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On May 15, U.S. Senator Smith proposed an amendment during the Banking Committee's review of the CLARITY Act, stating that we can all agree that crypto assets are extremely volatile, with a single tweet capable of causing significant price fluctuations. For instance, Bitcoin has dropped nearly one-third since reaching an all-time high last October, and its value has fallen by more than half since that peak. This is just a glimpse of two of the most mainstream assets in the crypto market. In the 2022 crypto crash, nearly $2 trillion in crypto asset value evaporated. I am quite concerned that the current version of the bill being reviewed today will ensure that the next crash is even larger than that of 2022. Therefore, the purpose of this amendment is simple: to prohibit federal agencies from bailing out digital assets, preventing taxpayers from footing the bill. When that situation occurs — I should say 'when that situation occurs' — taxpayers should not be dragged down with it. Senator Cynthia Lummis opposed the amendment, stating that the CLARITY Act does not authorize bailouts for the crypto industry. It establishes rules for digital assets and does not create bailout guarantees or taxpayer backstops. This amendment is unnecessary and distracts from the core purpose of the bill. We should focus on establishing a clear regulatory framework rather than banning something that does not yet exist. The amendment was defeated with 11 votes in favor and 13 against. The Cryptocurrency Market Structure Bill (the CLARITY Act) is currently undergoing line-by-line voting and debate on the amendment.

[Amendment to the CLARITY Act Prohibiting Federal Bailouts for Digital Assets Defeated]On May 15, U.S. Senator Smith proposed an amendment during the Banking Committee's review of the CLARITY Act, stating that we can all agree that crypto assets are extremely volatile, with a single tweet capable of causing significant price fluctuations. For instance, Bitcoin has dropped nearly one-third since reaching an all-time high last October, and its value has fallen by more than half since that peak. This is just a glimpse of two of the most mainstream assets in the crypto market. In the 2022 crypto crash, nearly $2 trillion in crypto asset value evaporated. I am quite concerned that the current version of the bill being reviewed today will ensure that the next crash is even larger than that of 2022. Therefore, the purpose of this amendment is simple: to prohibit federal agencies from bailing out digital assets, preventing taxpayers from footing the bill. When that situation occurs — I should say 'when that situation occurs' — taxpayers should not be dragged down with it. Senator Cynthia Lummis opposed the amendment, stating that the CLARITY Act does not authorize bailouts for the crypto industry. It establishes rules for digital assets and does not create bailout guarantees or taxpayer backstops. This amendment is unnecessary and distracts from the core purpose of the bill. We should focus on establishing a clear regulatory framework rather than banning something that does not yet exist. The amendment was defeated with 11 votes in favor and 13 against. The Cryptocurrency Market Structure Bill (the CLARITY Act) is currently undergoing line-by-line voting and debate on the amendment.

Amendment to the CLARITY Act Prohibiting Federal Bailouts for Digital Assets Defeated

On May 15, Fredrik Haga, co-founder and CEO of cryptocurrency data company Dune, announced that Dune will lay off a quarter of its workforce. He stated, "With Dune MCP, teams and agents can now build dashboards and workflows without needing to know anything about SQL or data infrastructure (and related billing)."

[Dune Cuts 25% of Workforce Citing AI Efficiency]On May 15, Fredrik Haga, co-founder and CEO of cryptocurrency data company Dune, announced that Dune will lay off a quarter of its workforce. He stated, "With Dune MCP, teams and agents can now build dashboards and workflows without needing to know anything about SQL or data infrastructure (and related billing)."

Dune Cuts 25% of Workforce Citing AI Efficiency

bill Surges 20.07% in 24H, Currently at 0.211451 USDT

【bill currently trades at 0.211451 USDT, up 20.07% in 24h, according to HTX market data.】bill Surges 20.07% in 24H, Currently at 0.211451 USDT

bill currently trades at 0.211451 USDT, up 20.07% in 24h, according to HTX market data.

FIO fluctuated by 83.15% within 24 hours, current price $0.00056

【FIO's 24-hour volatility exceeds 50%!】FIO fluctuated by 83.15% within 24 hours, current price $0.00056

FIO's 24-hour volatility exceeds 50%!

