The encryption concept unit observed on a daily basis: the final draft of the CLARITY Act 309 page was made public, and tomorrow's markup will remodel the valuation hub of the Circle and the Stabilization Currency Drive

1. Core provisions of draft page 309: Currency stabilization, DeFi and regulatory borders

The final draft of CLARITY Act, published by the Senate Banking Commission on 12 May, adds 31 pages to the January 278 page. The core revisions include the following: the Tilis-Alsobrooks framework for a currency-stabilization compromise has been officially written - a ban on interest on passive holding of stable currency balances to pay interest on deposits, while retaining incentive space linked to "bona side events"; new standards for network security and compliance for the centralization of interaction with the DeFi agreement; and the explicit protection of open source software developers and point-to-point transactions, resolving the vague language in the earlier draft that might include individual developers in the supervisory responsibility. Coinbase Global, Inc. (NASDAQ: $COIN) and Circle both publicly supported the compromise framework by adding a joint endorsement of over 100 encrypted companies - This is the most direct political support the industry can provide for the smooth advancement of the markup in its final phase。

 

2. Differing impact of the three markup results on Circle

Polymarket is currently pricing the probability of the CIA Act in 202662 per centNearly 80 per cent of the reduction in the currency-stabilization compromise reached in early May reflected in part the uncertainty of banking last-minute pressure; the Commission constituted 13 Republicans against 11 Democrats, all 13 Republican votes being necessary to move forward; and the key swing vote was Senator John Kennedy (Louisiana), whose position was not related to encryption policy and was the largest procedural variable at present. For Circle, three results correspond to three valuation paths: IfClean pass(Bank amendments rejected, no change in the framework of the bill), USDC activity incentive clause secured legal anchor, $CRCL valuation converted from "regulated uncertainty" to "compliance premium", superseding the 3 billion ARC Token valuation eco-extension narrative, with the largest recast spaceAdopted with amendments(Approval of amendments to the banking industry ' s incentive to narrow down) The USDC incentive split model in Circle is compressed, but the legal framework is still in place and the discount margin is limited; ifmarkup pushed down or postponedSenator Lummis and Moreno warned that this would delay the next possible legislative window until 2030, and that the structural discount of $CRCL would continue throughout the year。

 

3. Citi analyser cited by media: BTC $143,000 target directly linked to CLARITY Act

According to Disruption Banking, Citi Analyst researched Citicorp's Bitcoin 2026$143,000The base scenario target price is linked directly to CLARITY Act, which is expected to trigger additional costs after the bill is passed Approximately$15 billionBitcoin spot ETF net inflows - The logic of this projection is that CLAARTY Act establishes the federal legal status of the BTC as a digital commodity, which has enabled the previously encrypted pension funds, insurance companies, etc., to be set aside for legal uncertainty, to obtain clear compliance with the inclusion of Bitcoin ETF in the portfolio. This chain of transmission is equally valid for the encryption concept blocks: the systematic inflow of institutional funds will synchronize the scale of $IBIT management, the revenues of Coinbase hosting and the use of Circle USDC in the corporate clearing house, creating a positive feedback chain for regulatory clarity and improvement in the flow of funds to the basics. The results of tomorrow's markup will determine directly whether this transfer chain can be activated in 2026。

 

Tomorrow is the highest density of the encrypted legislative track this year. Points

Tomorrow (14 May) at 10:30 ET, the Senate Banking Commission (SBC) markup will be officially launched, and the public will be able to view it in real time with C-SPAN via its network of officials. In view of the urgency of the time, if the bill fails to pass the committee before the 21st May Memorial Day, the whole process will be substantially reset and the legislative window in 2026 will be significantly narrowed; the White House goal of 4 July will need to be adopted tomorrow, followed by a full Senate vote in June to complete coordination between the two chambers — a schedule that is extremely tight but technically feasible. For investors in the warehouse encryption concept, tomorrow is not a suggested window — the markup process may last for hours — and the results of the substantive amendments are highly uncertain. The more reasonable frame is to use the markup result as a directional input for the Q2 slot adjustment rather than a single-day trading signal. The Q1 USDC chain trade volume + 263%, ARC Token $222 million presold, the legislative node, the fundamentals and policy expectations of a two-wheel drive are in place, and tomorrow's markup results will determine whether the two wheels can rotate simultaneously。

 

Data source:https://bbx.com/THE ENCRYPTION CONCEPTS INFORMATION BASE IS BASED ON YESTERDAY'S GLOBAL LISTED CORPORATE BULLETIN AND THE SEC/TSE DISCLOSURE DOCUMENT。