24H Hot Tokens & Headlines｜US Senate Approves Kevin Warsh as Federal Reserve Chair; Latest CLARITY Act Draft Still Prohibits Earning Yield Solely from Holding Stablecoins (May 13)
- Core View: The market is generally weak today, with BTC falling below $80,000. On the regulatory front, the US Senate has approved Warsh as Federal Reserve Chair, and the Senate has released the latest draft of the CLARITY Act. Meanwhile, institutional adoption of tokenized assets is accelerating, with JPMorgan continuing to launch money market funds on Ethereum.
- Key Elements:
- Market trend: BTC fell 2.01% in 24 hours, dropping below 80,000 USDT. Among the top 10 CEX trading volume leaders, SAGA bucked the trend with a 94.43% surge, DYM rose 18.55%, while most other tokens saw gains under 5%.
- The US Senate voted to approve Kevin Warsh as the Federal Reserve Chair, succeeding Jerome Powell. Warsh was previously nominated by Donald Trump, a move that could alter future monetary policy and crypto regulation direction.
- The Senate Banking Committee released the latest draft of the CLARITY Act (309 pages), maintaining the prohibition on earning rewards solely from holding stablecoins, but allowing rewards tied to genuine transactions or liquidity provisioning.
- JPMorgan announced the launch of its second tokenized money market fund, JLTXX, on Ethereum. The fund invests in US Treasuries and repurchase agreements to meet stablecoin reserve asset requirements under the GENIUS Act.
- On-chain security: The Ethereum Foundation took the lead in releasing the "Clear Signing" open standard (based on ERC-7730), aimed at resolving blind signing issues and enhancing on-chain transaction security. Concurrently, ZachXBT exposed an 18-year-old hacker allegedly involved in approximately $19 million in crypto theft.
- Fundraising: Blockchain analytics firm Elliptic completed a $120 million funding round at a $670 million valuation, led by One Peak Partners with participation from Deutsche Bank, Nasdaq Ventures, and others. The firm serves over 700 clients.
- Glassnode data shows that Bitcoin long-term holders relative unrealized losses are only about 15%, far below the over 75% levels seen during deep bear markets, suggesting the current market adjustment is more of a mid-term fluctuation than historical-level stress.
1. Popular Tokens on CEX
CEX Top 10 by Trading Volume & 24-Hour Change:
- BNB: 0.32%
- BTC: 1.35%
- ETH: 2.43%
- SAGA: 94.43%
- SOL: 2.89%
- DOGE: 0.83%
- DYM: 18.55%
- PEPE: 4.13%
- SUI: 4.41%
- NEAR: 4.59%
24-Hour Gainers (Data Source: OKX):
- SD: +62.02%
- SAHARA: +18.52%
- KITE: +12.41%
- PRCL: +8.47%
- OL: +6.58%
- VINE: +6.28%
- CHIP: +5.41%
- PROMPT: +5.39%
- NEAR: +4.47%
- BASED: +4.79%
24-Hour Crypto Equity Gainers (Data Source: msx.com):
- VELO.M: 20.25%
- MRAM.M: 19.14%
- QUBT.M: 15.42%
- WOLF.M: 14.35%
- MSTZ.M: 11.37%
- SOXS.M: 10.24%
- NA.M: 8.82%
- SWMR.M: 8.6%
- CONI.M: 6.96%
- TSLQ.M: 5.86%
2. Top 5 On-Chain Meme Coins (Data Source: GMGN):
- TECH
- Monty-Aaron
- DIAMOND
- PKMN
- AUSTIN
Headlines
US Senate Votes to Confirm Kevin Warsh as Federal Reserve Chair
The US Senate voted on May 12 to confirm Kevin Warsh as the new Federal Reserve Chair, succeeding current Chair Jerome Powell. Former President Trump had nominated Warsh for the position on January 30. (Cailianshe)
Latest Draft of CLARITY Act Still Prohibits Rewards for Simply Holding Stablecoins
The US Senate Banking Committee released a 309-page draft of the latest CLARITY Act on May 12. Section 404 maintains the provision banning rewards for "merely holding" stablecoins but allows incentives linked to actual transaction activities, payments, platform behaviors, or providing liquidity.
