There is a catch. ARB holders currently have no direct claim on that revenue, something Kendrick himself listed among the risks to the call. CoinDesk reported earlier this month that Robinhood Chain pays 10% of its net protocol revenue into the Arbitrum ecosystem, with 8% going to the DAO treasury and 2% to a developer fund. None flows directly to token holders currently.

Read More: Robinhood’s new crypto network is printing cash, and it’s sending Arbitrum’s token soaring

Robinhood Chain’s early growth has also come from a somewhat different crowd than the traditional-financial users behind Kendrick’s longer-term thesis. Memecoin launchpads and trading apps have supplied much of its activity even though the network was built primarily around tokenized stocks and other traditional assets.

Robinhood Chain paid about $360,000 in licensing fees in July, accounting for 35% of Arbitrum DAO income that month. The chain was generating $3.75 million in user fees by Sept. 1 and sending roughly $370,000 to Arbitrum over 24 hours.

Kendrick expects $4 trillion of traditional assets to be tokenized by the end of 2028 and sees Arbitrum capturing a growing share of the infrastructure behind them. He forecasts ARB at 50 cents by year-end, $1.50 in 2027, $3.50 in 2028, $6.50 in 2029 and $10 in 2030.

The pullback is also showing up on Kalshi, where traders are increasingly pushing any breakthrough further into the future. The contract for a crypto market structure bill becoming law before Oct. 1, 2027, fell to 36% Tuesday, down from around 53% Monday morning.

For comparison, traders on Monday had put the chances of passage before July 1, 2027, at 53%. By Tuesday, the longer timeline was looking more plausible: Kalshi traders gave the bill, or another qualifying crypto market structure measure, a 51% chance of becoming law only by Jan. 1, 2028.

The reversal comes after prediction markets surged on Monday on hopes that Republican concessions could finally break the months-long stalemate. That optimism quickly faded as banking groups pressed lawmakers to tighten restrictions around stablecoin interest and rewards, while a bipartisan group of state attorneys general warned the legislation could weaken states’ ability to police crypto-related fraud.

Republicans released what they called their final draft over the weekend after making more than 100 changes requested by Democrats, including concessions on ethics provisions. The Senate is scheduled to vote Tuesday afternoon on whether to invoke cloture on the motion to proceed, which requires 60 votes.

The European Central Bank (ECB) on Tuesday called on e-commerce and mobile commerce merchants in the euro zone to join a digital euro pilot as it prepares a retail central bank digital currency (CBDC) for possible issuance in 2029.

The pilot will test the technology, operational processes and user experience of a beta version of the currency, which will resemble the digital euro, but will not be legal tender.

The ECB’s call for merchants is about more than just technical testing. A digital euro will need enough places to spend it if consumers are to use it, making merchant acceptance a commercial question as much as a policy one.

“Many people think the digital euro’s success will depend on how governments and the public sector explain its usefulness,” Isadora Arredondo, vice president of global policy at Hedera, told CoinDesk via LinkedIn. “But the more difficult part will be making the project work commercially.”

Arredondo said merchants would need incentives to join in sufficient numbers and to ensure consumers do not encounter barriers when paying. One option, she said, could be for payment service providers to lower the fees merchants pay to accept digital-euro payments.

The US House Ways and Means Committee is set to consider a 114-page cryptocurrency tax package on Wednesday, designed to bring more structure to several areas of digital-asset taxation. The bill, H.R. 10357—the Digital Asset Tax Certainty Act—was published alongside the committee’s markup materials on Monday.

While the proposal retains multiple provisions affecting mining and staking, it does not include a key feature that would have delayed taxes on new rewards until the tokens are actually sold for cash. That omission could be a practical sticking point for miners and stakers who argue that taxing rewards as soon as they are received may create liquidity problems.

Key takeaways

• The House Ways and Means Committee will mark up H.R. 10357 (the Digital Asset Tax Certainty Act) on Wednesday, with markup text published Monday.
• The bill removes a proposed rewards-timing option that would have allowed deferring taxation until sale, as described in Rep. Mike Carey’s earlier staking/mining legislation.
• Beyond mining and staking, the package targets multiple tax mechanics, including treatment of network/transaction fee payments (up to $10) and special rules for certain stablecoins.
• The proposal extends wash-sale and constructive-sale style rules to crypto and creates a voluntary disclosure pathway for taxpayers seeking to remedy past digital-asset tax issues.
• The House effort arrives as the Senate weighs the CLARITY Act, which would reshape how federal regulators split oversight of crypto markets.

