The US Senate Banking Committee allowed April to close without scheduling a CLARITY Act markup, confirming the bill has missed its target window and pushing the legislative path entirely into May with fewer than four working weeks before the Memorial Day recess.

The CLARITY Act missed its April markup window after the Senate Banking Committee let the month close without scheduling a hearing, with Eleanor Terrett reporting that no notice came from Chairman Tim Scott or Banking Committee Republicans before Friday’s informal cutoff. The absence of any formal announcement has effectively eliminated April from the bill’s legislative calendar and shifted all momentum toward the second week of May as the new target.

CLARITY Act April Deadline Missed as Warsh Hearings Consume Committee Time

The committee’s April calendar was dominated by the confirmation hearing for Federal Reserve chair nominee Kevin Warsh, whose blockade by Senator Thom Tillis had created competing pressure on the same senators who are negotiating the CLARITY Act’s final text. As crypto.news reported, with the Warsh confirmation process now resolved following Tillis’s announcement on April 27, the committee’s most pressing competing obligation has been removed. A Banking Committee markup is now expected in the first or second week of May, according to multiple industry and Senate sources. However, analysts have consistently warned that even a successful early May markup may not leave enough operational time to clear all five sequential hurdles before the May 21 Memorial Day recess shuts the legislative window.

The Math Behind the Remaining Time

The bill’s path from a successful Banking Committee markup to a presidential signature requires five sequential steps: a committee vote, a 60-vote Senate floor threshold, reconciliation between the Banking and Agriculture Committee versions, reconciliation with the House text from July 2025, and a presidential signature. Galaxy Research analyst Alex Thorn has warned that if the markup slips past mid-May, the probability of passage in 2026 will drop sharply. TD Cowen is more pessimistic, putting current passage odds at one-in-three and citing CFTC staffing gaps, prediction market politics, and Iran-related crypto payment concerns as additional hurdles beyond the calendar. Polymarket currently prices passage at approximately 46%, far below the 82% high it reached earlier in the year. As crypto.news documented, Galaxy Digital founder Mike Novogratz remains publicly bullish, saying on a podcast this week that “this is going to get done” and that it “probably gets done in May.”

Why the April Slip Matters Even if May Works

The CLARITY Act missing its April target matters beyond the immediate calendar. As crypto.news tracked, each prior deadline the bill has missed, from January through April, has been accompanied by the same pattern of near-final optimism followed by a new source of delay, whether from bank lobbying, stablecoin yield disputes, or now calendar competition from the Fed chair process. The bill has now missed every formal or informal deadline set for it since 2025. Coinbase CEO Brian Armstrong reversed his January opposition and supports the current text. Ripple CEO Brad Garlinghouse has moved his forecast from April to May. The White House, Treasury, and both primary regulatory agencies have all publicly backed the bill. The substance is settled. The only remaining variable is whether the Senate Banking Committee can move the bill before midterm campaign politics permanently consume the legislative floor.

A Senate aide familiar with the negotiations told Terrett that an early May markup remains the target but that the final bill text has not yet been released for the required 48-hour public review period, which must precede any committee vote.

Ethereum has slipped back below $2,300, leaving traders to decide whether a fragile band between roughly $2,100 support and $2,350–$2,400 resistance is a simple shakeout or the prelude to a deeper retrace before any long‑promised run toward $4,000.

Ethereum (ETH) is back under pressure, trading just below $2,300 and forcing everyone to ask the only question that matters: is this simply a shakeout or the start of a deeper retrace? According to Gate market data, ETH/USDT last changed hands near $2,299.99, down about 2.01% over the past 24 hours, after briefly challenging the $2,350–$2,400 area earlier in the week.

Short term, the tape looks heavy. Binance data show ETH slipping under $2,300 to around $2,294.89 with a roughly 2.23% daily loss, reinforcing the idea that $2,300 has flipped from a support zone into an intraday pivot. Recent technical work from Phemex’s research desk puts immediate support in the $2,100–$2,176 band, with resistance stacked around $2,350 and then $2,586, and notes that ETH remains below its 10‑day moving average and key EMAs on the daily chart.

