Fundamental backdrop

In the first quarter of 2026, Amazon (AMZN on FXOpen) reported a 17% increase in net sales to $181.5 billion. AWS revenue grew by 28% — its fastest pace in 15 quarters — while operating margin reached a record 13.1%. These results provided a solid fundamental foundation for the rally in Amazon shares seen from February through early May.

Now that the positive impact of the quarterly earnings release has likely been fully priced in, the market appears to be shifting its focus towards second-quarter prospects. A key event for the period will be the annual Prime Day sales event, scheduled for June 2026.

Technical picture

Since 27 March, Amazon shares have posted a sharp advance, forming a short-term uptrend. The move was supported by an ascending trendline connecting the 200 area with the 278 region, where local resistance emerged. At present, the price is testing this trendline for a potential downside break and has already moved below the lower boundary of the profile located at 260, signalling weakening bullish structure.

The point of control (POC) is situated in the 263–264 area, close to the lower boundary of the profile. Should the stock attempt to recover, this boundary may become the first obstacle for buyers. The upper boundary of the profile at 273 may also attract market attention if the price returns to the range. Above it lies a resistance level near 278.

The RSI and its moving averages currently stand at 39, 45 and 49. All three readings remain below the 50 mark, indicating the development of a bearish phase and weakening upward momentum. The 248 area, where the green support level is located, remains the nearest downside target should the decline continue.

Key takeaways

Amazon shares have undergone a strong upward move supported by record financial results; however, the technical picture now points to a potential trend reversal. Further developments will largely depend on whether sellers can maintain control below the current volume profile.

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US-based AI developer Anthropic is sounding the alarm on the pace of AI progress, warning that agents capable of self-design and autonomous improvement could emerge sooner than institutions are prepared for. In a blog post published this week, Marina Favaro, lead at the Anthropic Institute, and Anthropic co-founder Jack Clark argued that current agents can already run code themselves and delegate substantial chunks of work to other agents, suggesting the possibility of a fully autonomous design of their own successors if provided with enough compute.

The message arrives amid a broader industry debate about whether frontier AI should be slowed to address safety, governance, and geopolitical concerns. OpenAI, among others, has signaled that it is studying how to safely develop increasingly capable systems, including those capable of recursive self-improvement. OpenAI says it wants AI to follow human intent in complex real-world scenarios, avoid catastrophic behavior, and remain controllable and auditable as it scales.

Key takeaways

• Anthropic warns that autonomous AI agents could design and improve their own successors, urging a measured pace in development to address safety and societal impact.
• OpenAI acknowledges research into recursive self-improvement and is actively pursuing safety and preparedness, including hiring for related roles.
• Anthropic notes rapid model progress, with improvements roughly doubling every four months and humans transitioning from code authors to reviewers in their own workflow; they caution the trajectory is not guaranteed to continue.
• Crypto firms are already testing AI agents for settlement and transaction workflows, signaling potential, practical applications for automated decision-making in crypto markets.

Autonomy on the horizon: what Anthropic and OpenAI are saying

Favaro and Clark describe a path where AI systems move beyond human-guided development to actively allocate tasks, run code, and collaborate with other agents. In their view, the trend could accelerate to a point where an AI system is capable of fully autonomously designing and developing its own successor, provided sufficient compute is available. They emphasize that this outcome is not inevitable, but could arrive sooner than many institutions anticipate. As Favaro summarized, “For most of AI’s history, humans drove every step in its development cycle. But at Anthropic, we are delegating a growing share of AI development to AI systems themselves, which is speeding up our work.”

“Taken far enough, and given enough compute, that trend points to an AI system capable of fully autonomously designing and developing its own successor.” — Marina Favaro and Jack Clark, Anthropic

To illustrate the evolving role of humans in code creation, the authors note that their Claude model is already responsible for a large portion of code merged into Anthropic’s codebase. They estimate that human-authored contributions will become a minority, shifting the bottleneck toward rapid human review of AI-generated work. “We are not there yet, and recursive self-improvement is not inevitable. But it could come sooner than most institutions are prepared for,” they wrote.

The discussion also touches on governance and risk, with Favaro and Clark arguing that slowing development could buy time to address “immense” implications for safety and alignment. They caution that a slowdown by itself would need careful coordination; otherwise, it could merely let the least cautious actors keep pace, potentially compromising global safety and standards.

