The joint venture of European banks Qivalis, set to launch a euro-backed stablecoin this year, has added 25 new members.
The financial institutions from a number of EU nations are bringing the total number of participants in the ambitious project to 37.
Qivalis adds new members in major expansion
Over two dozen banks have joined Qivalis, the consortium established to issue a euro-denominated alternative to dollar-pegged stablecoins, which dominate this segment.
Some of Europe’s largest banking organizations teamed up to realize the idea a few months ago. Others have backed it since. And the current wave is a significant increase in participation.
Announcing its latest expansion in a post on X on Wednesday, the group also unveiled that the cryptocurrency is slated to appear in the second half of 2026.
Qivalis took the opportunity to reiterate its main goal – to issue a “native, regulated euro in the on-chain financial system.”
We are not just building a euro stablecoin; we are laying the European financial rails of the future.
25 new banks have joined Qivalis today – bringing our consortium to 37 major institutions united behind one mission: a native, regulated euro in the on-chain financial system,… pic.twitter.com/J3DTm2uc0y
Commenting on the inclusion of new members, the Chief Financial Officer of Qivalis, Dutch financial and digital assets expert Floris Lugt, described the development as a “revolutionary moment,” stating:
“The potential of blockchain technology has consistently gone unrealized because banks did not support it. That is about to change.”
Two banks from the Netherlands, ABN Amro and Rabobank, have now joined the Amsterdam-based consortium. ING was among its founders last fall.
Financieele Dagblad, the country’s leading business daily, which quoted Lugt, wrote that the move marks a significant shift in the stance of major Dutch banks towards digital currencies and assets.
Nine banks launched the project in September 2025, including giants like ING, the Belgian KBC, Italy’s UniCredit, and the Austrian Raiffeisen. France’s BNP Paribas became part of it later.
Spain’s Banco Sabadell was accepted earlier in May, taking the total to 12 banks at the time, as reported by Cryptopolitan. Another five Spanish banks were added this week.
With the 25 joining now, the club already numbers 37 banks, coming from all corners of the Old Continent, from Iceland and Sweden, to Poland, Italy, and Greece.
Qivalis CEO Jan-Oliver Sell called the expansion of the consortium “a giant leap toward an open and compliant on-chain ecosystem for the euro”.
Euro stablecoin to enter dollar-dominated space
Unlike decentralized cryptocurrencies like Bitcoin and Ethereum, most stablecoins are tied to a fiat currency by their issuer to keep their price stable. They are widely used in crypto trading.
The global stablecoin market, which according to Citigroup may reach $4 trillion this decade, is heavily dominated by digital currencies pegged to the U.S. dollar, such as Tether’s USDT and Circle’s USDC.
EU officials have been expressing concerns that this growth may flood Europe with digitalized dollars and undermine Frankfurt’s monetary policy.
However, that hasn’t translated into support for euro stablecoins. The case for them is “far weaker than it appears,” according to a recent statement by ECB President Christine Lagarde.
Earlier this month, she warned that even they present a risk to financial stability and said that stablecoins are not an efficient way to strengthen the international role of the common currency.
The expansion of the Qivalis project comes as the European Union is trying to implement its Markets in Crypto Assets (MiCA) regulations across all member states.
The comprehensive framework was adopted in 2023 and came into effect in 2024, but not all EU countries have transposed its provisions into national law yet.
Representatives of AIB and Bank of Ireland, two Irish banks that are joining Qivalis now, insisted in comments for the local press that the euro stablecoin will be fully compliant with MiCA.
Qivalis CFO Floris Lugt assured the group shares the EU’s concerns and is addressing them while developing the regulated crypto, which will be backed by bank deposits and other assets.
The CLARITY Act Just Passed Committee. Here’s What It Means for Bitcoin.Regulation & Markets
The CLARITY Act Just Passed Committee. Here’s What It Means for Bitcoin.
For four months, the most important crypto legislation in a decade sat in limbo. Today it moved — and Bitcoin hit $82,000 on the news. Here’s what actually happened, what’s still unresolved, and what it means for your portfolio.
Ashton AddisonCrypto Coin ShowMay 14, 2026
BreakingSenate Banking Committee votes 15-9 to advance the Digital Asset Market Clarity Act — Bitcoin surges to $82,000, triggering $236M in liquidations.
For four months, the CLARITY Act sat in limbo. Today it moved.
The U.S. Senate Banking Committee voted 15-9 to advance the Digital Asset Market Clarity Act — the most significant crypto market structure legislation since the GENIUS Act was signed into law last July. Two Democrats broke ranks to vote yes. Bitcoin jumped to $82,000 on the news, triggering $236 million in total liquidations and a 3.5% gain on the day.
Here is what actually happened, what is still unresolved, and what it means for your portfolio.
01 — What the CLARITY Act Actually Does
The CLARITY Act is a comprehensive rulebook for digital asset markets. It draws a clear line between which assets are regulated as securities by the SEC and which are regulated as digital commodities by the CFTC. That distinction matters enormously for every crypto project operating in the US — and for every exchange listing them.
The bill also establishes registration frameworks for digital commodity brokers, dealers, and exchanges, and adds Treasury as a key rule-making authority alongside the SEC and CFTC. It is, in short, the regulatory foundation the industry has been waiting a decade for.
“Durable, lasting digital asset policy must be built on a bipartisan foundation, and today’s vote reflects the growing recognition across party lines that the United States needs clear rules of the road.”
— Blockchain Association CEO Summer Mersinger
02 — What Happened in the Hearing Room
The Senate Banking Committee hearing started with partisan friction. Senator Elizabeth Warren called the bill “just not ready,” citing a survey finding that only 1% of voters list crypto as a top priority. Dozens of amendments were proposed — most from Democrats seeking to substantially rewrite portions of the bill.
Chairman Tim Scott held the line. A last-moment maneuver secured the 15-9 bipartisan vote. Democratic Senators Ruben Gallego and Angela Alsobrooks voted yes, though both signalled their floor votes would depend on further progress on two outstanding issues: a law enforcement provision and an ethics clause designed to limit government officials from profiting in the crypto industry.
That ethics provision is the central unresolved tension. Democrats have said explicitly that the full Senate will not get their votes without it. Republicans and White House officials have pushed back hard, given that the provision is widely seen as targeting President Trump’s own crypto holdings.
