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Circle Drop Overdone As Clarity Act Aims As Yield Distribution: Bernstein

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Circle Drop Overdone As Clarity Act Aims As Yield Distribution: Bernstein

Circle’s shares sell-off on Tuesday may have been overdone as investors failed to see that the stablecoin issuer’s core business model remains unaffected by the proposed CLARITY Act, analysts at Bernstein said on Wednesday.

In a note to clients, Bernstein analysts Gautam Chhugani, Mahika Sapra, Sanskar Chindalia and Harsh Misra said markets are conflating “who earns yield” with “who distributes yield.”

“Circle earns. Coinbase distributes,” the analysts wrote, noting that the draft legislation primarily targets the distribution of yield to users — not the underlying reserve income earned by issuers like Circle.

According to the latest draft, the CLARITY Act would prohibit platforms from offering yield on passive stablecoin balances or products deemed “economically equivalent” to interest. However, the proposal leaves room for activity-based rewards tied to user engagement, such as trading or payments.

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“The stablecoin reward carve-outs could still allow distribution of rewards linked to user activity tiering,” the analysts said, adding that “the market knee-jerk reaction may not be calibrated.”

Circle’s business model relies on earning income from reserves backing USDC (USDC), which are primarily invested in short-term US Treasurys. Bernstein estimates this reserve income reached about $2.6 billion in 2025.

Circle shares fell roughly 20% on Tuesday following the legislative update, despite having gained more than 160% from their February lows. In mid-day trading on Wednesday, CRCL shares had clawed back some of the previous day’s decline, trading up more than 3.5% at last look.

Circle (CRCL) stock is still up 30% year-to-date. Source: Yahoo Finance

Related: Crypto investor sentiment will rise once CLARITY Act is passed: Bessent

Bernstein reiterates bullish outlook on Circle as USDC adoption accelerates

This isn’t Bernstein’s first bullish call on Circle this month. Earlier in March, analysts reiterated their “Outperform” rating on the stock, setting a $190 price target, nearly double current levels.

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The latest note reinforces that view, highlighting strong momentum in USD Coin (USDC). Its circulating supply has grown to $80 billion from roughly $30 billion over the past two years, driven by demand for trading, collateral, payments and global access to US dollars.

Bernstein also pointed to rising onchain transaction volumes as evidence of USDC’s expanding role across crypto markets and cross-border finance.

USDC is currently the second-largest US dollar-denominated stablecoin, behind Tether’s USDt (USDT).

USDC’s transaction volume approached $12 trillion in the fourth quarter of 2025. Source: Bernstein

Related: Deloitte, Stablecorp plan stablecoin infrastructure for Canadian institutions

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

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Pump.fun locks creator fees after “vamping” drains trust on Solana, industry reaction snowballs

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Pump.fun limits fee wallet edits as revenue and volume fall 

Pump.fun now lets creators change fee wallets only once after launch, moving to curb “vamping” on Solana as platform revenue falls and industry figures call for coordinated reform.

Summary

  • Pump.fun co-founder Alon Cohen announced a protocol update on March 24 that limits token creators to one post-launch change of their fee recipient wallet.
  • The move came in direct response to widespread “vamping” — a practice where creators redirected fees to their own wallets after tokens gained traction, undercutting buyers.
  • The update drew over 396,000 views on X and sparked a public industry call to action from prominent Solana figures to collectively eliminate the behavior.

Pump.fun, the dominant Solana (SOL)-based memecoin launchpad, announced a significant protocol change on March 24 that caps creator fee modifications to a single post-launch edit — a direct response to rampant fee manipulation that has eroded user trust across the platform. The update was announced by co-founder Alon Cohen, known on X as @a1lon9, in a thread that has since accumulated over 396,200 views, 2,600 likes, and 479 retweets.

Pump.fun reacts to curb ‘vamping’

The problem, as Cohen explained it, had been structural. Every token deployed on pump.fun carries an assigned Coin Admin who controls the creator fee setup — who receives the fees, how they are distributed, and in what proportions. Until now, those Coin Admins faced no limits on how many times they could alter those settings. “Coin Admins had free reign to change fee recipients and distribution as much as they desire, which ultimately led to manipulation,” Cohen wrote. The pattern was predictable: a creator would deploy a token with fees directed toward a third-party wallet to build community trust, allow the token to gain traction and generate meaningful fee revenue, then quietly redirect those fees back to themselves. “People realize, get frustrated, the coin loses traction and narrative is ruined,” Cohen added.

