progress

The crypto market structure bill has seen almost no public progress in the past month. While it is quite difficult to predict the outcome of the bill, the window for passing it is narrowing. Many actions surrounding the market structure issue—such as statements from staff at the Securities and Exchange Commission (SEC)—are not permanent guidance. The SEC has time to issue rules that require public notice and comment periods, but this will take time.The market structure legislation aims to codify the goals of the crypto industry and regulatory rules into law, making it more difficult for future governments to overturn these rules. In other words, without the Clarity Act, we could very well still be having the same discussions years from now.Since at least last December, May 25, Memorial Day, has been viewed as the "deadline" for legislative progress. After entering summer, lawmakers will leave Washington to campaign, leaving little time for the crypto bill (or most other legislation). Before Congress recesses, the House still needs to consider a bill that provides funding for the Department of Homeland Security, while the Senate must decide whether Kevin Warsh will become the next Federal Reserve Chair.The crypto industry is eager for the bill to pass. Over 100 organizations signed an open letter last week urging the Senate Banking Committee to hold a hearing on the bill, which would be the first step in the overall passage process. However, it is currently unclear how far the committee is from moving forward. The issue of stablecoin yields continues to dominate discussions, and other unresolved issues remain unaddressed at least in public.Even if these issues are resolved, the House will still need to vote on the bill again. House Financial Services Committee Chairman French Hill stated earlier this month that many unresolved issues surrounding stablecoin and DeFi sales practices have been addressed in the House version of the bill, and the Senate should be able to find consensus.

The DeFi United ecological rescue initiative led by Aave is ongoing. The Arbitrum DAO has released 30,765 ETH that was frozen after the rsETH incident on April 18. The designated donation address has accumulated a total of 100,360 ETH to address the collateral asset gap caused by the rsETH incident on April 18.The plan aims to restore the rsETH backing assets through multi-party collaboration, stabilize the market, and prevent the spread of bad debts across protocols. The funds will be used to support the recovery of collateral rates and gradually promote market normalization in conjunction with relevant protocols.Current major commitments or participants include: Arbitrum DAO releasing 30,765 ETH frozen after the rsETH incident on April 18, Mantle proposing to contribute 30,000 ETH, AaveDAO proposing to contribute 25,000 ETH, Aave founder Stani Kulechov confirming to provide 5,000 ETH, EtherFi proposing to provide 5,000 ETH, Lido proposing to provide 2,500 stETH, Golem Foundation and related projects totaling 1,000 ETH, among others. Additionally, LayerZero, Ethena, FraxFinance, InkFoundation, and others have also confirmed participation, but specific amounts have not yet been disclosed.It should be noted that the progress of this rescue still relies on several external key conditions, including KelpDAO restoring rsETH redemptions and the Arbitrum security committee releasing frozen assets. The overall recovery time and effectiveness remain uncertain.

According to CoinDesk, while quantum computers cannot disrupt the Bitcoin mining mechanism or the blockchain ledger, they may potentially crack the elliptic curve encryption system that protects wallet ownership through Shor's algorithm. Currently, about 6.9 million BTC (approximately one-third of the total supply) face potential risks due to public keys being visible on-chain, including around 1 million early holdings by Satoshi Nakamoto; transactions generated after the Taproot upgrade in 2021 are also affected due to public key exposure.Ethereum has established a formal quantum resistance migration plan since 2018, with 4 full-time teams and over 10 independent development groups, and has launched a dedicated progress website at pq.ethereum.org. In contrast, Bitcoin currently lacks a unified response roadmap, and the existing BIP-360 proposal and BitMEX Research detection scheme have not received widespread support from core developers. Notable Bitcoin advocate Nic Carter pointed out that Bitcoin's response is "the worst," while Blockstream CEO Adam Back believes that current quantum systems are still in the laboratory stage, but he also agrees that optional upgrade solutions should be deployed in advance.Analysts point out that Bitcoin's anti-centralization governance culture makes coordinating large-scale security upgrades extremely difficult, and how to handle historical legacy issues such as Satoshi Nakamoto's holdings is particularly challenging. A related paper from Google warns that once quantum attacks become a reality, the window for response may have already closed.

KelpDAO announced on platform X that since April 18, it has been coordinating with Aave and ecological partners to advance the recovery work for rsETH holders. The initial gap of this incident was 163,200 ETH, and Kelp has currently recovered 40,300 rsETH, equivalent to about 43,000 ETH. The Arbitrum Security Committee has also secured an additional 30,700 ETH, leaving a remaining gap of approximately 89,500 ETH.Kelp stated that among the remaining gap, Mantle, Stani Kulechov, EtherFi, Lido, and Golem have publicly confirmed commitments totaling 43,500 ETH and are working with partners to formalize the relevant contributions. Kelp emphasized that rsETH holders are a priority.