03 — What Still Has to Happen
Passing committee is one step in a longer process. Here is the full path to law:
The Banking Committee version must be merged with the Senate Agriculture Committee’s version of crypto legislation
The ethics provision must be negotiated and inserted — the make-or-break issue for Democrat floor votes
The combined bill must clear the full Senate at 60 votes, requiring meaningful Democratic crossover support
The House must approve the final version
President Trump must sign it — White House target is July 4, 2026
White House adviser Patrick Witt said at Consensus Miami last week that July 4th is an achievable signing date. That timeline is aggressive. If the bill does not clear before August recess, Senator Lummis has warned the next realistic window is 2030.
04 — What It Means for Bitcoin
Bitcoin moved from $79,500 to $82,000 during the hearing. The 3.5% gain triggered a short squeeze — $145 million in short liquidations, $236 million in total liquidations across the market. Polymarket odds on BTC hitting $85,000 in May climbed 5 points to 56%.
Technically, $82,000 is where Bitcoin needs to close to confirm the next leg up. It sits right at the 200-day moving average. Analysts note that a confirmed close above that level opens $92,000-$98,000. A failure to hold $78,500 brings $76,500 back into play.
The structural picture has not changed. The institutional floor is intact. ETF inflows remain positive. The CLARITY Act is now the macro catalyst driving price. But the bill is not law yet, and the market knows it.
First support level. Must hold or $76,500 comes back into view
69%
Polymarket odds the CLARITY Act becomes law in 2026
60
Senate votes needed — requires Democrat crossover support
July 4
White House target signing date — aggressive but achievable per Patrick Witt
2030
Next window if August recess is missed, per Senator Lummis
05 — The Bigger Picture
The CLARITY Act passing committee is not the finish line. But it is the clearest signal yet that the US is moving from enforcement-driven crypto regulation toward a defined legal framework. That shift matters more than any single price move.
For builders, it means the years of operating in legal grey zones may be coming to an end. For institutions, it means the compliance infrastructure they have been waiting for is finally taking shape. For retail investors, it means the rules of the game are becoming clearer.
Coinbase CEO Brian Armstrong called the bill “strong” and said it “will benefit the American people by making the US financial system faster, cheaper and more accessible.” The Blockchain Association called today “a defining moment.”
Whether July 4th becomes the day the CLARITY Act is signed or just another deadline missed, today was real progress. In Washington, that is not nothing.
Sources
CoinDesk — CLARITY Act committee vote coverage, May 14, 2026
CryptoTimes — Bitcoin $82K rally report, May 14, 2026
Bitcoin.com — Short squeeze and liquidation data, May 14, 2026
Grayscale — CLARITY Act framework analysis
Polymarket — Probability data, May 14, 2026
This article is for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. Investments in cryptocurrencies involve significant risk including loss of capital. Always conduct your own research and consult a qualified financial advisor before making investment decisions.
As the Senate Banking Committee prepares to mark up the long-anticipated CLARITY Act on Thursday, Coinbase CEO Brian Armstrong has argued that the newest version of the bill represents a workable “compromise” and could meaningfully improve the US financial system.
Speaking to FOX Business, Armstrong said the updated draft reflects concessions on both sides—what he described as the crypto industry meeting requests from bank lobbyists and lawmakers, while the banking sector also gave ground during negotiations.
Coinbase CEO’s CLARITY Act Pitch
Armstrong also highlighted one specific element tied to stablecoin rewards. He said the approach in the latest bill would only apply when there is “some sort of material activity on the account,” adding that he believes the overall package would make the system “more efficient.”
The claim is that the legislation would help streamline financial services, reduce friction, and make access easier for consumers and businesses—while still keeping the framework aligned with banking-sector concerns that were raised during talks.
Still, critics point to the banking industry’s pushback as evidence that the dispute is far from settled. As reported throughout the week by Bitcoinist, banking trade groups have opposed the CLARITY Act’s stablecoin-rewards provision, arguing that it could give crypto firms too much flexibility.
Their position is that the policy might also encourage deposits to shift away from traditional, insured banking channels rather than strengthening them.
Beyond the details of stablecoin rules, Coinbase CEO argued that the broader direction of the CLARITY Act reflects growing institutional interest in digital assets.
In his view, banks are increasingly integrating stablecoins and crypto-related services because customer demand is rising—an angle that suggests the bill, if passed in its current form, could provide the clearer structure institutions want before expanding further.
Can The Latest Crypto Bill Draft Survive?
Supporters of the bill are not limited to Coinbase. Ripple CEO Brad Garlinghouse also backed the current push, commenting on social media site X (previously Twitter) that the Senate Banking Committee is “putting in the work” to move the CLARITY Act forward.
Garlinghouse’s message emphasized that Ripple supports the bill because crypto businesses and major participants should have the “same rules and protections as every other asset class,” and because—if the US is serious about leading in crypto—this is the moment to finalize legislation and get it done.
Even with that backing, the legislative road ahead is not smooth. Politico reported that Senator Elizabeth Warren, a well-known crypto skeptic, is vowing to pursue extensive changes to the bill through amendments.
The reporting says Warren and others are preparing more than 100 amendments ahead of the markup, following the release of an updated 309-page draft that expands on an earlier 278-page version introduced in January.
According to the same reporting, Warren submitted more than 40 amendments on her own, with much of the rest attributed to Democratic members of the Banking Committee.
This mirrors earlier moves around the bill: the January markup session drew 137 amendments, and it was eventually cancelled after a period of resistance that included Armstrong and Coinbase withdrawing support for the bill at the time.
For now, the core question going into Thursday’s markup is whether the latest CLARITY Act draft can hold together.
Featured image created with OpenArt, chart from TradingView.com
Bermuda’s government is sticking to their plan of migrating their national economy onchain and is now partnering with the Stellar Development Foundation to move payments and other financial services onto its network, XLM.
The island mentioned that its residents were facing processing costs of up to 10%, making the move onchain not just an attempt at modernizing the system, but a necessary step for retaining economic value.
Bermuda moves onchain
The Stellar Development Foundation and the Government of Bermuda announced today that Bermuda will begin moving its payment and financial activities onto the Stellar network (XLM). Bermuda revealed its plans to become the world’s first fully onchain national economy at the World Economic Forum in January this year.
