The American Bankers Association (ABA) is mounting an aggressive lobbying push against portions of the Senate’s Digital Asset Market Clarity Act ahead of a scheduled Banking Committee markup on Thursday, warning lawmakers that stablecoin provisions in the updated bill could still undermine bank deposits and weaken financial stability.

In a call-to-arms circulated to bank executives nationwide, the ABA petitioned banks and their employees over the weekend to contact senators immediately to push for tighter restrictions on payment stablecoins in the crypto market structure bill. The group said the latest version of the legislation — after months of bank lobbying, meetings and input — still leaves room for crypto firms to offer interest-like rewards that may encourage consumers to move money out of traditional bank accounts.

The Senate Banking Committee is expected to release updated legislative text as soon as Monday, with comments and amendments from lawmakers likely to emerge Tuesday before Thursday’s committee vote on the Clarity Act.

“We need your help to drive this message home before senators consider this legislation,” ABA president Rob Nichols said in the request.

The ABA’s campaign follows a joint letter sent last week with other banking trade associations that outlined proposed edits to the bill. The groups argued lawmakers need to close what they describe as a loophole around stablecoin yield before advancing the legislation.

The dispute has become one of the defining battles in Washington’s crypto policy debate. Bank executives and trade groups have argued that yield-bearing stablecoins could function as substitutes for insured deposits, draining funding that banks rely on to make mortgages, business loans and other forms of credit.

Supporters of stablecoins, including many crypto firms and fintech companies, argue the products offer consumers faster payments and new ways to move money online. Critics in the crypto industry say banks are trying to preserve their dominance by limiting how digital dollar products compete for users.

“The banking cartel is in full panic mode,” U.S. Senator Bernie Moreno, an Ohio Republican who has been staunchly pro-crypto, posted on social media site X.

The fight previously delayed legislative progress, and lawmakers eventually negotiated a compromise that would prohibit stablecoin yield resembling deposit interest while allowing activity-based rewards programs similar to credit-card points. Even after those changes, major banking groups have continued pressing Congress for stricter guardrails.

While the White House Council of Economic Advisers had released an analysis on stablecoins that suggested their deployment wouldn’t damage the banking system, ABA economists answered with their own study in April. The banking group argued the administration focused on the wrong policy question by analyzing the effects of banning stablecoin yield rather than the consequences of allowing it. According to the ABA, permitting yield-bearing stablecoins could rapidly scale the market from roughly $300 billion today to as much as $2 trillion, increasing pressure on bank funding.

The longer negotiations drag on, lawmakers and industry participants warn, the harder it may become to move comprehensive crypto legislation through the Senate and onto the floor for a final vote. About 10 weeks of Senate floor time remain before the midterm elections, according to the current Senate calendar, and there are a lot of competing interests for that legislative bandwidth.

UPDATE (May 11, 2026, 14:55 UTC): Adds response from Senator Bernie Moreno.

Key takeaways

• XRP slipped below $1.50 as renewed Middle East tensions weakened broader crypto sentiment.
• XRP investment products saw nearly $40 million in inflows last week, while futures open interest climbed to $2.87 billion.

XRP tests key $1.45 support despite strong ETF and futures inflows

Ripple’s XRP retreated from highs near $1.50 and hovered around $1.46 on Monday as renewed geopolitical tensions in the Middle East pressured broader crypto markets and cooled recent bullish momentum.

The pullback followed comments from US President Donald Trump, who reportedly rejected Iran’s latest proposal aimed at ending the ongoing conflict in the region, calling the offer “totally unacceptable.” 

The proposal included conditions tied to Iran’s sovereignty over the Strait of Hormuz alongside demands for compensation related to war damages.

Iranian Foreign Ministry spokesperson Esmail Baghaei defended the proposal, describing it as “reasonable” and “generous” for both Iran’s national interests and regional stability.

