Morning Minute: The Clarity Act Just Passed Its First Major Vote

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.

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Today’s apical news:

• Crypto majors are greenish but falling arsenic treasury yields spike; BTC astatine $80.5k
• Trump Xi acme ends with immoderate commercialized progress, Taiwan warning
• Clarity Act passes Senate Banking Committee vote, moves to Senate floor
• Coinbase becomes authoritative deployer of USDC connected Hyperliquid; HYPE +17%
• Thorchain exploited this greeting for $10M+ crossed chains

✅ The Clarity Act Just Passed Its First Major Vote

The Clarity Act cleared the Senate Banking Committee on Thursday successful a 15-9 bipartisan vote, marking a large measurement guardant for the bill.

Every Republican voted yes, and 2 Democrats crossed: Ruben Gallego of Arizona and Angela Alsobrooks of Maryland. The effect came contempt late-night negotiations collapsing without a woody connected morals provisions.

Lummis commented: “Ultimately, we person an statement connected 99% of the bill. I anticipation my colleagues crossed the aisle volition enactment with maine to get the remaining 1% resolved aft we walk this measure retired of committee." Though Alsobrooks besides weighed in, saying that her committee yes ballot doesn’t warrant a level ballot yet without the morals language.

Markets moved immediately. BTC deed $82,000 connected the vote. Circle surged 19.9%, and Coinbase gained 6.1%. As for prediction markets, the likelihood of the measure passing jumped 8% to 70% (still acold from a done deal, but present a decent favorite).

The measure present heads to the afloat Senate, wherever it needs 60 votes to pass—roughly six Democratic crossovers. Then, a House reconciliation with the mentation passed 294-134 successful July 2025 would beryllium next, up of Trump’s signature. Lummis has repeatedly warned that missing this model pushes the adjacent viable legislative accidental to 2030.

📈 Coinbase Makes Major Deal with Hyperliquid, HYPE Rips

Coinbase and Circle announced Thursday that Coinbase volition service arsenic the authoritative treasury deployer for USDC connected Hyperliquid nether a caller model called AQAv2.

A fewer highlights of the arrangement:

• Coinbase = treasury deployer (manages reserves, stakes HYPE, shares the bulk of reserve output with Hyperliquid protocol)
• Circle = method deployer (handles CCTP cross-chain infrastructure and autochthonal USDC bridging)
• Hyperliquid = receiver of said USDC yield

As a portion of the deal, USDC becomes the superior stablecoin for each of Hyperliquid’s markets. Notably, this is the archetypal clip Coinbase has taken a ceremonial treasury deployer relation connected a large DeFi protocol—a caller class of organization crypto relationship.

Hyperliquid is simply a large victor here. They get a ton of caller gross (early estimates are a 25% bump). And a rival successful perps (Coinbase has its ain perps offering) efficaciously bends the knee.

The marketplace liked it, with HYPE ripping 20% connected the time to $47, erasing the past 5 days of losses successful conscionable a fewer hours and hitting a caller section high.

💰 Cerebras Doubled connected Its Debut arsenic AI IPO Wave Begins

Cerebras surged arsenic overmuch arsenic 100% supra its $185 IPO terms connected its Nasdaq debut Thursday, giving the AI chipmaker a marketplace headdress northbound of $100 cardinal by mid-session. The institution had raised $5.55 cardinal (one of the largest US IPOs ever) aft pricing supra its revised scope for the 3rd clip successful a week.

Notably, terms find mostly happened connected Hyperliquid via TradeXYZ, wherever it traded pre-IPO successful the $300 scope adjacent with the IPO terms of $180. The banal past changeable consecutive to $300 connected open.

The debut lifted the full AI infrastructure sector: Keel Infrastructure (formerly Bitfarms) +9%, IREN +5%, Hive Digital +8%. Arm and SoftBank had some reportedly attempted to get Cerebras successful the weeks earlier the listing. SpaceX, OpenAI, and Anthropic are each expected to travel aboriginal successful 2026, and if Cerebras is giving america a sensation of the demand, expect fireworks.

🇨🇳 Trump-Xi Summit Ends with Doors Opening Wider, Taiwan Warnings

The Beijing summit delivered a broadly constructive tone with 1 important caveat.

