Treasury Secretary Urges CLARITY Act Passage, Saying The US Should Be Home For Crypto

On Thursday, Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act, a bill that would provide the crypto industry with a regulatory framework and the long-awaited clarity it needs regarding the classification of digital assets. 

Bessent Presses Lawmakers To Pass The CLARITY Act 

In remarks at the White House, Bessent emphasized that the goal of the CLARITY Act should be to bring digital assets into the US rather than letting activity remain largely offshore. He said: 

The most important thing we can do is to make digital assets come into the United States. Make the US the home. I would encourage the House and the Senate to get Clarity done.

Bessent’s comments also targeted what he called the “wild, wild west” environment for digital assets outside the US. He argued that much of the confusion and controversy surrounding crypto stems from a lack of clear rules when the activity is happening offshore. 

“When you look at digital assets, all the nonsense that happens, all the things you read about, that’s because it’s the wild, wild west offshore. So we got to bring it onshore,” he said, before urging lawmakers again to “get CLARITY Act done.”

CBDCs Off The Table

The push comes after the CLARITY Act moved forward in the Senate earlier this month. The Senate Banking Committee approved its portion of the legislation, building on progress from January, when the Agriculture Committee successfully voted on its version. 

With those committee steps completed, the CLARITY Act must clear a full Senate vote, complete the legislative reconciliation steps required to finalize the bill, and secure a final agreement between the House and the Senate before the measure can move to the President’s desk.

Bessent also addressed the administration’s broader crypto policy direction, including central bank digital currencies (CBDCs). He said the US would not adopt a Central Bank Digital Currency, stating, “There will be no Central Bank Digital Currency. That would be the first step toward tracking. We took that off the table.” 

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Shiba Inu OI Crashes Over 30%, SHIB Burns Grind To A Halt; Is This The End?

The Shiba Inu (SHIB) price has remained under strong pressure this year as weak demand and fading market momentum continue to weigh on the meme coin. Beyond the price decline, new data now show that Shiba Inu’s Open Interest (OI) has crashed by more than 30%, while its burn rate has also slowed significantly. The decline in these key metrics points to weakening investor interest, lower trading activity, and reduced network engagement. Combined with Shiba Inu’s ongoing price struggles, these growing bearish signals have raised concerns about whether Shiba Inu is losing the strength that once made it the second-largest meme coin in the crypto market. 

Shiba Inu Open Interest Crashes As Price Plummets

On May 27, data from Coinglass revealed that Shiba Inu’s Open Interest had dropped by 6% to $49.4 million, signaling weakness in futures activity and a decline in investor confidence in the meme coin. During the same period, Shiba Inu’s futures flow plunged by a staggering 190%, with outflows reaching $5.6 million, far exceeding the previous inflows of around $4.74 million. 

Notably, this sharp decline pushed the net difference to $865,790 in total closed Shiba Inu contracts within 24 hours. The heavy outflow also wiped out roughly 156.56 billion SHIB tokens from the futures market, underscoring the ongoing decline in speculative trading activity. 

Fast forward to today, Shiba Inu’s Open Interest has dropped an additional 5.6% to around $46.44 million. This suggests that traders are still closing positions at a rapid pace as bearish sentiment continues to dominate the market. The continued decline in leverage activity also reflects weakening sentiment among short-term investors, with many appearing unwilling to place strong bullish bets on SHIB’s near-term recovery. 

This bearish shift comes as the meme coin’s price experiences prolonged volatility and market swings. According to CoinMarketCap’s data, Shiba Inu has been on a steady decline throughout this month. Its price has fallen by over 14% in the last 30 days and by more than 63% year-to-date.

At the time of writing, the meme coin remains in the red, with its recent price correction driven by increased selling pressure and a drop in Bitcoin’s price. Other factors contributing to SHIB’s low price are the broader weakness in the meme coin market, which has also affected coins like Dogecoin (DOGE).  

SHIB Burn Rate Dwindles To Surprising Lows

Another metric that has surprisingly taken a hit is Shiba Inu’s burn rate. According to the meme coin’s burn tracker, Shibburn, just $2 worth of SHIB tokens were burned on May 26, highlighting a sharp slowdown in activity and adding more pressure to the already bearish market. 

Notably, the Shiba Inu ecosystem is widely known for conducting large-scale token burns, with many community members believing that a continued decline in supply could create sufficient scarcity to support a future price explosion. However, recent on-chain reports now show that this usually active burn mechanism has taken a pause.

