White House adviser Patrick Witt said it’s possible the Clarity Act becomes law by July 4 while Senator Kirsten Gillibrand pushed for an ethics provision in the market structure bill. Consensus Miami 2026 wrapped up with a fiery debate on the role of prediction markets, and a lot otherwise happened at our first conference in the Sunshine State.

CoinDesk also released the results of a survey it commissioned of 1,000 registered voters on their views toward crypto heading into the 2026 election.

PS: I’ll be at the Bermuda Digital Finance Forum next week. Let’s catch up if you’re there.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

The narrative

White House Executive Director of the President’s Council on Digital Assets Patrick Witt told the audience at Consensus Miami this week that he believed it was possible to have President Donald Trump sign the Clarity Act into law by July 4. The timeline would require a markup this month (which seems very possible), four weeks for the Senate to merge the Banking and Agriculture bills (technically possible), a few weeks for reconciliation with the House (also technically possible) and the House vote (will depend on the House) and finally, the part where the president signs the bill.

Beyond Witt, we heard from various industry participants and policymakers at Consensus Miami. Catch up below.

Why it matters

Look, if you’ve read this newsletter for more than a few weeks, you know the Clarity Act has taken center stage for the last several months. Maybe it’ll happen and we can move on to other things. Maybe not. But there does seem to be more momentum now than there has been in weeks, and so we’ll see — I imagine quite soon — what that means.

Breaking it down

Consensus this year had a number of other sessions with lawmakers, policymakers and lawyers weighing in on everything from what the Clarity Act needs (ethics provisions, per Senator Kirsten Gillibrand) to whether or not prediction markets are gambling (we did not reach a conclusion but it was an excellent debate!).

Some highlights:

CoinDesk also released the results of a survey of registered voters it commissioned from April 21-27. We found that while voters generally don’t care about crypto leading into the 2026 midterm election when facing other issues like the economy and healthcare. This likely isn’t a surprise to anyone.

Voters did overwhelmingly say that they did not want senior government officials to have ties to crypto business interests, a majority said they did not feel comfortable with President Donald Trump’s administration overseeing crypto (though just 17% of voters said they knew he and his family had co-founded World Liberty Financial). Voters also overwhelmingly favored banks to crypto projects when asked which was more likely to bring them financial services.

You can read our articles on this data below:

Crypto is at bottom of U.S. voters’ priorities heading into elections, CoinDesk survey shows

U.S. voters don’t trust Trump administration to oversee crypto sector, CoinDesk poll finds

Americans still prefer banks over crypto for financial access, CoinDesk’s survey shows

Thursday

• 14:30 UTC (10:30 a.m. ET) The Senate Banking Committee plans to hold a markup hearing to advance the Clarity Act.

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.

You can also join the group conversation on Telegram.

See ya’ll next week!

TLDR:

• Larry Fink identified power, compute, and chips as critical U.S. shortfalls, putting 15 altcoins in focus.
  
• Five compute tokens including $TAO and $RENDER offer decentralized GPU access below traditional cloud pricing.
  
• Power tokens like $EWT and $POWR enable peer-to-peer renewable energy trading without central intermediaries.
  
• Chip-focused tokens such as $HNT, $IOTX, and $CHIP build hardware and lending layers for AI infrastructure. 

Altcoins tied to U.S. shortages in power, compute, and chips are gaining fresh attention across digital asset markets. BlackRock CEO Larry Fink recently named these three sectors as critical bottlenecks for the American economy.

The crypto community has identified 15 blockchain projects that directly target each of these gaps. With BlackRock managing more than $11 trillion in assets, Fink’s remarks carry weight among institutional investors tracking decentralized alternatives. Their growing interest has put these altcoins under fresh scrutiny.

Compute Tokens Offer Decentralized GPU Access for Growing AI Demand

The compute group holds five altcoins, each addressing a distinct gap in AI infrastructure. $TAO operates as a decentralized AI marketplace with 128 specialized subnets running varied machine learning tasks. $RENDER provides a GPU network built for 3D rendering and AI inference at commercial scale.

$IO pools idle GPUs across the Solana blockchain into a single, unified cloud platform for developers. $AKT offers H100 chip access at rates well below standard AWS pricing. $NOS is a Solana-based GPU grid designed specifically for independent AI developers and small teams.