The market is still digesting earlier gains, and momentum is not on the bulls’ side right now. The MACD sits firmly negative, while an oversold CRSI around the mid‑20s hints that forced selling may be closer to the end than the beginning if macro conditions cooperate.

Macro and flows will decide whether $2,100 holds or breaks. Yahoo Finance notes that broader crypto prices have been trading nervously ahead of the next Federal Reserve meeting and geopolitical headlines, with ETH failing several times to sustain moves above $2,400 this month. At the same time, derivative positioning has shifted toward more cautious leverage, and spot volumes have normalized after March’s spikes, reducing both upside and downside extremes in the very near term.

Medium term, there is still a coherent bull case, but it depends on catalysts that are not yet fully priced. In March, Investing.com highlighted Standard Chartered research arguing that Ethereum’s path back toward $4,000 in 2026 will depend heavily on renewed institutional demand, ongoing supply reductions from staking, and continued growth in stablecoin and DeFi usage on the network. That same analysis warned that ETH could revisit lower levels — even down toward $1,400 — before a more durable uptrend resumes, given how far it ran in prior cycles.

Under $2,300, ETH is in a fragile range where $2,100 is your first real line in the sand and $2,350–$2,400 is the ceiling that must crack to talk about any serious upside. If global risk sentiment stabilizes and on‑chain activity improves, a grind back into the mid‑$2,000s is plausible in the coming months; if macro or regulatory shocks hit, the market has room to flush toward those deeper supports before any of the long‑term $4,000‑plus targets can be taken seriously.

Binance announces expanded scaling of its Card program, developed with Mastercard, to broaden how users spend digital assets in everyday transactions. The update lets cardholders pay at millions of Mastercard-accepting merchants by drawing funds from a Binance account, with supported assets automatically converted to local fiat in real time at the point of sale. It highlights practical crypto payments, including a multi-asset range such as USDT, USDC, FDUSD, BNB, BTC, ETH, SOL, ADA, LINK, and XRP, and offers cashback up to 3% on eligible purchases. Regional availability and regulatory considerations will determine exact features.

Key points

• Real-time conversion at the point of sale converts supported assets to local fiat during each transaction.
• Up to 3% cashback on eligible spending.
• Multi-asset support includes USDT, USDC, FDUSD, BNB, BTC, ETH, SOL, ADA, LINK, and XRP.
• Payments at millions of Mastercard-accepting merchants worldwide.
• Availability and features vary by region; subject to eligibility and local laws; issuer is Immersve Limited.

Why it matters

This development supports practical crypto usage by linking Binance balances to everyday payments through Mastercard acceptance and real-time conversion. By combining familiar payment mechanics with a broad asset mix, the program moves digital assets closer to everyday financial use while highlighting regulatory and regional considerations that may shape access and features.

What to watch

• Regional rollout details and eligibility rules as the service expands.
• Any updates to the list of supported assets.
• Changes to cashback terms or merchant coverage.

Disclosure: The content below is a press release provided by the company or its PR representative. It is published for informational purposes.

Binance Scales Its Card Offering to Enhance Everyday Payment Utility

[Abu Dhabi, UAE] Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume, today highlighted the continued scaling of the Binance Card, a payment solution designed to enable everyday transactions using digital asset balances developed in partnership with Mastercard.

The initiative represents a step forward in enabling users to seamlessly integrate digital assets into everyday transactions, reinforcing Binance’s commitment to advancing accessible and practical crypto payment solutions globally.

The Binance Card allows users to make purchases at millions of merchants worldwide that accept Mastercard, using funds from their Binance account. By automatically converting supported digital assets into local fiat currency in real time at the point of transaction, the card delivers a familiar and intuitive payment experience aligned with existing financial systems.

