Morning Minute: The Clarity Act Just Passed Its First Major Vote
The Clarity Act advanced with a 15-9 Senate Banking Committee vote, passing with all Republicans and two Democrats, despite unresolved ethics provisions. The bill now heads to the full Senate, requiring 60 votes, and could become law before 2030 if further delays are avoided. Its progress caused Bitcoin to spike to $82,000, Circle’s stock to jump 19.9%, and Coinbase to rise 6.1%. In other news, Coinbase became the official treasury deployer for USDC on Hyperliquid, making USDC the main stablecoin there; HYPE surged 20% post-announcement. Cerebras, an AI chipmaker, doubled on its Nasdaq debut, reaching a $100 billion valuation and boosting related stocks. The Trump-Xi Beijing summit yielded progress on trade and technology cooperation, including new plane and chip orders, though Xi warned against mishandling Taiwan. The summit set the stage for further negotiations and a possible US visit in September. Lastly, following a major DeFi hack, Kraken migrated over $3 billion in bridge infrastructure from LayerZero to Chainlink, reflecting growing institutional caution in blockchain protocols.