A post from @ourcryptotalk stated these tokens are building for exactly the demand Fink publicly described. Each project targets a separate layer in the compute stack, reducing direct competition among them. $TAO focuses on model training incentives, while $RENDER handles inference and creative rendering workloads.

Traditional data centers are approaching capacity limits as global AI adoption continues to accelerate. Decentralized compute networks offer a practical option for developers needing affordable GPU access at scale. The connection between Fink’s stated concern and these token use cases has raised their visibility across markets.

Power and Chip Tokens Address Energy and Hardware Shortfalls

The power sector includes five altcoins focused on renewable energy distribution and peer-to-peer energy trading.

$POWR enables direct solar and renewable energy trading between participants without any central intermediary. $EWT is a grid-scale energy blockchain already in active deployment by Shell and EDF.

$GLOW rewards verified solar farms in tokens based on measurable clean energy output. $DAY links home batteries and solar panels to wholesale energy markets through a token-based bidding system. $SNC provides a marketplace where neighbors can trade surplus rooftop solar energy directly.

The @ourcryptotalk post framed these power tokens as direct responses to the bottleneck Fink identified. On the chip side, $HNT leads as the largest wireless DePIN network and now integrates 5G on Solana. $ATH runs an enterprise GPU cloud serving game studios and AI labs on a commercial basis.

$IOTX proves real-world chip data on-chain through Internet of Things hardware connectivity. $HONEY builds a dashcam hardware network mapping global roads with data stored directly on-chain.

$CHIP offers GPU-collateralized lending to finance AI infrastructure, acting as a financial layer within the chip sector. The crypto community is now asking which of these 15 altcoins has the capacity to absorb institutional capital flows.

TLDR:

• JASMY has corrected 98.7% from its $0.36 all-time high and now sits in a HTF demand zone at $0.0045–$0.0060.
  
• A weekly close below $0.0040 invalidates the bullish structure, making this the most critical risk level to watch.
  
• Analysts project a potential 10x–40x rally for JASMY during the 2026–2027 altseason if key levels are reclaimed.
  
• JASMY must reclaim and hold above $0.01030 on higher timeframes to confirm any valid bullish market structure shift.

JasmyCoin (JASMY) is drawing attention from crypto analysts as it trades near multi-year lows. The token has completed a near-total macro correction from its all-time high.

Technical patterns suggest a possible long-term expansion phase may be forming. Analysts are now watching key demand zones closely. Price compression at range lows points to a potential shift in market structure ahead.

JASMY Sits Inside Critical HTF Accumulation Zone After Steep Decline

JASMY reached its previous cycle peak at approximately $0.36 before entering a prolonged downtrend. From that high, the token corrected by roughly 98.7%, placing it near historically significant demand levels.

The price is currently trading between $0.0045 and $0.0060, which analysts identify as a high-risk accumulation zone.

Crypto analyst Crypto Patel noted on X that JASMY “may be forming the same structure that led to a 4,000%+ expansion.”

The token has been trading inside a multi-year descending channel since its 2021 cycle top. Consistent lower highs and lower lows have defined price action throughout this period.

A confirmed breakout and retest occurred in 2024, representing a temporary shift in order flow. However, JASMY failed to reclaim the $0.05 level on higher timeframes, which led to redistribution. Price eventually returned to the current HTF demand region near cycle lows.

Compression at range lows is being read as a sign of seller exhaustion by market participants. The pattern mirrors behavior seen before the 2023–2024 rally, which produced a 1,933% gain. Analysts are treating the current zone as a late accumulation phase before any potential move higher.

Key Price Levels and Cycle Targets Guide Market Outlook for JASMY

For any bullish structure to remain valid, JASMY must reclaim and hold above $0.01030 on higher timeframes. Below that, mid-range resistance sits between $0.0070 and $0.0100. A weekly close below $0.0040 would invalidate the current accumulation thesis entirely.

The structure break level that would confirm a higher timeframe shift is $0.0208. Beyond that, major liquidity targets include $0.05 and $0.18. Bull cycle price targets outlined by the analyst are $0.0185, $0.050, and $0.185 respectively.

The 2026–2027 window is being flagged as a period for a potential massive breakout and retest. Analysts point to a possible 10x–40x rally during a broader altseason phase.