Guardrails, safety research, and a global coordination question

The Anthropic piece sits within a broader ecosystem of safety-focused messaging from major AI labs. In December, OpenAI signaled ongoing research into how to safely deploy increasingly capable AI, including systems with recursive self-improvement capabilities. OpenAI emphasized the aim of keeping systems aligned with human values, controllable, and auditable even as their capabilities grow. The company has also been active in recruiting for roles focused on recursive self-improvement preparedness as part of its Safety Research team.

Beyond individual firms, a cohort of tech leaders—some affiliated with Anthropic and OpenAI—released an open letter encouraging lawmakers to implement stronger guardrails around frontier AI. The group argued that there should be the option to slow or pause frontier AI development to allow society to catch up with alignment research and governance frameworks. However, they also cautioned that any slowdown must be globally coordinated; otherwise, it could inadvertently leave safer actors at a disadvantage while competitors press ahead.

One of the most striking takeaways from the discussion is the potential for AI agents to begin influencing real-world workflows in finance and technology. The idea that agents could autonomously execute tasks and settle transactions has already begun to move from theory toward practice in parts of the crypto space, as industry observers note the momentum toward AI-assisted automation in payments and settlement layers.

Crypto adoption in the AI era: from theory to what’s happening now

The crypto sector appears increasingly receptive to AI-driven automation, with AI agents being explored as a way to streamline settlement, risk assessment, and compliance workflows. Industry commentary and research from crypto-focused firms have pointed to early real-world activity. For instance, recent coverage highlighted growing interest in AI agents handling payments and settlements, with a notable data point suggesting hundreds of millions of transactions transitioning to AI-managed flows.

In commentary linked to the broader AI debate, Circle CEO Jeremy Allaire has projected a future in which billions of AI agents operate on users’ behalf, including executing transactions and managing routine tasks within DeFi and other crypto rails. While this vision remains aspirational, it underlines a broader trend: as AI capabilities mature, crypto infrastructure could increasingly rely on autonomous agents to scale operations and enhance user experiences.

Meanwhile, a crypto-focused research note highlighted tangible progress in AI-enabled settlement workflows. In the last year, AI agents settling payments reportedly moved from concept to real-world deployment, with figures indicating substantial volume already processed under these pilot arrangements. This rapid progression underscores both the potential productivity gains and the new operational risks that could accompany fully autonomous settlement systems.

Observers should also monitor how safety and regulatory considerations evolve in crypto contexts. The same caution that applies to AI safety in general—ensuring systems behave predictably, remain auditable, and align with user intent—will be critical as crypto platforms consider scaling AI-assisted workflows and delegating more decision-making to automated agents. The tension between accelerating innovation and maintaining safeguards is likely to shape discussions among regulators, exchanges, and custodians in the months ahead.

For readers looking to drill deeper, related analyses and ongoing coverage from crypto media note the broader AI safety and governance dialogue, including discussions around the potential for AI tools to influence software integrity and security. Some of these debates intersect with the crypto space, where the pace of adoption and the magnitude of potential efficiency gains could influence capital flows, liquidity, and user trust.

Attention is also drawn to ongoing research and public discourse around safe deployment. Anthropic’s own stance, alongside industry calls for guardrails and cross-border coordination, suggests that the next phase of AI-enabled automation—whether in crypto settlements or other domains—will depend as much on policy and safety frameworks as on technical breakthroughs. As developers and users experiment with AI agents, the coming months will reveal how quickly autonomous code generation, self-improvement loops, and agent-driven workflows become embedded in real-world crypto operations.

Related coverage notes how the AI frontier is already intersecting with the crypto ecosystem, including developments around agent-based payments and the broader push toward AI-assisted transaction throughput. For readers following this space, the trajectory remains a blend of opportunity and risk—where the most immediate questions revolve around governance, reliability, and the ability to keep human oversight proportionate to the risks involved.

OpenAI and Anthropic continue to challenge the industry to define guardrails that can scale with capability. As the conversation moves toward practical deployments, investors and builders in crypto will want to watch not only technical milestones but also policy signals and real-world adoption rates that could determine whether AI agents become foundational to crypto settlement and automation.

For more context on these developments and related AI governance discussions, see Anthropic’s blog post on recursive self-improvement and OpenAI’s exploration of safe deployment. Additional perspectives from the crypto ecosystem and industry coverage on AI-driven settlement trends provide a broader view of how near-term automation could influence market efficiency and user experience in crypto markets.

