Key Takeaways

• Senate Banking Committee Chair Tim Scott requires unanimous Republican backing before proceeding with CLARITY Act markup
• Sen. John Kennedy refuses to commit support, partially due to grievances over blocked housing legislation
• Sen. Thom Tillis advocates for May committee action but insists on mandatory ethics provisions
• Contentious topics include stablecoin reward structures, DeFi regulatory framework, and presidential crypto business dealings
• Industry analysts estimate passage probability between 15–25%

---

A comprehensive cryptocurrency market structure bill known as the CLARITY Act is approaching a potential Senate committee hearing in May, though significant Republican resistance and ongoing policy disagreements threaten to derail its advancement.

Tim Scott, who chairs the Senate Banking Committee, has established a requirement for complete Republican consensus among his committee’s 13 GOP members before scheduling a markup session. While he confirmed recent commitments from Sen. Thom Tillis and several colleagues, achieving unanimous party support remains elusive.

In comments to Fox Business, Scott characterized negotiations as approaching the “red zone” for finalizing an agreement. His timeline envisions a bipartisan committee markup during May, potentially followed by floor consideration between June and July.

Tillis, serving as a primary Republican negotiator, has formally requested Scott to calendar a markup session and indicated that revised legislative text should be available several days beforehand. However, Tillis has issued an ultimatum: he will vote against the measure if it advances from the Senate without incorporating ethics safeguards.

John Kennedy stands among the Republicans withholding endorsement. Reporting from Punchbowl News indicates Kennedy’s resistance partially reflects broader dissatisfaction with the House and White House regarding a dormant Senate housing measure — extending beyond cryptocurrency policy itself.

Ethical Standards and Presidential Business Ventures Create Additional Obstacles

Democratic members have positioned ethics requirements as a non-negotiable element. Sen. Angela Alsobrooks stated that achieving bipartisan committee approval necessitates first addressing illicit finance prevention and ethical conduct concerns.

Chair Scott has argued that ethics-related provisions fall outside his committee’s jurisdictional authority. This leaves the matter unaddressed and potentially requiring separate legislative action before any complete Senate vote occurs.

President Trump’s cryptocurrency business activities have amplified scrutiny. Bloomberg analysis determined Trump has generated no less than $1.4 billion through various crypto enterprises, including involvement with DeFi and stablecoin platform World Liberty Financial. The Trump family additionally maintains a 20% ownership position in American Bitcoin, a mining operation.

Trump recently hosted an exclusive Mar-a-Lago event for individuals holding the TRUMP memecoin, triggering sharp criticism from Democratic legislators.

The House-approved version of this legislation, also titled Clarity, contains a prohibition preventing Congressional members and high-ranking executive officials from issuing digital commodities during their tenure. This provision represents an unacceptable condition for the White House.

Stablecoin Compensation Models and Decentralized Finance Remain Contentious

Separate from ethics debates, the legislation has encountered resistance regarding stablecoin reward mechanisms. Public disagreements between a senior White House cryptocurrency adviser and banking institutions have surfaced in open forums.

Decentralized finance provisions face particular examination. Legislators and law enforcement agencies worry that certain developer liability protections could impede financial crime prosecutions.

Senate Judiciary Committee Chair Chuck Grassley is currently engaged in substantive discussions with Sen. Cynthia Lummis to resolve these law enforcement considerations.

The legislation confronts a critical scheduling constraint. The Senate enters a five-week recess period in August preceding midterm elections. Should the bill fail to clear committee and reach floor debate beforehand, its advancement prospects diminish considerably.

A cryptocurrency industry analyst assessed the bill’s 2024 passage likelihood at between 15% and 25%. Research organization Galaxy offered a moderately more optimistic projection, estimating approximately 50% probability.

The size of the tokenized real-world asset (RWA) market has increased by more than 420% since the start of 2025, as investors were treated to easier market access and regulatory clarity, according to analysts.

The RWA market cap was about $5.8 billion on Jan. 1, 2025, but has since risen to more than $30.2 billion as of Wednesday, according to analytics platform RWA.xyz. Tokenized US Treasurys experienced the largest increase, from $3.9 billion at the start of 2025 to more than $15 billion, followed by commodities.

Dominick John, an analyst at Zeus Research, told Cointelegraph the surge in the RWA sector was driven by tokenized Treasurys, which offer compliant onchain access to real-world yield and effectively turn blockchain rails into a distribution layer for institutional capital.

“Expansion into tokenized funds and equities has materially increased the addressable market. This points to a shift from speculative inflows toward yield-driven capital,” he said.