Vercel's CEO Guillermo Rauch tweeted that the team has completed an in-depth security investigation, analyzing nearly 1 PB of complete Vercel network and API logs, far exceeding the initial Context.ai account breach incident.The investigation revealed that the attackers' activities extended beyond Context.ai and have distributed malware on a broader scale, targeting account keys from platforms like Vercel. Once the keys are obtained, the attackers quickly and comprehensively enumerate non-sensitive environment variables. Current measures include deepening collaboration with industry partners such as Microsoft, AWS, and Wiz to jointly protect the broader internet ecosystem; other suspected victims have been notified and advised to immediately rotate credentials and strengthen security best practices.

Investment bank TD Cowen stated that the disagreements surrounding the CLARITY Act go beyond the issue of stablecoin yields, and multiple real-world obstacles may slow down the legislative process.First, the Commodity Futures Trading Commission is understaffed, with only one commissioner currently in office. In this situation, Congress is unlikely to feel comfortable handing over more cryptocurrency regulatory responsibilities to the agency, and filling the personnel gaps will take months. Second, the issue of prediction markets is heating up. Whether to include it in the bill's regulation, as well as potential insider trading and conflicts of political interest (including controversies related to Trump-related projects), may lead some Democratic lawmakers to oppose the bill.At the same time, the ongoing controversy surrounding the Trump family's cryptocurrency project World Liberty Financial is increasing the political sensitivity of the bill, making bipartisan consensus harder to achieve. Geopolitics has also become a variable. Discussions about Iran potentially using cryptocurrency payments are reinforcing the focus on anti-money laundering provisions and could even introduce amendments detrimental to the industry. Additionally, some lawmakers are attempting to include the Credit Card Competition Act, which, if advanced, could trigger new conflicts of interest and further delay the overall legislation.

Gate is hosting an F1 Red Bull Racing car display parade in Hong Kong, with the display cars appearing around Victoria Harbour and proceeding along a designated route, attracting market and public attention.This parade serves as an important offline action in the cross-industry collaboration between Gate and the F1 Red Bull Racing team, bringing top-tier racing culture into urban landmark scenes, enhancing brand exposure and discussion.From April 18 to 24, Gate will also launch the "Racing the Future" outdoor cross-industry exhibition at the K11 MUSEA waterfront promenade in Hong Kong, which will focus on showcasing Red Bull Racing cars and related equipment, as well as setting up interactive experience areas.As the official sponsor of the F1 Red Bull Racing team, this exhibition will be the first to showcase the brand new 2026 Red Bull Racing car and core equipment, introducing an immersive interactive experience area that recreates the fusion of top racing engineering and the aesthetics of speed.In addition, Gate will hold the "Gate 13 Blue Carpet Ceremony" on April 20, where the unveiling of the F1 Red Bull Racing display car and brand collaboration will take place. That evening, Gate will also host a high-end anniversary dinner event at the Rosewood Hong Kong, where platform founder and CEO Dr. Han will be present, and it is expected that over 300 representatives from top industry institutions and partners will be invited to participate in the exchange.

According to Politico, the cryptocurrency asset bill led by Senate Banking Committee Chairman Tim Scott is embroiled in controversy over the DeFi developer protection clause, making bipartisan consensus difficult to achieve.The controversial clause aims to exempt non-custodial software developers who do not control user funds from registering as money transmitters or complying with anti-money laundering requirements. Law enforcement agencies such as the National Sheriffs' Association and the National District Attorneys Association have sent letters to Congress warning that this clause would weaken the ability to combat financial crime; Senate Judiciary Committee Chairman Chuck Grassley has also expressed similar concerns.The cryptocurrency industry views this as the core of the bill, with DeFi Education Fund Executive Director Amanda Tuminelli explicitly stating that no modifications to the clause text will be accepted. Democratic Senators Catherine Cortez Masto and Mark Warner are pushing for amendments to the clause. If the two parties fail to reach a consensus, the bill may advance without Democratic support, affecting the bipartisan majority needed for a full Senate vote.

According to Jinshi reports, Federal Reserve official Barkin stated that inflation progress is expected to be slow and will not quickly return to target levels.

