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On April 21, Alex Thorn, head of research at Galaxy Digital, warned that the critical U.S. cryptocurrency legislation, the CLARITY Act, has reached a pivotal moment. If deliberations are delayed until after mid-May, the likelihood of passing by 2026 will sharply decline. Currently, the probability of the bill becoming law this year is estimated to be around 50%, or even lower. Data from Polymarket also shows that its passage probability has dropped from 82% in February to 47%. Thorn pointed out that the Senate schedule is currently filled with matters such as military authorization for Iran, funding for the Department of Homeland Security, and presidential nominations, leaving little time for the bill. If the Democrats regain control of the House after the November midterm elections, legislative efforts may stall. Although the bill passed the House last July with a bipartisan margin of 294-134, negotiations in the Senate are more complex and face multiple obstacles. Firstly, disagreements over stablecoin rewards were the main reason for the delay from January. Secondly, provisions in the draft that clarify that non-custodial software developers do not fall under 'money transmitters' have faced opposition from law enforcement. Additionally, ethical provisions have some Democrats pushing to restrict government officials and their families from profiting from crypto assets during their terms. Lastly, concerns about the SEC's authority and vacant commissioner positions add to the political complexity. Thorn believes that a full Senate vote in July is 'theoretically possible,' but would require extraordinary political will and coordination.

[Galaxy Analyst Warns of Multiple Obstacles for CLARITY Act, 50% Chance of Passage Before Midterm Elections]On April 21, Alex Thorn, head of research at Galaxy Digital, warned that the critical U.S. cryptocurrency legislation, the CLARITY Act, has reached a pivotal moment. If deliberations are delayed until after mid-May, the likelihood of passing by 2026 will sharply decline. Currently, the probability of the bill becoming law this year is estimated to be around 50%, or even lower. Data from Polymarket also shows that its passage probability has dropped from 82% in February to 47%. Thorn pointed out that the Senate schedule is currently filled with matters such as military authorization for Iran, funding for the Department of Homeland Security, and presidential nominations, leaving little time for the bill. If the Democrats regain control of the House after the November midterm elections, legislative efforts may stall. Although the bill passed the House last July with a bipartisan margin of 294-134, negotiations in the Senate are more complex and face multiple obstacles. Firstly, disagreements over stablecoin rewards were the main reason for the delay from January. Secondly, provisions in the draft that clarify that non-custodial software developers do not fall under 'money transmitters' have faced opposition from law enforcement. Additionally, ethical provisions have some Democrats pushing to restrict government officials and their families from profiting from crypto assets during their terms. Lastly, concerns about the SEC's authority and vacant commissioner positions add to the political complexity. Thorn believes that a full Senate vote in July is 'theoretically possible,' but would require extraordinary political will and coordination.

Galaxy Analyst Warns of Multiple Obstacles for CLARITY Act, 50% Chance of Passage Before Midterm Elections

On April 21, the Securities and Exchange Commission (SEC) of the Philippines issued an investor warning, advising the public against investing in seven crypto trading platforms: dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The SEC stated that these platforms are not registered with the commission and have not obtained the necessary authorization required under the Crypto Asset Service Provider (CASP) framework. The SEC also warned that individuals promoting these platforms within the Philippines could face criminal liability, with penalties of up to 5,000,000 Philippine pesos (approximately $89,000) or a maximum of 21 years in prison.

[Philippine SEC Issues Investment Warnings for 7 Crypto Trading Platforms]On April 21, the Securities and Exchange Commission (SEC) of the Philippines issued an investor warning, advising the public against investing in seven crypto trading platforms: dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The SEC stated that these platforms are not registered with the commission and have not obtained the necessary authorization required under the Crypto Asset Service Provider (CASP) framework. The SEC also warned that individuals promoting these platforms within the Philippines could face criminal liability, with penalties of up to 5,000,000 Philippine pesos (approximately $89,000) or a maximum of 21 years in prison.

