S tablecoin holders would have seen a $500 billion redirection of deposits out of the traditional banking system if the CLARITY Act's yield provisions remained uncapped. This shift would have occurred because traditional banks and the American Bankers Association argued that returns of 3-5 percent on stablecoins would trigger deposit flight from low-yield bank accounts.
Related Brief 2h ago
cybersecurity Grinex Hack Erases $13.7 Million in Ruble-Backed Assets
Users of the Grinex cryptocurrency exchange are locked out of their accounts and funds. All trading, deposits, and withdrawals have been suspended indefinitely. The suspension follows a cyberattack that drained more than 1 billion Russian rubles, approximately $13.7 million, from 54 wallet addresses. Blockchain analytics firms Elliptic and TRM Labs tracked approximately $15 million in USDT leaving Grinex-linked accounts. To prevent Tether from freezing the stolen stablecoins, the attackers routed funds through the Tron and Ethereum networks and converted the USDT into TRX and ETH. The stolen assets were consolidated into a single wallet holding 45.9 million TRX, valued at approximately $15 million. Grinex, a Kyrgyzstan-registered exchange tied to Russia's domestic crypto-ruble ecosystem, attributed the breach to "foreign special services" and "foreign intelligence agencies." The platform is the successor to Garantex, a Moscow-based exchange sanctioned by the U.S. Treasury in 2022 for processing over $150 million in ransomware payments. After Garantex ceased operations in March 2025, liquidity and users migrated to Grinex, which other sources describe as a primary hub for the ruble-backed stablecoin A7A5, which Elliptic estimates has processed more than $100 billion in transactions. Two wallets linked to TokenSpot, another Kyrgyzstan-based exchange, transferred roughly $5,000 to the same consolidation address used in the Grinex heist.
To resolve the central dispute that stalled the the same bill twice in 2026, a compromise deal now bans passive yield on stablecoin balances. Activity-linked rewards tied to payments and platform use are permitted. Coinbase Chief Policy Officer Faryar Shirzad stated that Coinbase has conceded the point on passive yield.
Related Brief 2h ago
cryptocurrency Morgan Stanley's Bitcoin ETF Undercuts All Spot Bitcoin Funds
Investors now have a spot bitcoin ETF with a 0.14% expense ratio, the lowest in its category. This pricing edge allows the fund to attract assets from existing funds, particularly among clients within Morgan Stanley's 길이 a wealth management network. The fund, 길이 a the CoinDesk Bitcoin Benchmark 4 PM New York Settlement Rate, and began trading on April 8. The Morgan Stanley Bitcoin Trust (MSBT) is the first spot Bitcoin ETF issued directly by a traditional Wall Street banking institution. Its 0.14% fee structure undercuts the Grayscale Bitcoin Mini Trust by a single basis point. In six trading sessions, MSBT attracted $103 million in net inflows, surpassing WisdomTree's BTCW cumulative total of $86 million.
The legislation, which passed the House in July 2025 with a 294-134 vote and cleared the Senate Agriculture Committee in January 2026, would draw a statutory line between the SEC and the CFTC. Digital commodities would be assigned to the CFTC.
Related Brief 2h ago
cryptocurrency regulation Payward spends $550 million to buy the only vertically integrated crypto derivatives stack in the U.S.
U.S. clients of Kraken and NinjaTrader will gain access to CFTC-regulated spot margin, perpetual futures, and options. This access follows a definitive agreement by Payward, the parent company of Kraken, to acquire Bitnomial for up to $550 million in cash and stock. Bitnomial is the first crypto-native platform in the U.S. to hold the three licenses required to operate a vertically integrated derivatives business: a designated contract market, a derivatives clearing organization, and a futures commission merchant. These licenses provide the exchange, clearinghouse, and brokerage framework necessary to run a full-stack business. Payward Co-CEO Arjun Sethi stated that the U.S. lacks clearing infrastructure built for digital assets and that Bitnomial's capabilities cannot be "retrofitted onto legacy systems." By acquiring these licenses, Payward bypasses the years of regulatory engagement and operational planning required to build the stack independently. The deal also expands Payward Services, the company's B2B infrastructure arm, allowing banks, fintechs, and brokerages to integrate regulated U.S. derivatives through a single API integration. The transaction values Payward's equity at $20 billion.
If the bill does not move forward by the end of April, it may not reach a full Senate vote in May 2026. Failure to move forward by the end of April would the likely push comprehensive reform into the next Congress, delaying passage until 2027 or beyond. Ron Hammond, Head of Policy at Wintermute, Wintermute's Head of Policy Ron Hammond puts the odds of the bill passing in 2026 at 30%.
Related Brief 2d ago
cryptocurrency regulation The U.S. Crypto Framework Is Taking Shape—But Not Through Law
U.S. crypto firms must operate under SEC and CFTC interpretive guidance without the legal certainty of enacted legislation or final rules. In March 2026, the SEC issued an interpretive release aligning crypto assets with the proposed Clarity Act framework. The release classified digital commodities, collectibles, and tools as non-securities, while tokenized securities remain subject to SEC regulation. The SEC and CFTC jointly recognized that some digital assets can evolve from securities to commodities over time. The interpretive release filled regulatory gaps ahead of expected passage of the Clarity Act. The Clarity Act, which would assign jurisdiction over hybrid crypto assets to the CFTC, remains stalled in the Senate Banking Committee. The bill's delay centers on whether stablecoin issuers can offer interest payments, a provision seen as potentially diverting funds from traditional bank savings accounts. No formal crypto regulatory framework exists in the U.S. as of March 2026, only anticipated alignment through agency guidance.
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