passage

CoinList announced the launch of Passage, positioned as the "access layer" for on-chain capital markets, aimed at providing compliant distribution, capital access, allocation, and infrastructure support for tokenized assets.CoinList stated that as tokenized stocks, funds, yield products, and Pre-IPO assets gradually migrate on-chain, the current market still faces fragmentation issues among issuers, chains, and compliance rules, and that "asset tokenization does not equal effective distribution." Passage will connect issuers, platforms, and investors, helping tokenized assets achieve large-scale on-chain circulation.According to reports, Passage is built on CoinList's existing infrastructure. CoinList claims that since 2017, its platform has covered over 160 countries and has completed more than $1.2 billion in asset distribution.

According to The Block, Patrick Witt, the executive director of the White House Digital Asset Advisory Committee, stated at the Consensus conference that the goal is to pass the crypto market structure bill into law before the deadline. He believes the Senate may advance the legislation in June, allowing enough time for the House to pass its version as well.The main obstacle for the bill in the Senate Banking Committee is the handling of stablecoin rewards. The compromise language released last week seems to have resolved this issue, but the banking industry association believes there are still "insufficiencies." Additionally, ethical provisions have become a new focus. New York Senator Kirsten Gillibrand stated that she would not support the bill without ethical provisions. Witt mentioned that discussions with Democrats are progressing well, and the rules will apply equally to new interns in the White House and Capitol Hill, without targeting specific individuals.

Fox Business reporter Eleanor Terrett posted on the X platform that U.S. Senators Thom Tillis and Angela Alsobrooks issued a joint statement regarding the compromise proposal on stablecoin earnings in Section 404 of the CLARITY Act. The statement may indicate that the relevant agreement is close to being finalized.The statement said that the two have discussed concerns from various stakeholders about the banking industry's worries regarding deposit outflows, and the related compromise proposal will prohibit stablecoin rewards similar to bank deposit interest while allowing crypto companies to offer other forms of customer rewards.

According to Jinshi citing CCTV news reports, sources from the United States indicate that based on ship tracking data, as of the afternoon of the 19th British time, no vessel passage records were observed in the Strait of Hormuz on that day.It is reported that on the 18th, at least 13 oil tankers changed course and turned back while attempting to leave the Persian Gulf, abandoning their plans to continue through the strait.

According to the Senate Banking Committee's official website, next week (April 21) there is only one nomination hearing on the agenda, and there are no scheduled discussions/modifications for the anticipated digital assets or CLARITY Act.Additionally, Politico reports that Senator Thom Tillis will release the final draft this week, which is the last piece needed before the committee holds a markup meeting. The bill still needs to align with the Senate Agriculture Committee, pass the Senate's 60-vote threshold in a full vote (requiring Democratic support), and then coordinate with the House of Representatives.Some analysts point out that if a markup meeting is not scheduled between April 20 and 25, the midterm election politics could completely stifle the bill, as bipartisan cooperation would vanish entirely.

U.S. Senator Lummis stated on social media that the previous administration led to an outflow of the digital asset industry. She emphasized that now is the time to establish clear regulatory rules for the digital asset industry and welcome its return to the U.S., calling for the passage of the Clarity Act.

According to CCTV news reports, Iran stated that the U.S. Navy destroyers "Frank E. Peterson" and "Michael Murphy" attempted to "infiltrate" the Strait of Hormuz the previous day, and indicated that the U.S. warships used the cover of the ceasefire conditions to create false propaganda of "successful passage" and to influence the ongoing U.S.-Iran negotiations.Iran claimed that the two warships attempted to disguise themselves as Omani merchant vessels sailing off the southern coast of Oman, choosing a dangerous route that was very close to the coast and had a shallow draft, hoping to enter the Persian Gulf through "covert" movements and the "negligence" of the Iranian military during the ceasefire. The Iranian Navy ultimately intercepted them at the entrance to the Persian Gulf. The two destroyers were forced to withdraw to the Oman Sea without being able to enter the Strait of Hormuz.

