CLARITY Fails, Kraken Prepares for On-Chain Perps, And More

WEEK IN REVIEW

7 Democratic Senators Vow to Keep Pushing CLARITY Act After Setback

A group of Democratic senators says the failed Senate vote on the CLARITY Act will not end efforts to establish a federal framework for cryptocurrency markets.

Editor’s comment:

The failure of CLARITY to pass seems like a delay of the inevitable. As Jeremy Allaire said on CNBC, GENIUS also failed cloture before passing weeks later. “We don’t really know what’s gonna happen here,” he added.

Tom Lee Sees Bullish 12 Months as Wall Street Embraces Crypto

Bitmine Chairman Tom Lee expects crypto to enter a powerful 12-month period as Wall Street embraces blockchain, leverage returns and…

Editor’s comment:

Lee has been saying some version of this basically every quarter for the last several years, and he’s usually right. He notes that “in no other era for the last 15 years of the history of blockchain has the financial system actually viewed it as a tool…Now it does.”

Kraken Parent Payward to Launch US Onchain Perpetuals

Payward plans to launch the first regulated U.S. onchain perpetual futures markets using the Hyperliquid protocol.

Editor’s comment:

This is undoubtedly bullish for HYPE. This integration could give Hyperliquid access to 6 million accounts and $100 billion in monthly volume that flows on Kraken’s rails.

The Attackers Who Deceived Revolut Now Demand 6,000 XMR

The attackers claiming to be behind the Revolut breach have dropped the earlier bitcoin demand and are now asking for 6,000 XMR, roughly $3 million…

Editor’s comment:

It begs the question: What’s so bad about receiving a BTC payment? Obviously, privacy is something the Bitcoin ecosystem wants and needs to develop, but has proven to be inherently difficult. It’s also worth asking why the hackers preferred XMR over ZEC.

Kalshi Hits $40B+ Volume and 80% of US Prediction Market

Kalshi now moves $40B+ in monthly volume while handling roughly 80% of U.S. prediction market volume.

Editor’s comment:

While Polymarket takes a global approach to its target customers, Kalshi is positioning itself as the premier American prediction market platform. The sky appears to be the limit in this industry, as the numbers just keep getting more and more vast.