The RWA market capitalization was around $30.2 billion as of Wednesday. Source: RWA.xyz

“Tokenized commodities like gold have gained traction, particularly amid heightened volatility from ongoing geopolitical tensions, as 24/7 markets unlock continuous liquidity and global access when traditional venues are closed,” the analyst added.  

Tokenization has been one of the drivers of institutional interest in blockchain and crypto over the past year. Cathie Wood’s ARK Invest predicts digital assets could grow into a $28 trillion market by 2030, with Bitcoin, decentralized finance, stablecoins and tokenized RWAs as key drivers.

Regulatory clarity coaxed institutional players into the market

Regulatory clarity through legislation such as Europe’s Markets in Crypto-Assets Regulation (MiCA) has also helped attract institutional players and fresh capital to the RWA sector, according to a Thursday report from crypto data aggregator CoinGecko.

Zhong Yang Chan, CoinGecko’s head of research, and research analyst Yuqian Lim said in the report that a few years ago, the RWA market rallied more on hype than substance. 

“However, the RWA sector has finally started to take shape from 2024 onward. Regulatory clarity has enabled major TradFi institutional players to dip their toes in. As early experiments paved the way by turning into best practices and playbooks, the pace of tokenization has noticeably accelerated,” they said.

Source: CoinGecko

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) went live in March 2024. The tokenized US Treasury fund provides onchain access to short-term US government debt. Fidelity followed suit in September 2025 with its own tokenized Fidelity Digital Interest Token (FDIT).

“2025 has proven to be a watershed year for RWAs. For both crypto-native and traditional players, competition within the RWA and tokenization stack has intensified, with issuers now differentiating on regulatory standing, asset coverage and distribution reach,” Zhong and Yuqian added.

Related: Flow Capital plans to tokenize $150M private credit fund via DigiFT: Report 

Continued growth could depend on other areas of the sector 

Tokenized Treasurys and commodities have experienced the largest rise in the RWA sector, but in the long term, other areas will likely need to be catalysts for continued growth, said John of Zeus Research. 

“Growth remains strong as tokenized Treasurys keep absorbing capital and bring more institutions on board, but the rate of expansion should moderate as the easiest flow has been allocated,” he said.

“The next leg higher depends on whether tokenized equities, funds and private credit scale meaningfully.”

Magazine: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO 

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.

Bitcoin (BTC) may undergo a massive rally, based on a recurring gold chart pattern, with gains of up to 180% over the next 12 months.

Key takeaways:

• BTC is up nearly 40% versus gold since March after falling for seven months in a row.
• Similar BTC/XAU recoveries have historically coincided with Bitcoin bottoms in US dollar terms.

BTC may hit $167,250 within a year

The bullish signal comes from the Bitcoin-to-gold ratio (BTC/XAU), which tracks BTC’s performance relative to gold in US dollar terms. Historically, sharp rebounds in this ratio have aligned with major Bitcoin cycle bottoms, often preceding strong upside.

In 2015, a BTC/XAU bottom preceded a roughly 250% Bitcoin rally within a year.

Similar reversals in 2019 and 2022 came before gains of around 140% each. Excluding 2020’s 1,460% liquidity-driven boom, the pattern points to an average one-year BTC gain of about 180% after BTC/XAU bottoms.

BTC/XAU monthly chart. Source: TradingView

As of 2026, the BTC/XAU ratio has climbed about 40% since February’s lows. The BTC/USD rate has jumped 32.65% in the same period.

“Bitcoin versus gold is about to close a second month in the green after 7 red candles in a row,” said Nik Bhatia, founder of macro research firm The Bitcoin Layer, adding that “the bounce is in.”

Macro strategist Gert van Lagen spotted a “hidden bullish divergence” pattern that appeared following the 2014, 2018, and 2022 bear market bottoms.

Source: X

In its April report, meanwhile, Fidelity Investments said Bitcoin has entered “an accumulation phase” while outperforming gold.

A 180% repeat of past cycles puts the BTC price target at $167,250 by April 2027, if the BTC/USD and BTC/XAU February lows are confirmed as bottoms.

Multiple analysts, including Bernstein’s Gautam Chhugani, have projected BTC’s price to reach the $150,000 mark in 2026, driven largely by a potential capital rotation from gold.

In April, Matt Hougan, chief investment officer of crypto asset manager Bitwise, said Bitcoin can become bigger than the gold market’s $30 trillion capitalization.

Key trend line puts bullish outlook in doubt

BTC/XAU remains below its 100-month exponential moving average (100-month EMA, the purple line), a level that previously marked major bottoms in March 2020 and December 2022.

