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Democratic Senators Elizabeth Warren and Ron Wyden are pressuring both parties regarding Tether's alleged bribery of U.S. Commerce Secretary Howard Lutnick.According to reports, Tether provided undisclosed loans to a trust fund benefiting Howard Lutnick's children, while Cantor Fitzgerald, where Howard Lutnick previously worked, was also Tether's reserve asset management agency. Elizabeth Warren and Ron Wyden also pointed out that the previously passed "Genius Act" benefited Tether, which had lobbied in support of the bill, suggesting potential quid pro quo.

According to BBX data, yesterday the earnings season for cryptocurrency-related stocks and the expansion of stablecoin infrastructure advanced simultaneously, with the following key developments:Robinhood Markets, Inc. (NASDAQ: $HOOD) released its Q1 2026 earnings report and submitted SEC Form 8-K after the market closed on April 28: total revenue of $1.07 billion (up 15% year-over-year), below the analyst consensus expectation of $1.14 billion; adjusted EPS of $0.38, slightly lower than the consensus of $0.39; cryptocurrency trading revenue plummeted 47% year-over-year to $134 million (compared to $252 million in the same period last year), with cryptocurrency trading volume also declining 48% to $24 billion, marking the third consecutive quarter of declining cryptocurrency revenue. Meanwhile, revenue from event contracts (prediction markets) surged 320% year-over-year to $147 million, surpassing cryptocurrency revenue for the first time to become the largest source of trading revenue, with a record contract volume of 8.8 billion for the quarter; affected by the earnings report, $HOOD fell about 13.24% to $71.20 yesterday.Visa Inc. (NYSE: $V) announced on April 29 through an official BusinessWire press release that five new blockchains—Arc, Base, Canton, Polygon, and Tempo—have been added to its global stablecoin settlement pilot, expanding the total supported network to nine (previously Ethereum, Solana, Avalanche, Stellar); the annualized scale of stablecoin settlements reached $7 billion, a 50% increase from the previous quarter. The pilot allows issuing banks and acquiring banks to settle using stablecoins instead of traditional banking rails, currently covering over 50 countries and more than 130 stablecoin-related card projects, and has expanded to USDC settlements with U.S. banks.Senator Cynthia Lummis publicly confirmed on April 29 that the markup for the CLARITY Act in the Senate Banking Committee is scheduled for May 2026; at the same time, the SEC announced it will hold a roundtable discussion on May 3 regarding issues related to the CLARITY Act, further clarifying the signals of coordination between regulatory and legislative bodies to accelerate the process, providing an official timeline endorsement for the previously anticipated "end of May" market expectations.

Crypto journalist Eleanor Terrett posted on the X platform that U.S. Senator Thom Tillis plans to push the Clarity Act into the Senate Banking Committee's markup stage as soon as possible, stating that there has been "a significant consensus" on the legislative progress, and it should now enter the formal advancement process.Thom Tillis stated in Congress that he will request the committee chair to schedule a hearing after the congressional recess and expects to release the legislative text regarding stablecoin yield provisions 4 to 5 days before the hearing for the industry and stakeholders to review in advance. Most concerns from the banking sector regarding the risks associated with stablecoin yield have been addressed in discussions, and institutions with remaining opinions are encouraged to "participate in good faith to improve the legislation."Additionally, Thom Tillis mentioned that he generally supports the legislative framework proposed by Senator Cynthia Lummis regarding issues such as the potential impact of applying 1960 criminal provisions to software developers and law enforcement. This statement indicates that U.S. crypto regulatory legislation is accelerating into a substantive advancement phase concerning the definition of stablecoins and developer responsibilities.

The proposer of the "Bitcoin Strategic Reserve Act," U.S. Senator Cynthia Lummis, stated that concerns about the developer protection provisions of the "CLARITY Act" are not a new issue. Efforts are currently underway to improve these provisions, aiming to ensure the safety of non-fund transfer developers while holding wrongdoers accountable.

North Carolina Republican Senator Thom Tillis stated on Sunday local time that he would support the confirmation of Kevin Warsh's appointment as Federal Reserve Chairman, thereby clearing the last major obstacle for Trump's chosen successor to Powell.Tillis had refused to vote in support of Warsh for months, stating that he would not push for the confirmation of any Federal Reserve nominee as long as the Justice Department's criminal investigation into Powell was ongoing, calling the criminal investigation an attack on the independence of the central bank. However, that investigation appears to have concluded last Friday.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against Cambodian Senator Kok An, accusing him of controlling "fraud parks" across the country, defrauding American victims through cryptocurrency investment scams.According to a statement released by OFAC on Thursday, in addition to Kok An, 28 other individuals and entities have been added to the sanctions list, all believed to be connected to his fraud network. This network is accused of luring victims into sending cryptocurrency assets under the guise of "high return investments." This action follows a raid by Cambodian police on two scam centers in the border city of Poipet. Previously, Kok An had been accused of operating scam bases in the area. OFAC stated that scammers typically gain victims' trust by establishing "friendships" or "romantic relationships," then guide them to participate in so-called cryptocurrency investment platforms, thereby defrauding them of funds, with the total amount involved reaching millions of dollars.It is noteworthy that some individuals involved in the scam activities are themselves victims of human trafficking, forced to engage in illegal activities under threats of violence. OFAC pointed out that these scam centers are often located in casinos or repurposed office parks, used not only for money laundering but also as bases for defrauding American citizens and committing human rights violations. Additionally, regulators have simultaneously shut down over 500 fraudulent website domains used for cryptocurrency investment scams, indicating that the U.S. crackdown on related criminal activities is intensifying.