Philippine SEC Issues Investment Warnings for 7 Crypto Trading Platforms

On April 21, DL News reported that the Russian government published a draft bill on the State Duma website, proposing to impose criminal liability for organizing the circulation of digital currencies without registration or without permission from the Central Bank of Russia, with a maximum penalty of 7 years of forced labor. The draft states that ordinary violators could face fines of up to approximately $4,000 and a maximum of 4 years in prison; operators of large cryptocurrency trading platforms could face fines of up to approximately $13,000, and responsible individuals could be sentenced to 5 to 7 years. The bill also proposes that the majority of cryptocurrency transactions be conducted through commercial bank apps and imposes penalties on industrial cryptocurrency miners for unreported activities. If approved by the State Duma and the President, the new regulations are set to take effect on July 1, 2027.

[Russia Proposes Criminal Penalties for Unlicensed Cryptocurrency Transactions, Up to 7 Years of Forced Labor]On April 21, DL News reported that the Russian government published a draft bill on the State Duma website, proposing to impose criminal liability for organizing the circulation of digital currencies without registration or without permission from the Central Bank of Russia, with a maximum penalty of 7 years of forced labor. The draft states that ordinary violators could face fines of up to approximately $4,000 and a maximum of 4 years in prison; operators of large cryptocurrency trading platforms could face fines of up to approximately $13,000, and responsible individuals could be sentenced to 5 to 7 years. The bill also proposes that the majority of cryptocurrency transactions be conducted through commercial bank apps and imposes penalties on industrial cryptocurrency miners for unreported activities. If approved by the State Duma and the President, the new regulations are set to take effect on July 1, 2027.

Russia Proposes Criminal Penalties for Unlicensed Cryptocurrency Transactions, Up to 7 Years of Forced Labor

On April 21, on-chain detective ZachXBT posted on his personal channel that the KelpDAO attacker has started transferring stolen funds from the Ethereum mainnet to launder them into Bitcoin through Thorchain, with an additional $78,000 being laundered via Umbra.

[ZachXBT: KelpDAO Attacker Begins Laundering Stolen Funds into Bitcoin via Thorchain]On April 21, on-chain detective ZachXBT posted on his personal channel that the KelpDAO attacker has started transferring stolen funds from the Ethereum mainnet to launder them into Bitcoin through Thorchain, with an additional $78,000 being laundered via Umbra.

ZachXBT: KelpDAO Attacker Begins Laundering Stolen Funds into Bitcoin via Thorchain

On April 21, during the roundtable discussion titled 'Decoding Web 4.0: When AI Agents Take Over On-Chain Authority', Infini founder Christian discussed the relationship between stablecoins and AI Agents. He stated that the underlying logic of stablecoins is not complex, focusing on two main points: first, they serve as a substitute for the dollar, providing a universal currency with settlement and transaction value for global users; second, they are born and widely used in regions with underdeveloped financial infrastructure. Therefore, the real demand for stablecoins primarily comes from emerging markets rather than developed countries with well-established financial systems. In terms of practical application, Christian emphasized that the greatest value of stablecoins lies in the reconstruction of payment and settlement efficiency. Compared to the traditional banking system, which incurs costs of $30–50 per transaction and has a connection cycle of several weeks, current on-chain transaction costs have dropped to a few dollars, making micropayments and high-frequency settlements possible. He cited Infini's product as an example, stating that users can generate a stablecoin payment link within a minute without any coding skills and quickly distribute it across various social or business scenarios, enabling instant payments globally. This model is nearly impossible to achieve in the traditional financial system, as businesses typically face lengthy account opening and payment integration processes.