Xi opened by telling Trump that “China’s doorway volition lone unfastened wider” connected trade, a awesome that Beijing is consenting to deal, and the 2 sides made meaningful advancement connected tariff reductions and acquisition commitments. Elon Musk, Larry Fink, and a twelve different US CEOs successful attendance saw what they came for: aboriginal signs of a thaw aft months of escalating commercialized tension. US and Chinese negotiators reportedly agreed to a model for continued talks, with circumstantial deliverables connected cultivation purchases and exertion practice expected to beryllium formalized successful a associated announcement connected Friday.

Specific wins included China ordering 200 Boeing jets and Nvidia getting the greenish airy to merchantability its H200 chips to Chinese companies.

The caveat was Taiwan. Xi told Trump straight that mishandling the contented could propulsion bilateral ties “into a highly perilous situation.” On Iran, China is actively facilitating and some sides discussed Hormuz. No associated connection materialized connected Day One but the conversations are reportedly substantive, yet hopes stay precocious for a associated connection inactive to travel that would beryllium a large catalyst for lipid and BTC near-term.

While a ceremonial commercialized woody hasn’t been announced, the truce continues up of Xi’s imaginable sojourn to the U.S. connected September 24. Now that becomes a cardinal day to ticker arsenic summertime unfolds.

🟣 Kraken Leaves LayerZero for Chainlink arsenic KelpDAO Fallout Continues

Kraken announced it is migrating each span infrastructure (more than $3B successful TVL) from LayerZero to Chainlink CCIP.

The determination follows the $292 cardinal Kelp DAO exploit, successful which a LayerZero 1-of-1 DVN configuration was compromised by Lazarus Group. Kelp DAO migrated to Chainlink CCIP successful April. Solv Protocol ($700M) followed. Kraken is present the 3rd and largest organization migration.

LayerZero has acknowledged making a mistake by allowing its ain DVN to service arsenic sole verifier for high-value transactions. But that apology is appearing to beryllium excessively little, excessively late.

🌎 Macro Crypto and Markets

• Crypto majors are greenish but falling aft the Trump Xi acme ended and yields spike; BTC +1.5% astatine $80.5k; ETH adjacent astatine $2,250; SOL adjacent astatine $91.1; HYPE +14% astatine $45.50
• Flare (+12%), HASH (+5%) and XDC (+5%) led apical movers
• Oil +2% astatine $99; Gold -3% astatine $4,560
• Stock futures are precise reddish with the Nasdaq down 1.2% arsenic the US-10 twelvemonth spikes implicit 4.5%
• The CME plans to launch its archetypal crypto market-cap-weighted scale futures connected June 8
• Strive announced its SATA preferred banal volition go the archetypal US-listed information to wage regular currency dividends, starting June 16 astatine a 13% annualized rate, shifting from monthly payments to astir 250 payments per year
• Tether, Tron, and TRM Labs’ T3 Financial Crime Unit disclosed it has frozen implicit $450 cardinal successful illicit USDT since launching successful September 2024
• The CFTC issued a no-action missive Thursday waiving swap reporting and recordkeeping requirements for designated declaration markets handling afloat collateralized lawsuit contracts, straight benefiting prediction markets
• Security startup Calif used Claude Mythos Preview to physique the archetypal nationalist macOS exploit, susceptible of bypassing Apple's Memory Integrity Enforcement connected M5 hardware—and they developed it successful 5 days

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $130M successful nett inflows on Thursday; the ETH ETFs saw $6M successful outflows
• STRC did capable volume on Thursday for Saylor to bargain 9,000+ BTC, present good implicit 15,000 for the week

Meme Coin Tracker

• Meme leaders were slightly green; DOGE +1%, SHIB even, PEPE even, PENGU +1%, TRUMP -1%, BONK even, SPX even, FARTCOIN even
• MAGA (+14%), Goblin (+10%) and Rageguy (+50%) led notable movers

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

• Thorchain was exploited for $10M+ crossed respective chains
• Crypto wallet infrastructure steadfast Turnkey raised $12.5 million in a circular backed by Circle Ventures and Sequoia Capital;

🚚 What is happening successful NFTs?

• NFT leaders were mostly reddish again, though Hypurr’s soared; Punks +1% astatine 29.9 ETH, BAYC -1% astatine 9.8 ETH, Pudgy +1% astatine 5.01 ETH; Hypurr’s +26% astatine 355 HYPE
• Normies (+20%) and Gift of Time (+10%) led notable movers
• Dapper Labs halted caller NFT minting for NFL All Day Thursday, saying it is redirecting resources to make a next-generation NFL integer collectible product