The renewed uncertainty rattled risk assets, including cryptocurrencies, which had recently rallied on hopes of a lasting ceasefire agreement between the US and Iran. XRP is up by less than 1% today as traders reassessed the broader macro outlook.

Despite the market weakness, capital inflows into XRP investment products remained resilient last week.

According to CoinShares, XRP-related digital investment products attracted nearly $40 million in inflows, with total assets under management averaging $2.5 billion, ranking fourth among crypto investment products.

Spot XRP exchange-traded funds (ETFs) accounted for approximately $34 million of those inflows, while cumulative ETF inflows climbed to $1.32 billion. Net ETF assets under management currently stand at around $1.12 billion, according to CoinGlass data.

Meanwhile, derivatives activity suggests retail traders continue positioning for further upside. XRP futures Open Interest (OI) surged to $2.95 billion from $2.65 billion a day earlier, indicating growing participation and investor conviction despite the recent pullback.

XRP technical outlook: bulls defend key EMA support zone

The XRP/USD 4-hour chart remains bullish as Ripple continues to trade above key levels. XRP is currently trading above the 50, 100, and 200 Exponential Moving Averages (EMAs) on the 4-hour chart clustered between $1.40 and $1.42, reinforcing a constructive short-term bias.

However, the $1.50 area remains a major resistance barrier after acting as a double-top ceiling during the recent rally.

Momentum indicators suggest bullish momentum is cooling rather than reversing entirely. The Relative Strength Index (RSI) remains in the high-50s, while the Money Flow Index (MFI) has eased from overbought territory, signaling a pause in buying pressure.

If the selloff persists, XRP could encounter a support level near the 50 EMA around $1.42, followed by stronger support around the 100 EMA at $1.41 and the 200 EMA near $1.40.

However, if the bulls regain control and XRP’s daily candle closes above the $1.50 resistance zone, it could pave the way for a more extended bullish move in the sessions ahead.

Key takeaways

• Solana surged nearly 15% last week as spot SOL ETFs attracted $39.23 million in inflows — the strongest since January. 
• Solana surged nearly 15% last week as spot SOL ETFs attracted $39.23 million in inflows — the strongest since January. 

Solana (SOL) is trading just above $95 on Monday after rallying nearly 15% over the past week, with bullish momentum supported by strong institutional demand, improving on-chain activity, and rising derivatives participation.

Institutional demand pushes SOL above $90

Institutional appetite for Solana strengthened sharply last week, with spot Solana Exchange Traded Funds (ETFs) recording net inflows of $39.23 million, according to CoinGlass data. 

The figure marked the strongest weekly inflow since mid-January, signaling renewed investor confidence in the asset. Continued inflows could provide additional upside support for SOL in the near term.

On-chain and derivatives metrics also point to a constructive outlook. CryptoQuant data indicates cooling conditions across both spot and futures markets while showing buy-side dominance in futures activity — a combination that often precedes further upside. 

Although several metrics remain neutral, overall sentiment has improved considerably compared to previous weeks.

In the derivatives market, Solana’s funding rates turned positive on Sunday before climbing to 0.0067% on Monday, showing that long traders are now paying shorts to maintain positions. 

Historically, similar flips from negative to positive funding rates have coincided with strong upward price moves for SOL.

Open Interest (OI) in Solana futures has also surged. CoinGlass data shows total OI rising to $6.46 billion on Monday from $4.83 billion on May 5. 

The steady increase since early May suggests fresh capital continues to enter the market, reinforcing bullish momentum and signaling growing trader participation.

Solana technical forecast: Bulls target the $100 psychological level

The SOL/USD 4-hour chart is bullish thanks to Solana’s recent rally. SOL is now trading above both the 100-day Exponential Moving Average (EMA) at $93.87 and the 50-day EMA at $87.51, strengthening the bullish case.

Momentum indicators also remain supportive. The Relative Strength Index (RSI) sits at 69, reflecting strong but not yet overextended momentum.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains firmly positive and continues to rise.

