What to know: – The Senate is set to mark up the U.S.
Clarity Act, a sweeping digital-asset bill that would ban interest on stablecoin balances, impose penalties up to $5 million and add the Treasury as a key rule-making authority alongside the SEC and CFTC. – Despite the bill’s high stakes and more than 100 proposed amendments, bitcoin options markets show historically low implied volatility and little pricing of event risk. – Technical signals suggest bitcoin’s latest recovery has ended after breaking an April uptrend line near the 200-day moving average, raising the risk of momentum-driven selling toward $75,000
This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already. The week’s main event for digital assets, the U.S. Clarity Act markup, is due later today.
The crypto market, led by bitcoin, seems to be treating it as a non-event. The proposed bill aims to establish a comprehensive regulatory framework for digital assets. The latest draft, released on May 11, includes several key provisions, including a ban on interest on stablecoin balances and a $5 million penalty for violations.