This projection is based on the repeating channel compression and expansion structure seen across previous cycles.

The current phase is described as late accumulation near cycle lows, with risk remaining elevated. Traders are advised to monitor weekly closes carefully around the $0.0040 invalidation level. No confirmed breakout has occurred yet, and price remains within the descending channel structure.

Ethereum’s native token, Ether (ETH), has fallen more than 35% against Bitcoin (BTC) over the past year, and the downtrend may still have further to go.

Key takeaways:

• ETH may plunge another 40% as it mirrors the 2025 bear trend setup.
• Rising Ether reserves on Binance, even as Bitcoin reserves decline, add to the case for further ETH downside.

ETH risks 40% decline after topping near multi-year trend line

ETH/BTC remains stuck below a multi-year descending trend line that has capped every breakout attempt since 2022, including one that preceded the nearly 70% decline between 2024 and 2025.

ETH/BTC monthly chart. Source: TradingView

A similar setup now appears to be taking shape again.

After retesting the same trend line in August 2025, ETH/BTC was rejected near a confluence of resistance that included the 0.382 Fibonacci retracement level and the 50-month exponential moving average (50-month EMA, red).

The pair has since turned lower and slipped back below its 20-month EMA (green) support near 0.034 BTC, a sign that sellers continue to dominate the trend.

The next major downside target for 2026 comes in around 0.0176 BTC if the weakness persists. This level, down about 40% from current rates, aligns with the 2020 cycle bottom.

Exchange reserves highlight ETH-BTC divergence

Exchange data points to persistent sell-side risk for Ether.

As of May, ETH reserves on Binance, the world’s largest crypto exchange by volume, had climbed to 3.62 million ETH, accounting for roughly 24.6% of all Ether held across exchanges, according to data resource CryptoQuant.

Ethereum reserves on Binance. Source: CryptoQuant

In comparison, Bitcoin reserves on Binance have fallen.

Bitcoin reserves on Binance. Source: CryptoQuant

Rising exchange balances usually signal that more tokens are available for sale, which can weigh on price when demand is not strong enough to absorb the added supply.

Falling reserves, on the other hand, often suggest coins are being moved off exchanges for longer-term holding.

In that sense, Binance reserve trends reinforce the broader market picture: Ether is facing relatively higher available supply, while Bitcoin is showing signs of tighter exchange-side liquidity.

Related: Four signs that show Ethereum’s rally is exhausted at $2.4K

Ethereum’s weakness reflects a broader shift in fundamentals. For years, Ether has lagged behind Bitcoin in part because Ethereum’s “ultrasound money” narrative has lost momentum.

BTC, on the other hand, continues to draw strength from corporate accumulation led by firms like Strategy and its growing integration into Wall Street portfolios.

Bitcoin extended its sideways drift around the $80,000 level as traders weighed a possible retest lower ahead of the week’s end. After a midweek push toward the $83,000 mark that failed to hold, market participants are watching whether BTC can sustain above $80,000 or slip toward established support as momentum remains broadly constructive for a continuation higher.

Key takeaways:

• Bitcoin has held above $80,000 through the weekend, but a sub-$80,000 retest remains on the radar for a test of nearby support.
• The prevailing bullish narrative hinges on a confluence of support levels just under $80,000—the so-called bull market support band formed by two moving averages—and a broader high-timeframe blue zone around $75,000.
• Inflation data in the U.S. next week is viewed as a potential catalyst, with traders saying the CPI release is largely priced in for the near term.
• Key levels to monitor include the $74,000 area as a critical fallback and liquidity sweeps that could signal the next move.

Near-term path: bulls test the 2D bull market band

Price action on the hourly to short-term charts shows BTC padding gains after a quiet weekend, avoiding a drop back below the $80,000 threshold. The decline from the midweek high near $83,000 failed to establish a sustained breakout, prompting traders to re-emphasize a retest of support as a prerequisite for a renewed upside move. Analysts point to the “bull market support band”—a duo of moving averages just below the $80,000 level—as a critical zone where buyers have previously stepped in during pullbacks.

“On the low-timeframes, after rejecting at the high-timeframe resistance range, I believe the most likely outcome is a short-term pullback toward the 2D Bull Market Support Band, which has been a strong reversal zone over the last couple of months,” Cryptic Trades wrote in a recent post.