What the House bill keeps—and what it drops

H.R. 10357 is framed as a broad effort to reduce uncertainty in how the tax code applies to digital assets. According to the committee’s bill text, it would classify income from blockchain validator activities as ordinary income and address whether such income is sourced within or outside the United States.

The package also includes provisions meant to preserve the tax status of certain investment trusts that stake qualifying digital assets. In other words, it attempts to address questions that matter not just to individuals, but also to broader investment structures.

However, the legislation stops short of including a rewards-timing provision that had been part of Rep. Mike Carey’s earlier “Tax Clarity for Mining and Staking Act,” which was introduced in June. In the earlier proposal, taxpayers would have had a choice: treat newly created tokens as income when received, or instead handle them in a manner akin to self-created property—effectively triggering taxation when the tokens are sold.

Without that option, the underlying tax treatment in the House package keeps mining and staking rewards taxable when received or when they come under the recipient’s control, potentially before any cash sale occurs.

How H.R. 10357 handles payments, stablecoins, and ordinary crypto transactions

Beyond staking and mining, the bill targets several areas that have repeatedly complicated day-to-day crypto reporting.

For one, the proposal includes a mechanism to prevent taxpayers from recognizing gains or losses when crypto is used to pay network or transaction fees of up to $10. That change is aimed at reducing the tax friction that can arise from frequent, small fee payments across on-chain activity.

The bill also proposes special tax treatment for qualifying US dollar stablecoins and includes rules allowing certain qualifying digital asset loans to occur without being treated as taxable sales. Additionally, it calls for simplified accounting for widely traded crypto assets, a category that generally reflects the reality that many taxpayers interact with large, liquid assets rather than a narrow set of obscure tokens.

Another major thread in the proposal involves expanding rules commonly associated with wash sales and constructive sales. In practice, those provisions are meant to limit tax outcomes that can be achieved by replacing an asset before taxes are realized—rules that the bill would extend to crypto.

Voluntary disclosure and the push for “certainty”

H.R. 10357 also creates a voluntary disclosure program for taxpayers who want to correct earlier digital-asset tax violations. The existence of such a path suggests the committee is not just writing new rules, but also attempting to manage the compliance landscape for taxpayers who may have already made reporting decisions under prior ambiguity.

The committee’s markup process did not begin with H.R. 10357 alone. Earlier in June, Ways and Means circulated seven crypto tax drafts ahead of a digital asset taxation hearing. Those proposals reportedly covered stablecoins, mining and staking, and measures aimed at reducing the tax-reporting burden created by the structure of crypto transactions.

As the process developed, industry stakeholders pressed for specific changes. Reporting on earlier advocacy noted that the Blockchain Association, Crypto Council for Innovation, and Digital Chamber urged Congress to pass Rep. Carey’s legislation as introduced, arguing that taxing staking and mining rewards before tokens can be sold risks creating liquidity problems. They also opposed an amendment that would have limited the potential deferral to five years.

In this latest House package, that rewards-timing aspect did not survive into the committee’s published markup text. That makes Wednesday’s committee consideration especially significant for miners, stakers, and their tax advisors—because it determines whether liquidity concerns remain central to the bill’s final form or are addressed only indirectly through other provisions.

House tax drafting unfolds alongside Senate market-structure debate

The House crypto tax package is moving forward as lawmakers elsewhere consider a separate but related policy track: the CLARITY Act, which would clarify how the US Securities and Exchange Commission and the Commodity Futures Trading Commission divide oversight of the crypto market.

While H.R. 10357 focuses on taxation mechanics—how and when gains, income, and losses are recognized—the Senate’s regulatory-oversight debate affects a different dimension of the same ecosystem: what kinds of activities, products, and exchanges may fall under which regulator’s authority. For investors and builders, those questions can influence compliance costs, product design, and the willingness of firms to offer services that touch on crypto’s broader market infrastructure.

Taken together, the developments show Congress grappling with both “how to tax” and “how to regulate,” two policy domains that often move at different speeds but ultimately affect similar stakeholders.

As the House committee considers H.R. 10357 on Wednesday, market participants should watch whether the missing rewards-timing provision becomes a focal point for amendments, and whether the bill’s other operational changes—fee de minimis treatment, stablecoin rules, and the expansion of wash/constructive-sale style restrictions—survive intact into any later legislative steps.