According to Jin Shi reports, an Israeli intelligence official stated that Iran is charging fees to ships allowed to pass through the Strait of Hormuz, which is effectively under the complete control of the Iranian Revolutionary Guard, who decide who can pass and, more importantly, who cannot pass.

According to the Associated Press, a regional official revealed that the two-week ceasefire plan includes allowing Iran and Oman to charge tolls for ships passing through the Strait of Hormuz.

According to Jinshi, citing the Islamic Republic News Agency (IRNA), Iranian Deputy Foreign Minister Gharibabadi stated that Iran is drafting a passage agreement for the Strait of Hormuz with Oman.

Thai Prime Minister Anutin announced today that in response to the crisis caused by rising domestic oil prices due to the situation in the Middle East, the Thai Ministry of Foreign Affairs has been actively communicating with relevant countries. According to the agreement reached with Iran, Thai tankers can safely pass through the Strait of Hormuz.Anutin held a media briefing at the Government House that day to explain the government's measures to address oil price fluctuations. He stated that the government will focus on advancing four areas of work: diplomatic coordination, energy security, commodity price control, and ensuring the livelihood of the people, and called on the public to jointly implement energy-saving measures to respond.Thai Foreign Minister Sihasak stated that Thailand has proposed to hold a special ASEAN Foreign Ministers' meeting to discuss solutions to ease tensions. Thailand currently has stable oil reserves, and the government is actively seeking additional energy sources through diplomatic channels.

According to Iranian media reports, the Iranian Revolutionary Guard stated that the Strait of Hormuz has been closed, and any passage through this waterway will face "severe measures." All vessels "traveling to and from ports of hostile allies and supporters of the U.S. and Israel" are prohibited from passing through any waterways or heading to any destinations.

According to CoinDesk, amidst the impact of the Middle East conflict on global stock markets and commodities, Bitcoin has risen against the trend, reaching a one-month high and helping to revitalize the overall cryptocurrency market. After falling nearly 50% from its historical high in October last year, Bitcoin had once been in the oversold territory.Following the outbreak of this round of key conflicts, traditional assets have significantly declined, while BTC's relatively strong performance has reinforced its temporary "safe-haven narrative." Market analysis suggests that this round of increase is mainly driven by three factors:The return of the "fiat currency depreciation" logic, as the intensifying Middle East conflict exacerbates global fiscal pressures, which may lead to expectations of more easing and deficit expansion, strengthening the "fiat currency depreciation" narrative, prompting some funds to be reallocated to digital assets.There may be expectations for a de-escalation in the Middle East situation. Although there has been no response from the U.S., this news has strengthened market expectations that "the conflict may not spiral out of control for a long time," supporting the recovery of risk asset sentiment.The CLARITY Act is close to being passed, aiming to clarify the legal status of stablecoins, which is beneficial for the cryptocurrency market.

The U.S. President Trump stated that the GENIUS Act, which provides a regulatory framework for stablecoin issuance, is currently being threatened and undermined by the banking industry. He posted on Truth Social that banks are trying to influence the legislative process and urged Congress to expedite the advancement of the crypto market structure bill.Trump stated, "The U.S. must complete market structure legislation as soon as possible. Americans should allow their funds to earn higher returns." He also criticized the banking industry for trying to obstruct the government-driven crypto policy agenda while posting record profits, warning that if the regulatory framework is not clarified soon, the U.S. advantage in the crypto space may shift to countries like China.It is reported that the banking industry has consistently pushed for amendments to the provisions regarding stablecoin yields in the GENIUS Act. Some lobbyists believe that allowing stablecoins to offer yields could attract bank deposits away from the traditional banking system. In response, Trump stated that banks should not attempt to undermine the GENIUS Act, nor should they leverage this to hinder the advancement of the CLARITY Act. He called for the banking industry to reach a reasonable compromise with the crypto industry to align with the overall interests of the American public.