Key Features:

• Everyday crypto utility: Users can spend directly from their crypto balances, simplifying how digital assets are used in real-world scenarios.
• Seamless conversion: Transactions are processed with real-time conversion into local currency, removing friction for both users and merchants.
• Incentivized usage: Users can benefit from up to 3% cashback on eligible spending, enhancing the value of everyday transactions.
• Multi-asset support: Supported digital assets include USDT, USDC, FDUSD, BNB, BTC, ETH, SOL, ADA, LINK, and XRP.

As demand for practical crypto applications continues to grow, solutions that bridge digital assets with established payment infrastructure are becoming increasingly important. The Binance Card reflects a broader shift toward integrating blockchain technology into everyday financial experiences, supporting the evolution of digital assets into a functional payment layer.

Binance Card is part of Binance’s broader ecosystem aimed at enhancing user access to digital assets and expanding their real-world applications. By combining the flexibility of crypto with the global acceptance of Mastercard, the card enables a more integrated and user-friendly financial experience.

Disclaimer: The Binance Card is issued and operated by Immersve Limited, an independent third-party card issuer. Availability and features may vary by region and are subject to eligibility and applicable laws and regulations.

The European Commission on Thursday unveiled the 20th package of sanctions against Russia, expanding a broad set of measures aimed at limiting Moscow’s ability to finance its war in Ukraine. The bloc’s new rules tighten crypto-related restrictions and reinforce existing financial controls as Brussels seeks to curb Russia’s cross-border activity through digital assets.

Among the most consequential elements, the commission announced a total sectoral ban on exchanges with any Russian crypto asset service provider and on decentralized platforms enabling crypto trading that could be used to bypass sanctions. In addition, the bloc prohibited the use of stablecoins pegged to the Russian ruble and the central bank digital currency (CBDC) that is under development by the Russian central bank.

The commission framed the move as part of a broader push to press Russia to enter negotiations on terms acceptable to Ukraine, stressing that each additional day of Russian attacks translates into further Ukrainian civilian suffering. The package was issued following a meeting between European Commission President Ursula von der Leyen and Ukrainian President Volodymyr Zelenskyy to review ongoing support for Kyiv amid Moscow’s military campaign.

The European Commission has argued that Russia has become increasingly reliant on cryptocurrencies for international transactions as traditional channels come under sanctions. The bloc cited cases where crypto channels are used to bypass restrictions, referencing stablecoins tied to the ruble market and crypto operators linked to Belarus as examples of where enforcement efforts may be directed.

Related: Russia introduces bill to criminalize unregistered crypto services

Key takeaways

• The European Commission’s 20th sanctions package imposes a comprehensive ban on exchanges with Russian crypto asset service providers and on decentralized platforms that could enable evasion of sanctions.
• Stablecoins pegged to the ruble and a Russian CBDC under development are banned from use within the EU’s financial system.
• Brussels frames crypto restrictions as a tool to pressure Russia toward negotiations and to curb crypto-facilitated sanctions evasion.
• Officials point to Russia’s growing reliance on digital assets for international transactions, with references to stablecoins such as those pegged to the ruble and to Belarus-linked crypto operators.
• The move follows high-level discussions between EU leadership and Ukraine’s president, underscoring continuing EU commitment to Ukraine’s security and economic resilience.

EU sanctions and the crypto frontier

The 20th sanctions package broadens a long-running strategy to isolate Russia financially and operationally. By barring interaction with any Russian crypto asset service provider and blocking decentralized platforms that could facilitate crypto trading for sanctioned entities, the European Commission aims to close loopholes that might allow Moscow to move value across borders despite traditional restrictions.

The ban on ruble-pegged stablecoins and on the CBDC under development signals Brussels’ concern that digital-native instruments could be weaponized to bypass controls. While stablecoins anchored to stable assets are often marketed as governance-neutral payment rails, the EU’s position suggests a preference for preserving the integrity of sanction regimes over permitting cross-border crypto liquidity that could undermine those regimes.