The announcement explains that local merchants currently pay 3% to 5% per transaction in card fees, and effective payment processing costs can reach as high as 10% in some categories. Introducing the use of digital assets and infrastructure will keep more of that value on the island.
Under the plan, Bermudian residents will be able to receive wages, pay local merchants, settle government fees, and hold, send, and receive digital assets through digital wallets on the Stellar network.
Government agencies expect to pilot stablecoin-based payments, financial institutions will be able to integrate tokenization tools, and residents can participate in nationwide digital literacy programs. Digital assets may also be used for government payment systems related to social service disbursements.
“The lack of mobile money applications and reliance on legacy payments infrastructure has left Bermudians paying high payment processing fees and hindered additional economic growth opportunities,” The Hon. E. David Burt, JP, MP, Premier of Bermuda said.
Denelle Dixon, the CEO and Executive Director of the Stellar Development Foundation, added that Stellar was built for the purpose of seamlessly connecting the global financial system.
Before Bermuda, the Philippines had also launched a blockchain transparency system called Integrity Chain for its Department of Public Works and Highways (DPWH) after citizens held mass protests over corruption in flood-control projects.
An estimated 130,000 people protested on September 21, 2025, demanding accountability after reports of overpriced contracts, substandard construction, and ghost projects. The Australian Institute of International Affairs shared that the Philippines allocated over $33 billion to flood-control projects across 15 years.
What other blockchain initiatives is Bermuda working on?
Cryptopolitan recently reported that the Bermuda Monetary Authority (BMA), the island’s central bank and financial regulator, recently completed an “Embedded Supervision Solution” with Chainlink (LINK), Apex Group, Bluprynt, and Hacken.
The solution, announced earlier this month, demonstrates how rules can be built directly into digital asset infrastructure and enforced in real time. The system uses Chainlink’s Automated Compliance Engine (ACE) to check every transaction against Bermuda’s policies.
With Proof of Reserve, it verifies that digital dollars are backed by real money in a bank account. It also uses Secure Mint to stop new coins from being issued when reserve limits have been reached.
Apex Group, acting as an independent fund administrator with $3.5 trillion in assets serviced across 52 countries, supplies authenticated reserve data from third-party custodians. Hacken’s Extractor platform provides real-time onchain monitoring with a detection speed of 250 to 500 milliseconds.
The market has not shown significant price action following today’s announcement. XLM is trading around $0.1622, down approximately 4.82% over 24 hours, according to CoinMarketCap data.
XLM has spent most of 2026 trading below $0.20, fluctuating primarily within the $0.15 to $0.18. The 0.20 level now serves as both technical resistance and a major psychological barrier. Above this level, the next resistance zone sits around $0.22 to $0.25. On the downside, support clusters around the $0.15 to $0.16 range.
Notably, the CME Group began rolling out futures for XLM in February 2026, but the impact on XLM’s price has remained limited, and the futures listing has not yet generated enough buying momentum to push the token out of its sideways range.
According to the Stellar Foundation, the network surpassed $2 billion in onchain real-world asset (RWA) value in the first quarter of 2026. Data from DeFiLlama shows that the network currently has a stablecoin market capitalization of approximately $ 415 million, with its daily decentralized exchange (DEX) volume around $1.83 million.
A senior White House official has accused major banking trade leaders of refusing to join earlier talks on stablecoin rewards, escalating a dispute that has become one of the final pressure points ahead of the Senate Banking Committee taking up the CLARITY Act this week.
In a May 11 post on the social media platform X, Patrick Witt, executive director of the White House Presidential Advisory Committee on Digital Assets, said he had asked American Bankers Association President Rob Nichols and other bank trade CEOs to attend the February meetings aimed at resolving the question of stablecoin rewards and yield.
“I specifically requested the attendance of Mr. Nichols and other bank trade CEOs at the meetings we hosted back in February to resolve the stablecoin rewards/yield issue. They refused. I guess the White House was beneath them?”
The criticism injected the White House more directly into a fight that has divided banks, crypto companies, and lawmakers ahead of a scheduled May 14 markup of the CLARITY Act.
The bill is designed to create a broader market structure framework for digital assets, but the treatment of stablecoin rewards has become a flashpoint over competition for deposits, consumer yield, and the future shape of dollar-based payments.
Witt’s comments also reframed the timing of the banking industry’s objections. Rather than a new technical concern emerging before a committee vote, the White House official cast the dispute as an unresolved issue that banking leaders had an opportunity to address months earlier.
Banks reopen stablecoin rewards fight before markup
Over the weekend, the American Bankers Association (ABA) urged bank executives and employees to press senators for tighter restrictions in the CLARITY Act before the committee vote, warning that the current bill could still allow crypto firms to offer reward structures that resemble interest on deposit-like products.
Nichols told bankers that lawmakers needed to hear from the industry before the legislation advanced.
The ABA’s concern is that stablecoin issuers, exchanges, or related companies could attract customer funds by offering returns on assets that compete directly with traditional bank deposits.
Banks rely on deposits as a funding base for loans to households, small businesses, farms, and corporations. If customers move cash into stablecoins that offer rewards, banks argue that lenders could face higher funding costs, tighter margins, and less capacity to extend credit.
The banking industry has described the current compromise language as leaving a loophole.
In its view, a ban on stablecoin issuers paying yield would be insufficient if affiliated exchanges, brokers, or other crypto platforms could deliver similar economic benefits through rewards, rebates, or incentive programs.
That position has put banks at odds with crypto companies that see the rewards language as a basic competition issue.
Stablecoin reserves are typically held in cash, short-term Treasuries, or other liquid instruments that generate income. The policy fight centers on whether consumers should be able to receive part of that return, and which type of institution should be allowed to offer it.
The recent Senate compromise has attempted to separate passive yield from activity-based rewards.
That distinction was meant to prevent stablecoins from becoming direct substitutes for interest-bearing deposits while preserving room for crypto platforms to reward users for participation, payments, or other services.
White House analysis undercuts the lending warning
The Council of Economic Advisers said in an April report that banning stablecoin yield would provide only a marginal lift to bank lending under its baseline assumptions. The CEA estimated that such a ban would increase bank lending by about $2.1 billion, equal to roughly 0.02% of total lending in the base case.