BTC/XAU monthly chart. Source: TradingView

Its January breakdown was the first clear loss of this support. Staying below it risks trapping bulls and delaying Bitcoin’s relative recovery against gold.

In the short term, BTC/XAU also faces resistance from a rising wedge on the daily chart.

BTC/XAU daily chart. Source: TradingView

The bearish reversal setup points to a potential 20% drop in Bitcoin’s gold-denominated value, based on the wedge’s measured move.

Related: Bitcoin eyes $75K after ‘most hawkish’ FOMC as oil hits highest since 2022

Macro conditions, such as elevated US bond yields and rising oil prices, may also disrupt historical patterns. As Cointelegraph reported, Bitcoin derivatives show traders are cautious as the Fed holds interest rates and BTC price consolidates.

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

WhiteBIT Coin surged nearly 8% on Wednesday, emerging as one of the top-performing crypto assets as fresh momentum followed a major partnership announcement.

The token jumped after WhiteBIT confirmed an expanded five-year collaboration with FC Barcelona, strengthening its presence in the global sports ecosystem. The deal introduces new utility features, including a themed WhiteBIT Nova debit card, aimed at integrating crypto payments into the club’s fan experience.

WBT has also continued to benefit from its earlier partnership with Juventus, which has historically supported price growth by boosting brand visibility and user adoption.

At the same time, the rally has been reinforced by strong tokenomics. WhiteBIT maintains a deflationary structure, with regular token burns reducing circulating supply. More than 64,000 WBT, worth around $3.5 million, were removed from circulation in late April, following another burn earlier in the month.

The exchange also allocates roughly 33% of its trading fees toward buybacks, further limiting sell-side pressure and supporting price stability during broader market weakness.

Market expansion efforts have added to the bullish momentum. WBT’s inclusion in S&P crypto indices has improved its institutional visibility, while a recent listing on Kraken has expanded access through new USD and EUR trading pairs.

A strategic cooperation with Saudi-based Durrah AlFodah Holding is also expected to support blockchain adoption initiatives in line with the country’s Vision 2030, potentially opening new growth avenues for the ecosystem.

On the daily chart, WBT has broken out of a consolidation range that had capped price action near the $55–$56 region in recent sessions. The breakout pushed the token to an intraday high near $58 before slightly easing.

Price is now trading above key moving averages, including the 20-day and 50-day levels, indicating strengthening short-term momentum. The Supertrend indicator has also flipped bullish, further supporting the upside bias.

If the breakout sustains, the next resistance zone appears near the $58–$60 region, where prior rejection levels are visible. A successful move above this range could open the door for a continuation toward higher levels.

However, if buying momentum fades, WBT could retest support near the $54–$55 zone, which now acts as a key level to watch.

Bitcoin (BTC) traders pushed the price to $77,400, but data suggests profit-taking may thwart the bull’s goal of turning the $77,000 to $80,000 zone into support. 

Orderbook data from TRDR shows over $130 million in asks extending from $76,700 to $79,300. 

BTC/USDT Binance perps orderbook. Source. TRDR.io

Given Bitcoin’s negative futures funding rate and the small negative long-short delta (-$1.47 million at the time of writing), bulls have a slight edge in the short-term.

The situation could shift further in their favor if the BTC price pushes into short liquidity starting at $76,800, where there is a -$66.5 million to -$189 million negative delta, meaning short positions face a significantly higher risk of forced closure.

BTC/USDT long-short-delta. 7-day lookback. Source: Hyblock

From a technical analysis perspective, the current price action saw Bitcoin lock in $75,000 as support through a confirmed support-resistance flip, and it also traded back above the 20-day moving average ($76,067) after falling below it on Wednesday and Thursday. 

Related: Repeat Bitcoin profit taking near $77K suggests rally is losing steam

In the short-term, the most desirable outcome for bulls would be a repeat of this week’s price action, where, in this case, BTC rallies through the channel trendline resistance at $79,000, followed by another SR-flip to confirm $80,000 as support. 

BTC/USDT 1-day chart. Source: TradingView

Beyond the expected profit-taking kicking in at $77,000, a volume spike in either spot or perpetual futures markets is the missing ingredient to absorb the selling and extend BTC’s breakouts. 

As shown in the TRDR chart below, the bulk of BTC’s intraday moves stem from liquidations and the absence of sustained spot volume and long leverage, resulting in rallies that lack duration.  

