The White House said it remains confident the CLARITY Act can meet its July 4 timeline, with chief crypto adviser Patrick Witt citing progress on agriculture-related jurisdiction, ethics, and developer protection provisions. Prediction markets were less certain: Polymarket priced a 51% chance of passage by year-end and Kalshi put it at 46%, while Kalshi bettors saw 30% odds of passage before August.

Hyperliquid’s third-party HIP-3 commodities perps have grown quickly, but Blockworks Research argues the deployer economics are now showing strain. Felix said it will shut down on 20 June after being outcompeted by TradeXYZ, while Blockworks estimates smaller deployers may need about 4 years on average to recoup $30K-per-ticker auction costs.

HTX, the Justin Sun-owned exchange formerly known as Huobi Global, has reportedly transferred $1.3B in reserve assets to an undisclosed third-party custodian following U.K. sanctions. The move includes 1,719 BTC, 76,515 ETH, 99% of its $238M USDC, and $819M of its $906M USDT, while HTX says it still maintains 1:1 reserves for user assets.

Analyst Benjamin Cowen argues Bitcoin's four-year cycle remains intact, saying the current midterm-year drawdown closely matches past patterns. On-chain observers highlight BTC trading near the 200-week MA Quantile, while CryptoQuant warns price could revisit the realized price around $53.5K as demand weakened sharply. BTC was around $63K at the time of writing after retesting its February low last week.

Coinbase CEO Brian Armstrong said the recent CFTC approval for U.S. crypto perpetual futures could link U.S. and overseas markets, creating pooled liquidity and stronger network effects. He also claimed U.S. users make up a major share of global perp activity, with VPN access to non-KYC venues contributing to volume that reached $7 trillion last year. Data cited in the report showed offshore exchanges still lead, while Coinbase and Hyperliquid posted $10B and $11B in perp volume, respectively.

Binance says tokenized stocks and ETFs are increasingly being traded via crypto platforms, with emerging markets accounting for 93% of current volumes. The exchange's research projects that by 2031, crypto exchanges could add US$2T in incremental capital and nearly 300M new users to global equity markets, with a bullish scenario of up to $5 trillion. The report also flags risks, including higher volatility in RWA perpetuals, unequal tokenized stock terms, and government crackdowns that could restrict capital flows.

Ethics provisions tied to the crypto market structure bill known as the CLARITY Act have hit a "rocky" phase as Senate lawmakers debate how the rules should be enforced. Separately, over 60 crypto firms on June 9 urged the Senate to protect developers' rights, while industry voices argued that regulatory uncertainty can be more expensive than regulation itself.

Sahara AI said it did not cause the sharp selloff in SAHARA and stated that no team tokens were sold. The project explained that a 600 million SAHARA transfer was a pre-scheduled Chainlink CCIP bridge liquidity fill, with another 150 million SAHARA planned for deposit. SAHARA fell 65% in a day before paring losses to 45% at the time of writing, with traders watching $0.02 as a key level.

A House Ways and Means Committee hearing scheduled for June 9 will take up seven draft crypto tax bills covering stablecoin transactions, crypto lending, and charity-related wash sales. The package also includes proposals on mining and staking taxation and a voluntary disclosure program for taxpayers with past crypto-reporting problems. With the congressional calendar crowded ahead of the November midterms, it remains uncertain how quickly any relief could be enacted.