As progress accelerates, the ecosystem will likely see a mix of breakthroughs, regulatory responses, and practical pilots that shed light on how autonomous AI agents will reshape crypto operations and broader digital infrastructure in the years ahead.

Forward Industries has transferred 455,784 SOL worth about $31.87 million to Coinbase Prime, drawing attention to the treasury strategy of the world’s largest corporate holder of Solana.

According to blockchain analytics platform Lookonchain, the transfer occurred after roughly one month of inactivity, with the tokens moving from wallets linked to Forward Industries to Coinbase Prime. The transfer was first highlighted using data from Arkham Intelligence.

The transaction comes as the company continues to sit on substantial paper losses from its Solana accumulation program. 

Since launching its treasury strategy in September 2025, Forward Industries has spent about $1.59 billion acquiring 6.83 million SOL (SOL) at an average purchase price of $232.08 per token, according to company disclosures cited by Lookonchain.

Based on the latest figures shared by the analytics platform, those holdings are now valued at approximately $458.6 million, leaving the company with an unrealized loss of nearly $1.13 billion.

Transfer follows months of pressure on Solana treasury position

Financial filings released earlier this year showed that declining crypto prices had already weighed heavily on the company’s balance sheet.

For the fiscal quarter ended Dec. 31, 2025, Forward Industries reported a net loss of $585.6 million. Company filings attributed most of that result to a $560.2 million loss on digital assets and a further $33 million impairment charge tied to its SOL holdings.

Revenue moved in the opposite direction. Forward Industries reported first-quarter revenue of $21.4 million, up from $4.6 million a year earlier, with staking income from its Solana treasury operation serving as the primary contributor.

At the time, the company disclosed ownership of nearly 7 million SOL and said almost all of the tokens had been staked. Its validator operations generated a 6.73% gross annual percentage yield before fees as of mid-January, while cumulative staking rewards exceeded 112,000 SOL by the end of December.

Management also stated in previous filings that the reported losses were largely the result of fair-value accounting treatment under U.S. GAAP rather than realized sales of digital assets.

Is Forward Industries selling SOL?

Although deposits to Coinbase Prime do not necessarily indicate an imminent sale, the move has prompted speculation among market participants given the scale of the transfer and the company’s deep unrealized losses.

Moving assets to a prime brokerage platform can serve several purposes, including portfolio rebalancing, liquidity management, collateral adjustments for institutional borrowing, or preparation for asset sales.

Forward Industries could also be evaluating tax-loss harvesting opportunities or seeking additional liquidity while managing pressure from the decline in the value of its treasury assets. Those possibilities remain speculative, and the company has not publicly commented on the purpose of the transfer.

Beyond holding SOL, Forward Industries has pursued a more active treasury model. The company launched the liquid staking token fwdSOL and has worked with Galaxy Digital and Jump Crypto on treasury-related infrastructure designed to generate additional yield from its holdings.

Backed by a $1.65 billion private investment round involving Galaxy Digital, Jump Crypto and Multicoin Capital, Forward Industries built its position rapidly and became the largest known corporate holder of Solana. 

Privacy-focused zcash (ZEC) has taken a beating in the past 24 hours, falling roughly 30% to $400 amid broader market weakness. The selling accelerated after Shielded Labs, a nonprofit Zcash developer, disclosed a critical vulnerability in the blockchain’s Orchard privacy pool that could have threatened the integrity of the token’s supply.

Late Thursday, Shielded Labs published a detailed disclosure on X, revealing a vulnerability that, if exploited, could have allowed an attacker to create an unlimited number of counterfeit ZEC tokens, completely undetected. Think of it as someone secretly gaining access to the Federal Reserve’s dollar printing press, except in this case, even the Fed wouldn’t be able to tell these extra dollars were printed.

The vulnerability was discovered on May 29 by Taylor Hornby, a security engineer engaged by Shielded Labs in April 2026 specifically to identify protocol vulnerabilities before malicious actors could. Working with Anthropic’s recently released Opus 4.8 AI model, Hornby conducted a highly targeted review of the Orchard circuit, which is the cryptographic system underpinning Zcash’s most advanced privacy pool.

Shielded Labs said Hornby wrote a complete exploit which, when tested in a local testing environment, generated unlimited, undetectable counterfeit ZEC. Shielded Labs added that if the same tool had been run on Zcash mainnet, it would have generated unlimited, undetectable counterfeit tokens in his mainnet wallet.