That finding gives the administration a counterweight to the banking sector’s claim that stablecoin rewards could meaningfully damage credit creation.
The report argued that most stablecoin reserves would not be permanently removed from the banking system. Instead, reserves held in cash, bank deposits, or Treasury instruments would continue to circulate through financial markets in different forms.
The CEA also said a more severe impact would require a much larger stablecoin market and more restrictive assumptions about how reserves are held. In the administration’s framing, stablecoin rewards may affect bank margins, but the baseline effect on lending capacity appears limited.
Moreover, a separate analysis by Galaxy Research furthered the argument by focusing on the international flow of dollars.
Galaxy said banks were overstating the risk that stablecoin growth would simply drain domestic deposits. Its model projected that much of the growth under a regulated stablecoin framework would come from offshore users seeking easier access to dollar-denominated assets.
That finding changes the economic lens. If stablecoins mostly draw funds from US bank accounts, banks face a direct deposit migration problem.
However, if much of the growth comes from foreign users moving into dollar stablecoins, the effect could be an inflow into US financial infrastructure rather than a one-way drain from domestic lenders.
Galaxy estimated that 60% to 70% of stablecoin growth under the GENIUS Act framework could originate offshore. It also projected that imported deposits from foreign demand could exceed domestic deposit migration by roughly 2:1.
The firm said each newly minted stablecoin dollar could generate about 32 cents of net US credit, with total credit expansion reaching about $400 billion through 2030 in its base case and as much as $1.2 trillion in a stronger growth scenario.
GENIUS Act Impact on Stablecoin (Source: Galaxy Digital)
It also projected that stablecoin reserve demand could compress Treasury bill yields by 3 to 5 basis points, potentially lowering federal borrowing costs.
Meanwhile, Galaxy did not dismiss the pressure on banks. The report said some low-cost deposits would likely migrate, funding costs could rise at the margin, and net interest margins could compress in business lines sensitive to rate competition.
Still, the firm concluded that stablecoins could pressure banks that rely on cheap deposits, increase demand for US Treasury bills, import offshore dollar capital, and expand the reach of the US financial system.
Crypto allies accuse banks of protecting margins
Crypto advocacy groups have seized on the ABA’s push as evidence that banks are trying to block competition days before the committee vote on the CLARITY Act.
Coinbase-backed Stand With Crypto urged supporters to contact senators, saying banking lobbyists were trying to weaken stablecoin rewards language before the markup.
The group framed the dispute as a consumer-rights issue, arguing that users should be able to earn returns on their own digital assets rather than have that value captured by intermediaries.
Cody Carbone, CEO of The Digital Chamber, said banks had months to negotiate over the issue and were now trying to force changes late in the process. He described the ABA campaign as an attempt to shield incumbents from competition after earlier opportunities to engage had passed.
Sen. Bernie Moreno, an Ohio Republican on the Banking Committee and a supporter of crypto legislation, used sharper language about the bank’s opposition to CLARITY Act.
He accused the “banking cartel” of trying to preserve a system in which banks pay depositors little while earning profits from lending and securities portfolios.
Moreno wrote on X:
“During the Biden era, these same banks worked hand-in-glove with Sen. Warren and her allies to debank Americans, including President Trump’s own family. They shut down accounts of conservatives, patriots, and anyone who dared challenge the regime, all while regulators applied pressure under schemes like Operation Choke Point 2.0. It wasn’t about risk. It was about political control. Now that innovative stablecoins threaten to break their monopoly and give you actual financial freedom? They’re running to Congress again, screaming about ‘threats to economic growth and financial stability.’”
Moreno’s statement showed how the stablecoin rewards dispute has moved beyond technical drafting.
The fight now carries a broader political message about financial competition, consumer returns, and resentment toward large banking institutions.
That rhetoric could help crypto advocates rally support, especially among Republicans who view stablecoins as part of a broader agenda around financial innovation and dollar competitiveness.
However, it also risks hardening opposition from lawmakers who are already concerned that crypto firms are seeking bank-like privileges without equivalent oversight.
Markup will test whether the stablecoin compromise can hold
If the committee advances the CLARITY Act with the current language largely intact, crypto firms will claim momentum, and banks will likely shift their campaign to the full Senate.
If lawmakers tighten the rewards provisions, the banking industry will have succeeded in reopening one of the most contested parts of the bill at the final stage before markup.
Meanwhile, the vote will also test the broader coalition behind the CLARITY Act. Republicans have pushed digital-asset legislation as a priority, while some Democrats have remained open to a market-structure bill if it includes stronger consumer protections, ethics, and anti-money-laundering provisions.
The stablecoin fight complicates that effort because it cuts across several policy lines at once. It raises questions about bank funding, consumer yield, Treasury demand, offshore dollar usage, and the role of crypto firms in payments.
That gives senators several reasons to demand changes, but also makes the issue difficult to settle cleanly.
Russian bankers are now urging their government to soften upcoming crypto rules and admit more coins to the country’s market for digital assets.
Their call comes after lawmakers warned against the overly strict framework currently under review, suggesting regulation in line with global standards.
Russian banks push for liberal cryptocurrency law
The Association of Russian Banks (ARB) has come up with ideas on how to “liberalize” the pending bill “On Digital Currency and Digital Rights.”
The draft law is part of a legislative package meant to comprehensively regulate crypto operations in Russia which is under consideration in the State Duma.
It legalizes cryptocurrencies and platforms working with them but imposes restrictions and penalties threatening to cut off Russia from the global market.
The proposals have been sent to the Chairman of the Financial Markets Committee at the lower house of Russian parliament, Anatoly Aksakov, local media unveiled.
According to reports by RBC and Bits.media, the ARB lobbies for allowing transfers to non-custodial wallets abroad and whitelisting foreign crypto platforms.
Such transactions would be illegal under the current version of the law, which permits only sending coins to custodial wallets and via licensed domestic intermediaries.
The banks, which will be authorized to work with decentralized money, want to be able to exchange cryptocurrencies for Russian digital financial assets such as tokenized securities.
They also suggest regulating stablecoins pegged to fiat currencies or backed by other assets, which are not mentioned in the legislation right now.
Russian bankers are also pushing the country’s monetary authority to relax the standards for cryptocurrencies approved for trading in the country.
