Washington is drawing the battle lines for crypto's next chapter.

Regulators are building new frameworks while lawmakers debate killing stablecoin yield entirely.

Meanwhile, Wall Street keeps marching deeper into tokenized finance.

The tension between innovation and restriction is defining this market cycle.

Here's what moved on Tuesday.

Circle stock drops nearly 20% as CLARITY Act draft targets stablecoin yield

Circle shares cratered toward $100 after a draft of the CLARITY Act revealed a ban on stablecoin yield.

The proposed rules would block issuers from offering passive rewards for simply holding a stablecoin.

In English: the feature that makes USDC attractive to depositors could be illegal.

If the language survives, it could fundamentally reshape how stablecoins compete for capital.

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Markets

Bernstein says Bitcoin's bottom is in, eyes $150K by year-end

Bernstein analysts believe Bitcoin's 50% drawdown from October highs was a sentiment reset, not structural damage.

The firm points to ETF inflows and growing corporate treasury demand as catalysts.

They also note Bitcoin has outperformed gold by 25% since the Iran conflict began in late February.

BTC traded near $69K, ETH slipped below $2,200, SOL drifted near $89, and XRP held around $1.39.

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CFTC launches innovation task force to shape US crypto and AI rules

The CFTC just stood up a task force dedicated to crypto, AI, and prediction market regulation.

Acting Chair Selig is pushing for tighter coordination with the SEC on oversight boundaries.

For firms building in US derivatives markets, the rulebook is finally getting written.

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NYSE partners with BlackRock-backed Securitize to build tokenized securities platform

The New York Stock Exchange signed a deal with Securitize to develop 24/7 tokenized securities trading.

Securitize will serve as the primary infrastructure partner under a new memorandum of understanding.

When the world's largest stock exchange bets on blockchain, the TradFi-crypto merger stops being theoretical.

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On Our Radar

Cross-chain bridge moment: TRON's TRX now trades on Aerodrome for deeper liquidity.*

Big Four's biggest test: Tether finally gets audited by the numbers.

Invesco enters the chat: The asset giant will soon run a $900M tokenized Treasury fund.

_*sponsored

ICYMI

Meme of the Day

See you in the next one.

Vi