JPMorgan Chase to Launch Second Tokenized Money Market Fund on Ethereum
JPMorgan Chase is set to launch JLTXX, its second tokenized money market fund on Ethereum, investing primarily in US Treasuries and overnight repurchase agreements. It aims to meet the qualified reserve asset requirements for stablecoin issuers under the GENIUS Act and will be managed by its Kinexys Digital Assets division. This is JPMorgan's second tokenized money market fund on Ethereum, following MONY.
Industry News
BTC Drops Below 80,000 USDT, 24H Down 2.01%
According to OKX market data, BTC has dropped below 80,000 USDT, currently trading at 79,980 USDT, a 24-hour decline of 2.01%.
Trump Plans to Resume Large-Scale Military Action Against Iran, Exceeding Recent Weeks' Intensity
Growing frustrated with Iran's approach in ceasefire negotiations, Trump plans to resume large-scale military operations against Iran, with an intensity exceeding levels seen in recent weeks. (Zhito Finance)
US CFTC in Talks with Multiple Major Professional Sports Leagues on Prediction Market Regulation
CFTC Chairman Michael Selig stated that the regulatory agency is engaging with all major US professional sports leagues to strengthen the regulatory framework for sports prediction markets and prevent insider trading and manipulation risks. The CFTC previously signed an information-sharing memorandum of understanding with MLB, marking its first formal data collaboration mechanism with a professional sports league. (CoinDesk)
US DOJ Reaches $30 Million Settlement with PayPal
The US Department of Justice has reached a $30 million settlement agreement with PayPal. (Jinshi)
ZachXBT: US Teen Hacker Dritan Allegedly Involved in $19 Million Crypto Theft and Laundering
On-chain detective ZachXBT exposed US threat actor Dritan Kapllani Jr., alleging his involvement in approximately $19 million worth of social engineering crypto thefts. His wallet address is linked to a theft of 185 BTC on March 14, 2026. The US DOJ has unsealed an indictment against co-conspirator Trenton Johnson, where "CC-1" is identified as Dritan, who has not yet been formally indicted.
Project News
Ethereum Foundation-Led Working Group Launches 'Clear Signing' Open Standard to Address Blind Signing and Enhance On-Chain Security
A working group led by the Ethereum Foundation has released an open standard called 'Clear Signing', built on the ERC-7730 specification. It aims to solve the long-standing 'blind signing' problem, allowing users to understand the actual content of a transaction in a unified, readable, and structured format before signing. It enhances interpretability through standardized off-chain descriptions without altering the on-chain transaction structure.
Telegram Founder: TON Launches New Toolchain 'Acton'
Telegram founder Pavel Durov stated that TON's development efficiency has increased 10-fold. The new toolchain, acton, makes creating, testing, and deploying smart contracts easier and is AI-ready, replacing TON's previously fragmented tool stack with a unified development workflow.
Funding
Elliptic Raises $120 Million at $670 Million Valuation, Led by One Peak Partners
Blockchain analytics firm Elliptic has raised $120 million in a new funding round at a valuation of approximately $670 million. One Peak Partners led the round, with participation from Deutsche Bank, Nasdaq's venture arm, and the British Business Bank. Existing backers including JPMorgan Chase also participated. Founded in 2013, Elliptic screens over 1 billion transactions weekly for more than 700 clients, providing crypto anti-money laundering and sanctions compliance tools for financial institutions.
AI Startup White Circle Raises $11 Million Seed Round, OpenAI Executives Participate
AI startup White Circle has raised $11 million in a seed funding round, with participation from executives at multiple AI companies including Romain Huet of OpenAI and Durk Kingma of Anthropic. The company monitors large model inputs and outputs in real-time via a unified API, detecting issues like hallucinations, prompt injection attacks, harmful content, and model drift, while supporting custom security policies. (Techfundingnews)
Voices
US Defense Secretary Hegseth: Iran Ceasefire Agreement Remains Valid
US Defense Secretary Pete Hegseth stated that despite recent tensions and exchanges of fire, the ceasefire agreement with Iran remains valid, and any engagement with Iran will proceed "on US terms." (Jinshi)
Glassnode: Long-Term Holders Not Experiencing Historical BTC Pressure; Current Correction Far Below Deep Bear Market Levels
Glassnode data indicates that the relative unrealized loss for Bitcoin long-term holders only reached approximately 15% in early April, far below the levels exceeding 75% seen during historical deep bear markets. This suggests the current correction has a limited impact on long-term holders, leaning more towards mid-term volatility rather than a full-scale cyclical capitulation event.