The bill admits only the largest coins by capitalization and liquidity to the Russian market, such as Bitcoin, Ethereum, and Solana, as reported by Cryptopolitan.
The ARB further proposes ditching a requirement for digital depositories to disclose information about clients and their crypto holdings.
It also insists on extending judicial protection to cover crypto assets, including those that have not been disclosed to Russia’s tax authority.
Amendments can be made until the second reading of the bill, which was filed in the Duma earlier in April but has yet to hit the floor of the chamber.
Lawmakers call for easing crypto regulations
Meanwhile, the draft law was recently reviewed by the parliamentary Committee for Protection of Competition, and its members were also unhappy with its “excessive rigidity.”
The Russian deputies called for easing the rules for members of the industry, warning they would otherwise lead to monopolization of the market.
“Excessively stringent regulation compared to global regulatory practices may not achieve the bill’s goals,” the legislators remarked in their conclusion.
One of them is to bring the sector out of the shadows, but many Russians may opt to remain under the radar if the framework is adopted as is. The members of the Duma wrote:
“Instead of creating an effective and sustainable digital currency market in the Russian Federation, this could trigger an outflow of retail investors, who will be forced to choose between foreign platforms with more lenient regulations or remain in the gray zone of the domestic market, unwilling to use monopolists’ services under unfavorable terms.”
The other stated goals include introducing requirements for entities processing crypto transactions, such as exchanges and custodians.
Increasing market transparency and developing standards for provided services and investor protection are among the announced priorities, too.
The committee emphasized it has no objections to the need to achieve all this, but made it clear it’s concerned about other aspects of the legislation.
For example, it criticized the strict licensing requirements for crypto companies, including regarding capital, cybersecurity, and corporate transparency.
These will banish small and medium-sized participants from the market, leaving only large players like banks, depositories, and other financial institutions.
Under the currently proposed rules, only the latter will be able to gain full access to cryptocurrency transactions, which would allow them to monopolize the market.
This level of “centralization often leads to the disappearance of innovative startups and creates the risk of high fees,” the lawmakers warned.
They also fear “reduced quality of services and a lack of incentives for the development of new technological solutions.”
The “Digital Currency” bill must be adopted by July 1, 2026. Other acts, introducing fines and penalties for breaking the law, will be enforced a year later.
Dutch Blockchain Week 2026 strengthens position as Europe’s leading B2B blockchain event week
LocationAmsterdam, Netherlands
Event DatesJune 22–28, 2026
SummitJune 24–25 · Johan Cruijff ArenA
Release DateApril 2026
Amsterdam, April 2026 —
Dutch Blockchain Week 2026 is rapidly evolving into one of Europe’s most business-driven blockchain event weeks, bringing together the international digital asset ecosystem for a full week of conferences, networking and high-level industry collaboration.
At the core of the week is the Dutch Blockchain Week Summit, hosted on June 24–25 at the Johan Cruijff ArenA, where more than a thousand professionals per day are expected to attend.
7Days of programming
40+Side events across Amsterdam
1,000+Daily summit attendees
2Summit days at Johan Cruijff ArenA
Strong early momentum with leading partners onboard
Within just a few months of active conversations, Dutch Blockchain Week 2026 has secured a strong and diverse group of partners, highlighting the growing relevance of the event within the European digital asset landscape.
In addition, a growing group of ecosystem and media partners is contributing to the expansion of the event’s international reach. With several months to go until June, many more partners are expected to join.
From community to business: a clear B2B focus
Dutch Blockchain Week has grown from a community-driven initiative into a fully B2B-focused event week, designed to connect key players across the digital asset industry:
Exchanges
Banks & payment providers
Asset managers & funds
Infrastructure providers
Legal & compliance firms
Regulators & policymakers
The event reflects the broader shift within the industry, where institutional adoption continues to accelerate and traditional finance increasingly converges with digital assets.
Amsterdam as a gateway to the European market
The Netherlands continues to play a leading role in Europe’s digital asset landscape, particularly with regard to MiCA licensing and regulatory developments. This position is driving increasing interest from international companies looking to establish or expand their presence in Europe, making Dutch Blockchain Week a strategic entry point into the European market.
A full week of events across the city
Dutch Blockchain Week 2026 will feature more than 40 side events across Amsterdam, organized by partners from the Netherlands and abroad.
D
Private dinners and roundtables
M
Community and developer meetups
I
Investor-focused gatherings
N
Exclusive networking events
VIP
VIP Night — invite-only pre-summit gathering for speakers, partners & selected attendees
Focused on meaningful connections
Rather than focusing solely on visibility, Dutch Blockchain Week is built around creating real business opportunities. Through curated networking, a dedicated networking app and facilitated introductions, the event enables participants to connect with the right people.
With strong early traction, a growing international partner base and a clear positioning as a business-focused platform, Dutch Blockchain Week 2026 is set to become its most impactful edition to date. For one week, Amsterdam will once again serve as the meeting point for the European Web3 and digital asset ecosystem.
Tickets now available
Secure your place at Europe’s leading B2B blockchain event week
Dutch Blockchain Week is the largest Web3 and digital assets event in the Netherlands and one of the fastest-growing blockchain event weeks in Europe. Since its launch, DBW has brought together thousands of professionals, dozens of side events and leading companies from across blockchain, fintech and digital assets.
Istanbul Blockchain Week Launches Institutional Markets Summit: Pioneering Institutional Adoption of Digital Assets
Istanbul, Türkiye · April 2026 · June 2, 2026 · Hilton Bomonti Hotel
Closed-Door Institutional Forum — Invite Only
Istanbul Blockchain Week announces the launch of The Institutional Markets Summit — a closed-door forum for policymakers, regulators, financial institutions, asset managers, exchanges, and infrastructure providers. The summit will take place on June 2, 2026 at the Hilton Bomonti Hotel, organized by Web3 marketing agency EAK Digital.
The event will examine the structural evolution of digital assets within regulated financial markets.
What to Expect at the Institutional Markets Summit
The summit serves as the ultimate meeting point for top industry leaders across traditional finance, private markets, tokenized capital markets, regulation, and custody — exploring evolving market structures at the highest level.
