The latest market structure bill markup just dropped, and I want to highlight how important it is for DeFi. The Clarity Act is fundamental to giving DeFi developers the confidence to build in the US, backed by strong developer protections. If the US wants to lead in DeFi, the framework must preserve the ability to build and maintain decentralized protocols without imposing unworkable obligations on DeFi developers that are better suited for centralized models. If US succeeds, rest of the world will follow. The question of yield has always been largely irrelevant, in my humble opinion. Passage of the Clarity Act could create a similar tailwind for DeFi as the Genius Act did for stablecoins. That’s far more important than anything else: giving developers the clarity and confidence to build the future financial rails the world will rely on. I appreciate all the work the Senate Banking Committee members have done throughout this long process, and I encourage members to vote in favor of a bipartisan framework that developers can rely on. DeFi will win.

No Bull Market Yet — But Structural Recovery Is Underway. We're excited to share our latest report: Q1 2026 Crypto Market Review and Outlook, analyzing the latest market dynamics and structural shifts. Key insights: → The market is in a post-deleveraging recovery phase, not a new bull cycle → BTC pricing is increasingly driven by ETF flows and global risk appetite → Market structure is shifting from trading-driven to allocation-driven → Capital is moving from narratives to cash flow, concentrating in Payments and RWA Read the full report👇:

CoinGlass 2026 Q1 Cryptocurrency Market Share Research Report One key takeaway from the Report: Trading stayed active, but liquidity and capital became even more concentrated at the top. Binance remained the clear leader in volume, OI, depth, and reserves, while Hyperliquid showed that on-chain derivatives are now part of the mainstream conversation. Q1 was not about euphoria. It was about recovery, concentration, and shifting market structure.

USDC is becoming a core part of @HyperliquidX’s evolving market structure. USDC will become an Aligned Quote Asset on Hyperliquid and continue as the primary collateral asset across HIP-1, HIP-2, HIP-3, and now HIP-4 markets. As Hyperliquid expands into new onchain markets, USDC enables: → Deep liquidity across trading pairs → Greater capital efficiency ecosystem-wide → Seamless crosschain access to digital dollars Circle is also making a significant financial investment in the ecosystem through HYPE staking. Hyperliquid.

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JUST IN: Coinbase CEO Brian Armstrong says the Bitcoin and crypto market structure bill "is closer than ever." 👀 "The bill is strong. It will benefit the American people" 🇺🇸