Odaily Odaily reports that the proposed U.S. crypto market structure bill, the "Clarity Act," could foster a new "Yield-as-a-Service" market in the crypto industry. It may also push the sector away from a passive "hold-to-earn" model toward an AI-driven compliant yield infrastructure.

Currently, the core of the debate centers on Section 404 of the bill, which would prohibit Digital Asset Service Providers (DASPs) from directly offering yields solely based on users holding a specific digital asset. Joe Vollono believes this means the industry will shift from "Hold-to-Earn" to "Use-to-Earn," making the future market more reliant on active and compliant yield strategies.

Joe Vollono, Chief Business Officer at STBL, stated that the bill could drive development in areas such as DeFi infrastructure, treasury management, collateral management, automated capital management, on-chain lending, and reward systems. AI is expected to become a crucial foundational layer for coordinating regulated capital flows.

At this stage, the Clarity Act has passed the U.S. Senate Banking Committee. It is expected to move next to a full Senate vote, where it will be reconciled with the version from the Agriculture Committee. The market generally believes this bill could, for the first time, establish a complete regulatory framework for the U.S. digital asset market, clearly defining the regulatory boundaries between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission for digital assets. This would pave the way for large institutional capital to enter the crypto market. (CoinDesk)

Odaily reports that analysts suggest the rising yields on U.S. Treasury bonds and other major global economies' sovereign bonds are weakening the market's willingness to allocate to high-risk, non-yielding assets like Bitcoin. Meanwhile, amid tensions related to Iran, concerns over potential supply disruptions in the Strait of Hormuz are growing, prompting some speculative capital to flow into commodity markets such as crude oil, copper, and sulfur.

Market数据显示，Bitcoin has dropped over 3% in the past 24 hours, falling approximately 10% from its recent high of around $82,500 on May 6. During this market downturn, U.S. spot Bitcoin ETFs continue to experience capital outflows. U.S.-listed spot Bitcoin ETFs saw net outflows of approximately $1.26 billion this week, marking the largest single-week capital outflow since January. The previous week also saw outflows close to $1 billion, with cumulative net outflows over the two weeks exceeding $2.26 billion.

Additionally, there are emerging views that capital might be shifting towards trades related to SpaceX's potential IPO. Currently, trading volume for some blockchain-based derivatives in the pre-IPO market for SpaceX has reached millions of dollars. (CoinDesk)

Odaily reported that the Cangshan District People's Procuratorate of Fuzhou City disclosed that a man was sentenced to 12 years and 7 months in prison and fined 300,000 yuan for stealing 4 Bitcoins from another person and illegally profiting approximately 900,000 yuan. The verdict was upheld in the second instance.

According to the case details, at the end of 2020, a person surnamed Wang commissioned a person surnamed Lin to assist in liquidating his Bitcoin holdings. While accessing Wang's Bitcoin wallet hard drive and computer, Lin stole the wallet's "private key" and related data, transferred 4 Bitcoins to his own account, and subsequently sold them off for profit. In 2024, Wang discovered the asset anomaly and reported it to the police, leading to Lin's arrest.

The procuratorate stated that although current Chinese regulations clarify that virtual currencies do not hold legal tender status, Bitcoin possesses value, manageability, and transferability, which aligns with the general characteristics of "property" under criminal law. Therefore, it constitutes an object of property crimes, and related infringing actions will also be subject to criminal liability.

Odaily Planet Daily News: SkyBridge Capital, founded by Anthony Scaramucci, saw its flagship fund, the SkyBridge Opportunity Fund, record its second consecutive quarterly loss, primarily dragged down by significant volatility in cryptocurrency-related assets. According to disclosed data, the fund, which manages approximately $1.3 billion in assets, fell 12.9% in the first quarter of 2026. Currently, about 64% of the fund's holdings are tied to cryptocurrencies and digital assets. Although it saw a modest rebound of 0.45% in March, it was not enough to offset the losses incurred earlier in the quarter. (Bloomberg)

Odaily: U.S. President Trump said, "Warsh will lead the Federal Reserve from today. I hope Warsh can work independently and do a great job." (Jinshi)

Odaily Planet Daily News According to official sources, the China Securities Regulatory Commission (CSRC) and seven other departments have jointly issued the "Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures, and Fund Operations." The overall requirement of the rectification plan is to completely ban the illegal cross-border operations of overseas securities, futures, and fund institutions after two years of concentrated rectification, achieving the goal of "resolutely banning illegal activities and prudently clearing existing stock."

The targets of the rectification include overseas institutions illegally operating cross-border securities, futures, and fund businesses; domestic affiliated or cooperative entities assisting these overseas institutions in illegal cross-border operations; illegal intermediaries soliciting domestic investors; and internet platforms and online self-media that illegally publish information. The illegal cross-border operations of overseas institutions will be banned according to law. Acts by relevant entities that violate laws and regulations on foreign exchange management, anti-money laundering, cybersecurity and information management, and personal information protection will also be included within the scope of the rectification.

Odaily reported that the Securities Regulatory Commission and seven other departments have jointly issued the Comprehensive Action Plan for Cracking Down on Illegal Cross-Border Securities, Futures, and Fund Operations. A key task in the plan is to strengthen oversight of internet platforms and information clearance.

The Cyberspace Administration of China (CAC) will urge domestic internet platforms to improve their review and monitoring systems for content related to illegal cross-border operations. In line with requests from financial regulators, the CAC will promptly remove or handle relevant illegal information and accounts. Serious administrative talks and penalties will be imposed on problematic platforms and online self-media. The telecommunications authorities, based on lists provided by financial regulators, will order the removal or shutdown of domestic websites and apps involved in illegal cross-border operations by foreign institutions. Market regulators will take action against illegal advertisements identified and shared by financial regulators.

Odaily Planet Daily reported recently that the China Securities Regulatory Commission (CSRC) has conducted investigations into and issued administrative penalty notices against entities both domestically and abroad related to Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Longbridge Securities (Hong Kong) Limited for illegally conducting securities business within mainland China.

These related entities of Tiger, Futu, and Longbridge, without approval from the CSRC and without obtaining licenses for securities brokerage business or securities margin financing business, engaged in securities trading marketing promotion, processing trading orders, and other related securities business services domestically, and derived profits from these activities. This violates Article 120 of the Securities Law, constituting illegal securities business operations.

In accordance with Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, the CSRC plans to confiscate all illegal gains from the domestic and foreign related entities of Tiger, Futu, and Longbridge, and impose severe penalties according to law. The parties involved have the right to make statements, defend themselves, and request a hearing regarding the proposed administrative penalties. The CSRC will fully consider the parties' opinions before rendering a final administrative penalty decision. (Jin Shi)