Open only to senior decision-makers including:
Government policymakers
Financial regulators
Central bank representatives
Institutional investors
Market operators
Stablecoin issuers
Payment networks
Risk management leaders
As the first edition of the event under Istanbul Blockchain Week, the summit builds on the success of previous IBW editions, which featured speakers including:
Mehmet Çamır — Chairman, OKX TR
Ali İhsan Güngör — Executive Vice Chairman, Capital Markets Board of Türkiye
Onur Güven — CEO, Garanti BBVA Digital Assets
Petra Janež — Head of Supervision, Fintech & Digital Assets, Ministry of Finance, Slovenia
Paul Brody — Global Blockchain Leader, Ernst & Young Global
“With traditional financial institutions increasingly embracing digital assets, blockchain technologies, and cryptocurrencies, we are proud to launch a dedicated summit to explore these developments, navigate opportunities and shape the future of institutional adoption.”
— Erhan Korhaliller, CEO of EAK Digital & Founder of Istanbul Blockchain Week
Summit Focus Areas
Liquidity FormationCapital Markets IntegrationCustodySettlement InfrastructureCompliance FrameworksDigital Asset AdoptionTokenized Capital MarketsSovereign Fund Roundtables
Exclusive closed-door roundtables with sovereign funds and institutional leaders will also take place, fostering strategic discussions among key decision-makers driving the evolution of global digital assets.
Why Istanbul?
Positioned at the crossroads of Europe, the Middle East, and Asia, Istanbul’s strategic location provides a central meeting point for capital and institutions across these regions — offering both geographic and economic connectivity for institutional dialogue and cross-border collaboration.
$200BCrypto transaction volume in Türkiye — 2025 (Chainalysis)
Türkiye processed nearly $200 billion in crypto transaction volume in 2025, making it one of the world’s largest markets by raw transaction activity. The introduction of a new economic bill and reporting frameworks for digital assets — including a 10% withholding tax on crypto gains — further signals a major step in aligning digital assets more closely with traditional financial instruments.
With increasing cross-border liquidity and settlement connectivity, Istanbul has established itself as a key hub for a rapidly developing fintech ecosystem, with digital asset usage deeply integrated with broader economic activity.
Participation in the Institutional Markets Summit is limited to invited institutional leaders, policymakers, and Istanbul Blockchain Week VIP pass holders, ensuring a high-level audience of senior decision-makers across global financial markets.
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About Istanbul Blockchain Week (IBW)
Istanbul Blockchain Week (IBW) is Türkiye’s flagship Web3 conference and expo, bringing together founders, developers, investors, enterprises, creators, and policymakers in the heart of Istanbul. Produced by EAK Digital, IBW showcases the technologies and people shaping crypto, DeFi, AI agents, gaming, and real-world assets.
Across recent editions, IBW has welcomed 20,000+ attendees and 500+ speakers from leading protocols, exchanges, and institutions. The program features a main-stage conference, large-scale expo, a KOL Summit, investor roundtables, workshops, and curated networking designed for real deal-flow.
Bitcoin remains substantially underwater from its cycle peak, yet that position places it ahead of nearly all other digital assets in the market. With BTC trading at $71,606 against an all-time high of $126,198, the network’s 43.26% drawdown serves as a critical benchmark—one that only nine non-stablecoin tokens have managed to outperform.
Market Context and Industry Significance
The cryptocurrency market has evolved substantially since Bitcoin’s inception, with thousands of tokens now competing for capital allocation and investor attention. The current market structure reflects this proliferation: while Bitcoin maintains a dominant position by market capitalization—representing approximately 50-55% of total crypto market value—the altcoin ecosystem has fragmented into highly stratified tiers of performance and viability.
The timing of this analysis carries particular weight. As of late 2024, the broader cryptocurrency market remains in a complex recovery phase following the 2021-2022 bull cycle peak. Bitcoin’s $126,198 all-time high occurred in November 2024, making the current $71,606 price point a reflection of intra-cycle volatility rather than a complete market reset. This distinction matters: the drawdown narrative is not about permanent capital destruction, but rather about the current phase of market repricing and consolidation.
Understanding Bitcoin’s relative outperformance requires contextualizing the broader industry dynamics. The digital asset space has matured considerably, with institutional adoption now measurable through futures markets, spot ETFs, and corporate treasury allocations. Yet retail participation remains substantial, and sentiment-driven altcoins continue to proliferate. This dual market structure—institutional-grade infrastructure alongside speculative token creation—explains why drawdown dispersion has widened so dramatically.
A Narrow Band of Outperformers
Measuring cryptocurrency resilience requires precision. When stablecoins and gold-backed tokens—categories inherently designed to track external benchmarks rather than express pure market sentiment—are removed from analysis, the picture of relative strength becomes sharper. Within that filtered universe, only nine assets sit closer to their all-time highs than Bitcoin.
The list includes UNUS SED LEO, Sky, Kite, Canton Network, TRON, Hyperliquid, MemeCore, Siren, and Stable. These nine represent a small island of preservation in a market where broader damage has been substantial. The remaining thousands of non-stablecoin tokens have each experienced drawdowns exceeding Bitcoin’s current position.
Bitcoin remains well below its peak, yet its drawdown baseline still sits ahead of almost the entire non-stable market.
— CryptoSlate Market Analysis
This concentration of relative strength underscores a fundamental point about market cycles: recovery is rarely uniform. The damage from peak valuations has been concentrated unevenly across the ecosystem, with the majority of projects falling further underwater than the leading asset.
The Hierarchy of Drawdowns
The nine outperformers display a clear stratification. At the top sits LEO, which trades just 5.53% below its all-time high—a position that stands almost entirely separate from the rest of the field. This stark gap demonstrates how concentrated outperformance can be among the true exceptions.
The next tier shows Sky and Kite, both positioned in the mid-20s percentage range below their peaks at 24.33% and 24.56% respectively. Canton Network, TRON, and Hyperliquid form a subsequent grouping, with drawdowns ranging from approximately 28% to 31%. These three assets occupy the space between the strongest performers and Bitcoin’s benchmark.
At the lower end of the outperformer list, MemeCore, Siren, and Stable cluster between 37% and 40% below their peaks. While this positioning still keeps them ahead of Bitcoin, the advantage has narrowed considerably. The arrangement illustrates how thin the margin becomes as one approaches Bitcoin’s 43.26% drawdown threshold.
Key Metric
Only 9 of thousands of non-stablecoin tokens have experienced smaller drawdowns than Bitcoin’s current 43.26% gap from peak. This represents less than 1% of the broader market showing superior resilience.