Imagine an attacker quietly printing unlimited counterfeit ZEC and holding them undetected. The damage to trust in the supply and, by extension, the token’s market value could have been severe.

Hornby immediately disclosed the vulnerability to the Zcash Open Development Lab (ZODL), which coordinated an emergency fix on June 1, closing it within days of discovery.

Bug undetected for four years

Still, what appears to be a proactive approach to fixing bugs has not impressed markets. That’s possibly because, as Shielded Labs itself admitted, the bug had been present since Orchard’s activation in May 2022. In other words, it existed, undetected, for four years.

What makes the situation even more complex for markets is Shielded Labs’ acknowledgement that it cannot say for sure whether the bug was exploited before the fix.

“What makes this particularly challenging is that, due to the privacy properties of Orchard and the nature of the bug, there is no definitive way to determine using only cryptography whether such exploitation occurred before the vulnerability was discovered and fixed. We believe it is important to be transparent about that uncertainty,” the firm said.

Still, it stressed that exploitation likely didn’t happen for several reasons. First, the bug had evaded years of scrutiny by experienced cryptographers. It came to light only with the help of cutting-edge AI tools and highly skilled researchers working deliberately to find it. And once discovered, it was fixed quickly, leaving little time for anyone to exploit it.

“We think he probably succeeded,” Shilded Labs said of Hornby’s efforts to find the vulnerability before malicious actors could.

However, the organization was careful to add that users should not rely solely on their assessment and proposed a network upgrade that would allow anyone to verify the integrity of the ZEC supply independently. The proposal involves deploying a new shielded pool and enforcing turnstile accounting on all coins from the Orchard pool. The firm said it could publish a detailed post on the same next week.

It also said it is accelerating security efforts, including continued work with Hornby, a formal verification project aimed at writing a mathematical proof that there are no undiscovered bugs in the Orchard circuit, and new hires for a Head of Security and a Cryptographer.

Six Republican senators have called on U.S. banking regulators to develop new capital standards for digital assets as Congress moves forward with legislation that could expand banks’ involvement in the crypto sector.

According to a statement released Thursday, Senator Cynthia Lummis and five other Republican senators sent a letter last week to Federal Reserve Vice Chair for Supervision Michelle Bowman, Federal Deposit Insurance Corporation Chair Travis Hill, and Comptroller of the Currency Jonathan Gould, urging the agencies to provide clearer guidance on how banks should hold capital against digital asset exposures.

The request comes as Bowman, Hill, and Gould are scheduled to testify before the House Financial Services Committee on Thursday.

In their letter, the lawmakers argued that existing international standards developed by the Basel Committee on Bank Supervision assign an excessively high capital charge to digital assets. 

The senators pointed to the committee’s 1,250% risk weight for certain crypto holdings, a measure used by banks and regulators to determine how much capital must be set aside against potential losses.

The Basel Committee, which operates under the Bank for International Settlements and includes regulators from the United States and other major jurisdictions, has published several digital asset capital standards in recent years.

Senators Cynthia Lummis, Dan Sullivan, Bill Hagerty, Bernie Moreno, Ted Budd, and Jon Husted signed the letter.

Senators seek technology-neutral treatment

In the letter, the lawmakers said future capital requirements should account for both the risks and opportunities associated with digital assets. They also urged regulators to adopt a technology-neutral approach that would allow banks to participate in digital asset markets without being disadvantaged solely because of the technology used.

Drawing attention to a joint statement issued in March by the Federal Reserve, FDIC, and Office of the Comptroller of the Currency, the senators noted that regulators had already concluded tokenized securities should generally receive the same capital treatment as their traditional counterparts.

According to the letter, the same principle should be applied consistently when regulators evaluate other forms of digital assets.

Lawmakers also linked their request to digital asset legislation currently under consideration in Congress. The senators said pending bills would permit banks to engage in additional on-balance-sheet digital asset activities, creating a need for clear capital rules before those activities become more common within the banking system.

The latest push adds to Senator Lummis’ recent efforts to defend crypto legislation and expand regulatory clarity for the sector. Earlier this week, CNBC reported that Lummis criticized JPMorgan Chase Chief Executive Officer Jamie Dimon over his comments about the CLARITY Act and Coinbase Chief Executive Officer Brian Armstrong.

During a CNBC interview cited by the network, Dimon argued that the legislation failed to address key banking safeguards and anti-money laundering concerns. Lummis rejected that interpretation, telling CNBC that anti-money laundering and Bank Secrecy Act requirements already apply to digital assets and are included in the legislation.