If the rally persists, immediate resistance is seen near the 38.2% Fibonacci retracement level at $98.53. 

A daily candle close above this resistance could open the door toward the $108.12–$110.62 range, where the 50% retracement level and the 200-day EMA converge. 

Additional resistance levels stand near $117.71 and $120.00, while an extended rally could target the 78.6% retracement level around $131.35.

However, if the market undergoes a correction, immediate support sits near the former channel resistance around $92.11, followed by the 100-day EMA at $93.87 and the 50-day EMA at $87.52. 

Losing these levels could expose the support near $86.67, while deeper pullbacks could revisit the channel floor around $77.12 and the broader cycle low area near $67.50.

Strategy bought 535 Bitcoin for $43 million last week, resuming its accumulation strategy days after its chairman, Michael Saylor, said the company may sell some of its holdings to fund dividend payments.

The world’s largest corporate Bitcoin holder acquired the Bitcoin (BTC) between May 4 and May 10 at an average price of $80,340 per BTC, according to a Monday filing with the US Securities and Exchange Commission.

The purchase lifted Strategy’s total holdings to 818,869 BTC, acquired for about $61.86 billion at an average price of $75,540 per coin, including fees and expenses.

The acquisition was Strategy’s first since April 27, when the company bought 3,273 BTC for $255 million. It also followed the company’s first-quarter earnings call, where Saylor said Strategy would “probably sell some Bitcoin” to fund a dividend and show that a sale would not undermine the company or the broader Bitcoin market.

On Sunday, Saylor hinted that the company would resume BTC purchases after the prior week’s pause.

Strategy Bitcoin acquisition, 8-K filing. Source: SEC

The Bitcoin purchase was made using proceeds from share sales. The majority of the acquisition, or $42.9 million, was funded through the sales of Class A common stock (MSTR), while another $100,000 was funded through the issuance of Stretch (STRC) stock, the filing shows.

Related: Capital B raises $17.8M to expand its Bitcoin treasury

Strategy shares gain in pre-market, despite Bitcoin sales concerns

Strategy shares rose in premarket trading on Monday after the company disclosed the Bitcoin purchase.

Its shares rose 4.3% to change hands above $187.50 at the time of writing, according to Yahoo Finance.

Strategy’s shares are up 23% year-to-date despite Bitcoin’s 7.2% decline during the same period, data from TradingView shows.

MSTR/USD, 1-day chart. Source: Yahoo Finance

Still, investor concerns persist following Strategy’s first quarter earnings call, when Saylor said Strategy may periodically sell portions of the company’s Bitcoin holdings to fund dividends and to “inoculate the market.”

While some investors feared that a Strategy sale could create more cascading liquidations, others, such as Bitcoin advocate Samson Mow, said that Strategy’s potential sales can give it greater room to maneuver in the market.

Strategy investor Adam Livingston argued that periodic sales may allow the company to finance more Bitcoin purchases in the future.

Magazine: Strategy reveals why they would sell BTC, Trump Media posts loss: Hodler’s Digest, May 3 – 9

Solana developer Anza said Monday that Alpenglow, the network’s biggest proposed consensus overhaul to date, is live on a community test cluster, marking a major step toward a potential mainnet rollout.

The update means validator operators can now test software designed to move Solana from its current consensus system, which combines Proof-of-Stake with TowerBFT and Proof-of-History, toward a new architecture intended to dramatically reduce finality times and improve network responsiveness.

“Alpenglow is live on the community test cluster,” Anza wrote on X. “The biggest consensus change in Solana’s history, now running on validator infrastructure ahead of mainnet.”

Today, Solana relies on Proof-of-History, a cryptographic clock that timestamps transactions, alongside TowerBFT, a voting mechanism validators use to agree on the state of the blockchain. While the design has helped Solana achieve high throughput and low fees, some have pointed to outages and network instability during periods of heavy demand.