Quality Variance Among Outperformers
The composition of this short list reveals an important distinction: not all outperformers are created equal. The nine assets represent different risk profiles, liquidity characteristics, and market positioning.
LEO, TRON, and Hyperliquid stand out as the most substantive entries—each commanding sufficient scale and liquidity to support serious analysis of relative strength rather than luck or thin trading conditions. These three warrant examination as meaningful exceptions to the broader pattern.
TRON deserves particular attention as an established blockchain infrastructure project with significant adoption metrics. Operating as a smart contract platform and payment network, TRON maintains substantial daily transaction volume and developer activity. Its relative outperformance reflects both technical fundamentals and network effects that have sustained user engagement through market volatility.
Hyperliquid represents the newer generation of decentralized exchange infrastructure, capturing market share in a rapidly expanding segment. Its positioning among outperformers reflects investor appetite for DeFi infrastructure tokens and the structural growth in derivatives trading volume across blockchain networks.
The remaining six assets occupy more varied categories. Some are newer tokens with shorter trading histories. Others operate in more specialized or niche market segments. A few may benefit from thinner order books that can amplify price movements in either direction. This heterogeneity means the list cannot be interpreted as a uniform signal about market dynamics. Instead, it reflects where resilience happens to have concentrated—for reasons ranging from fundamental strength to structural market factors to the simple mathematics of smaller position sizes.
The split between large-cap outperformers and smaller, more idiosyncratic assets clarifies that Bitcoin’s position reflects genuine comparative strength, not merely that recovery has been broad-based.
— Crypto Coin Show Analysis
Market Implications and Investor Positioning
The concentration of relative outperformance among such a small subset of tokens has significant implications for how investors should interpret market narratives around recovery and sector health. When Bitcoin’s drawdown—substantial by conventional asset standards—represents superior performance, it indicates that the broader digital asset ecosystem remains under considerable stress.
This pattern typically emerges during market consolidation phases where capital flows concentrate toward the most liquid, most recognized, and most institutionally-accepted assets. Bitcoin benefits from all three characteristics, positioning it as a natural beneficiary during periods of risk aversion or portfolio rebalancing away from speculative positions.
For institutional investors evaluating cryptocurrency exposure, this data point reinforces the case for Bitcoin-weighted allocation strategies. The statistical reality that Bitcoin outperforms 99%+ of alternatives during drawdown cycles provides quantitative support for the diversification argument around Bitcoin specifically—it may reduce overall portfolio volatility relative to broader cryptocurrency indices.
For retail investors and speculators, the data carries a different message. The existence of nine outperforming tokens alongside Bitcoin suggests that selective positioning in high-quality projects can outperform the broader market. However, identifying those projects requires fundamental analysis extending well beyond drawdown metrics.
What the Data Reveals
The existence of this nine-token list serves multiple analytical functions. First, it confirms that Bitcoin’s 43.26% drawdown, while substantial, translates into genuine outperformance relative to market peers. This matters for contextualizing recovery narratives—Bitcoin being well below peak does not mean it has underperformed.
Second, it illustrates the severity of damage elsewhere in the ecosystem. When 99%+ of alternatives have fallen further from peak than the leading asset, that signals concentrated weakness rather than isolated pain. The market has not recovered uniformly, and the distribution of drawdowns reveals where market participants have lost confidence most sharply.
Third, it provides a tangible reference point for investors seeking tokens with lower downside relative to prior peaks. Whether that translates to better future performance remains an entirely separate question—drawdown proximity to all-time highs predicts nothing about future directional moves. However, for those focused on relative preservation of capital during cycles, the list offers a starting point.
Important Note
Distance from all-time high is a backward-looking metric that describes past drawdown magnitude, not future potential. Smaller drawdowns do not indicate higher probability of recovery or appreciation.
Conclusion: The Meaning of Relative Strength
The broader context matters as well. Bitcoin’s position as the dividing line between a small group of outperformers and a much larger group of deeper drawdowns reinforces Bitcoin’s role as the market’s primary price discovery mechanism and relative safe harbor during downturns. When damage concentrates more heavily elsewhere, that reflects both technical market dynamics and the psychological weight Bitcoin carries in investor decision-making.
As cryptocurrency markets continue evolving toward greater institutional integration and regulatory clarity, these patterns of relative performance may intensify. The divergence between Bitcoin and the vast majority of alternatives could signal a structural shift in how the market allocates capital—increasingly toward proven, liquid, institutionally-accepted assets and away from speculative tokens lacking substantive adoption or use cases.
The nine-token outperformer list provides a snapshot of current market positioning, not a prediction of future movements. However, it offers valuable evidence that market participants are actively differentiating between quality and speculation, between established infrastructure and experimental tokens, and between assets with sustainable network effects and those dependent on sentiment cycles.
As cryptocurrency markets continue evolving, metrics like peak-to-current drawdown proximity remain useful analytical tools—not for predicting future moves, but for understanding where concentrated risk and resilience currently sit. The fact that only nine assets have managed better-than-Bitcoin preservation during this cycle speaks to both Bitcoin’s relative strength and the broader market’s struggle to match that performance. For investors navigating this environment, these patterns underscore the importance of quality assessment, fundamental due diligence, and realistic expectation-setting around what constitutes outperformance in an asset class still establishing its mature market structure.
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The Commodity Futures Trading Commission’s new guidance on crypto assets as margin collateral removes critical operational ambiguity for institutional derivatives traders and clearing participants. By clarifying permissible uses of digital assets, capital charges, and collateral treatment, the CFTC has provided the regulatory framework necessary for institutional adoption of crypto-backed trading positions in the futures and swaps markets.
The Commodity Futures Trading Commission (CFTC) has published comprehensive answers to frequently asked questions regarding how registered entities and market participants may utilize crypto assets and blockchain technologies within the regulatory framework governing derivatives markets. The guidance, released jointly by the Market Participants Division and the Division of Clearing and Risk, addresses critical operational questions surrounding capital charges, permissible residual interest, and reporting obligations for futures commission merchants (FCMs), derivatives clearing organizations, and swap dealers operating in the digital asset space. This clarification supplements previous CFTC staff letters on tokenized collateral and digital assets accepted as margin collateral, providing participants with authoritative interpretation of the operational framework established by the Commission for the industry. The eleven questions and answers published represent the most comprehensive regulatory guidance to date on how traditional derivatives infrastructure can accommodate cryptographic assets within established prudential frameworks.