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The fix is relatively simple in mechanism but significant in impact. Under the new rules, every token launches with standard creator fees by default, and the creator is granted exactly one opportunity to redirect those fees to a different wallet. After that single reassignment, the configuration becomes permanent and cannot be altered. “The result: if the creator redirects fees to another wallet, those settings are locked. If they don’t redirect fees, their one chance to do so can be used later,” Cohen said. All existing coins with active fee distributions have had their settings locked retroactively under the update.

The announcement triggered a wave of responses from across the Solana ecosystem, with one post in particular hitting 215,300 views within hours. Tom, a well-known Solana trader who goes by @SolportTom on X, directly called out major trading platforms to join the effort. “We can all agree that vamps suck ass. Need to work together to solve it,” he wrote, tagging @a1lon9, @AxiomExchange, @TradingTerminal, and others. His argument cut against short-term financial incentive: “Yes there’ll be less money in fees but a better space = this will last longer.”

The response illustrated a broader sentiment that has been building on pump.fun for months. The platform, which allows virtually anyone to create and trade memecoins on Solana in seconds, has faced recurring criticism over how its fee structure rewards deployers at the expense of traders. In January, pump.fun overhauled its creator-fee model after acknowledging that its Dynamic Fees V1 system had inadvertently incentivized coin creation over actual trading activity — the lifeblood of the platform.

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The update arrives at a difficult moment for the platform commercially. Despite pump.fun expanding beyond memecoins in March with support for assets including WBTC, USDC, and Ethereum via Wormhole — and surpassing 1.5 million app downloads — its fee revenue and monthly trading volume remain well below 2025 levels. At its January 2025 peak, the platform generated $15.38 million in a single day in protocol fees; that figure has fallen sharply since. Cohen himself acknowledged the limits of the current fix. “It’s important to note that this is one small step towards overcoming a much larger problem,” he wrote, thanking “hundreds of traders who have given myself or pump.fun affiliates meaningful feedback over recent months.”

Solana (SOL) is currently trading at $92.17, up 3.29% over the past 24 hours, according to crypto.news data.

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Turkey’s crypto community fights 40% gains levy

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Turkey’s crypto community fights 40% gains levy

Turkey’s crypto community launched a mass #kriptodavergiyehayır campaign ahead of a vote on a draft bill imposing a 0.03% transaction levy and up to 40% tax on foreign-platform gains.

Summary

  • Turkey’s parliament was set to vote on a draft crypto tax law on March 25 that would impose a 0.03% transaction fee on all trades and up to a 40% gains tax for those using foreign platforms.
  • The hashtag #kriptodavergiyehayır — roughly translating to “No to crypto tax” — exploded across X on March 24, drawing 145,000 views, 3,700 likes, and 686 retweets on a single post by prominent Turkish crypto analyst Selçuk Ergin (@Selcoin).
  • Turkey is the largest crypto market in the Middle East and North Africa region, recording nearly $200 billion in annual on-chain transactions — almost four times that of the UAE — making the proposed legislation one of the most consequential crypto tax moves in the region.

Turkey’s crypto community staged a sweeping online protest on March 24, one day before the Turkish Grand National Assembly was due to vote on a draft crypto tax bill that would introduce a 0.03% transaction levy on all digital asset trades plus a 10% withholding tax on profits for users of licensed domestic exchanges — and as much as 40% for those trading on foreign platforms, according to an explanatory breakdown by Istanbul-based tax advisor CPA Evren Özmen. The backlash was swift and broad, uniting retail traders, influencers, and analysts under the hashtag #kriptodavergiyehayır — “No to crypto tax” — which trended nationally in Turkey on March 24.

Selçuk Ergin, a widely-followed Turkish crypto analyst and educator known as @Selcoin, emerged as one of the leading voices against the bill. His post on March 24 accumulated 145,000 views, 686 retweets, and 3,700 likes on X within hours. “The community showed a tremendous solidarity on the crypto tax issue that will be put to vote tomorrow in parliament,” Ergin wrote. “It said #kriptodavergiyehayır. It stated that the draft is completely flawed. I believe that this mistake will be recognized tomorrow and the right step will be taken.” He added that despite investors on U.S.-listed stocks and the domestic Borsa Istanbul remaining largely quiet, “community solidarity is very high.”