In remarks accompanying the package, the commission emphasized the broader political objective: to keep pressure on Russia to engage in negotiations that align with Ukrainian interests. The EU’s stance also aligns with a transferral of attention toward the enforcement front, where regulators are increasingly tasked with tracking crypto flows that cross borders and evade traditional supervision.

The commission’s narrative also alludes to Russia’s reported pivot toward crypto in response to sanctions. While the EU did not quantify the shift, officials described scenarios where digital assets are used to settle cross-border trades that would otherwise be restricted by conventional financial channels. In several instances, the discussion pointed to stablecoins and crypto firms that operate in or near Russia’s orbit, including entities connected to Belarus, as areas of heightened focus for enforcement action.

Crosswinds beyond Europe: Iran, crypto and enforcement scrutiny

As Western powers monitor potential sanctions evasion via digital assets, the United States has witnessed renewed scrutiny around Iran and crypto. Lawmakers have questioned whether Iran could be leveraging cryptocurrencies to circumvent restrictions amid broader regional tensions and ongoing sanctions. In recent coverage, Reuters and other outlets have reported that U.S. investigators have looked into the possibility of crypto channels supporting Iranian entities in sanctioned activities.

Within the crypto industry, there have been notable tensions around enforcement and compliance. A separate report highlighted internal personnel shifts at a major exchange amid questions about how the platform communicates with and informs executives about sanctioned transactions involving Iran. These developments underscore the pressure on crypto firms to balance rapid growth with rigorous sanctions compliance and risk controls.

Related: U.S. DOJ probes Binance over alleged Iran sanctions evasion

What this signals for investors and builders

The EU’s latest package reinforces a clear expectation: crypto markets and service providers operating in or with Russia must adhere to traditional sanction disciplines, even as the crypto ecosystem grows more integrated with cross-border finance. For traders and institutions, the move could tighten liquidity channels that previously bridged gaps created by Western sanctions, potentially increasing the cost and friction of sanctioned-entity transactions.

For builders, the emphasis on preventing circumvention highlights the importance of robust sanctions screening, transparent provenance of funds, and on-chain analytics that can distinguish legitimate activity from attempts to mask sanctionable flows. As policymakers worldwide sharpen their tools, the line between legitimate innovation and regulatory risk will continue to shape product design, governance models, and compliance tooling in the sector.

Finally, the evolving discourse around Iran and crypto underscores a broader regulatory convergence. As the U.S. and European authorities intensify scrutiny of digital assets in sanction regimes, exchanges, wallets, and infrastructure providers are likely to face increasing demands for real-time compliance data and auditable controls. Investors should watch how enforcement patterns evolve in the coming months, and how regional differences in sanctions policy interact with evolving crypto technologies.

The story remains dynamic. Readers should monitor forthcoming regulatory updates from Brussels and other capitals, as well as performance indicators from cross-border crypto markets, to gauge how sanction-driven constraints intersect with the broader push toward regulated digital finance.

Consensys and Ethereum co-founder Joe Lubin have joined DeFi United, committing as much as 30,000 ETH to a recovery effort aimed at restoring rsETH backing after a $290 million bridge exploit triggered widespread disruptions across DeFi.

The initiative, led by participants in Aave DAO, aims to support affected users and stabilize rsETH markets, with governance approvals still pending across involved protocols.

The funding is intended to provide immediate liquidity while governance processes continue, with an eye on limiting disruption across DeFi protocols. Sharplink, a publicly traded Ethereum treasury company, has joined in an advisory role to help structure the recovery plan.

Source: Aave on X

DeFi United was announced April 23 by service providers to Aave DAO, with participants including Lido, EtherFi, Ethena, Mantle and Frax, among others.

The recovery effort follows an April 18 exploit that drained roughly 116,500 rsETH, worth about $290 million, from a LayerZero-based bridge operated by Kelp DAO.

The incident triggered disruptions across the DeFi ecosystem, with dozens of protocols pausing some functions. On Aave, the attacker used rsETH as collateral to borrow liquidity, contributing to as much as $200 million in bad debt and forcing the protocol to freeze rsETH markets.