On May 14, U.S. Senators Van Hollen and Cynthia Lummis spoke during the deliberation of the CLARITY Act regarding an amendment to add provisions addressing the money laundering risks and accountability associated with DeFi. Senator Van Hollen supported the amendment, stating that it is clear that criminals use tools like tumblers and mixers to launder money, evade law enforcement, and transfer funds. Records show that individuals linked to Iran have used mixing services and related technologies to transfer funds and evade sanctions. In some cases, it is evident that the developers of these DeFi tools intended from the outset to profit from illegal activities. They know that criminals will exploit these tools—in fact, for some of them, that is the entire purpose of developing these tools. Therefore, we must hold them accountable. Addressing the overall illegal financial risks of DeFi is not simple, but this amendment is direct, limited, and straightforward. It does one thing: it clearly states that if the purpose of releasing a DeFi protocol is to facilitate money laundering, evade sanctions, or fund terrorism, it is illegal. That’s it. If you deliberately facilitate drug dealers, fraudsters, North Korea, or Iran, you should face the consequences. Senator Cynthia Lummis spoke against the amendment, stating that under Title 18, Sections 1956 and 1957 of the U.S. Code and related sanctions laws, prosecutors can already bring charges against anyone who builds or uses software to launder criminal proceeds or evade sanctions, without needing to add a 'DeFi provision' to the bill. I only care about how specific actions are handled, but we cannot send the signal that 'software is unwelcome.' We want to integrate digital assets into the existing legal framework of the United States, not create a new one. Therefore, I oppose this amendment. The amendment was defeated with 11 votes in favor and 13 against. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently undergoing line-by-line voting and debate on amendments.

[Senator Lummis: No Need to Add DeFi Provisions to the CLARITY Act]On May 14, U.S. Senators Van Hollen and Cynthia Lummis spoke during the deliberation of the CLARITY Act regarding an amendment to add provisions addressing the money laundering risks and accountability associated with DeFi. Senator Van Hollen supported the amendment, stating that it is clear that criminals use tools like tumblers and mixers to launder money, evade law enforcement, and transfer funds. Records show that individuals linked to Iran have used mixing services and related technologies to transfer funds and evade sanctions. In some cases, it is evident that the developers of these DeFi tools intended from the outset to profit from illegal activities. They know that criminals will exploit these tools—in fact, for some of them, that is the entire purpose of developing these tools. Therefore, we must hold them accountable. Addressing the overall illegal financial risks of DeFi is not simple, but this amendment is direct, limited, and straightforward. It does one thing: it clearly states that if the purpose of releasing a DeFi protocol is to facilitate money laundering, evade sanctions, or fund terrorism, it is illegal. That’s it. If you deliberately facilitate drug dealers, fraudsters, North Korea, or Iran, you should face the consequences. Senator Cynthia Lummis spoke against the amendment, stating that under Title 18, Sections 1956 and 1957 of the U.S. Code and related sanctions laws, prosecutors can already bring charges against anyone who builds or uses software to launder criminal proceeds or evade sanctions, without needing to add a 'DeFi provision' to the bill. I only care about how specific actions are handled, but we cannot send the signal that 'software is unwelcome.' We want to integrate digital assets into the existing legal framework of the United States, not create a new one. Therefore, I oppose this amendment. The amendment was defeated with 11 votes in favor and 13 against. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently undergoing line-by-line voting and debate on amendments.

Senator Lummis: No Need to Add DeFi Provisions to the CLARITY Act

On May 14, Aave announced that its bug bounty program has been updated to better align rewards with the risk conditions in the ecosystem and to simplify the review process. The reward cap for critical vulnerability fixes in Aave V4 and Core Aave V3 has now been increased fivefold.

[Aave: Bug Bounty Program Updated, V4 and Core V3 Critical Vulnerability Reward Cap Increased Fivefold]On May 14, Aave announced that its bug bounty program has been updated to better align rewards with the risk conditions in the ecosystem and to simplify the review process. The reward cap for critical vulnerability fixes in Aave V4 and Core Aave V3 has now been increased fivefold.

