Crypto industry insiders got their first look at the revised market structure bill in the Senate, and the opening impression was that the language on allowable stablecoin yield was overly narrow and unclear, according to a person familiar with the current draft.

The new language, which was announced Friday by Senators Angela Alsobrooks and Thom Tillis, would ban yield payments for simply holding a stablecoin. It would also restrict any approach that makes the program in any way equivalent to a bank deposit, and it applies further limits to other potentially allowed activities, the person said, adding that the mechanics of determining activities-based stablecoin rewards is left uncertain.

The crypto industry got this first look at the revised section of the Digital Asset Market Clarity Act on Monday in a closed-door review on Capitol Hill in Washington, representing an attempt to clear a roadblock in the effort to get a hearing in the Senate Banking Committee. Bankers had insisted that stablecoin rewards look nothing like interest-bearing bank deposits, because they argued the competing product could hamstring the industry and strangle lending. So, the compromise will allow rewards programs on users’ stablecoin activities but not balances.

A similar version of the Clarity Act passed in the House of Representatives last year, and another version cleared a markup hearing in the Senate Agriculture Committee. The banking panel represents a big step that would get the legislation to a place where lawmakers could prepare a final, combined version that would get a vote of the overall Senate.

The stablecoin yield lobbying fight between the crypto sector and the banking industry had stifled progress on the legislation for a while. But it’s not the only sticking point. The industry will still need to see the final approach to oversight of the decentralized finance (DeFi) space, which had remained an area of concern for Democrats who had wanted to ensure illicit finance protections. And the Democrats have also insisted on a need for a ban on senior government officials profiting personally from the crypto industry — a provision aimed squarely at President Donald Trump.

Though the industry recorded a tremendous win last year when the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act became the first major U.S. law to govern a segment of the crypto industry, it was meant as the less important first step of a one-two policy approach that concludes with the Clarity Act.

That full-fledged arrival of crypto into the U.S. financial system will eliminate regulatory uncertainty for any investors who have been hesitant about involvement in the sector. Digital assets insiders believe it will open flood gates among institutional investors and developers who want to build atop the technology.

TLDR

• Aave DAO approved the Request for Comment proposal to begin discussions on deploying Aave V4 on Ethereum mainnet.
• The governance vote closed after four days with 100% support from participating members.
• The ARFC marks the first non-binding stage before a formal onchain Aave Improvement Proposal vote.
• Aave V4 introduces a modular Hub and Spoke architecture to unify liquidity and isolate risk.
• The Liquidity Hub will consolidate supplied assets while Spokes will set individual lending and collateral rules.

Aave DAO has approved a Request for Comment proposal to start discussions on deploying Aave V4 on Ethereum mainnet. The vote closed after four days with 100% support on Aave’s governance platform. The measure now moves the protocol closer to a binding onchain proposal and eventual rollout this year.

Aave DAO Backs Initial Governance Stage for V4

Aave DAO used its governance platform to pass the non-binding Aave Request for Comment proposal. The vote recorded full support after a four-day voting period. As a result, the process now advances to the next governance phase.

The ARFC serves as the first step in Aave’s decentralized governance framework. It allows contributors and token holders to refine technical and risk details before a binding vote. After community feedback, Aave Labs will submit an Aave Improvement Proposal for onchain approval.

Aave Labs, led by Stani Kulechov, will coordinate the next submission. The team will work with security and risk advisors to define final risk parameters. The snapshot proposal states that deployment preparations will continue during this review period.

Aave V4 Introduces Modular Hub and Spoke Architecture

Aave V4 represents the next major upgrade of the onchain lending protocol. The upgrade introduces a modular Hub and Spoke architecture to improve liquidity efficiency. The design aims to unify liquidity while isolating risk profiles.

According to official documentation, the Liquidity Hub will consolidate supplied assets into a single unified pool. Individual Spokes will connect to the Hub under distinct lending rules and collateral policies. Each Spoke will define its own risk parameters and user conditions.

The new structure addresses the issue of siloed liquidity within the protocol. It also allows markets to operate under separate risk frameworks while sharing liquidity depth. The snapshot proposal states, “Liquidity depth is maximized, risk is priced with precision, and a wider range of lending activity can be supported onchain.”

The documentation also confirms deeper integration of Aave’s native GHO stablecoin within V4. The upgrade will introduce a revamped liquidation engine to improve efficiency. Together, these changes aim to expand supported market structures within one framework.

Governance Changes and Security Review Shape Deployment

The governance move follows internal changes among core contributors. BGD Labs and Aave Chan Initiative announced plans to step back when their contracts expire. Their announcements followed Kulechov’s “Aave Will Win” proposal on governance restructuring.

Kulechov’s proposal calls for greater DAO control over Aave Labs’ revenue and intellectual property. In exchange, the DAO would manage a defined budget for operations and development. The proposal also urges stakeholders to prioritize Aave V4 deployment.

Kulechov has also called for streamlined governance procedures within the protocol. He has encouraged faster coordination between contributors and token holders. These proposals remain under discussion within the community.

Aave V4 has completed roughly 345 days of cumulative security review. The process included manual audits, formal verification, invariant testing, fuzzing, and a public security contest. The DAO ratified a $1.5 million security budget to support these efforts.

Bitmine Immersion Technologies, the publicly traded company pursuing what it calls the ‘Alchemy of 5%’ of Ethereum’s total supply, said its combined crypto and cash holdings have reached $11 billion as it ramps up purchases amid the U.S.-Iran conflict.

