Senator Thom Tillis has proposed new CLARITY Act language that would allow federal banking regulators to intervene if stablecoin yields trigger systemwide deposit flight from US banks.

According to a report from Punchbowl, the North Carolina Republican has suggested adding a “circuit-breaker” provision to the Senate’s crypto market structure bill after concerns from banking groups continued to dominate negotiations over stablecoin rules.

The proposal would authorize regulators, including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), to step in if they determine that stablecoin-related activity is causing deposits to leave the banking system at a broader level.

The latest proposal returns attention to one of the most contested sections of the CLARITY Act as lawmakers work toward releasing the Senate text before the chamber’s August recess.

It also comes after earlier negotiations led by Tillis and Senator Angela Alsobrooks produced a compromise allowing crypto firms to offer only activity-based rewards rather than unrestricted yield on stablecoins.

Banking groups continue pushing for tighter stablecoin language

Despite that compromise, banking organizations remain unconvinced that the latest draft adequately protects traditional deposits. As previously reported by crypto.news, several banking associations have argued that the bill’s current wording leaves room for stablecoin issuers to offer incentives that could encourage customers to move money away from bank accounts.

According to those banking groups, the language governing permissible rewards remains too vague and creates uncertainty over how regulators would interpret future stablecoin products. Community banks have been particularly vocal in warning that widespread migration of deposits into yield-bearing digital assets could reduce funding available for lending and other banking activities.

Tillis’ proposed circuit-breaker mechanism appears designed to address those concerns without completely prohibiting stablecoin rewards. Under the framework described by Punchbowl, regulators would receive authority to act only after identifying evidence of systemwide deposit flight rather than imposing an outright ban in advance.

The banking debate is unfolding alongside another dispute that continues to complicate Senate negotiations. Several Democratic lawmakers are pressing for ethics provisions tied to President Donald Trump’s crypto business interests before agreeing to move the legislation forward. 

Earlier this week, Senator Elizabeth Warren urged colleagues to include ethics safeguards in the bill, a development that coincided with a decline in prediction market odds for the legislation’s passage.

Senate prepares to release legislative text

Fresh guidance on the bill’s timeline came during an interview on FOX Business, where Senator Cynthia Lummis said the Senate expects to introduce the CLARITY Act’s legislative text within the next few days.

Speaking during the interview, Lummis stated that the legislation is intended to strengthen consumer protections, help law enforcement combat illicit finance, and keep digital asset markets operating within the United States. She also reiterated that Senate leaders are working toward bringing the measure to the floor before lawmakers leave Washington for the August recess.

Her comments follow earlier reports indicating that Senate leadership is targeting a floor vote before the end of July if negotiations can be completed. Lummis noted, however, that the scheduling decision ultimately rests with Senate Majority Leader John Thune, who controls when legislation is brought before the full chamber.

While supporters continue to push for action before the recess begins, the final Senate text must still bridge disagreements over stablecoin regulation, banking safeguards and ethics provisions before it can secure the bipartisan backing needed to advance.

Shares of CleanSpark surged as much as 22% on Tuesday after the Bitcoin miner announced a 20-year data center lease in Georgia, reflecting its ongoing expansion into digital infrastructure beyond cryptocurrency mining.

CleanSpark said it signed a 20-year triple-net lease with an undisclosed investment-grade global technology company for a 175-megawatt data center at its Sandersville, Georgia, campus. The company estimates the deal will generate approximately $6.6 billion in contracted revenue over the initial term, increasing to $11.6 billion if the tenant exercises two five-year extension options.

Under the agreement, the tenant will install computing infrastructure at the site, with phased deliveries expected to begin in the fourth quarter of 2027.

The agreement is the latest sign of CleanSpark’s push to diversify beyond its core Bitcoin mining business and capitalize on growing demand for AI and high-performance computing infrastructure. Despite the shift, CleanSpark remains one of the largest publicly traded Bitcoin holders. 