BTC/USDT perps (Binance), 4-hour chart. Source: TRDR.io 

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Nexo extends its 0% APR, no‑liquidation Zero-interest Credit to Solana and XRP, targeting holders who want dollar liquidity without selling their crypto.

• Coinbase Asset Management unveils CUSHY, an on-chain digital credit strategy with a tokenized share class built on Superstate’s FundOS platform.
• The strategy targets on-chain public credit, structured private credit, and tokenized yield sources across Solana and Base, aiming to bridge traditional fixed income with blockchain rails.
• CUSHY underscores a broader institutional shift toward tokenized credit markets, following Coinbase’s earlier stablecoin credit initiatives with Apollo and its bitcoin yield funds.

Coinbase’s new on-chain credit push

Coinbase Asset Management (CBAM) has introduced CUSHY, a new on-chain digital credit strategy that uses a tokenized share class mechanism to bring traditional credit exposure onto public blockchains, in a move the firm frames as a bridge between legacy fixed income markets and programmable finance.

Built on Superstate’s FundOS operating system, CUSHY is structured to support 24/7 primary and secondary market trading of fund shares across networks such as Solana and Base, with FundOS specifically designed “to streamline the tokenization of real-world assets” for asset managers seeking on-chain capital formation.

According to Coinbase Asset Management, the strategy rests on three pillars: on-chain public credit assets, structured private credit serving both digital-native and traditional borrowers, and tokenized yield sources that package underlying credit exposures into blockchain-native instruments.

FundOS, launched by real-world asset specialist Superstate, is described as tackling “the operational complexity of fund tokenization” and is already used to operate tokenized portfolios like USTB and USCC, which Superstate presents as proof that traditional securities can be issued, managed, and settled on-chain at scale.

In an earlier partnership announcement, CBAM said its alliance with Apollo aims “to bring Coinbase stablecoin credit strategies to market,” combining Apollo’s private credit origination with Coinbase’s tokenization stack so that “tokenized investment products providing exposure to Apollo-managed credit strategies” can be distributed through on-chain wrappers.

Those stablecoin credit strategies sit alongside Coinbase’s bitcoin-focused yield products, including the Coinbase Bitcoin Yield Fund, which targets a 4%–8% net bitcoin return per year over a market cycle while avoiding “riskier high-interest bitcoin loans and systematic call selling,” and the subsequent US-focused bitcoin yield strategy for accredited investors.

More broadly, industry research notes that tokenized private credit markets reached roughly $9.68 billion in 2025 after growing 930%, as on-chain credit systems emerge as “transparent, efficient, and permissionless” alternatives to bank-led lending that rely on smart contracts, decentralized oracles, and on-chain identity for underwriting.

This context positions CUSHY not as an isolated product but as part of a wider shift in which stablecoins, tokenized funds, and credit strategies are increasingly issued as blockchain-native claims, with Coinbase, Apollo, and Superstate each betting that institutional demand for compliant, yield-bearing digital instruments will continue to migrate on-chain.

Dogecoin posted strong gains over the past week, outperforming many top crypto assets. 

The token traded near $0.109, with steady daily volume and rising market cap. Short-term momentum has pushed prices higher despite a broader mixed market.

On-chain data from Santiment showed a sharp increase in whale transactions. The network recorded 739 transfers above $100,000 in one day. Large holders now control 108.52 billion DOGE, marking a record level. Santiment noted that “the memecoin’s +14% price rise over the past 10 days is very likely not just a coincidence”.

RSI signals overbought conditions 

The Relative Strength Index (RSI) on the daily chart climbed above 70. This level often signals overbought conditions. The current reading near 73 suggests strong buying pressure, but also raises the risk of short-term cooling.

The RSI trend has been rising steadily since mid-April. This reflects sustained demand. However, when RSI remains elevated, price pullbacks can follow. Traders often watch this zone closely for early reversal signs.

Additionally, the MACD indicator remains in positive territory. The signal line and MACD line are both trending upward. This confirms ongoing bullish momentum in the short term.

Histogram bars have also turned green and continue to expand. This suggests increasing strength in the current trend. Still, momentum indicators can lag during fast moves, making confirmation from price action important.

Resistance pressure and sell signals emerge

Price action shows Dogecoin approaching a key resistance zone near $0.11. The chart indicates multiple attempts to move higher, with gradual progress. This level has acted as a barrier in recent sessions.

Some analysts flagged caution signals. Ali Martinez stated that “TD Sequential flashes a sell signal on Dogecoin”. Another trader pointed to repeated rejections at resistance, adding that “the pattern is clean… this drop is coming”. These signals contrast with strong whale accumulation and ongoing momentum.