Crypto took hits on multiple fronts today.

A key Senate vote failed, dragging Bitcoin and crypto stocks down with it.

Separately, two Robinhood engineers were charged with fraud over alleged front-running.

Yet a major bank's bullish call on a layer 2 token offered a counterpoint.

Here’s your daily market roundup.

Crypto's top policy goal stalls in the Senate

The Clarity Act just fell far short of the 60 votes needed to advance in the Senate.

It's the furthest the industry's market structure push has ever gotten, after years and hundreds of millions of dollars in lobbying.

The sticking point: ethics provisions meant to limit officials' crypto business ties proved impossible to resolve.

With the legislative path blocked, the industry is turning to the SEC and CFTC for a way forward.

Get the full story →

Markets

Markets stumble as stablecoin bill falters and rate fears mount

Polymarket bettors slashed the Clarity Act's odds of becoming law to just 14%.

That spooked crypto stocks too: Coinbase dropped 7% and Circle fell 8%.

Treasury yields pushed toward 2023 highs, adding pressure across risk assets.

BTC slipped below $77K, ETH traded near $2,400, and SOL dipped under $100.

Keep reading →

Suspected Robinhood engineers flagged in crypto insider trading scheme on Hyperliquid

A single wallet perfectly timed trades around Robinhood's token listings on Hyperliquid.

Blockchain analysts traced the activity back to suspected engineers at the brokerage.

The case shows how on-chain transparency can expose the very insiders trying to exploit it.

Read the full breakdown →

Standard Chartered initiates ARB coverage, sees 70x upside by 2030

Standard Chartered's digital assets chief just slapped a $10 price target on Arbitrum's token.

ARB trades around $0.14 today, so that call implies a 70x return over five years.

The thesis: Arbitrum could become the rails traditional finance uses to move on-chain.

If a top-20 global bank is underwriting that vision, other institutions will take notice.

Check the details →

On Our Radar

The real crypto problem: Prop traders need better systems, not easier entry.*

Elon's payment play: X is finally getting into the stock trading business with brokers.

Multi-chain ambitions: Tonkeeper ditches its name to become Keeper and expand beyond Ton.

_*sponsored

ICYMI

The AI IPO Rush Is Coming

OpenAI and Anthropic could bring a new wave of AI attention to the public markets. But investors don’t have to wait for the IPOs.

MarketBeat’s 7 AI Stocks to Buy Now report reveals 7 publicly traded companies positioned to benefit from the next phase of AI investment.

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Meme of the Day

See you in the next one.

Vi