According to LayerZero Labs, the exploit was linked to a configuration issue in Kelp’s setup that relied on a single verification path for cross-chain messages.

Separately, Circle said Monday that its venture arm is purchasing AAVE tokens to support the protocol and broader DeFi ecosystem.

Source: Circle on X

Related: Aave asks Arbitrum to send 30K ETH from Kelp exploiter to ‘DeFi United’

DeFi hacks surge in April

The incident comes amid a wave of recent attacks targeting DeFi protocols. According to DefiLlama, about $729 million has been lost to crypto hacks over the last 90 days, with roughly $623 million occurring in April alone.

The month began with a roughly $280 million exploit of Drift Protocol on April 1, carried out through a social engineering attack by an attacker suspected to have ties to North Korea.

DeFi hacks, February-April 2026. Source: DefiLlama

Two weeks later, Rhea Finance said an attacker exploited a vulnerability in its margin trading feature to manipulate liquidity pools, resulting in roughly $7.6 million in losses, according to CertiK. The protocol has since paused operations and is undergoing a phased recovery, with most funds recovered and some USDT still frozen pending release by Tether.

The string of attacks also includes smaller exploits earlier in the month, such as a $410,000 loss at Dango on April 13, a $392,000 oracle-related incident at Silo Finance on April 3 and a $423,000 access control exploit at Aethir on April 9.

While none of the recent attacks have been conclusively linked to artificial intelligence, researchers say advances in the technology are making it easier to identify and exploit vulnerabilities in DeFi systems. 

In late 2025, researchers at Anthropic found that AI models could identify more than half of known smart contract exploits, highlighting how the technology could accelerate future attacks.

Data from Polymarket shows traders are pricing in a high likelihood of another major crypto hack this year, with odds at 84% by the end of 2026.

Odds of another crypto hack over $100 million. Source: Polymarket

Magazine: AI-driven hacks could kill DeFi — unless projects act now

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.

The European Commission announced a package of crypto-related sanctions against Russia in response to the country’s military actions against Ukraine.

In a Thursday notice, the commission said the sanctions targeted Russia’s energy and financial sectors, including a “total sectorial ban on carrying out exchanges with any Russian crypto asset service provider as well as any decentralised platforms enabling crypto trading” that could be used to circumvent the measures.

The EC, composed of 27 member states in the European Union, also prohibited the use of stablecoins pegged to the Russian ruble and the central bank digital currency (CBDC) under development by the Central Bank of Russia.

“This package puts further pressure on Russia to engage in negotiations and do so on terms acceptable for Ukraine,” said the commission. “Every day of further Russian attacks on Ukrainian civilian infrastructure is another day of suffering for the Ukrainian people.”

Source: European Commission President Ursula von der Leyen

The sanctions package came after a meeting between European Commission President Ursula von der Leyen and Ukrainian President Volodymyr Zelenskyy discussing the bloc’s support for Ukraine amid ongoing military attacks from Russian forces. 

According to the commission, Russia was becoming “increasing[ly] reliant on cryptocurrencies for international transactions” in reaction to global sanctions. This has led to measures targeting entities tied to the country using stablecoins like A7A5 and crypto operators linked to Belarus.

Related: Russia introduces bill to criminalize unregistered crypto services

Iran sanctions also under scrutiny in US

Amid the United States and Israeli military actions against Iran, many lawmakers have been questioning whether the Islamic Republic could be circumventing sanctions using digital assets.

Reports last month suggested that Binance fired individuals responsible for telling executives that that exchange facilitated $1 billion in transactions to entities tied to Iran.

Magazine: AI-driven hacks could kill DeFi — unless projects act now

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) whales holding between 1,000-10,000 BTC have increased their BTC exposure over the past five months, with the total balance reaching 3.09 million, a level last seen on November 11, 2025.

Short-term data suggest that Bitcoin traders may move toward existing liquidity at $73,700, but futures market activity and the longer-term market structure hint at higher levels above $80,000. 