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The discontent stretched well beyond Ergin’s platform. Taner Yılmaz, a verified commenter on the thread @TanerYlmaz13, pointed out that “the 15–40% tax rates on crypto income are not a new situation for entrepreneurs and tradespeople who are already under a high tax burden of up to 40%,” arguing that applying the same framework to crypto would further stifle an already strained segment of the economy. Another user, @Temel_analiz1, took a competitive angle: “There is a war in the Gulf. Dubai is a critical place for crypto. Instead of dealing with taxes, we should turn this crisis into an opportunity. Now is the right time to make Istanbul the capital of crypto.”

At the core of the legislation’s controversy is what critics describe as a deliberately punitive structure. Under the draft, investors who keep their holdings on Turkish-regulated exchanges benefit from a flat 10% withholding tax handled automatically by the platform, with no need for individual tax filings. But those using foreign exchanges face a far steeper burden — their gains are classified as standard annual income under Turkey’s progressive tax system, potentially hitting 40%, with the full compliance burden falling on the individual. Critics say the 30-percentage-point gap is effectively designed to force capital out of international platforms and into the domestic financial system rather than to raise revenue fairly.

The stakes are particularly high given Turkey’s outsized position in global digital asset markets. According to a Chainalysis report cited by Istanbul Blockchain Week, Turkey is the MENA region’s largest crypto market with nearly $200 billion in annual on-chain transactions — roughly four times that of the UAE. Driven by persistent inflation and a weakened lira, cryptocurrency has served as a financial refuge for millions of Turkish citizens for years.

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Turkey previously declined to impose a crypto profits tax in 2024 after an equity market downturn prompted the government to shelve the idea. The current draft marks a return to the question — and, judging by the volume of the community response, the answer from Turkish crypto holders remains the same.

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Blockchain Association urges SEC to treat DeFi as infrastructure, not intermediary: Blockchain Association

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Blockchain Association urges SEC to treat DeFi as infrastructure, not intermediary: Blockchain Association

Summer Mersinger from the Blockchain Association told a House Financial Services Committee hearing that DeFi systems should receive tailored regulatory treatment distinct from intermediary-based compliance regimes.

Summer Mersinger of the Blockchain Association testified before the House Financial Services Committee on Wednesday, advocating for regulatory differentiation between DeFi protocols and traditional financial intermediaries. Mersinger stated that DeFi systems should receive “appropriately tailored equivalent consideration by the SEC” rather than being subjected to intermediary-based compliance frameworks, to preserve their role as open, neutral infrastructure while maintaining oversight of activities presenting traditional financial risks.

The statement reflects ongoing efforts by the crypto industry to shape SEC policy around DeFi regulation. The distinction between infrastructure and intermediaries has become a focal point in broader debates over how financial regulators should approach decentralized protocols versus centralized service providers.

Sources: Blockchain Association (@fund_defi)

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This article was generated automatically by The Defiant’s AI news system from publicly available sources.

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Earn daily passive income without investment

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Top 10 free Bitcoin cloud mining sites in 2026: Earn daily passive income without investment - 2

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Free Bitcoin cloud mining gains traction as users seek low-cost entry into crypto mining.

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As Bitcoin mining difficulty continues to fluctuate and hardware costs remain high, more users are searching for free Bitcoin cloud mining without investment as a practical way to enter the crypto economy.

Traditional mining requires ASIC machines, stable electricity, and technical expertise. In contrast, modern cloud mining platforms allow users to access remote mining infrastructure through free bonuses, trial contracts, or no-deposit mining plans, making it possible to earn daily Bitcoin passive income without owning any equipment.

In 2026, increased competition among providers has introduced more accessible entry models, including free mining credits, limited-time contracts, and zero-cost hashpower allocations.

This guide reviews the top 10 free Bitcoin cloud mining platforms, focusing on contract transparency, earning potential, and real mining infrastructure.