Shibburn also revealed that only about $11 worth of tokens were burned over the last 24 hours, representing just over 2.05 million SHIB. In the past week, less than $100 worth of tokens was removed from circulation, indicating weakening interest in the meme coin and a clear lack of interest in helping reduce SHIB’s supply.

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Ethereum (ETH) Drops Below $2,000—Why Standard Chartered Still Expects $40,000 By 2030

Ethereum (ETH) has followed Bitcoin (BTC) and much of the wider crypto market lower over the past 48 hours, dropping below the key $2,000 support level and reigniting concerns among some investors that a longer bear phase could be underway. 

Even with the recent slide, Standard Chartered’s Digital Assets Research Head, Geoff Kendrick, says the bank is not backing away from its bullish long-term outlook for Ethereum.

Ethereum Price Will Catch Up

In a note to investors on Thursday, Kendrick reaffirmed Standard Chartered’s core projection for Ethereum’s performance over the next four years, including its end-2030 target of $40,000 for ETH. 

He linked the current weakness to something investors may eventually look back on as a confusing, even misleading, signal. Rather than treating the price drop as proof that the network is weakening, Kendrick argued that Ethereum’s usage metrics are continuing to improve even as the token’s market value loses ground.

To illustrate the gap between price action and underlying progress, Kendrick drew a comparison to Amazon during the 2001 dot-com bust. His argument echoes a line often attributed to Jeff Bezos: that while a company’s stock can go the wrong way, “everything inside the company” can still be moving in the right direction. 

Kendrick specifically said that Ethereum will “catch up” to those improving internal metrics and suggested that investors are effectively watching a delay between operational strength and market pricing. 

ETH Upside Signals

Standard Chartered’s view leans heavily on measurable indicators that Kendrick says support Ethereum’s position in key parts of the crypto economy. 

One of the bank’s central points is Ethereum’s role in stablecoins. Kendrick noted that 54% of all stablecoins are currently issued on the network. He also said stablecoins make up around one-third of all Ethereum transactions in 2026 year-to-date. 

Based on that momentum, Standard Chartered projects the stablecoin market cap could increase sixfold from current levels by the end of 2028.

A second major pillar of the bullish case is Ethereum’s position in tokenized real-world assets (RWAs). Kendrick said Ethereum hosts around 62% of RWAs and about 68% of active on-chain loans. 

He projected that the non-stablecoin RWA sector could grow about 50 times to reach $2 trillion by the end of 2028. For Standard Chartered, tokenized RWAs are likely to expand in a way that brings Ethereum a significant share of the activity. 

Kendrick’s projections suggest Ethereum could still capture roughly half to two-thirds of both tokenized assets and the related category of growth, with Ethereum hosting an estimated 50% to 65% of those segments.

Kendrick’s analysis keeps the forecast unchanged: ETH at $4,000 by the end of 2026 and then $40,000 by the end of 2030. In the same reaffirmation, Standard Chartered lays out an extended path through the intervening years, projecting $10,000 by end-2027, $18,000 by end-2028, and ultimately $40,000 by end-2030.

At the time of writing, ETH was trading at $1,991, having retraced by 5% in the weekly timeframe. This means that the altcoin is now trading 59% below its all-time high of $4,964, reached last year. 

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Glassnode Warns Nearly 30% Of Bitcoin Supply Could Face Future Quantum Risks

Bitcoin’s long-term security model is once again under the spotlight following new data from Glassnode suggesting that the network could face theoretical risks in a future dominated by quantum computing. The report shows that a significant portion of BTC’s circulating supply could be vulnerable in the future if quantum technology advances to the point where it can break current cryptographic protections.

Glassnode’s Data Reveals The Scale Of Potential Future Exposure

New data from Glassnode, an on-chain data analytics platform, has shed light on a potential long-term change facing Bitcoin’s security model. Crypto trader Evans revealed on X that the analysis estimates that approximately 6.04 million BTC, nearly 30% of the total BTC supply, could theoretically be at risk from future quantum computing threats. 

This is because the public keys associated with those coins have already been exposed on-chain. However, what stands out even more is that roughly 4.12 million BTC of the risk is associated with address reuse and outdated custody methods that unnecessarily increase public-key exposure.

In addition, the data also indicates that centralized exchanges collectively hold more than 1.6 million BTC in potentially exposed addresses.

Comparing Current Volume Collapse To The 2023 Bear Market

Bitcoin spot trading volumes have collapsed by approximately 81% since October 2025, pushing market activity back to levels typically associated with bear market conditions. A Verified Author for CryptoQuant, known as Darkfost, has pointed out that to find similarly low participation, one would have to look back to July 2023, highlighting just how sharply spot volumes have declined.