U.S. Senator Thom Tillis is urging the Senate Banking Committee to postpone the consideration of the cryptocurrency market structure bill until May, in order to allow more time for finalizing a compromise on stablecoin regulation between banks and the cryptocurrency industry.This move aims to provide additional negotiation space around key disagreements regarding stablecoins and to promote the formation of a more viable regulatory framework.

According to Decrypt, U.S. Senator Elizabeth Warren (a senior Democrat on the Senate Banking Committee) wrote to SEC Chairman Paul Atkins, stating that he may have "deliberately misled" Congress regarding the decline in the number of new enforcement actions by the SEC during a hearing, and pointed out that if there are significant false statements made to Congress, it could involve criminal liability.The report cites enforcement data disclosed by the SEC for 2025, stating that the SEC added a total of 456 new enforcement actions last year, of which about 200 were from the previous administration, and approximately 256 were added during the current administration, significantly lower than the average of about 765 per year over the past decade. Warren believes that the sharp decline in enforcement actions, staff reductions, and sudden leadership changes may weaken the SEC's ability to protect investors and maintain market order, and questions whether there is political favoritism and selective enforcement. The SEC declined to comment on this.

According to Fortune, U.S. Senator Richard Blumenthal (Democrat, Connecticut) has sent a letter to the Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN) requesting clarification on the status of two compliance supervisors at the world's largest cryptocurrency exchange, Binance.Previous reports indicated that internal investigators at Binance had warned executives that over $1 billion in funds were flowing to wallets associated with Iran, but were subsequently fired. Binance denies that the firings were related to the investigation results and claims that its compliance system is strict. Notably, the DOJ had previously terminated independent oversight requirements for Glencore and Boeing, raising concerns about whether the oversight mechanism has also been suspended for Binance. In 2023, Binance was fined $4.3 billion for deficiencies in anti-money laundering and sanctions compliance, and the two supervisors were part of the agreement at that time.

According to Decrypt, U.S. Senator Warren recently expressed concerns about Musk's planned payment platform X Money, stating that it could pose risks to consumer protection, national security, and the stability of the financial system.Warren pointed out that after acquiring and reshaping X, Musk is pushing it to become a "super app" that covers "all aspects of users' financial lives," potentially even replacing the traditional banking system. She questioned the performance of the X platform in terms of security and content governance, believing that this undermines its credibility in entering the consumer finance sector.Additionally, Warren criticized the current regulatory environment for becoming more lenient, including the "GENIUS Act" promoted by the Trump administration, which provides a "special pathway" for private companies to issue stablecoins, potentially weakening necessary regulatory constraints.

According to Decrypt, U.S. Senator Thom Tillis stated that the Senate is expected to release a revised draft text on stablecoin yield distribution this week.Currently, there is a disagreement between banks and crypto companies on whether cryptocurrency exchanges should be allowed to pay yields to stablecoin holders through reward programs, and this controversy has stalled the legislative process of the Clarity Act. The White House Council of Economic Advisers recently released a report stating that banning stablecoin yields would have a minimal impact on small banks, only increasing bank lending by 0.02%. However, the American Bankers Association believes this analysis underestimates the risks. Observers point out that if the draft provisions are too strict, it may lead users and liquidity to flow to other jurisdictions that allow yields.

Y Combinator has completed its first investment entirely in stablecoins, paying $500,000 USDC to the prediction market startup Totalis, completed through three transactions on the Solana blockchain: a $1 test payment, $124,999, and $375,000. The funds are held by the financial operations platform Ramp.Y Combinator President Garry Tan stated on X that YC will offer stablecoin payment options for any startup it invests in, not limited to crypto-related companies, and noted that the new track of financial revolution will not be built on ACH or wire transfers. YC crypto sector access partner Nemil Dalal had previously stated that stablecoin transfer costs are typically less than 1 cent, settling in less than 1 second, far superior to traditional cross-border wire transfers.

Totalis announced the completion of a $500,000 seed round financing on platform X, with participation from Y Combinator.Totalis is the first company to receive investment from Y Combinator entirely in the form of USDC, with the funds settled through the Solana network and hosted by Ramp. Totalis positions itself as the core derivatives layer of the prediction market, allowing users to build multi-colored combinations across categories, markets, and venues, covering geopolitical, cryptocurrency, and sports assets, aimed at enhancing capital efficiency in trading and market-making.According to Y Combinator CEO Garry Tan, YC will make investment payments in stablecoins in the future, and this new financial track of revolution will not be conducted through ACH or wire transfers.