CleanSpark has gradually accumulated Bitcoin over the past year. Source: BitcoinTreasuries.NET

CleanSpark (CLSK) shares reached an intraday high of $15.10, before trimming some gains going in the US lunch hour. The stock was recently up about 11%, compared with a gain of less than 1% for the sector-tracking CoinShares Bitcoin Miners ETF (WGMI).

Related: Crypto Biz: Bitcoin maximalism meets the realities of capital markets

Bitcoin miners seek new revenue streams

CleanSpark’s expansion comes as Bitcoin miners face mounting pressure from weaker mining economics, including lower revenues and tighter profit margins following the 2024 halving. In March, the company reported a fiscal second-quarter net loss of $378 million, with nearly 60% of the loss attributed to a decline in Bitcoin’s price.

In February, the company sold a portion of its BTC holdings to help fund operations and growth initiatives.

The company has fared better than many of its peers, however. While several miners have sold significant portions of their Bitcoin reserves to shore up liquidity, CleanSpark has remained a net accumulator. As Cointelegraph reported, publicly traded miners sold roughly 15,000 BTC between October and the end of February.

It is expected to report fiscal Q3 results on Aug. 6, with analyst consensus for a loss of $0.25 per share compared to earnings of $0.79 in the comparable quarter last year, according to Yahoo Finance. It has missed Wall Street estimates in the last three consecutive quarters.

Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone

Ironically, some critics of the bill have pointed to recent reporting by the Wall Street Journal on the Hong Kong exchange CoinEx as evidence of the risk. CoinEx is actually a story of how to use a public ledger to track, trace, and disrupt nation state activity.

Investigators traced roughly 3.84 billion dollars in transactions tied to Iran, connecting wallets controlled by Iran’s central bank to sanctioned military networks and to funds stolen separately by North Korean hackers. That level of detail is knowable today because it happened on a public blockchain, the same visibility critics are treating as the risk.

What the Clarity Act actually contains

Clarity contains nearly twenty distinct provisions addressing anti-money laundering, sanctions, and law enforcement authority.

As the bill is currently drafted, digital asset service providers get brought fully under the Bank Secrecy Act for the first time, with risk assessments, internal controls, a compliance officer, training, audits, and suspicious activity reporting all required.

Real-time information sharing between exchanges and law enforcement gets written into statute as recognized practice — the Beacon Network model of real time interdiction, seizure and disruption — replacing voluntary industry coordination with a legal standard.

An independent working group gets tasked with developing AI-powered tools to detect and disrupt terrorist financing and money laundering in digital asset markets. Kiosk operators face wallet pinning, hold periods, and daily transaction caps for first-time users, paired with blockchain intelligence requirements to catch scammers before funds leave the platform.

After Wall Street saw preliminary earnings results for IBM, it panic sold it down 26%, vaporizing $72 billion of market value before noon. It was the worst single day for IBM since Black Monday in 1987 when its stock dropped 23%.

The 114-year-old Dow component, long a synonym for corporate stability, plunged after pre-announcing its second quarter.

Technically, it wasn’t scheduled to report full results for another week but for some reason, CEO Arvind Krishna wanted to let traders sell early.

This morning, IBM plunged below $214 per share, 26% lower than its Monday close of $290.23. Its market cap fell to $200 billion, down from $272 billion at the close of business yesterday.

By noon, trading volume had already surpassed 37 million shares — 3X its daily average.

The UK’s tax authority announced that it planned to treat “certain disposals” related to cryptocurrency lending and liquidity pools as transactions that would effectively defer the country’s capital gains requirements.

In a Monday announcement, HM Revenue and Customs (HMRC) said that starting on April 6, 2027, it would adopt a “no gain, no loss” approach to disposals involving crypto loans and liquidity pools. According to the tax authority, this measure would defer capital gains tax on digital assets “until an economic disposal.” 