Alpenglow proposes replacing major portions of that system with a redesigned framework centered around new components. In simple terms, the new model aims to let validators communicate and confirm blocks faster and more efficiently, potentially cutting transaction finality from several seconds to near real-time speeds.

The start of the community test cluster also suggests that validator software can successfully perform what developers are informally calling “Alpenswitch,” transitioning validator nodes from Solana’s existing process to Alpenglow in a live network environment.

The test milestone comes just days after Solana co-founder Anatoly Yakovenko said at Consensus Miami 2026 that Alpenglow could reach mainnet as soon as next quarter if testing continues smoothly.

Read more: Solana’s ‘Alpenglow’ upgrade could arrive next quarter, co-founder Yakovenko says

Peter Thiel-backed payments startup Augustus received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a US national bank built around artificial intelligence and stablecoin-based payments.

The approval, announced Monday, would allow Augustus to expand its existing European banking operations into the US, as financial firms increasingly compete to modernize cross-border settlement infrastructure using tokenized dollars and blockchain-based payment systems.

The company describes Augustus National Bank as “the first clearing bank for the AI era,” built on an AI and stablecoin-native core designed to interact directly with machine agents at “the speed of compute,” rather than relying on batch processes and human clerks.

Founded in 2022, Augustus operates under European banking licences and says it already processes billions of dollars for institutional clients, including cryptocurrency exchange Kraken. Its proposed US national bank charter, however, is still at the conditional approval stage and will only become effective once the OCC’s pre-opening requirements are satisfied.

Augustus secures OCC conditional approval. Source: PR Newswire

Related: Stablecoin issuer Circle faces lawsuit over $280M Drift Protocol hack

While companies such as Ripple and Circle have pursued national trust bank charters under the OCC framework, only a limited number of digital asset firms have reached comparable advanced stages in the federal chartering process. The OCC approval places Augustus among a small group of companies that have progressed toward a national bank charter in recent years, according to the release.

Race to build the stablecoin bank

The move comes as competition intensifies to modernize cross-border payments and stablecoin settlement infrastructure in the US.

Under the Guiding and Establishing Innovation for US Stablecoins (GENIUS) Act regime for payment stablecoins, banks and trust companies can issue fully reserved dollar tokens, and a growing group of issuers and payments companies are testing ways to integrate tokenized dollar flows into regulated banking rails.

Circle’s collaboration with core banking provider Finastra in August 2025, for example, lets banks settle cross-border payments in USDC via Finastra’s Global PAYplus hub, and Citi and HSBC introduced live tokenized deposit services for 24/7 cross-border and interbank payments in November 2025.

Augustus, backed by Peter Thiel’s Valar Ventures, Creandum, and the founders of companies including Ramp and Deel, has raised about $40 million, according to the company. At 25, Dabitz would be the youngest chief executive of a federally chartered bank in over 100 years.

Cointelegraph reached out to Augustus for comment, but had not received a response by publication.

Asia Express: North Korea denies crypto hacks, Upbit’s bank tests Ripple

Solana nears key resistance as cloud mining platforms like AJC Mining gain traction in crypto recovery phase.

As whale activity, ETF capital inflows, and bullish momentum in the derivatives market continue to build, Solana is preparing to challenge the key resistance level near $97.40. 

For everyday users, this market rebound is not only a sign of Solana’s ecosystem recovery but also a clear indication that the digital asset market is entering a new phase driven by institutional capital, on-chain data, and global user participation.

Crypto market recovery makes cloud mining a new entry point for everyday users

As mainstream crypto assets such as Solana, Bitcoin, Litecoin, Dogecoin, and Bitcoin Cash regain market attention, more users are looking for easier ways to participate in the digital asset economy.

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Against this backdrop, AJC Mining is gaining attention as a cloud mining service platform. Through professional mining farm deployment, global hashrate management, and transparent system operations, AJC Mining aims to provide users with a more convenient and efficient Cloud Mining experience.

