Kristin Smith urged the Senate to preserve developer protections in the CLARITY Act, arguing open-source builders should not be regulated as financial intermediaries. Solana Institute CEO Kristin Smith is urging the US Senate to pass the CLARITY crypto market structure bill with developer protections intact, arguing that open-source developers and blockchain infrastructure providers should not be regulated as financial intermediaries. In a thread on the X social media platform, Smith said the market structure legislation “has a real shot at passing the Senate,” making it critical for lawmakers to preserve protections for software developers. Read more
Bitwise research suggests that Bitcoin is leading a broader risk-off move across markets as global liquidity and stablecoin reserves remain elevated. Bitcoin’s (BTC) recent performance may be less about crypto market weakness and more about its position at the front of the risk curve. Asset management firm Bitwise said that BTC often acts as a “canary in the macro coal mine,” responding to shifts in liquidity and financial conditions before traditional markets. With equities now showing similar signs of strain, the firm sees Bitcoin's move as part of a wider risk-off adjustment. Bitwise said that Bitcoin and Ether reached cycle lows of $58,000 and $1,507, respectively, as other global risk assets faced mounting pressure. The Nasdaq recorded its sharpest daily decline of 5% in months, and South Korea’s KOSPI (Korea Composite Stock Price Index), its benchmark stock index, triggered a temporary trading halt after a steep sell-off led by semiconductor stocks. The shift followed stronger-than-expected US labor ma...
A BBB advertising watchdog escalated its review of Kalshi after the prediction market platform declined to participate in an inquiry into influencer disclosure practices. The Better Business Bureau’s (BBB) National Advertising Division (NAD) is referring prediction market platform Kalshi to regulatory authorities after the company declined to participate in an inquiry into its social media advertising practices, adding another layer of scrutiny to the fast-growing event trading platform. In a statement published Monday, NAD said it will refer the matter to the appropriate regulatory authorities, including relevant state Attorneys General, for possible enforcement action. The inquiry examined whether Kalshi’s influencers and affiliates clearly disclosed paid relationships in social media promotions and whether the company took adequate steps to comply with Federal Trade Commission endorsement guidelines. Read more