Chainlink price traded near $11.41 after failing to hold its latest rebound, while weak momentum and liquidity below $11.20 raised the risk of another decline.

Chainlink price remains under pressure

Chainlink (LINK) price was trading around $11.41 at the time of writing, down 0.91% on the daily candle after moving between $11.30 and $11.63. The token remained close to the lower end of its intraday range as buyers struggled to extend a brief recovery.

LINK has lost much of the advance that carried it from approximately $8.20 in early August to a September high near $13.60. The rally accelerated after the price broke through $9.40 and later cleared $11.00, but selling increased once the token moved above $13.00.

Price has since formed a sequence of lower highs and lower lows. The latest bounce stalled below $11.70, leaving LINK beneath the $11.72 Murrey Math resistance level on the daily chart.

The broader crypto market also faced pressure as investors assessed inflation, energy prices and the outlook for U.S. interest rates. Expectations that the Federal Reserve could keep borrowing costs restrictive reduced demand for higher-risk assets, including cryptocurrencies that do not offer a fixed yield.

Uncertainty surrounding the Digital Asset Market Clarity Act added another U.S.-specific risk for crypto traders. A delayed or unsuccessful Senate vote could weaken expectations for near-term regulatory clarity, although LINK’s immediate move remained closely tied to its technical setup and wider market direction.

Daily indicators show fading LINK momentum

The daily chart showed LINK holding above the 6/8 Murrey Math level at $10.94, which now serves as the nearest major pivot. Price previously used the area around $11.00 as a breakout level during its August rally, making the zone important for the short-term trend.

Aroon readings pointed to weakening bullish control. Aroon Up stood at 7.14%, while Aroon Down was at 42.86%. The wide gap suggests that LINK has not recorded a recent high, while downside pressure remains more active.

The readings do not confirm a fresh breakdown on their own, but they support the pattern of declining momentum since the early September peak. Buyers would need to reclaim $11.72 before LINK could attempt another move toward the 8/8 resistance at $12.50.

A break above $12.50 would expose the next Murrey Math targets at $13.28 and $14.06. LINK would still need stronger volume and broader market support to reach those levels, particularly after its rejection from the $13.00–$13.60 region.

If $10.94 fails, the daily chart places the next support at $10.16. A deeper correction could then bring the major $9.38 pivot into focus, although such a move would require a clear loss of the current $11.00 support area.

4-hour chart keeps $11.20 support in focus

LINK was trading slightly below the 4-hour Bollinger Band midpoint at $11.44. The upper band stood near $11.68, while the lower band was around $11.20.

The narrow distance between the bands reflected reduced volatility following the sharp decline from the September high. Price has moved sideways between roughly $11.20 and $11.70, creating a short-term consolidation range.

A close above the Bollinger midpoint would be an early sign that buyers are regaining control. LINK would then need to break $11.68–$11.72 to challenge the psychological $12.00 level.

The Awesome Oscillator remained marginally negative at -0.025. Its red bars had shortened, indicating that bearish momentum was easing, but the indicator had not yet moved decisively above zero to confirm a bullish shift.

Failure to defend the lower Bollinger Band could send LINK toward the daily pivot at $10.94. Conversely, a breakout above the upper band would weaken the short-term bearish structure and increase the chance of a recovery toward $12.00 and $12.50.

Liquidation map points to liquidity near $11

CoinGlass’ one-week liquidation heatmap showed a dense concentration of leveraged positions below the current price, particularly around $11.00–$11.15. The strongest lower cluster appeared close to $11.05, with additional liquidity extending toward $10.90.

Large liquidation concentrations can attract price as traders target areas where leveraged positions may be forced to close. A drop below $11.20 could therefore accelerate toward $11.00 if long liquidations add mechanical selling pressure.

Upside liquidity was spread across several levels. The nearest visible concentrations sat around $11.70–$12.00, followed by stronger bands near $12.20 and $12.50. A particularly large cluster was visible around $13.00, although LINK would first need to reverse its lower-high structure to approach it.

The uneven distribution leaves LINK exposed to volatility in either direction. Lower liquidity sits closer to the current price, making the $11.00 region the more immediate level, while a break above $11.72 could force short positions to close and support a faster recovery.

For now, $10.94–$11.20 forms the main support zone, while $11.68–$11.72 remains the first resistance range. A decisive close outside those boundaries could determine whether LINK extends its correction toward $10.16 or begins another attempt at $12.50.