According to CoinDesk, HSBC analysts pointed out that despite Coinbase's withdrawal of support, the legislative process for the U.S. crypto market structure bill will not be stalled.The analysis suggests that although Coinbase CEO Brian Armstrong has stated he "would rather have no bill than accept a bad bill," he may still accept a reasonable compromise. The report emphasizes that legislation is crucial for providing the stability needed for institutional entry. The core of the bill aims to end years of "regulation by enforcement" in the U.S., clarifying the SEC's regulatory authority over securities and the CFTC's authority over commodities, laying a legal foundation for institutional investors such as hedge funds and corporate capital to enter the market on a large scale.Analysts noted that industry leaders like Ripple continue to advocate that "clarity is better than chaos," and significant funding from the Fairshake political action committee is also driving the legislative process. Even if the current draft is not perfect, it may be more favorable than versions that could emerge under different political circumstances in the future. If a comprehensive agreement cannot ultimately be reached, the Senate Agriculture Committee's version may still pass first, thereby enhancing market integrity through CFTC regulation.

According to market news, the legislative process for South Korea's second phase of the "Virtual Asset Act" has been delayed due to disputes over key provisions. The bill aims to comprehensively regulate digital assets, including stablecoins. The main points of contention focus on two aspects: first, the qualification of the issuing entities for Korean won stablecoins, specifically whether it should be led by banks or authorized enterprises; second, whether to relax the business separation restrictions between finance and virtual assets to encourage innovation.In addition, the bill proposes to set a cap of 15% - 20% on the shareholding of major shareholders in exchanges, which critics argue is too restrictive. Due to the legislative delay, discussions related to spot virtual asset ETFs and the advancement of topics such as listed companies engaging in virtual asset transactions have also been put on hold. Currently, negotiations are still ongoing among government agencies, industry participants, and political groups.

Patrick Witt, head of the White House Crypto Council, stated on the X platform that the recently released draft of the U.S. Senate Agriculture Committee's crypto market structure bill is a high-quality bipartisan achievement, with over 80% similarity to the House's CLARITY bill. It has previously received support from a majority of Democratic members of the Agriculture Committee and nearly 40% support within the House Democratic Caucus. He also emphasized that under the regulatory environment of Trump and crypto, crypto market structure legislation is "just a matter of time," and if the current window is missed, there may be a future with stricter and more punitive regulatory frameworks.

According to market news, White House AI and crypto chief David Sacks stated that after the legislative passage of the crypto market structure bill, banks will fully enter the cryptocurrency space.

According to The Block, Patrick Witt, the Executive Director of the U.S. Presidential Advisory Committee on Digital Assets, stated that the market structure bill should be pushed through as soon as possible under the current crypto-friendly atmosphere of the Trump administration. He pointed out that although the draft still has controversies, including restrictions on DeFi privacy, stablecoin yields, and tokenized securities, "compromise is necessary."Previously, Coinbase had withdrawn its support for the bill draft due to related wording. Witt emphasized that rather than waiting for a potentially harsher Democratic version in the future, it is better to seize the current legislative opportunity. The Senate Agriculture Committee will review the bill on January 27.

Galaxy's research director Alex Thorn posted on platform X analyzing the upcoming vote on the cryptocurrency market structure bill by the U.S. Senate Banking Committee. He noted that the current Senate seat distribution is 53 to 47, but typically a bill requires 60 votes to pass, meaning the Republicans still need 7-10 Democratic senators' support for the bill to be approved.Alex Thorn further stated that the cryptocurrency market structure bill is significant, as it involves the classification of DeFi under anti-money laundering rules, the handling of stablecoin reserve earnings, protections for non-custodial developers, and the SEC's authority to authorize or restrict token issuance. If passed, it would become a major bullish catalyst for the adoption of cryptocurrencies. If it fails to advance, although the overall impact on the fundamentals of the crypto industry may be relatively small, it could lead to negative market sentiment.