Zcash price has fallen sharply from its recent highs as traders increasingly focus on a developing head-and-shoulders pattern that threatens to trigger a deeper correction.

According to data from crypto.news, Zcash (ZEC) price traded near $540 on June 4 after dropping almost 13% over the past 24 hours. The privacy-focused cryptocurrency had rallied to nearly $690 in May before repeated rejections above the $610–$650 area attracted fresh selling pressure. Zcash’s recent decline has pushed the token back toward a cluster of technical support levels that traders are closely monitoring.

Attention has increasingly shifted to a potential head-and-shoulders formation that has been developing since early May. Three prominent peaks are visible on the daily chart, with the middle peak near $690 forming the head and the surrounding highs creating the shoulders.

The pattern emerged after ZEC completed a powerful breakout from a multi-month consolidation structure in April, making the current pullback one of the first serious tests of the uptrend.

According to crypto analyst Ardi, buyers have repeatedly failed to establish acceptance above $610.

“Every attempt above that resistance continues getting aggressively sold back down into deeper levels.”

Commenting on the setup, the analyst argued that the neckline near $520 has become the most important level on the chart. A decisive breakdown below that area could complete the pattern and expose a move beneath $500.

Bears target the $520 neckline as momentum weakens

Several technical indicators have begun to favor sellers. ZEC recently slipped below a rising trendline that had supported the advance from mid-May, while daily candles have closed beneath multiple short-term support zones.

The chart also shows price trading only modestly above the Supertrend support region near $499, leaving little room for error if selling pressure accelerates.

The Aroon indicator presents another challenge for bulls. Aroon Down has climbed above 64 while Aroon Up has dropped near 21, a configuration that often appears when downward momentum starts gaining control. The shift follows several weeks during which buyers dominated the market structure after the April breakout.

Another analyst group, Team LAMBO, noted that a right shoulder appears to be forming and identified a break below $500 as the trigger that could open the door to a larger decline.

Under that scenario, downside projections extend toward the $390 region, which coincides with a former consolidation zone from April. More aggressive bearish targets sit closer to $350, where the breakout rally originally accelerated.

Even after the recent decline, ZEC remains substantially above its April lows near $240. That longer-term advance has left a large amount of unrealized profit on the table, creating conditions where profit-taking can intensify during periods of market weakness.

A recovery above $610 would invalidate the bearish setup

Not all traders are convinced the bearish pattern will complete. The neckline around $520 remains intact at the time of writing, and buyers have successfully defended the area during previous pullbacks.

A rebound from current levels could force short sellers to cover positions and restore momentum toward the upper resistance band.

The most important invalidation level remains the $610–$650 zone. A sustained move above that region would undermine the developing head-and-shoulders structure and shift attention back toward the May highs near $690. Beyond that, the psychological $700 level would likely become the next major upside target.

Macro headwinds continue to weigh on risk assets. Escalating geopolitical tensions and uncertainty surrounding the Federal Reserve’s policy path have contributed to volatility across crypto markets. Further, if Bitcoin continues to lose major support levels, it could add pressure to high-beta tokens such as ZEC.

For now, the battle centers on the $520 neckline. A successful defense would keep the longer-term uptrend intact, while a breakdown could transform what has been one of the strongest rallies of the past two months into a much deeper correction.

Binance Research said crypto exchanges may become a major gateway into global stock markets, as stablecoins and tokenized equities reduce old barriers around cost, access, settlement, and brokerage reach in underbanked regions worldwide.

Binance Research sees a $2T equity route

Binance Research said crypto exchanges could collectively channel $2 trillion in new capital and nearly 300 million new investors into global equity markets by 2031. The report frames crypto exchanges as a distribution layer for users who already hold digital assets but lack easy access to major stock markets.

The research also presented a bull case where crypto users could bring $5 trillion in annual incremental equity capital over the next five years. Binance Research said the estimate uses the global crypto user base, exchange coverage, eligibility, adoption rates, and average position sizes.

Emerging markets drive the demand

The report said close to 93% of Binance stock trading users come from emerging markets. Binance Research linked that share to long-running barriers such as high brokerage costs, limited foreign market access, and banking friction.

“The next 300 million equity investors are coming from emerging markets,” Binance Research said on X. The post added that users may be onboarded through crypto exchanges, settle in stablecoins, and trade around the clock.