Permitted Uses of Crypto Collateral in Futures Markets
The CFTC has clarified that futures commission merchants relying on Staff Letter 26-05 may apply the post-haircut value of a customer’s non-security crypto assets to secure that customer’s debit or deficit account balance. This represents a significant step forward in recognizing crypto collateral parity with traditional margin instruments. The post-haircut value—the asset value after a percentage deduction to account for price volatility and risk—can now be applied consistently across bitcoin, ether, and other qualifying digital assets. This clarification resolves substantive ambiguity that had persisted around whether crypto margins could be used equivalently to traditional collateral in secured lending arrangements, a question that has constrained institutional participation in digital asset derivatives markets.
The guidance establishes bright-line distinctions between what crypto assets may and may not do within the regulatory framework. Notably, the CFTC has ruled that FCMs may not invest customer funds in payment stablecoins, as the new guidance does not modify the list of permitted investments under Regulation 1.25. This boundary is critical: while crypto assets can serve as margin collateral, they cannot be deployed as investment vehicles for customer funds held by FCMs. Similarly, the Commission confirmed that swap dealers cannot exchange crypto assets, including payment stablecoins, as initial or variation margin for uncleared swaps, as the eligible collateral list under Regulation 23.156 remains unchanged. These limitations reflect the CFTC’s cautious approach to expanding crypto usage—permitting collateralization while restricting broader financial activities that might introduce concentration or counterparty risk.
Regarding residual interest—the interest earned on excess cash balances in segregated customer accounts—the CFTC has clarified that only proprietary payment stablecoins may be deposited as residual interest in customer segregated accounts for futures, foreign futures, and cleared swaps. Conversely, proprietary bitcoin, ether, or other crypto assets explicitly cannot serve this purpose. This distinction reflects regulatory concern about price volatility and the need to preserve the integrity of customer segregated account protections. FCMs depositing payment stablecoins as residual interest must impose a capital charge of at least 2% of market value, aligning with the approach adopted by the Securities and Exchange Commission (SEC) for broker-dealers holding payment stablecoins and establishing uniform prudential standards across regulatory jurisdictions.
Capital Treatment and Regulatory Harmonization with SEC Standards
The CFTC’s guidance on capital treatment of proprietary crypto positions establishes clear minimum standards while acknowledging the difference between mainstream digital assets and speculative holdings. The Commission confirmed that FCMs should apply the existing 20% minimum capital charge under Regulation 1.17 to bitcoin and ether inventory positions. This 20% charge represents a significant weight relative to traditional asset classes but substantially more favorable than the charges that might apply to highly speculative positions. The establishment of a defined minimum charge provides market clarity: institutions now know the minimum capital requirement for holding BTC or ETH as proprietary inventory, enabling better capital planning and risk management.
The 2% capital charge for payment stablecoins contrasts sharply with the 20% charge for volatile cryptocurrencies, reflecting the CFTC’s risk-based regulatory philosophy. Payment stablecoins, by design, maintain stable valuations and thus pose lower market risk to holding institutions. This differential treatment creates incentives for the use of stablecoins as margin instruments while imposing prudential costs that discourage excessive reliance on volatile cryptocurrencies for collateral purposes. The harmonization of the 2% charge with SEC standards for broker-dealers represents important regulatory coordination across jurisdictions, reducing the likelihood of regulatory arbitrage and establishing consistent risk treatment across the U.S. financial system.
Tokenized forms of otherwise eligible collateral remain permissible under the new guidance, provided they confer the same legal and economic rights as their conventional counterparts. This provision opens a pathway for institutional-grade blockchain infrastructure to be incorporated into derivatives markets without requiring wholesale replacement of existing collateral frameworks. A tokenized Treasury bond or equity pledge, if structured to provide equivalent legal rights and economic returns to the underlying asset, can serve collateral functions in CFTC-regulated markets. This approach balances regulatory conservatism with technological innovation, allowing blockchain infrastructure to enhance market efficiency without introducing novel legal or economic risks.
Institutional Implications and Market Structure Evolution
For institutional investors and derivatives traders, this guidance represents a material expansion of operational capabilities within the regulated futures and swaps ecosystem. Institutions can now construct multi-asset collateral portfolios that incorporate crypto holdings without awaiting further regulatory clarification, operating within defined capital charge frameworks and haircut parameters. This reduces legal uncertainty and enables institutional-grade risk management systems to incorporate digital assets into collateral optimization routines. Asset managers, hedge funds, and proprietary trading firms can now model crypto collateral more precisely, knowing the exact capital and valuation treatments applicable to different asset classes. The clarification of residual interest treatment for payment stablecoins may also encourage the development of enhanced cash management products using stablecoin infrastructure.
The guidance’s most significant implication lies in its potential to accelerate convergence between traditional derivatives infrastructure and digital asset markets. As futures commission merchants gain clarity on permissible practices, capital requirements, and compliance obligations, institutional participation in crypto derivatives should increase materially. Clearing organizations can now finalize policies on crypto collateral eligibility and risk management frameworks with confidence that their interpretations align with CFTC expectations. This standardization across clearing houses reduces fragmentation and enhances market liquidity by enabling more participants to access consistent collateral treatment across venues. The establishment of uniform 20% and 2% capital charges also provides benchmarking that could influence private market arrangements and over-the-counter derivatives pricing.
Looking forward, this guidance likely represents an interim step rather than a final regulatory position. As blockchain infrastructure matures and institutional usage patterns stabilize, the CFTC may issue additional guidance addressing emerging questions around custody standards for crypto collateral, valuation methodologies for less-liquid digital assets, and integration of decentralized finance (DeFi) protocols with regulated derivatives markets. The Commission’s willingness to provide interpretive guidance through FAQs rather than formal rulemaking suggests a measured regulatory approach that accommodates technological evolution while preserving prudential safeguards. For institutional investors, this represents a favorable regulatory environment characterized by clarity, proportionate risk-based capital treatment, and alignment with SEC standards—the regulatory foundations necessary for sustained institutional adoption of crypto-backed derivatives trading strategies.