According to the Financial Times, despite U.S. President Trump threatening to seize Iran's oil production rights, he simultaneously emphasized that indirect negotiations with Iran are underway through a "special envoy" from Pakistan, and progress is being made. When asked whether a ceasefire agreement could be reached in the coming days and whether the Strait of Hormuz could be reopened, Trump declined to provide specific details.He stated, "We have about 3,000 targets left to bomb—13,000 targets have already been bombed—there are several thousand more targets to execute. An agreement is expected to be reached soon."Last week, Trump claimed that Iran had allowed 10 oil tankers flying the Pakistani flag to pass through the Strait of Hormuz, describing this move as "a gift to the White House." He stated that this number has now increased to 20 tankers, and the first batch has set sail, "sailing right through the center of the strait." He also mentioned that Iranian Parliament Speaker Ghalibaf had personally authorized the passage of these tankers.

Lista DAO has released an update on the security incident regarding the stablecoin USR from Resolv Labs on platform X. It disclosed that a total of $8.6 million in related loans was involved, and $8.4 million has been repaid. All positions have been fully redeemed at a 1:1 dollar value, and neither users nor the protocol have incurred any losses.Currently, there is only one outstanding position of approximately $26,000. Lista DAO urges the relevant users to contact the official or Resolv Labs as soon as possible to complete the repayment and close the positions.

DeFi research and risk management company Gauntlet updated on the X platform regarding the progress of the Resolv vulnerability handling. Currently, the USDC Frontier (v1) on the Base network has been removed from all Resolv markets, with no bad debt risk.The v1 and v2 vaults have now reopened for deposits, and Morpho will remove the interface warning tomorrow. The mainnet USDC Frontier (v2) vault restart operation is underway. Based on the existing time lock arrangements, the submission limit for the v1 market adapter is 3 days, and the removal of the v1 Vault adapter is 5 days. Gauntlet stated that further details on the remaining vaults will be provided based on subsequent updates from Resolv.

DeFi research and risk management company Gauntlet posted an update on the X platform regarding the progress of the Resolv vulnerability handling. The USDC Frontier (v1) on the Base network has been removed from all Resolv markets, with no bad debt risk.The v1 and v2 vaults are now reopened for deposits, and Morpho will remove the interface warning tomorrow. The restart operation for the mainnet USDC Frontier (v2) vault is underway. Based on the existing time lock arrangements, the submission limit for the v1 market adapter is 3 days, and the removal of the v1 Vault adapter is 5 days. Gauntlet stated that further details about the remaining vaults will be provided based on subsequent fixes from Resolv.

Lista DAO has released an update on the security incident regarding the Resolv Labs stablecoin USR on platform X, disclosing that a total of $8.6 million in related loans was involved. So far, $8.4 million has been repaid, and all positions have been fully redeemed at a 1:1 dollar value, with no losses incurred by users or the protocol.Currently, there is only one outstanding position of approximately $26,000 remaining. Lista DAO urges the relevant users to contact the official team or Resolv Labs as soon as possible to complete the repayment and close the position.

On-chain detective ZachXBT stated on platform X that Circle has unfrozen two previously frozen hot wallets, marked as "500 Casino" and "Whale." Previously, due to the address being frozen, users were unable to withdraw from a certain centralized exchange to the affected business hot wallets.ZachXBT pointed out that, currently, the basic details of the case, such as the plaintiff, expert witnesses, and why Circle did not raise any objections, have not been disclosed. Earlier reports indicated that ZachXBT stated Circle, under public pressure, had unfrozen one of the 16 USDC wallets that were blacklisted.

The Hong Kong police announced the progress of the investigation into the JPEX virtual asset trading platform fraud case, revealing that since the investigation began, a total of 80 people have been arrested, and assets totaling approximately HKD 228 million have been frozen. Another round of prosecution actions has been taken, charging 10 individuals with "money laundering" and "conspiracy to commit money laundering."Chief Inspector Han Chenghao of the Hong Kong Police Commercial Crime Bureau stated that the JPEX case is the largest in terms of the number of victims and the amount of money defrauded in recent years in Hong Kong, with over 2,700 victims reporting losses exceeding HKD 1.6 billion. Since the incident, no company or individual has admitted to being the actual operator, and the police need to conduct extensive investigations to clarify who the masterminds, core members, or accomplices behind JPEX are.

According to Bitcoin Laws disclosed on the X platform, the "Bitcoin Reserve Act" HB1695 in the Tennessee House of Representatives has been "put behind the budget," which means the bill has been "softly shelved" due to its later scheduling in the legislative agenda.The corresponding Senate bill (No. 2639) is still progressing.