Chairman Thomas Lee framed ETH’s recent performance as evidence of crypto’s resilience during geopolitical turmoil. He noted that ETH has risen 18% since the Iran war commenced, outperforming equities, while gold, a traditional safe-haven asset, has fallen by more than 15%.

“Crypto is demonstrating itself to be a good ‘wartime’ store of value,” Lee said in the company’s weekly update.

As of March 22, Bitmine held 4,660,903 ETH, representing 3.86% of ETH’s total circulating supply of 120.7 million. The company said it acquired 65,341 ETH in the past week, an uptick from its prior weekly pace of 45,000–50,000 tokens.

Lee said the acceleration reflects his view that ETH is in the “final stages of the ‘mini-crypto winter.’”

Bitmine launched its Ethereum treasury strategy in late June 2025, when the former Bitcoin miner raised $250 million in a private placement backed by Founders Fund, Pantera, Galaxy Digital, and others — sending its stock up nearly 700%. By August, the firm had surpassed $6.6 billion in ETH holdings, becoming the world’s largest corporate Ethereum holder. It crossed the 2% supply threshold by September.

The company now claims the second-largest overall crypto treasury, behind Strategy Inc., which holds 761,068 BTC valued at roughly $52 billion.

Bitmine also holds 196 BTC, a $200 million stake in Beast Industries, a $95 million position in Eightco Holdings (ORBS), and $1.1 billion in cash.

Lee also pointed to momentum around the CLARITY Act, the crypto market structure bill that passed the House in July 2025 with bipartisan support. He cited Polymarket odds showing a 68% probability the legislation will be signed into law before year-end, calling it a “positive fundamental catalyst for Ethereum.”

The bill’s progress through the Senate has been slower, with stablecoin yield provisions emerging as the central sticking point between banks and crypto firms. President Trump has publicly pressured the banking industry over the dispute.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

TLDR:

• Silver dropped from $121.64 to $65 in 53 days, with 25% of the loss coming after Jane Street’s filing went public.
  
• Jane Street increased its SLV holdings by 500x in Q4 2025, quietly becoming the ETF’s largest shareholder ahead of the crash.
  
• SEBI fined Jane Street a record $570M for running a stock-buying scheme in India to profit from larger short options positions.
  
• No US regulator has demanded Jane Street’s full derivatives exposure in silver for January 29 and 30, the crash dates.
  

Silver has lost nearly 50% of its value in just 53 days, dropping from an all-time high of $121.64 to around $65. The sharp decline has drawn attention to Jane Street, a high-frequency trading firm with a documented history of controversial trading practices.

Analysts and market observers are now questioning the firm’s role in the crash, given its massive, undisclosed position in the silver ETF, SLV.

Jane Street’s Hidden Stake in SLV

In Q4 2025, Jane Street quietly accumulated 20.67 million shares of SLV, the world’s most liquid silver ETF. That figure is up from just 41,100 shares the quarter before — a 500x increase.

The position, valued at approximately $1.3 billion, made Jane Street the largest SLV holder, ahead of BlackRock and Morgan Stanley.

This stake was not publicly known while silver was rallying toward its January 29 peak. On January 30, silver collapsed 30% within 30 hours.

That was the worst precious metals crash since 1980. The CME raised margin requirements mid-crash, triggering further cascading liquidations.

The 13F filing revealing Jane Street’s position only became public on February 25. After that disclosure, silver dropped an additional 25%.

As Bull Theory posted on social media, “Silver hit ATH $121.64 on January 29, 2026. Today it sits at $65, a 46% collapse, and 25% of that drop happened AFTER February 25, 2026.”

A Pattern Documented in India and Crypto

Jane Street’s trading practices have already attracted regulatory scrutiny in two other markets. India’s SEBI issued a 105-page order against the firm, resulting in the largest fine in the regulator’s history. SEBI impounded $570 million from Jane Street after finding market manipulation across 18 expiry days.

In those sessions, Jane Street bought large amounts of index stocks in the morning to push prices higher. At the same time, it built short options positions 7.3 times larger than its stock exposure.

By afternoon, it offloaded the stocks, the index fell, and the options paid out. On one day, the firm reportedly lost $7.5 million on stocks while making $89 million on options.

In the crypto market, the bankruptcy administrator for Terraform Labs filed an 83-page federal lawsuit against Jane Street.

The lawsuit alleged the firm used non-public information to avoid over $200 million in losses tied to the $40 billion Terra/LUNA collapse. Blockchain forensics reportedly traced key wallet activity back to Jane Street through Coinbase records.

The Question No Regulator Has Asked

A 13F filing only discloses long equity positions. It does not show short positions, options exposure, or full derivatives books. That gap means Jane Street’s net silver position on January 29 and 30 remains unknown.

The physical silver backing SLV is held by JPMorgan. In 2020, JPMorgan paid $920 million to resolve CFTC charges related to eight years of precious metals market manipulation. That remains the largest CFTC sanction on record.

No US regulator has publicly demanded a full accounting of Jane Street’s complete silver derivatives exposure around the time of the crash.

As Bull Theory noted online, “If the India playbook was running in silver, the $1.3B ETF stake was just the cost. The options position on the other side was the profit.”

None of this has been proven in US courts, though the documented regulatory history raises questions that remain unanswered.