Aave: Bug Bounty Program Updated, V4 and Core V3 Critical Vulnerability Reward Cap Increased Fivefold

On May 14, Democratic Senator Elizabeth Warren stated during the Senate Banking Committee's review of the CLARITY Act that the bill would expand leverage across various asset classes and regulatory frameworks, increasing systemic risk. Warren acknowledged that Amendment 115 has made some progress in protecting consumers from the dangers of the new system, but the measures are far from sufficient. She criticized the amendment for seemingly removing civil protections for cryptocurrency accounts, highlighting a fundamental paradox in the field: on one hand, more markets are being pushed into the crypto space, while on the other hand, protections for investors and recourse for victims are being eliminated. She warned that this is a misguided path that could ultimately lead to an economic collapse. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently undergoing a line-by-line voting debate on the amendments.

[Senator Warren: The CLARITY Act Lacks Civil Protections for Crypto Accounts, Increased Leverage Will Heighten Systemic Risk]On May 14, Democratic Senator Elizabeth Warren stated during the Senate Banking Committee's review of the CLARITY Act that the bill would expand leverage across various asset classes and regulatory frameworks, increasing systemic risk. Warren acknowledged that Amendment 115 has made some progress in protecting consumers from the dangers of the new system, but the measures are far from sufficient. She criticized the amendment for seemingly removing civil protections for cryptocurrency accounts, highlighting a fundamental paradox in the field: on one hand, more markets are being pushed into the crypto space, while on the other hand, protections for investors and recourse for victims are being eliminated. She warned that this is a misguided path that could ultimately lead to an economic collapse. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently undergoing a line-by-line voting debate on the amendments.

Senator Warren: The CLARITY Act Lacks Civil Protections for Crypto Accounts, Increased Leverage Will Heighten Systemic Risk

bill Surges 14.57% in 24H, Currently at 0.198383 USDT

【bill currently trades at 0.198383 USDT, up 14.57% in 24h, according to HTX market data.】bill Surges 14.57% in 24H, Currently at 0.198383 USDT

bill currently trades at 0.198383 USDT, up 14.57% in 24h, according to HTX market data.

bill Hits New High of 0.198383 USDT, Up 14.57% in 24H

【bill soared to 0.20156 USDT, a new high with a 24-hour increase of 14.57%. It currently trades at 0.198383 USDT on HTX.】bill Hits New High of 0.198383 USDT, Up 14.57% in 24H

bill soared to 0.20156 USDT, a new high with a 24-hour increase of 14.57%. It currently trades at 0.198383 USDT on HTX.

According to CryptoNewsBTC, the US Division of Justice (DOJ) has indicted 44-year-old Japheth Dillman, the founding father of Block Bits Fund, for deceptive traders into committing a complete of $960,000 to a false arbitrage autotrader.
Block Bits Fund was based in 2017 throughout the ICO period. The corporate offered itself as a fund devoted to cryptocurrencies, Preliminary Coin Choices (ICOs), and blockchain expertise. It promised traders excessive returns from the revenue it supposedly generated by leveraging worth discrepancies between digital currencies on totally different crypto exchanges.
In accordance with the indictment, Dillman, alongside his accomplice David Mata, 42, allegedly misrepresented the extent and functionality of Block Bits by falsifying firm data.

Detail

【US DOJ charges Block Bits founder for $1M crypto investment fraud】According to CryptoNewsBTC, the US Division of Justice (DOJ) has indicted 44-year-old Japheth Dillman, the founding father of Block Bits Fund, for deceptive traders into committing a complete of $960,000 to a false arbitrage autotrader.
Block Bits Fund was based in 2017 throughout the ICO period. The corporate offered itself as a fund devoted to cryptocurrencies, Preliminary Coin Choices (ICOs), and blockchain expertise. It promised traders excessive returns from the revenue it supposedly generated by leveraging worth discrepancies between digital currencies on totally different crypto exchanges.
In accordance with the indictment, Dillman, alongside his accomplice David Mata, 42, allegedly misrepresented the extent and functionality of Block Bits by falsifying firm data.

US DOJ charges Block Bits founder for $1M crypto investment fraud

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US DOJ charges Block Bits founder for $1M crypto investment fraud

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