New Clarity Act Draft Expected Next Week as Wyden Defends Developer Safe Harbor

Senator Wyden backed the developer safe harbor provision in the CLARITY Act, while a new merged draft of the market structure bill may drop as soon as next week. Separately, the EU plans to revise MiCA in 2027 to cover foreign stablecoin issuers, and the OCC granted conditional approval to Sony Bank for a stablecoin trust. On-chain, over $7.2 billion in assets have migrated from LayerZero to Chainlink CCIP, and Robinhood's new L2 briefly topped DEX volumes. Fed NY President Williams said he is less worried about stablecoin risks.

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New Clarity Act draft may drop next week; Wyden backs safe harbor Senators are finalizing a merged version of the Digital Asset Market Clarity Act, with a draft expected as soon as next week. Senator Wyden sent a letter urging preservation of Section 604, which protects non-custodial developers from money-transmitter prosecution. 1 2

EU to revise MiCA in 2027 to cover foreign stablecoin issuers The European Union plans to amend its Markets in Crypto-Assets regulation to include non-EU stablecoin issuers, addressing a gap in cross-border oversight. The revision is scheduled for 2027. 3

OCC clears Sony Bank to open stablecoin trust with $40M capital Sony Bank received conditional OCC approval for Connectia Trust, a national trust bank to issue a USD stablecoin. The subsidiary plans to launch in 2027 with Bastion Platforms handling infrastructure. 4

Over $7.2B migrates from LayerZero to Chainlink CCIP as Mantle joins Mantle is moving its $2.5 billion Super Portal from LayerZero to Chainlink CCIP, joining a wave of migrations after the Kelp exploit. Total migrated assets now exceed $7.2 billion. 5

Robinhood Chain tops DEX volume with memecoin-fueled surge Robinhood's new Ethereum L2 recorded $560-570M in daily DEX volume, surpassing Hyperliquid, driven by the Cash Cat memecoin. The chain reached 200K daily active addresses in its first week. 6

Fed's Williams says stablecoin risks have diminished New York Fed President John Williams said he is less worried about stablecoin risks, citing the GENIUS Act regulatory framework. However, Governor Barr continues to raise concerns about liquidity and run risk. 7