Meanwhile, Binance Research said stablecoin-settled stock trading could cut cross-border costs. The report estimated that stablecoins can remove an average 3.6% and about $40 per transaction in off-ramp costs for users moving money across borders.

The firm added that TradFi-linked perpetuals already account for about 10% of stablecoin trading volume. It said direct stock trading and tokenized equities could deepen that use case as investors seek 24/7 exposure through the same accounts they use for crypto.

Tokenized equities race expands

The report follows Binance’s broader push into traditional market access. As previously reported by crypto.news, Binance plans to let non-U.S. users trade more than 7,000 U.S. stocks and ETFs with zero commissions and fractional purchases starting at $5.

That report also said Binance plans bStocks, a tokenized equity product for eligible users on BNB Chain. The planned product would allow users to convert supported equities into on-chain assets, with possible use in lending and liquidity markets.

As previously reported, the tokenization race has widened, with BlackRock, Franklin Templeton, Ondo Finance, DTCC, Euroclear, and other major market firms expanding their roles. Tokenized equities crossed $960 million by March 2026, while tokenized treasuries remained the largest real-world asset category.

Binance Research said its figures are not investment advice or guaranteed forecasts. The report said tokenized stock adoption will still depend on user eligibility, regulation, custody, market depth, and exchange support.

Zcash faced fresh market pressure after founder Zooko Wilcox disclosed more details about a critical Orchard pool bug, while BitMEX co-founder Arthur Hayes said he sold his full ZEC position.

Zooko shared a Shielded Labs post saying security researcher Taylor Hornby found the issue on May 29. The bug sat in Zcash’s Orchard shielded pool, which forms part of the network’s private transaction system.

Zcash Open Development Lab led an emergency response with other ecosystem teams. The fix closed the window of risk by June 2, after an upgrade process that paused Orchard activity and restored it with corrected code.

A group of Senate Republicans has urged US financial regulators to clarify the capital standards for companies engaged in crypto activities.

Senator Cynthia Lummis said on Thursday that she led the group in sending a letter on May 27 to Federal Reserve Vice Chair for Supervision Miki Bowman, Federal Deposit Insurance Corp. Chairman Travis Hill, and Comptroller of the Currency Jonathan Gould.

The letter commended the agencies’ guidance in March that clarified the capital treatment of tokenized securities, but urged them “to build on that progress to move towards a clear and fair capital treatment for on-balance sheet treatment of digital assets.”

Current international standards for capitalizing crypto holdings require banks to hold a greater value of reserve assets compared to the value of their digital asset holdings, which the Senators said was essentially a “de facto ban” on banks holding crypto.

The letter comes as senators are preparing to act on a bill, dubbed the CLARITY Act, that would outline how federal agencies will regulate crypto. The current version of the bill allows banks to use digital assets and blockchain for activities such as payments, lending, custody and trading.

Senate leaders are pushing to pass the bill ahead of the midterms in November, as the legislation risks having to be reintroduced in the next session of Congress if it fails to pass ahead of the elections.

Source: Cynthia Lummis

The group took issue with the Basel Committee on Bank Supervision’s longstanding standards that assigned a 1,250% risk weight to crypto, which they said was “not derived from a calibrated assessment of the actual risk profile of digital assets.”

“Any proposed capital treatment of on-balance sheet digital asset activities should accurately reflect the opportunities and risks of digital assets — and be based on, to the extent possible, a technology-neutral approach that gives banks the authority to participate meaningfully in digital asset markets,” the group said.

Related: Debate on CLARITY Act continues this week as US Senate returns

They added that crypto legislation under consideration in the Senate would “undoubtedly require capital guidance” and urged regulators to begin work on a new capital framework for crypto.

Senators Dan Sullivan, Bill Hagerty, Bernie Moreno, Ted Budd and Jon Husted also signed the letter.

Debate on the Senate’s crypto bill is slated to resume this week after the Senate returned from recess. The legislation lays out how the Securities and Exchange Commission and the Commodity Futures Trading Commission will regulate crypto markets and companies.

The Senate Banking and Agriculture Committees have passed their own versions of the bill addressing securities and commodities, but the full Senate will need to reconcile the different bills.

Other issues raised by lawmakers, including stablecoins, ethics and crypto developers, will also need to be addressed in the bill if it is to receive the 60 votes needed to pass the Senate without lengthy debate that could leave the bill stalled indefinitely.

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