In the view of Cryptic Trades, as long as BTC holds above the band and the adjacent blue-highlighted high-timeframe support around $75,000—which aligns with a notable bottoming formation observed in April 2025—the door remains open to higher prices. The note underscores how these zones have repeatedly proven to be meaningful turning points during the current rally phase.

Support levels and what traders want to see

Market participants highlighted a preference for a clean break above the stubborn area in the low $80,000s to confirm a more durable move higher. Daan Crypto Trades noted that the initial advance above the band was not a decisive breakout, signaling the need for a sustained hold in the upper $80,000s to validate continued upside. “Would want to see a move to at least clear that sticky area around the low $80Ks and hold there for a week or two,” they advised on social media.

From a broader perspective, the $74,000 region remains in view as a potential liquidity pivot should selling pressure intensify. Traders caution that a sweep of liquidity around key pivots could signal the next directional shift, making the area around the $74k–$75k zone particularly consequential for the near-term trajectory.

Inflation data as a potential catalyst

The upcoming release of the U.S. Consumer Price Index (CPI) for April looms as a defining factor for the near-term path of BTC, with traders arguing that the data is largely priced in by the market. The CPI print is expected to reflect continuing macro pressures stemming from oil prices and broader geopolitical developments, with some observers suggesting the outcome could influence how large players adjust their risk profiles around this event.

“It’s priced in,” wrote Killa, a consistently watched figure on X, noting that BTC has tended to rally after the last two CPI releases. However, following 2025 CPI price action, he warned, there could be a shift as big players de-risk into the event counter-narrative.

Cryptocurrency traders point to the CPI milestone as a potential catalyst that may either reinforce Bitcoin’s upside or reintroduce volatility as participants reassess inflation trajectories and macro risk. While a hotter-than-expected print could inject risk-off sentiment, a cooler outcome could keep the bulls in control as liquidity conditions remain supportive in the longer horizon. The immediate question remains whether price action can maintain its footing above the core support bands while traders await fresh cues from the inflation data.

In addition to the CPI narrative, traders continue to monitor the response around the bull market support band and the broader blue-support region near $75,000. Should price manage to stabilize and then clear the upper resistance area, the odds of a renewed ascent improve, according to multiple analysts who weighed in on the weekend chatter.

Overall, the market appears to be trading with a structured plan: hold above the key support zones to preserve the upside thesis, while waiting for a clearer signal from price action and the CPI release. The outcome this week may hinge on whether buyers can demonstrate resilience in the face of a potential near-term pullback or whether selling pressure intensifies, prompting a deeper test of the lower support band.

As the week unfolds, traders will be paying close attention to whether Bitcoin sustains above the 2D bull market band and the blue higher-timeframe support near $75,000, and how the CPI reading translates into shifts in risk appetite. If the price remains anchored above these levels, the case for further upside remains plausible; if not, a test of the $74,000 area could reframe the near-term outlook and set the stage for a more measured consolidation before the next leg higher.

TLDR:

• Binance’s emerging market user share rose sharply from 49% in 2020 to 77% in 2026, per platform data.
  
• Around 83% of Binance’s multi-product users are based in emerging markets, showing deep regional engagement.
  
• Stablecoin savers on Binance grew from 4% in 2020 to 28% in 2026, with 73% based in emerging markets.
  
• Crypto platforms like Binance operate 24/7 with no minimum balance, lowering barriers for unbanked users globally.
  

Binance is addressing global financial exclusion by offering a full spectrum of products within one account. The platform aims to serve users across income levels, from basic savings to advanced trading tools.

With 1.4 billion adults still unbanked worldwide, according to the World Bank, crypto infrastructure is emerging as a practical alternative.

Binance’s data shows growing adoption in emerging markets, where its user share climbed from 49% in 2020 to 77% in 2026.

Crypto Infrastructure Reshaping the Economics of Financial Access

Traditional finance has long placed high barriers on participation. Geography, account minimums, and eligibility standards have historically shut out hundreds of millions of people.

Crypto platforms operate differently — they run 24/7, require no minimum balance, and function across borders through a single mobile interface.

Digital-asset platforms allow users to hold assets, earn yield, make payments, and access global markets. This changes who gets to participate and on what terms.