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1. AngelBTC – Free cloud mining with real contracts and $100 bonus

AngelBTC stands out as one of the most relevant platforms for users searching:

  • free Bitcoin cloud mining without investment
  • earn Bitcoin daily passive income
  • legit cloud mining sites 2026

Unlike simulation-based platforms, AngelBTC connects users to real mining farms powered by renewable energy across Canada, Texas, Norway, and Iceland.

Key Features

  • $100 free mining bonus (no deposit required)
  • Fixed-term mining contracts with transparent returns
  • Daily automated BTC payouts
  • Beginner-friendly dashboard with real-time tracking

Example mining contracts

Top 10 free Bitcoin cloud mining sites in 2026: Earn daily passive income without investment - 2

This fixed-return + defined duration model aligns with users seeking predictable crypto passive income.

View Full Contract & Claim $100 Free Hash Power!

2. BitFuFu – Institutional-grade cloud mining access

BitFuFu provides access to large-scale mining infrastructure backed by industrial operations.

Highlights

  • Short-term contracts (1–30 days)
  • Hashrate-based pricing model
  • Daily Bitcoin payouts

Best for users searching:
legit bitcoin cloud mining platform with real contracts

3. ECOS – Regulated cloud mining platform

ECOS operates within a regulated economic zone and offers structured mining solutions.

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Features

  • Free demo mining contract
  • Long-term plans (12–36 months)
  • Built-in wallet and mobile app

Ideal for users focused on compliance and long-term stability.

4. StormGain – Free Bitcoin mining simulator

StormGain offers a free mining feature, but it functions more like a simulation.

Limitations

  • No real mining contract ownership
  • Earnings tied to trading activity
  • Limited withdrawal potential

Suitable for beginners testing mining workflows, not for serious income generation.

5. NiceHash – Open hashpower marketplace

NiceHash enables users to buy and sell computing power in a flexible marketplace.

Key Points

  • Real-time hashrate pricing
  • No fixed returns
  • High flexibility

Best for: 

  • Bitcoin mining without hardware
  • Flexible setup

6. Binance Pool – Mining + exchange ecosystem

Binance Pool integrates mining services with trading infrastructure.

Advantages

  • Occasional mining bonuses
  • Strong global infrastructure
  • Competitive fees

Best suited for users already active in crypto trading.

7. BeMine – Shared ASIC mining ownership

BeMine allows users to own fractional shares of ASIC miners.

Features

  • Real ASIC hardware participation
  • Transparent allocation system
  • Daily BTC payouts

Matches keyword intent:
Cloud mining with real ASIC hardware

8. IQMining – Multi-crypto cloud mining contracts

IQMining supports multiple cryptocurrencies beyond Bitcoin.

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Highlights

  • BTC, LTC, and other assets
  • Flexible contract durations
  • Built-in profitability calculator

Suitable for diversified crypto mining strategies.

9. Kryptex – Software-based mining entry

Kryptex uses local computing power rather than cloud infrastructure.

Characteristics

  • No upfront investment
  • Easy setup
  • Lower profitability

More suitable as an entry-level mining experience.

10. Hashing24 – Long-term bitcoin mining contracts

Hashing24 focuses on industrial-grade mining infrastructure.

Features

  • Fixed long-term contracts
  • Transparent pricing
  • Consistent payouts

Ideal for long-term Bitcoin accumulation strategies.

How free Bitcoin cloud mining works

Most platforms offering free bitcoin cloud mining without investment use one of the following models:

  • Sign-up bonuses (e.g., $100 mining credit)
  • Trial mining contracts
  • Free hashpower allocation

These models allow users to test mining performance before upgrading to paid plans.

Is free Bitcoin cloud mining legit in 2026?

Yes — but only when certain conditions are met.

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Legitimate platforms typically:

  • Provide clear contract terms
  • Show transparent payout records
  • Explain mining profit calculations

Red flags to avoid:

  • Unrealistic guaranteed profits
  • No contract transparency
  • Lack of verifiable mining infrastructure

Final thoughts

The rise of free Bitcoin cloud mining platforms reflects a broader shift toward accessible crypto income solutions.

Platforms that combine:

  • Free entry incentives
  • Transparent mining contracts
  • Daily payout systems

The best strategy in 2026:
Start with free mining, verify the contract model, then scale gradually.