[Infini Founder Christian: The Essence of Stablecoins is as a 'Dollar Substitute', Core Demand Arises from Underdeveloped Financial Markets]On April 21, during the roundtable discussion titled 'Decoding Web 4.0: When AI Agents Take Over On-Chain Authority', Infini founder Christian discussed the relationship between stablecoins and AI Agents. He stated that the underlying logic of stablecoins is not complex, focusing on two main points: first, they serve as a substitute for the dollar, providing a universal currency with settlement and transaction value for global users; second, they are born and widely used in regions with underdeveloped financial infrastructure. Therefore, the real demand for stablecoins primarily comes from emerging markets rather than developed countries with well-established financial systems. In terms of practical application, Christian emphasized that the greatest value of stablecoins lies in the reconstruction of payment and settlement efficiency. Compared to the traditional banking system, which incurs costs of $30–50 per transaction and has a connection cycle of several weeks, current on-chain transaction costs have dropped to a few dollars, making micropayments and high-frequency settlements possible. He cited Infini's product as an example, stating that users can generate a stablecoin payment link within a minute without any coding skills and quickly distribute it across various social or business scenarios, enabling instant payments globally. This model is nearly impossible to achieve in the traditional financial system, as businesses typically face lengthy account opening and payment integration processes.

Infini Founder Christian: The Essence of Stablecoins is as a 'Dollar Substitute', Core Demand Arises from Underdeveloped Financial Markets

On April 21, Ethereum co-founder Vitalik Buterin and Ethereum Foundation Chair Aya Miyaguchi attended the opening ceremony of the Ethereum Community Center in Hong Kong (ETH HK Hub) and engaged in a fireside chat with Hong Kong Legislative Council member Kenneth Leung. This marks the first visit for both Vitalik and Aya to the ETH HK Hub. The establishment of the Ethereum Community Center in Hong Kong not only signifies the opening of a physical space but also represents a milestone for Chinese developers stepping onto the global stage. This visit continues the Ethereum Foundation's and the Ethereum ecosystem's commitment to the Asia-Pacific community and further solidifies Hong Kong's critical position in the global Ethereum landscape.

[Vitalik and Ethereum Foundation Chair Aya Miyaguchi Attend ETH HK Hub Opening Ceremony]On April 21, Ethereum co-founder Vitalik Buterin and Ethereum Foundation Chair Aya Miyaguchi attended the opening ceremony of the Ethereum Community Center in Hong Kong (ETH HK Hub) and engaged in a fireside chat with Hong Kong Legislative Council member Kenneth Leung. This marks the first visit for both Vitalik and Aya to the ETH HK Hub. The establishment of the Ethereum Community Center in Hong Kong not only signifies the opening of a physical space but also represents a milestone for Chinese developers stepping onto the global stage. This visit continues the Ethereum Foundation's and the Ethereum ecosystem's commitment to the Asia-Pacific community and further solidifies Hong Kong's critical position in the global Ethereum landscape.

Vitalik and Ethereum Foundation Chair Aya Miyaguchi Attend ETH HK Hub Opening Ceremony

On April 21, the State Council issued the 'Opinions on Promoting the Expansion and Quality Improvement of the Service Industry.' It mentioned the in-depth implementation of the industrial internet innovation development project. The plan includes advancing the industrial data foundation action, cultivating data cooperation alliances, and building a number of high-quality industry data sets. It aims to develop professional services such as data labeling and certification, and explore the establishment of classification and grading mechanisms for data rights confirmation, assessment, and pricing. The orderly advancement of computing power layout and edge computing construction is emphasized, along with the improvement of the intelligent computing cloud service system. The application of urban information modeling platforms and building information modeling technology will be accelerated.

[State Council: Gradually Advance Computing Power Layout and Edge Computing Construction, Improve Intelligent Computing Cloud Service System]On April 21, the State Council issued the 'Opinions on Promoting the Expansion and Quality Improvement of the Service Industry.' It mentioned the in-depth implementation of the industrial internet innovation development project. The plan includes advancing the industrial data foundation action, cultivating data cooperation alliances, and building a number of high-quality industry data sets. It aims to develop professional services such as data labeling and certification, and explore the establishment of classification and grading mechanisms for data rights confirmation, assessment, and pricing. The orderly advancement of computing power layout and edge computing construction is emphasized, along with the improvement of the intelligent computing cloud service system. The application of urban information modeling platforms and building information modeling technology will be accelerated.