U.S. Senator Lummis stated on social media that the previous administration led to an outflow of the digital asset industry. She emphasized that now is the time to establish clear regulatory rules for the digital asset industry and welcome its return to the U.S., calling for the passage of the Clarity Act.

U.S. Senator Cynthia Lummis stated that the United States should not continue to delay the legislative process of the CLARITY Act, or it may take nearly four years to push for improvements in the regulatory framework for the cryptocurrency industry again.She posted on social media platform X, saying, "This is our last chance to pass the CLARITY Act before at least 2030," and emphasized that "we cannot let the future of American finance be put at risk." The bill aims to provide a clearer regulatory structure for the cryptocurrency industry, clarifying the responsibilities of regulatory agencies to promote industry innovation and market development. With the U.S. midterm elections approaching, there are concerns that congressional priorities may shift, slowing down the legislative process.Former White House AI and cryptocurrency affairs head David Sacks also expressed support for advancing the bill as soon as possible, stating, "Now is the time for action," and anticipated that the relevant market structure legislation would ultimately be signed into law by the president. In the industry, several individuals, including Coinbase CEO Brian Armstrong, have recently called for an expedited legislative process, believing that clear rules will promote innovation and increase market participation. On the regulatory side, SEC Chairman Paul Atkins also expressed support for advancing comprehensive market structure legislation to avoid ongoing regulatory uncertainty affecting industry development.

According to Politico, three U.S. senators are questioning Trump's use of a luncheon event as bait to promote the purchase of TRUMP coins by "catering" to participants.Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal have written to the event organizers requesting relevant documents to understand Trump's role in the planning, promotion, and potential profits of the April 25 event at Mar-a-Lago. The event is limited to the top 297 investors holding TRUMP tokens.Notably, Trump is also scheduled to attend the White House Correspondents' Association dinner in Washington that day, raising questions about whether he can participate in both events. The event terms also state that Trump "may not be able to attend." The senators pointed out that the organizers are still using "access to the president" as a promotional point despite doubts about Trump's attendance, effectively encouraging the purchase of the Meme coins he issued, thereby profiting Trump and his family.

According to the British Daily Telegraph, Trump stated that he is seriously considering withdrawing the United States from NATO after the alliance did not join his war against Iran. Trump referred to NATO as a "paper tiger" and said that the U.S. exit from the alliance is "no longer up for consideration." This is the strongest signal to date indicating that the White House no longer views Europe as a reliable defense partner after allies refused to respond to Trump's request to send warships to re-enter the Strait of Hormuz.When asked if he would reconsider U.S. membership in the alliance after the conflict ends, Trump replied, "I would say that is no longer up for consideration. I have never been convinced by NATO. I have always known they are a paper tiger, by the way, and Putin knows that too." Trump added, "We have always been automatically involved, including with Ukraine. Ukraine is not our problem. This is a test, we support them there, but they do not support us."

U.S. Senator Richard Blumenthal wrote to SEC Chairman Paul Atkins, questioning the brief tenure of former enforcement head Margaret Ryan and the reasons for her departure, and expressing concern over the SEC's dismissal of charges against Tron founder Justin Sun.Blumenthal stated in his letter that her sudden departure raises questions, especially amid reports that SEC leadership intervened in the enforcement division, limiting the progress of certain cases involving cryptocurrency companies. According to media reports, Ryan had attempted to strengthen investigations into fraud-related cases, including those involving individuals connected to President Trump, but faced opposition from some Republican leaders on the committee.In the Justin Sun case, the divisions are particularly evident. Previously, during the Biden administration, the SEC charged Sun and his affiliated companies with unregistered securities offerings through TRX and BTT tokens, and alleged market manipulation through wash trading, while also paying celebrities for undisclosed promotions. However, under the current administration, the SEC has dismissed several enforcement cases against cryptocurrency companies, including Coinbase, Kraken, and Binance, raising concerns in the market about changes in regulatory direction.

U.S. Senator Cynthia Lummis stated that the CLARITY Act, after its latest revision, will provide "the strongest protection" for DeFi and developers. This response addresses concerns raised by crypto lawyer Jake Chervinsky regarding the developer liability provisions in the draft, noting that bipartisan adjustments have been made to strengthen legal protections for non-custodial software developers.However, Chervinsky pointed out that the current draft's definition of funds transfer may still expose some DeFi developers to liability risks, as the relevant provisions have not been fully clarified. Reports indicate that the latest revised version of the bill has not yet been made public and is expected to advance to the Senate Banking Committee for review in April.

U.S. Senator Elizabeth Warren wrote to Secretary of Commerce Howard Lutnick, requesting information regarding the potential national security risks associated with Bitmain, and expressing concerns about its business dealings with the Trump family.The letter requests the disclosure of communication records between Bitmain and Eric Trump and Donald Trump Jr. Reports indicate that the FBI is conducting an investigation named "Operation Red Sun" to assess whether there are risks of remote control related to the mining equipment. Previously, U.S. regulatory agencies have repeatedly questioned the safety of Bitmain's products. Bitmain responded that the related accusations are untrue, and American Bitcoin Corp stated that its safety tests found no issues.