T): +6% / -6%
- BTC ($81,649): +6% / -7%
- ETH ($2,686): +7% / -9%
- SOL ($112): +11% / -10%
- HYPE ($94): +20% / +269%
- COIN ($194): +11% / -14%
- Tether Mkt Cap ($183B): 0% / -2%
- USDC Mkt Cap ($74B): 0% / -2%
- BTC / ETH Dominance: 58% / 12%

THIS WEEK IN CRYPTO
- Falling oil prices helped lift risk assets, including crypto, despite the Fed raising rates for the first time since 2023 earlier this week. Link.

- The CLARITY Act failed to advance in the US Senate, causing Bitcoin to drop as much as 5%. Democrats voted no, saying the bill failed to address conflict of interest concerns related to President Trump’s crypto holdings. Link. Link. Link.

- The SEC will allow tokenized stocks to start trading in the US via Tokenized Securities Venues, or TSVs, as part of its long-anticipated “innovation exemption” for the crypto industry. Link. Link. Link. Link.

- The CFTC issued a “no action position” for developers of “passive software” including self-custodied wallets, saying it would not recommend enforcement action against them for not registering as brokers if certain conditions are met. Link. Link. Link. Notice.

- S&P Global is acquiring open-source smart contract security firm OpenZeppelin to develop security assets, benchmarks, and data services for onchain financial products. Terms of the deal were not disclosed. Link. Link.

- The House Financial Services Committee advanced the American Reserve Modernization Act, which would codify President Trump’s plan to create a strategic Bitcoin reserve. Link.

- A House panel advanced crypto tax legislation that would exempt crypto network and transaction fees of $10 or less from taxation and treat mining and staking rewards as ordinary income. The bill also addresses small deviations from the $1 peg for stablecoins, generally treating their redemption value as the tax basis. Link. Link.

- Coinbase files to list perpetual futures, known as “perps”, for roughly 50-60 large-cap US stocks such as Apple, Microsoft, Tesla, and Nvidia. Link.

- Deutsche Bank is launching a crypto custody service for institutional clients. Link.

- The DOJ charged two former Robinhood engineers with commodities and wire fraud, alleging they traded on confidential information about upcoming Robinhood Crypto listings to profit over $50k. Link. Link.

- A group claiming responsibility for obtaining data on 680 Revolut customers with large crypto balances by impersonating law enforcement has demanded 6,000 XMR, worth about $3 million. Link.

- Robinhood is working to add share redemptions and voting rights to its Robinhood Stock Tokens. Link.

- State-backed hackers now account for roughly half of malicious code written to public blockchains according to Chainalysis. Link.

- Ethereum and Coinbase’s Layer-2 Base have given up on building one shared account-abstraction standard for both networks and will ship competing designs instead. Link.