A person with limited access to traditional investment products can still engage with financial markets through one digital account.

Binance has built its platform around this premise. The company offers tools for capital preservation, passive yield, on-chain utility, and advanced trading — all within one account.

As Binance noted, “one account, access to a full spectrum of products so users can start where they are and grow on their own terms.” Users can start at any level and expand their participation over time as their needs evolve.

This range of options makes access more practical and durable. When diverse products exist on one platform, users are not forced to move between services as their financial goals change. That continuity matters, especially in markets where financial infrastructure is still developing.

Emerging Markets Drive Multi-Product Engagement on Binance

Binance’s growth in emerging markets reflects real demand for broader financial services. Users in these regions are not just trading — they are saving, sending money across borders, and generating yield.

Platform data shows that 83% of multi-product users are based in emerging markets. Binance has described its role as building “a platform where more of those financial functions can come together in a usable way.”

Stablecoin adoption further supports this pattern. Approximately 28% of Binance users holding at least $10 keep more than half their portfolio in stablecoins.

That figure was just 4% in 2020. Around 73% of all stablecoin savers on the platform are based in emerging markets.

This behavior points to Binance functioning as an integrated financial account for many users. Rather than a trading venue alone, the platform is serving savings and payments needs alongside crypto investing.

Binance stated that “the next era of finance will not be defined only by whether markets are open, but by whether more people can actually navigate them.” That is a meaningful shift in how users in lower-income environments are engaging with digital finance.

The data also shows that users with access to more products stay more engaged. Those using three or more products account for 14% of total active users. Broader product access, therefore, directly connects to deeper financial participation.

Three of DeFi’s relatively young applications, including Hyperliquid, EdgeX and Pump.fun, have distributed a combined $96.3 million to token holders over the past 30 days, as the sector’s focus shifts to actual earnings.

Hyperliquid led the pack, generating $50.95 million in revenue over the period, all of which went directly to token holders with zero spent on incentives, according to data from DefiLlama. Pump.fun came in second with $22.09 million returned to holders out of $38.81 million in total revenue. EdgeX followed with $23.26 million distributed to holders from $8.26 million in protocol revenue, suggesting that the platform is drawing on reserves or alternative income streams to reward holders.

On an annualized basis, Hyperliquid has generated $945.87 million in revenue over the past year, all returned to holders, while Pump.fun sits at $481.15 million and EdgeX at $236.42 million.

Among other major protocols, Chainlink returned $4.63 million to holders, Aerodrome $3.53 million and Uniswap $3.29 million across 44 chains. PancakeSwap generated $3.94 million in revenue but returned $2.48 million to holders while spending $905,260 on incentives.

Related: DeFi can freeze stolen funds, but not everyone agrees it should

Crypto community now focuses on revenue

The data comes as revenue is becoming the metric that matters most in crypto, with token holders pushing protocols to justify their valuations through actual earnings rather than transaction volumes or network growth figures.

“Nobody cares that your chain does 10x the TPS anymore,” wrote Robbie Klages, co-founder of The Rollup, referring to a blockchain’s measure of transactions per second. “The market is ‘show me the money right now.’ Treat it like a business not a network growth thesis,” he added.

Top DeFi protocols by Holders Revenue. Source: DefiLlama

Another X user wrote that the shift from narrative to earnings is “permanent now,” warning that protocols unable to show real revenue will be valued like pre-revenue startups in a rate hike environment, a reference to the kind of sharp devaluations that hit speculative assets when capital gets expensive.

Related: Aave-Linked DeFi United Details rsETH Recovery Plan

DeFi is becoming backend for onchain economy

Andre Cronje, founder of the popular DeFi protocol Yearn.Finance, said that DeFi in 2026 looks less like a speculative playground and more like functioning financial infrastructure. He noted that stablecoins have grown into a $320 billion market led by Tether and Circle, decentralized exchanges are processing over $160 billion in monthly spot volume and perpetual DEXs are handling $540 billion monthly.

Cronje added that lending protocols, including Aave, Morpho and Maple Finance, are sitting on $28 billion in active loans, while real-world assets are increasingly being used as onchain collateral. “DeFi is no longer just competing for APY. It is becoming the backend for the onchain economy,” he wrote on X.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026