Morning Minute: CPI Comes In Hot; Stocks, Crypto Shrug

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. And check retired our new regular quality show covering each of the apical stories successful 5 minutes, downloadable connected Apple Pod oregon Spotify.

GM!

Today’s apical news:

• Crypto majors and stocks rebound aft blistery CPI; BTC astatine $80.6k
• Trump takes implicit a twelve CEOs to China up of Xi meeting
• Clarity Act receives implicit 100 amendments up of Thursday markup
• ETH devs motorboat Clear Signing successful effort to debar idiosyncratic losses
• Google discloses 1st lawsuit of a menace histrion utilizing an AI-generated zero-day exploit successful a unrecorded attack

📈 CPI Comes In Hot; Stocks, Crypto Shrug

The April CPI people dropped Tuesday greeting and delivered the incorrect quality for complaint chopped hopes.

Headline ostentation roseate 0.6% for the month, putting the 12-month complaint astatine 3.8%, the highest since May 2023. Core CPI, excluding nutrient and energy, accrued 0.4% monthly and 2.8% annually, supra the 2.7% statement connected some fronts. Real mean hourly wages slipped 0.5% for the period and fell 0.3% annually, meaning workers are getting paid much nominally but losing crushed successful existent terms. That’s the stagflation concern: precocious inflation, slowing existent income, and a cardinal slope that can’t cut.

Clearly the Iran War and lipid are a large driver. Energy costs jumped 17.9% year-over-year, the steepest yearly summation since September 2022, driven by gasoline up 28.4% and substance lipid up 54.3%.

Markets concisely sold disconnected connected the news, though stocks inactive closed the time greenish and Bitcoin rebounded from $80k to $80.7k.

This each comes arsenic Kevin Warsh takes implicit the Federal Reserve from Jerome Powell connected Friday. Odds of a complaint hike successful 2026 (hike, not cut) jumped to 30% aft the CPI print, up from conscionable 1% a period ago. So hikes are overmuch much connected the array than cuts.

As for Warsh, helium inherits a Fed that cannot cut, an system with 3.8% inflation, lipid inactive supra $100, and rising stagflation concerns. He volition person his enactment chopped retired for him…

📝 The Clarity Act Full Text Is Revealed

The Senate Banking Committee unveiled the 309-page Clarity Act text conscionable aft midnight Tuesday, up of Thursday’s 10:30am ET markup vote.

The substance landed without large surprises. The halfway provisions include:

• SEC/CFTC jurisdiction divided with astir integer assets classified arsenic commodities
• DeFi developer protections for those who don’t power idiosyncratic funds
• Stablecoin output prohibition connected passive holdings with activity-based rewards permitted.

Notably missing from the 309-page draught is immoderate notation of Ethics provisions, resulting from the Trump household crypto dealings. Without those provisions, galore Democrats judge the measure is dormant connected arrival.

Sen. John Kennedy (R-LA) remains publically uncommitted, and each 13 Republican votes are needed for the committee to beforehand the bill. Major US labour unions including SEIU, AFT, NEA, and AFSCME sent a associated missive to the Senate demanding the measure beryllium rejected, arguing it could make risks for idiosyncratic pension programs.

As of this morning, implicit 100 amendments person already been filed for reappraisal up of the Thursday markup—another motion that this is acold from a done woody successful its existent state.

Citi analysts person tied their $143,000 BTC base-case people for 2026 straight to Clarity Act passage, projecting an further $15 cardinal successful nett ETF inflows erstwhile the measure clears Congress. If it doesn’t pass, well, those targets volition request to beryllium re-evaluated.

💰 JPMorgan Files for 2nd Tokenized Money Market Fund connected ETH

JPMorgan filed Tuesday to motorboat the JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX) connected Ethereum, specifically designed to conscionable reserve requirements for stablecoin issuers nether the GENIUS Act.

The money invests exclusively successful short-term US Treasuries, cash, and overnight repo agreements backed by authorities securities. The money volition beryllium powered by JPMorgan’s Kinexys Digital Assets unit, creating a permissioned strategy that sits connected apical of nationalist Ethereum arsenic its basal layer.

It’s JPMorgan’s 2nd tokenized wealth marketplace merchandise (its MONY money launched connected Ethereum successful December 2025), but JLTXX is specifically structured astir the stablecoin reserve usage lawsuit alternatively than wide organization liquidity management. The filing puts JPMorgan straight successful contention with BlackRock’s Stablecoin Reserve Vehicle, filed the aforesaid week, and Morgan Stanley’s MSNXX fund, which launched past period targeting the aforesaid organization stablecoin reserve market. The 3 largest fiscal institutions successful the satellite are each racing to go the Treasury output infrastructure furniture for a $320 cardinal stablecoin marketplace increasing 28% annually.

The RWA marketplace has grown 200% year-over-year to $30 billion. Expect that maturation to continue.

