Odaily Planet Daily reports that the U.S. Senate Banking Committee has passed the Clarity Act, a bill designed to structure the crypto market, with 15 votes in favor and 9 against. This bill aims to establish a comprehensive regulatory framework for the crypto industry at the federal level for the first time and has received support from Democratic Senators Ruben Gallego and Angela Alsobrooks. While the industry generally views the committee's passage as a positive development, analysts believe there are still significant hurdles before the bill becomes law. TD Cowen has raised its probability of passage from about one-third to 40%, stating that while some Democratic senators are willing to find a path to support the bill, substantial differences remain unresolved. Previously, the bill has been hampered by issues such as stablecoin yield arrangements, conflicts of interest, and ethical provisions. Furthermore, to overcome the lengthy debates in the Senate, the bill will need even more Democratic support than it currently has. Benchmark analysts also point out that the current number of votes is insufficient to guarantee its eventual passage. (The Block)

According to Odaily Planet Daily, Lucas Bruder, co-founder and CEO of Jito Labs, stated that the crypto market is entering a "new phase": more and more on-chain users no longer see themselves as "crypto traders," but simply as ordinary traders looking to trade various assets. Jito Labs plans to launch JTX, a trading terminal for "professional retail investors," this summer, supporting spot, futures, and prediction market trading. This signifies Jito's expansion from its Solana underlying infrastructure to consumer-facing products. Bruder believes that Solana proved its ability to handle large-scale trading activity after the memecoin boom of 2024, attracting new users with its low cost and high speed. He also stated that as Wall Street assets gradually move onto the blockchain, Solana is expected to become the gateway for more mainstream traders to enter the on-chain market.

According to Odaily Planet Daily, the Hyperliquid Policy Center states that Hyperliquid, as an on-chain perpetual contract trading platform, can provide a new model for market integrity and transparency. The organization claims that Hyperliquid publicly discloses all on-chain transaction records in real time, which helps regulators and law enforcement agencies monitor, identify, and investigate, and also reduces the risk of insider trading and price manipulation. Previously, it was reported that ICE and CME were communicating with US regulators, requesting the CFTC to strengthen its oversight of Hyperliquid, arguing that its 24/7 commodity trading could pose a manipulation risk to global oil prices and other markets. Hyperliquid has recently experienced rapid growth in the commodity trading sector, partly due to its support for non-traditional trading hours and weekend trading. 21Shares and Bitwise also launched Hyperliquid-related ETFs this week, mentioning increased oil and metal trading activity on their platforms. Hyperliquid Policy Center argues that 24/7 trading can actually improve market efficiency because price changes do not stop when traditional exchanges close, and continuous trading helps reduce trading gaps and improve price discovery.

According to OKX market data, BTC has fallen below 79,000 USDT and is currently trading at 78,980 USDT, a 24-hour drop of 2.96%.

According to Huoxun Finance, major U.S. stock indexes closed lower across the board. The Dow Jones Industrial Average fell 1.07%, the S&P 500 fell 1.24%, and the Nasdaq Composite fell 1.54%. Technology stocks generally declined, with Micron Technology falling 6.62%, Intel falling 6.18%, Nvidia falling 4.42%, and Tesla falling 4.75%.