Bitcoin whales and institutions rebuild BTC exposure

Bitcoin wallets holding between 1,000 and 10,000 BTC have been steadily accumulating since December, adding approximately 240,000 BTC to their balances.

This brings the cohort’s total holdings to around 3.09 million BTC, recovering to pre-correction levels last seen before Bitcoin’s 18% pullback in November 2025, when the price declined to $85,000 from $103,500.

Total BTC balance of large holders. Source: CryptoQuant

The long-term holders (LTHs) continue to absorb supply at a steady pace. LTHs’ balance has reached 14.57 million BTC, aligning with the prior accumulation peaks. The distribution activity was 42,100 BTC sold over the past 30 days, one of the lowest readings in 2026.

BTC long-term holder flow. Source: CryptoQuant

The Crypto Market Compass report from Bitwise highlights a similar trend across institutional flows. Over the last month, the institutional investors have added about 92,900 BTC.

The onchain realized cap flows show only 14,900 BTC in net selling during the same period. This report indicates that the demand from larger players has outpaced sell-side pressure, tightening the available BTC supply.

Rise in BTC institutional demand. Source: Bitwise

Related: First 21-week trend line reclaim since October 2025: Five things to know in Bitcoin this week

BTC double top pattern indicates a short-term liquidity sweep at $74K

The four-hour chart shows a potential double top forming near $79,400 after two quick rejections for BTC over the past week. The second pullback came late Sunday night, with weaker buy volumes, pointing to fading short-term momentum.

Currently at $77,731, the price may rotate toward liquidity pockets near $74,700 and $73,700.

BTC/USDT on the four-hour chart. Source: Coinelegraph/TradingView

The $74,700 level aligns with a prior consolidation range and sits just above the 100-period exponential moving average (EMA). A deeper move into $73,700 would test key higher-time-frame support and a prior higher-low range.

Holding above this zone keeps the broader trend intact and maintains room for a bullish continuation.

The derivatives market activity is adding short-term pressure to Bitcoin price. Crypto analyst Darkfost noted that over $1.2 billion in sell volume hit Binance within an hour, contributing to a sharp intraday decline on Sunday.

The funding rates have also stayed deeply negative, reaching -7% on a 30-day basis, one of the lowest readings ever recorded. 

Bitcoin: taker sell volume on Binance. Source: CryptoQuant

However, such positioning may create conditions for a short squeeze, in which crowded short positions unwind, driving the price higher. A move above $80,000 would invalidate the double-top signal and turn short-term momentum bullish again.

According to MN Capital founder Michaël van de Poppe, the price continues to hold key levels, with upside targets of $85,000-$88,000 still valid for May. The liquidity range between $74,700 and $73,700 now serves as a reset zone, where BTC demand could be tested ahead of another breakout attempt above $80,000. 

Related: Michael Saylor’s Strategy adds 3.2K Bitcoin at nearly $78K per BTC

The CFTC filed a lawsuit against New York on April 24 in the Southern District of New York, seeking a permanent injunction to stop the state from enforcing its gambling laws against federally registered prediction market exchanges.

CFTC New York lawsuit was filed on April 24 in the US District Court for the Southern District of New York. The CFTC announced that it is seeking a declaratory judgment that federal law gives it exclusive authority to regulate event contracts and a permanent injunction preventing New York from enforcing state gambling statutes against its registrants. CFTC Chairman Michael Selig said that “CFTC-registered exchanges have faced an onslaught of state lawsuits seeking to limit Americans’ access to event contracts and undermine the CFTC’s sole regulatory jurisdiction over prediction markets,” adding that New York is “the latest state to ignore federal law and decades of precedent.”