💡Ethereum Devs Launch Clear Signing, Fixing Longtime Security Issue

An Ethereum moving radical consisting of wallet developers, information firms, and the Ethereum Foundation’s Trillion Dollar Security Initiative launched Clear Signing Tuesday—an unfastened modular designed to extremity unsighted signing, the flaw down billions successful idiosyncratic losses.

Blind signing is the signifier of approving hexadecimal information without knowing what it really does. When users o.k. Ethereum transactions, they presently spot “low-level, machine-readable formats that are close but hard to construe without method expertise.” Attackers exploit this by making malicious approvals look identical to morganatic ones astatine the constituent of signing.

The $1.5B Bybit exploit, the $235M WazirX breach, and the CoW DAO domain hijacking this period each followed the aforesaid playbook: get a idiosyncratic oregon multisig signer to o.k. a transaction whose existent intent was hidden. That gets overmuch harder to propulsion disconnected with wide signing.

The moving radical includes Ledger, Trezor, MetaMask, WalletConnect, and Fireblocks. Trezor CTO Tomáš Sušánka: “This addresses a cardinal vulnerability that has plagued cryptocurrency users for years: unsighted signing. When users can’t recognize what they’re signing, information becomes overmuch much difficult. This modular changes that, and each wallet supplier should clasp it.”

🌎 Macro Crypto and Markets

• Crypto majors are somewhat greenish aft a CPI bushed and Trump’s China travel looming; BTC -0.1% astatine $80.6k; ETH +1% astatine $2,303; SOL adjacent astatine $95; HYPE -3% astatine $39.40
• INJ (+24%), TIA (+11%) and STX (+9%) led apical movers
• Oil -1% astatine $98; Gold +0.3% astatine $4,702
• Stock futures are greenish with the Nasdaq up 0.7% arsenic Nvidia leads spot stocks higher
• Trump is taking implicit a twelve CEOs to China with him arsenic helium prepares to conscionable with Xi, including Elon Musk, Jensen Huang, Larry Fink, Tim Cook and others
• Kevin Warsh was confirmed to the Fed Board of Governors Tuesday successful a 51-45 Senate vote, with Pennsylvania Democrat John Fetterman the sole crossover vote
• The Senate Banking Committee received implicit 100 amendments to the Clarity Act up of tomorrow’s markup
• Wintermute called the latest Bitcoin rally a abbreviated compression alternatively than a breakout, pointing to unfastened involvement and spot volumes arsenic its indicators
• Square crossed 1 cardinal Bitcoin-enabled merchants Tuesday, six weeks aft auto-enabling Lightning Network BTC payments for eligible US sellers connected March 30; merchants person USD by default with BTC converted instantly astatine checkout
• DTCC selected Chainlink to powerfulness its Collateral AppChain Tuesday, integrating Chainlink’s Runtime Environment and information modular to alteration 24/7 near-real-time automated collateral management
• Franklin Templeton and Kraken genitor Payward announced a strategical concern Tuesday to bring tokenized equities, actively managed onchain funds, and BENJI wealth marketplace money integration onto Kraken’s platform

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $233M successful nett outflows on Tuesday; the ETH ETFs saw $131M successful outflows
• STRC did capable volume on Tuesday for Strategy to bargain 1,750 BTC, with 2 much trading sessions near up of the Friday dividend
• XRP ETFs recorded their largest single-day inflow since January connected Tuesday, with $25.8 cardinal crossed 5 funds; XRP ETFs person seen $1.24B successful cumulative inflows since precocious 2025
• MARA Holdings sold 20,880 BTC for $1.5 cardinal successful Q1, utilizing $1B to discontinue 30% of its convertible indebtedness arsenic it pivots toward AI and HPC infrastructure, dropping from the second- to fourth-largest nationalist Bitcoin holder

Meme Coin Tracker

• Meme leaders were mixed; DOGE +4%, SHIB even, PEPE even, PENGU -6%, TRUMP +4%, BONK even%, SPX +2%, FARTCOIN -4%
• RKC (+140%), Worldcup (+800%), CopperInu (+90%), Hanta (+55%), Maga (+50%) and Aura (+36%) led notable movers

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

• Jez introduced his task PaperTrade arsenic a fair-launch, afloat onchain perpetuals speech built connected Hyperliquid, offering up to 1,000x leverage with zero slippage, nary backing costs, and a self-bootstrapping liquidity pool
• Elliptic raised $120M led by SoftBank to grow its AI-powered blockchain compliance tools for fiscal institutions
• Google's Threat Intelligence Group disclosed Tuesday it detected the archetypal known lawsuit of a menace histrion utilizing an AI-generated zero-day exploit successful a unrecorded attack

🚚 What is happening successful NFTs?

• NFT leaders were mostly reddish down 1-3%; Punks +1% astatine 29.6 ETH, BAYC -2% astatine 10.15 ETH, Pudgy -3% astatine 5.19 ETH; Hypurr’s -3% astatine 290 HYPE
• Gift of Time (+30%), Slonks (+30%) and GVC (+5%) led notable movers