24H Hot Coins & Headlines | US Senate Confirms Kevin Warsh as Fed Chair; Latest CLARITY Act Draft Still Prohibits Yield from Merely Holding Stablecoins (May 13)
- Key Takeaways: The market remains bearish today, with BTC falling below $80,000. On the regulatory front, the US Senate has confirmed Kevin Warsh as the new Federal Reserve Chair, and the Senate has published 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:
- Regarding market trends, BTC is down 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 posted gains of under 5%.
- The US Senate has voted to confirm Kevin Warsh as Chair of the Federal Reserve, succeeding Jerome Powell. He was previously nominated by President Trump, a move that could alter the future direction of monetary policy and cryptocurrency regulation.
- The Senate Banking Committee has released the latest draft of the CLARITY Act (309 pages), maintaining the prohibition on earning yield solely from holding stablecoins but allowing rewards based on genuine transactions or providing liquidity for pegs.
- JPMorgan announced it will launch its second tokenized money market fund, JLTXX, on Ethereum. The fund will invest in US Treasuries and repurchase agreements to meet the stablecoin reserve asset requirements under the GENIUS Act.
- In on-chain security, the Ethereum Foundation has led the release of an open standard for "Clear Signing" (based on ERC-7730), aimed at addressing blind signing issues and enhancing on-chain transaction security. Additionally, ZachXBT has exposed an 18-year-old hacker suspected of involvement in approximately $19 million in crypto thefts.
- In investment and fundraising news, blockchain analytics firm Elliptic has raised $120 million 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 Loss is only about 15%, far below the over 75% level seen during deep bear markets, suggesting the current market correction is more of a mid-cycle fluctuation rather than historical-level stress.
1. CEX Top Hot Coins
CEX Top 10 by Trading Volume & 24h 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%
24h Gainers (Data from 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%
24h Crypto-Equity Gainers (Data from 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. On-Chain Top 5 Meme Coins (Data from GMGN):
- TECH
- Monty-Aaron
- DIAMOND
- PKMN
- AUSTIN
Headlines
US Senate Votes to Confirm Kevin Warsh as Federal Reserve Chair
The U.S. Senate voted on May 12 to confirm Kevin Warsh as Federal Reserve Chair, succeeding current Chair Jerome Powell. Trump previously nominated Warsh for the position on January 30. (cls.cn)
Latest CLARITY Act Draft Still Bans Earning Rewards Solely for Holding Stablecoins
The Senate Banking Committee released a 309-page latest draft of the CLARITY Act on May 12. Section 404 maintains the prohibition against rewards earned "simply for holding" stablecoins, while simultaneously allowing stablecoin incentives based on genuine transaction activity, payments, platform actions, or providing liquidity.
JPMorgan to Launch Second Tokenized Money Market Fund on Ethereum
JPMorgan is launching its second tokenized money market fund, JLTXX, on Ethereum. It primarily invests in U.S. Treasuries and overnight repurchase agreements, aiming to meet the qualified reserve asset requirements for stablecoin issuers under the GENIUS Act. The fund 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 Change -2.01%
OKX market data shows BTC has fallen below 80,000 USDT, currently trading at 79,980 USDT, a 24H decrease of 2.01%.
Trump Plans to Restart Large-Scale Military Operations Against Iran, Escalating Beyond Recent Weeks
Trump has grown increasingly frustrated with Iran's approach to ceasefire negotiations and plans to restart large-scale military operations against Iran, with intensity exceeding that of recent weeks. (Zhitong Finance)
U.S. CFTC in Talks with Multiple Major Professional Sports Leagues on Prediction Market Regulatory Cooperation
CFTC Chairman Michael Selig stated that the regulator is engaging with all major U.S. professional sports leagues to strengthen the regulatory framework for sports prediction markets and prevent insider trading and manipulation risks. Previously, the CFTC signed an information-sharing memorandum of understanding with the MLB, marking its first formal data collaboration mechanism with a professional sports league. (CoinDesk)
U.S. Department of Justice Reaches $30 Million Settlement with PayPal
The U.S. Department of Justice has reached a $30 million settlement with PayPal. (Jin10)
ZachXBT: 18-Year-Old U.S. Hacker Dritan Allegedly Involved in $19 Million Crypto Theft and Laundering
On-chain detective ZachXBT exposed U.S. threat actor Dritan Kapllani Jr., alleging his involvement in approximately $19 million worth of social engineering cryptocurrency thefts. His wallet address is linked to the theft of 185 BTC on March 14, 2026. The U.S. Department of Justice has unsealed an indictment against co-conspirator Trenton Johnson. "CC-1" in the indictment is identified as Dritan, who has not yet been formally charged.
Project News
Ethereum Foundation-Led Working Group Launches 'Clear Signing' Open Standard to Address Blind Signing and Enhance On-Chain Transaction Security
A working group led by the Ethereum Foundation has released the 'Clear Signing' open standard, built upon the ERC-7730 specification. It aims to solve the long-standing 'blind signing' problem, allowing users to understand the actual contents 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 development efficiency has increased 10x. The new toolchain 'acton' makes creating, testing, and deploying smart contracts easier and is already AI-ready. It replaces TON's previously fragmented tool stack, creating a unified development workflow.
Fundraising
Elliptic Raises $120 Million at $670 Million Valuation, Led by One Peak Partners
Blockchain analytics company Elliptic has raised $120 million in a new funding round, valuing it at approximately $670 million. The round was led by One Peak Partners, with participation from Deutsche Bank, Nasdaq's venture arm, and the British Business Bank. Existing shareholders including JPMorgan Chase also followed on. 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 with Participation from OpenAI Executives
AI startup White Circle has raised $11 million in a seed funding round. Participants included executives from multiple AI companies, such as Romain Huet of OpenAI and Durk Kingma of Anthropic. The company provides real-time monitoring of large model inputs and outputs via a unified API, detecting issues like hallucinations, prompt injection attacks, harmful content, and model drift, and supports custom security policies. (Techfundingnews)
Notable Voices
US Defense Secretary Hegseth: Iran Ceasefire Agreement Still in Effect
US Defense Secretary Hegseth stated that despite recent tensions and exchanges of fire, the ceasefire agreement with Iran remains in effect, and any interactions with Iran will proceed "on America's terms." (Jin10)
Glassnode: Long-Term Holders Not Experiencing Historical BTC Stress; Current Correction Far Below Deep Bear Market Levels
Glassnode data shows that the relative unrealized loss for Bitcoin long-term holders reached only about 15% in early April, far below the over 75% levels seen during historical deep bear markets. This indicates that the current correction has a limited impact on long-term holders, suggesting mid-term volatility rather than a full cyclical capitulation event.