Despite the broader slowdown, major exchanges like Binance continue to dominate the market with $36.4 billion in trading volume, and recorded $198.6 billion in October 2025. Therefore, volumes are nearly 5 times lower in the current market, representing 81% decline, and Binance is far from an isolated case.

Meanwhile, Gate.io has also seen a massive 79.6% drop in volumes, and Bybit is down 66%. This development primarily reflects a macro environment that has been unfavorable for risk assets such as cryptocurrencies. The persistently rising inflationary pressures and the prolonged US-Iran tensions have pushed investors toward preferred commodities and traditional equity indices over crypto markets.

According to Darkfost, this dynamic can also be interpreted constructively. The sharp decline in trading activity shows that the selling pressure behind the current retracement is gradually losing momentum.

Historically, prolonged periods of weak spot volume have often coincided with the later stages of market corrections, when selling pressure begins to exhaust itself, and speculative excess is flushed from the system. Notably, a similar collapse in trading activity occurred near the end of the 2023 bear market before volatility returned and the bullish trend recovered.

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Perfect Crypto Week In Texas: 6 Candidates Backed, 0 Misses—What To Track Next

Political efforts tied to the crypto industry scored another set of wins in Texas, strengthening the case that the sector’s influence in US politics remains strong under a more pro-digital asset administration. 

According to reporting from Eleanor Terret of Crypto In America, the crypto industry went 6-for-6 backing winning candidates in the Texas primary runoffs held Tuesday night.

Anti-Crypto Hits At The Ballot Box

One of the biggest results came from the Democratic primary runoff in Texas’s 18th Congressional District. In that race, Terret reported that Rep. Christian Menefee defeated 20-year incumbent Rep. Al Green. 

Fairshake, the industry’s leading super political action committee (PAC), took credit for the win after spending roughly $6.5 million on the race, largely through advertisements supporting Menefee. 

A Fairshake spokesman, Geoff Vetter, argued that Green’s loss showed how anti-crypto positions can have real electoral consequences, noting that Green was the first Democratic incumbent this cycle to lose his seat. Vetter also said Fairshake would continue to “aggressively back” leaders such as Menefee.

Elsewhere in Texas, several other races also went in the direction favored by crypto-aligned groups. Candidates Alex Mealer, Tom Sell, John Bonck, and Carlos De La Cruz all won their respective runoffs. In total, Fairshake reportedly spent roughly $1.8 million backing those candidates. 

Crypto-related efforts were also part of some Republican outcomes. Attorney General Ken Paxton’s upset victory over Sen. John Cornyn in the Republican Senate primary runoff reportedly drew support from crypto-aligned money as well. 

California Top-Two Primary Beckons

With Texas now behind them, Terrett reported that crypto political groups are already looking ahead to the next targets. The next state on Fairshake’s radar appears to be Maryland. 

There, state lawmaker Adrian Boafo is running in the June Democratic primary for the state’s 5th Congressional District, and Fairshake has already spent about $2.12 million supporting him. 

Beyond that, the industry is also expected to focus on California’s top-two primary in the state’s 32nd Congressional District next week. In that race, long-time crypto critic Rep. Brad Sherman faces Jake Levine, a former Biden White House official, as both compete to advance to November’s general election.

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XRP Pushing To $100: The Market Cap Conversation Will Go Out The Window If This Happens

XRP is currently at the center of a growing debate as analysts discuss a potential move toward $100 and whether traditional market capitalization valuation models still apply. The expert argues that if XRP becomes widely used for payments and settlements, its role may shift toward financial infrastructure. In that case, the cryptocurrency’s value would depend more on network usage and transaction flow, rather than on market capitalization alone.

XRP At $100 Could Happen Without A High Market Cap

In an X post on May 24, crypto market expert Gina argued that XRP’s value should not be judged using traditional market capitalization models because the token is designed to serve as global financial infrastructure, not a passive store of value. According to her, XRP’s real strength does not come from its price action or total valuation, but from how frequently it can be used to move money across its network.

To illustrate her point, Gina used a hypothetical scenario in which XRP trades at $100 and has a circulating supply of 50 billion tokens. In that case, XRP would have a market capitalization of roughly $5 trillion, surpassing that of Bitcoin and Ethereum. While that figure may seem extremely large, Gina argued that market cap alone does not capture the total value the XRP Ledger (XRPL) processes daily.