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Real users share their views on Bitcoin cloud mining

Recently, AJC Mining conducted street interviews in the United Kingdom with real cryptocurrency users to understand how they view the current crypto market and the growing popularity of lower-barrier cloud mining.

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A third user said that the biggest value is “peace of mind”:

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Another user added:

“I used to think mining had a very high entry barrier, but after learning more about it, I found that ordinary users can also participate more easily.”

AJC Mining: Cloud mining is becoming a new choice for entering the crypto market

Why is traditional mining difficult for beginners?

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LTC cloud mining
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DOGE cloud mining
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Conclusion: AJC Mining is becoming a popular Bitcoin cloud mining platform

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Circle Internet Group agreed to sell 740 million ARC tokens for $222 million in a private placement led by a16z Crypto, valuing the Arc blockchain network at $3 billion on a fully diluted basis.

The New York Stock Exchange-listed issuer of the USDC stablecoin disclosed the token presale Monday alongside its first-quarter 2026 results, which showed higher revenue and reserve income but lower net income.

The round was led by a16z Crypto and backed by a consortium including BlackRock, Apollo Funds, ARK Invest, Bullish, General Catalyst, Haun Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson Investors, Marshall Wace, SBI Group and Standard Chartered Ventures.

Circle entered into the token purchase agreements on Friday, agreeing to sell the ARC tokens at $0.30 each in a private placement exempt from registration under the US Securities Act of 1933.

The sale marks a major step in Circle’s effort to expand beyond stablecoin issuance into blockchain infrastructure, as the company seeks to build Arc into a settlement layer for stablecoin finance, tokenized assets and programmable financial markets.

Circle first introduced Arc in August 2025 as an open layer-1 blockchain focused on stablecoin finance. It also published a whitepaper on Monday, describing ARC as a “native coordination asset” designed to support governance, security and network operations on the system.

ARC token powers Circle’s “Economic OS” blockchain

Circle’s Arc whitepaper describes ARC as the native token of its layer-1 “Economic OS” blockchain built for stablecoin-based finance and tokenized markets.

The network uses a hybrid consensus approach, combining permissioned validators with a planned shift toward proof-of-stake (PoS) from the proof-of-authority (PoA) consensus model.

ARC’s five interconnected functions. Source: ARC

Circle said ARC has a fixed initial supply of 10 billion tokens allocated across three buckets, with about 60% going to the ecosystem for developers, grants and network growth, while 25% is reserved for Circle to support development, staking and governance participation.

The company said the remaining 15% is set aside as a long-term reserve to provide flexibility and stability during market stress or future network needs.

Related: Canton Network creator targets $300M in capital raise: Report

Circle’s Q1 revenue rises as USDC growth offsets higher costs

Circle’s financial performance in the first quarter was driven primarily by continued growth in USDC circulation and transaction activity.

USDC in circulation rose 28% year over year to $77.0 billion at quarter end, while onchain transaction volume surged 263% to $21.5 trillion. Total revenue and reserve income, which includes earnings from USDC reserves and other business lines, rose 20% to $694 million.

Source: Circle

Net income fell 15% to $55 million, as higher costs outweighed revenue growth. Operating expenses rose 76% to $242 million, driven mainly by post-IPO stock-based compensation and related payroll taxes, along with continued investment in product, distribution and infrastructure.

Even so, Circle’s underlying business performance improved, with adjusted EBITDA rising 24% to $151 million.

Circle (CRCL) stock price chart year-to-date. Source: Yahoo Finance

Circle (CRCL) shares were up around 3% in premarket trading to $116.7, extending recent gains, according to Yahoo Finance. The stock is up around 12.2% over the past month and more than 40% year to date.

Magazine: XRP ‘probably going to $12,’ Bitcoin ETFs add $1B: Market Moves