CFTC New York Lawsuit Escalates a Fight Already Spanning Six States

As crypto.news reported, the New York action was triggered directly by the state attorney general suing Coinbase and Gemini earlier that week, alleging their prediction market platforms operated as unlicensed gambling without meeting state gaming licensing requirements or minimum age restrictions. Attorney General Letitia James and Governor Kathy Hochul responded to the CFTC lawsuit by stating that “New York’s gambling laws are designed to protect consumers, whether they are placing bets in a prediction market or a casino,” and vowed to continue defending state law in court. As crypto.news documented, the CFTC had already sued Arizona, Connecticut, and Illinois earlier in April, arguing those states were making “aggressive and overzealous attempts to overstep the CFTC,” with New York’s addition making it the fourth direct state defendant. The CFTC’s core legal argument is that event contracts are classified as swaps under the Commodity Exchange Act, giving the federal agency exclusive jurisdiction and preempting any state gambling statute.

The Third Circuit Ruling That Made New York’s Position Harder

The CFTC’s lawsuit against New York arrives shortly after a significant federal judicial precedent. As crypto.news tracked, the Third US Circuit Court of Appeals ruled in April that New Jersey cannot bar Kalshi from offering sports-related event contracts, finding that the Commodity Exchange Act and CFTC hold exclusive authority over those markets. That ruling strengthened the federal preemption argument the CFTC is now deploying against New York. Courts in Tennessee have similarly issued temporary restraining orders blocking state enforcement against Kalshi. New York’s case will now be decided in federal district court, where the Third Circuit’s reasoning, while not binding, carries significant persuasive weight. A loss for New York would likely cause other states to drop parallel enforcement actions, while a New York victory would almost certainly accelerate the conflict to the Supreme Court.

What a Resolution Means for Prediction Markets and Crypto

The stakes extend beyond the immediate parties. As crypto.news noted, New York’s lawsuit against Coinbase and Gemini sought at least $2.2 billion in fines from Coinbase and $1.2 billion from Gemini, making the financial exposure from state enforcement potentially existential for smaller prediction market operators. Wisconsin has also sued Polymarket, Kalshi, and Robinhood, seeking forfeiture of profits from Wisconsin residents. If the CFTC prevails across its state lawsuits, prediction markets would operate under a single federal regulatory framework with no state-by-state licensing requirements, a structure that would massively expand their addressable market. If states prevail, prediction markets would face a patchwork of 50 different regulatory environments, effectively operating only in states that permit them.

A bipartisan group of US senators has separately proposed legislation to ban sports and casino-style contracts on CFTC-regulated prediction markets entirely, meaning that even a CFTC victory in court could be reversed by Congress if the political will materializes.

Israel’s Capital Market, Insurance and Savings Authority has greenlit the launch of a shekel-pegged stablecoin by the virtual exchange exchange Bits of Gold.

In a Monday notice, the Israeli regulator said that it had granted approval of the BILS stablecoin after a two-year pilot program of the stablecoin on the Solana blockchain.

Source: LinkedIn

According to the announcement, the stablecoin’s reserve assets will be held in Israel in “designated and separate accounts.” The project was part of a larger effort by the Israel Tax Authority and the country’s Finance ministry to regulate the crypto industry, including by allowing certain stablecoin activities.

“BILS creates a direct bridge between the Israeli shekel and the global digital assets economy, enabling real-time payments, on-chain trading and programmable financial applications based on a regulated local currency,“ said Bits of Gold founder and CEO Youval Rouach.

Related: Zondacrypto CEO goes off radar as Poland probe deepens

As of Monday, the global stablecoin market capitalization was more than $320 billion, dominated by US dollar-pegged stablecoins like Tether’s USDt (USDT).

The launch of BILS, as one of the first Israeli shekel-pegged coins, came as the fiat currency was at a 30-year high against the US dollar, at 1 ILS to 0.34 USD at the time of publication.

Stablecoin yield under scrutiny in US amid market structure debate

In the United States, lawmakers continue to debate provisions within a digital asset market structure bill over stablecoin yield, tokenized equities, and ethics concerns related to US President Donald Trump’s potential conflicts of interest with the industry. The legislation, effectively stalled in the US Senate since July 2025, requires a markup by the chamber’s banking committee before a potential vote.

Magazine: Should users be allowed to bet on war and death in prediction markets?

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.