State Council: Gradually Advance Computing Power Layout and Edge Computing Construction, Improve Intelligent Computing Cloud Service System

On April 21, the offline event "Decoding Web 4.0: When AI Agents Take Over On-Chain Permissions" concluded in Hong Kong. NOXCAT, a Web3 application that integrates MPC wallets, social transfers, and on-chain security guarantees, attended the event and disclosed its on-chain guarantee contract mechanism. In large OTC transactions, funds are automatically locked by a smart contract and can only be released after both parties confirm, effectively eliminating the risk of unilateral default at the mechanism level. NOXCAT stated that this feature aims to address the long-standing lack of trust guarantees in large over-the-counter transactions in Web3, with the application expected to officially launch in June 2026.

[NOXCAT Reveals On-Chain Guarantee Contract Mechanism to Address Pain Points in Large OTC Transactions in Web3]On April 21, the offline event "Decoding Web 4.0: When AI Agents Take Over On-Chain Permissions" concluded in Hong Kong. NOXCAT, a Web3 application that integrates MPC wallets, social transfers, and on-chain security guarantees, attended the event and disclosed its on-chain guarantee contract mechanism. In large OTC transactions, funds are automatically locked by a smart contract and can only be released after both parties confirm, effectively eliminating the risk of unilateral default at the mechanism level. NOXCAT stated that this feature aims to address the long-standing lack of trust guarantees in large over-the-counter transactions in Web3, with the application expected to officially launch in June 2026.

NOXCAT Reveals On-Chain Guarantee Contract Mechanism to Address Pain Points in Large OTC Transactions in Web3

On April 21, according to an official announcement, Huobi HTX has launched SNDK/USDT, MSFT/USDT, and BABA/USDT perpetual contracts, with a maximum leverage of 20 times. Additionally, from April 21 at 17:00 to April 28 at 17:00 (UTC+8), Huobi HTX is hosting a trading party for SNDK, MSFT, and BABA contracts, with a total prize pool of up to $20,000. During the event, users who register and participate in SNDK/USDT, MSFT/USDT, and BABA/USDT contract trading with a cumulative effective trading volume of ≥5,000 USDT will be eligible to share the prize pool based on their trading volume rankings. New users trading SNDK/USDT, MSFT/USDT, and BABA/USDT contracts will also receive exclusive benefits.

[Huobi HTX Launches SNDK, MSFT, and BABA Perpetual Contracts and Starts Trading Party]On April 21, according to an official announcement, Huobi HTX has launched SNDK/USDT, MSFT/USDT, and BABA/USDT perpetual contracts, with a maximum leverage of 20 times. Additionally, from April 21 at 17:00 to April 28 at 17:00 (UTC+8), Huobi HTX is hosting a trading party for SNDK, MSFT, and BABA contracts, with a total prize pool of up to $20,000. During the event, users who register and participate in SNDK/USDT, MSFT/USDT, and BABA/USDT contract trading with a cumulative effective trading volume of ≥5,000 USDT will be eligible to share the prize pool based on their trading volume rankings. New users trading SNDK/USDT, MSFT/USDT, and BABA/USDT contracts will also receive exclusive benefits.

Huobi HTX Launches SNDK, MSFT, and BABA Perpetual Contracts and Starts Trading Party

Blockchain project FARE Protocol has raised $6.2M in a seed round led by Goat Capital and C Squared Ventures, ahead of its ecosystem and native token launch on Ethereum layer 2 blockchain Arbitrum.  The FARE ecosystem uses probability smart contracts triggered by transparent on-chain events based on probability variables, with the first use case being randomized minting and burning of the FARE token.

[Crypto Firm FARE Protocol Raises $6.2M Ahead of Token Launch]Blockchain project FARE Protocol has raised $6.2M in a seed round led by Goat Capital and C Squared Ventures, ahead of its ecosystem and native token launch on Ethereum layer 2 blockchain Arbitrum.  The FARE ecosystem uses probability smart contracts triggered by transparent on-chain events based on probability variables, with the first use case being randomized minting and burning of the FARE token.

Crypto Firm FARE Protocol Raises $6.2M Ahead of Token Launch

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Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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