“This measure will support fairness in the tax system,” said the UK tax authority. “It aligns the tax treatment more closely with the economics of these arrangements by ensuring that gains and losses are generally recognized only when the participant makes an economic disposal of the cryptoassets.”

The measure, expected to impact about 700,000 individuals and trustees, would represent a significant change from the authority’s 2022 guidance on crypto liquidity pools and lending following a consultation period. Under UK law for 2025-2026, taxpayers pay between 18% to 24% for capital gains related to crypto transactions depending on whether they qualify as basic-rate or higher-rate.

Related: UK tokenization push could add as much as $44B to annual output by 2035: Report

According to the tax authority, it would treat crypto transactions as “no gain, no loss” under UK capital gains laws for the acquisition or disposal of an interest in a lending arrangement in exchange for the same type of asset, borrowed assets acquired at market value and similar conditions with automated market makers.

“This is the right direction, mainly driven by the industry feedback demonstrating that any other approach would cause significant admin burden for the tax payer,” said Aave founder and CEO Stani Kulechov in a Monday X post.

Crypto candidate enters Nigel Farage’s by-election race

In UK politics, Reform leader Nigel Farage will not stand completely uncontested in a by-election caused by his resignation last week amid reports of the politician receiving contributions from billionaires tied to the crypto industry.

On Tuesday, the leader of the Solana community group Superteam UK, Stephen Newnham, said he will run as an independent candidate against Farage and others. The by-election representing Clacton is scheduled for Aug. 13 and will include candidates like comedian and author Jon Harvey in costume as Count Binface, a self-described “independent space warrior” wearing a helmet in the shape of a trash bin.

Farage triggered the by-election with his resignation, saying that he wanted the people of Clacton to judge his actions. The Reform figure reportedly received a $6.7 million donation from crypto billionaire Christopher Harborne, which he described as a ”reward” for the UK’s exit from the European Union and later as a “gift,” and other financial assistance from George Cottrell, a convicted fraudster linked to a crypto casino.

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Cardano co-founder Emurgo has been forced to hand over the running of self-styled “world’s largest crypto event” TOKEN2049 to the Cardano Foundation, following the $20 million hack of its neo-finance platform SecondFi.

That’s according to Intersect, Cardano’s governance firm, which made the announcement on Tuesday.

Intersect stated that Emurgo “is unable to allocate the necessary resources to plan and execute Token2049.”

Emurgo added, “Following the recent SecondFi incident, we have confirmed that our priority right now must be solely the recovery of assets for all affected users.”

Read more: Cardano holders cancel own summit after rejecting $2M funding request

The Cardano Foundation said, “In addition to the Cardano booth, we are also organizing the side event CardanoxDraperxBitcoin funded by Draper and Cardano Foundation. More information will be available soon.”

Cardano users had already voted to cancel the Cardano annual summit in Singapore that was scheduled for October 2026. 

The vote, held last month, also passed a proposal from Emurgo to attend and sponsor TOKEN2049 in Singapore this October.

SecondFi is eating into Emurgo’s responsibilities

Emurgo also stepped down last week from the “Pentad,” an executive body made up of multiple Cardano firms. 

It said, “Our immediate priority is the @secondfiapp recovery process, and we are concentrating our resources where they are needed most.”

SecondFi was hacked for $2.4 million worth of ADA last June. Emurgo used emergency measures at the time to take $18.5 million worth of ADA from users as part of a mysterious white hat hack event.

The mystery stemmed from Cardano’s founder, Charles Hoskinson, who later relayed information that suggested the identity of the white hat hacker was unknown.

CleanSpark shares jumped sharply on Tuesday after the Bitcoin miner disclosed a long-term deal that ties up large-scale power and real-estate capacity for a new data center in Georgia. The company said it signed a 20-year triple-net lease for a 175-megawatt facility at its Sandersville, Georgia campus—one of the clearest examples yet of miners moving beyond pure block-reward economics and into broader digital infrastructure.