She also focused on XRP’s liquidity velocity. Gina suggested that if each XRP token were reused about 1,000 times daily for cross-border settlements, the network could theoretically support up to $5 quadrillion in transaction flows every day, all without needing a higher market cap.

Based on this concept, XRP’s value as a payment and settlement tool could far exceed what market capitalization alone suggests. Put simply, a $5 trillion market cap reflects only the total paper value of XRP at a given price. It says nothing about how much money a network can actually process or move through repeated transactions, which, according to Gina, is how XRP’s real value can truly be measured.

Comparing XRP Market Cap Argument With SWIFT

In her post, Gina compared XRP to the global banking messaging network, SWIFT (Society for Worldwide Interbank Financial Telecommunication). She noted that, unlike cryptocurrencies, SWIFT does not have a market capitalization because it is not an investment asset. Despite that, trillions of dollars still move through its system daily. 

Gina suggested XRP could function in a similar way by serving as a bridge asset that helps institutions settle transactions quickly across different currencies and tokenized financial products. She stressed that XRP should not be viewed in the same category as assets like gold or Bitcoin, which are often treated as long-term stores of value. Instead, she described XRP as infrastructure for a future tokenized economy.

Under this framework, Gina argued that traditional market cap calculations become even less important because utility-driven networks are measured by usage and throughput. She also claimed that if XRP were ever used to power even a small portion of the global derivatives markets or institutional settlement systems, the market cap valuation model would automatically “go out the window.”

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Hyperliquid Enters Top 10 Crypto With New ATH, But How High Will It Be If It Overtakes Ethereum?

Hyperliquid (HYPE) recently broke into the top 10 cryptocurrencies by market capitalization, sitting alongside top players like Bitcoin (BTC) and Ethereum (ETH), after its price surged past $50 and set a new all-time high. Now, on-chain analytics platforms are showing what HYPE’s ultimate price could become if it surpasses Ethereum’s market cap. 

Hyperliquid’s ATH Price If It Surpasses Ethereum’s Market Cap

Hyperliquid skyrocketed past $50 a few days ago, surpassing Dogecoin’s ranking to take the 9th spot as one of the largest cryptocurrencies in terms of market capitalization. The move marks the first time the token has traded above this zone since late October 2025. 

Currently, HYPE has extended its rally well beyond $60. The breakout reflects a strong shift in trading activity around the token, as well as renewed interest and confidence in DeFi protocols and AI-backed tokens. HYPE’s move back into this historic price range also suggests that traders and investors are once again engaging more actively with Hyperliquid’s perpetual futures DEX.

Interestingly, the recent rally in the HYPE price has brought renewed focus on Ethereum, one of Hyperliquid’s biggest crypto and DeFi rivals. While Ethereum remains a dominant benchmark for decentralized applications, Hyperliquid is designed specifically for financial trading and derivatives.

Nevertheless, data from Marketcapof has revealed how high HYPE’s price could reach if its market capitalization of $15.99 billion surpasses Ethereum’s, which is around $250.99 billion. Projections indicate the token could move well beyond its previous all-time high, potentially reaching approximately $1,127, marking a 17.92x from present levels.

At more extreme ATH levels, where market euphoria is likely at its peak, estimates place HYPE as high as $2,633. This would represent a gain of about 42x from current prices, underscoring the scale of the cryptocurrency’s potential upside. 

Competition Intensifies As HYPE Captures More ETF Inflows Than ETH

Before recording an ATH, Hyperliquid has been strengthening its market position as capital continues to rotate away from major legacy assets like Bitcoin and Ethereum toward newer, high-growth protocols. HYPE’s recent performance reflects both rising adoption of its DEX platform and a broader shift in liquidity across the crypto sector.

A key driver behind the bullish momentum was the launch of spot HYPE ETFs by investment management firms Bitwise and 21Shares in May. The products have attracted millions of dollars in inflows, underscoring steady institutional demand for HYPE amid heightened derivatives activity.

Earlier in the year, market volatility linked to the US-Iran war triggered record perpetual futures volume on Hyperliquid, pushing activity on the platform to new highs. Liquidity conditions also improved after Coinbase, the world’s largest crypto exchange, became the official USDC provider on Hyperliquid.

Against this backdrop, Ethereum dominance is waning significantly. The cryptocurrency’s price has struggled to maintain momentum, falling roughly 30% year-to-date. ETF flow data reflects this shift, with about $1 billion exiting Bitcoin and Ethereum products while XRP and HYPE funds recorded about $94 million in combined inflows.

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