FAQ – Free Bitcoin Cloud Mining 

1. Can someone really earn Bitcoin without investment?

Yes, but typically through free bonuses or trial contracts. Earnings are small unless they upgrade to paid plans.

2. What is the safest cloud mining model?

Fixed contracts with transparent daily returns are generally the most predictable.

3. How do I choose a legit cloud mining platform?

Look for:

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  • Real mining infrastructure
  • Public contract details
  • Consistent payout history

4. What are the trending keywords in 2026?

  • Fee bitcoin cloud mining without investment
  • Earn bitcoin daily passive income
  • Legit cloud mining sites 2026

5. Do I need hardware for cloud mining?

No. All mining operations are handled by remote data centers.

Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.

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Whop Treasury launches with Aave, Plasma, and Veda integrations: Whop

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Whop Treasury launches with Aave, Plasma, and Veda integrations: Whop

E-commerce platform Whop has launched its Treasury feature, enabling creators to earn yield directly on balances through integrations with Aave, Plasma, and Veda.

Whop has launched Whop Treasury, an on-chain earning feature for its e-commerce platform powered by Aave, Plasma, and Veda. The feature allows creators to generate yield directly on their account balances. According to the announcement, millions of users can now access on-chain earning capabilities through the platform.

The launch represents an integration of DeFi infrastructure into a mainstream fintech platform. Aave founder Stani Kulechov highlighted the development as a milestone for bringing Aave into broader fintech adoption, with the Treasury feature giving creators direct yield-generation capabilities on their platform balances.

Sources: Stani Kulechov on X | Stani Kulechov on X

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This article was generated automatically by The Defiant’s AI news system from publicly available sources.

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Bitpanda Unveils Vision Chain for Regulated Tokenized Assets in Europe

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Austria, Bitpanda, RWA, RWA Tokenization, Institutions

Bitpanda said Wednesday it is building Vision Chain, an Ethereum layer-2 that the Vienna-based broker said is aimed at helping European banks and fintechs issue and manage tokenized assets using infrastructure designed for compatibility with the European Union’s Markets in Crypto Assets Regulation (MiCA) and the Markets in Financial Instruments Directive (MiFID) II.

Bitpanda is pitching Vision Chain as a layer-2 for tokenized assets, combining Optimism’s OP Stack with institutional custody and compliance tooling so that regulated companies in Europe can tokenize and trade traditional assets such as stocks, bonds and funds on an Ethereum-based rollup. 

Bitpanda argued that this positioning, along with its existing bank partnerships in Germany and Austria, will make it easier for traditional institutions to go onchain than building their own infrastructure from scratch. 

The company is also leaning on a broader macro case around asset tokenization. Market research company Mordor Intelligence estimated that the asset tokenization market will grow from around $2.08 trillion in 2025 to $13.55 trillion by 2030, implying a compound annual growth rate of roughly 45% as more real-world assets (RWAs) move onchain.

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Related: Bybit launches yield-bearing tokenized gold product tied to XAUT

Tokenization goes from crypto thesis to capital markets agenda

Vision Chain joins an increasingly crowded tokenization race that now includes trading names like Robinhood and incumbents such as Nasdaq and the New York Stock Exchange, which are piloting blockchain-based infrastructure and extended trading hours to attract more institutional flows.

Austria, Bitpanda, RWA, RWA Tokenization, Institutions
Bitpanda’s Vision Chain joins the tokenization race. Source: Bitpanda

Earlier this week, Nasdaq teamed up with Talos on a tokenized collateral platform that aims to unlock more than $35 billion of currently trapped collateral, while institutional networks like Canton are running live experiments with tokenized US Treasurys, money market funds and other RWAs for banks and market infrastructure giants. 

Founded in Vienna in 2014, Bitpanda says it now serves over seven million users across Europe through its investing platform and B2B infrastructure offerings.

The company also presents itself as one of Europe’s most regulated crypto companies, though an International Consortium of Investigative Journalists-linked investigation published in January, citing internal documents and audit findings at Bitpanda’s German subsidiary, reported deficiencies including information security weaknesses and poor oversight of outsourced functions.

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Cointelegraph reached out to Bitpanda for additional information, but had not received a response by publication.

Big Questions: Is China hoarding gold so yuan becomes global reserve instead of USD?