The agreement, CleanSpark said, is expected to generate about $6.6 billion in contracted revenue over the initial 20-year term, with revenue rising to $11.6 billion if the tenant exercises two five-year extension options. The tenant will install computing infrastructure on-site, and phased deliveries are expected to start in the fourth quarter of 2027.

Key takeaways

• CleanSpark announced a 20-year triple-net lease for a 175-megawatt data center at its Sandersville, Georgia campus.
• The company estimates $6.6 billion in contracted revenue over the initial term, potentially increasing to $11.6 billion with two five-year extensions.
• Infrastructure deliveries are expected to begin in Q4 2027, giving the project a multi-year timeline rather than near-term revenue.
• The announcement highlights how miners are responding to post-halving margin pressure by securing longer-duration capacity demand—particularly from AI and high-performance computing.
• CleanSpark is also positioning itself as a continuing Bitcoin holder even as it diversifies into data-center business lines.

A data-center play built around contracted capacity

CleanSpark’s stated objective is to broaden its revenue base while leveraging the industrial footprint it already controls. Under the lease terms, a tenant—described by CleanSpark only as an undisclosed “investment-grade global technology company”—will deploy computing infrastructure at the Sandersville site, with phased delivery starting in the fourth quarter of 2027.

Triple-net lease structures typically place more operating-cost responsibilities on the tenant, which can matter to investors focused on predictability. Even so, the timing underscores a central point for the market: this is not a near-term catalyst designed to instantly offset mining volatility. Instead, it is a long-dated demand commitment that can strengthen CleanSpark’s infrastructure narrative as AI compute requirements drive new buildouts.

Why miners are chasing new revenue after the halving

Miners have been under renewed financial strain since the 2024 Bitcoin halving, when block rewards declined and competitive pressure tightened. CleanSpark’s own recent results reflect how sensitive mining economics remain to Bitcoin price movements and operating margins.

In March, the company reported a fiscal second-quarter net loss of $378 million, with nearly 60% attributed to a drop in Bitcoin’s price. Earlier, in February, CleanSpark also sold a portion of its BTC holdings—an indication that liquidity and balance-sheet flexibility continue to play a role in how miners fund operations and expansion plans.

Still, CleanSpark’s approach appears less aggressive than some peers. Cointelegraph previously reported that publicly traded miners sold roughly 15,000 BTC between October and the end of February, even as the sector struggled with margins and liquidity needs. Against that backdrop, CleanSpark has remained a net accumulator while simultaneously exploring ways to monetize its infrastructure beyond mining.

Equities react as the market prices diversification

Tuesday’s announcement translated into immediate stock momentum. CleanSpark shares reached an intraday high of $15.10 before paring gains during the U.S. lunch hour. At the time of reporting, the stock was up about 11%, while the CoinShares Bitcoin Miners ETF (WGMI) was up less than 1%.

That divergence suggests investors are treating the data-center lease as something more than routine corporate expansion. For equity holders, the appeal is straightforward: contracted infrastructure revenue can, in theory, reduce dependence on the day-to-day volatility of mining economics. It also positions CleanSpark within the broader “digital infrastructure” stack that increasingly benefits from high-performance computing demand.

What’s next for CleanSpark and the infrastructure thesis

Even with the long-term lease in place, mining performance and BTC exposure remain central to how the company is valued. CleanSpark is expected to report fiscal Q3 results on Aug. 6, with analyst consensus calling for a loss of $0.25 per share versus earnings of $0.79 in the year-ago period, according to Yahoo Finance. The company has also missed Wall Street estimates in each of the last three quarters.

Going forward, investors will likely watch whether CleanSpark can convert its infrastructure plans into measurable financial improvements over time—while also continuing to manage the impact of Bitcoin price swings and ongoing pressure on miner margins. The lease provides a longer runway, but the key test will be execution: tenant commitments, delivery milestones expected to begin in Q4 2027, and whether the company’s diversification meaningfully cushions future mining results.