The gap between what CT was talking about last week and what happened has been wider. Here’s what you may have missed from last week in crypto 👇 🗞 The CLARITY Act actually moved After 100+ proposed amendments and months of stalling, the Senate Banking Committee passed the Digital Asset Market Clarity Act 15-9 on May 14. The bill splits SEC/CFTC oversight of digital assets and writes crypto commodity classifications into federal statute. What’s still needed: → 60 votes on the Senate floor → 4 vacant CFTC seats need to be filled before implementation → Ethics provision still unresolved: Democrats won’t vote without it, White House won’t accept anything targeting Trump specifically Citi tied their $143K BTC base case directly to this bill passing. @Polymarket assigns it 67%. ───────────────────── 🗞 Bitcoin ETFs lost $868M in a week Hotter-than-expected CPI. Rising oil. US-Iran tensions. Institutional investors pulled over $868M from Bitcoin spot ETFs across the week. The irony: the most bullish regulatory week for US crypto in years, and institutions were selling. 🗞 Three crypto IPOs quietly died @Consensys pushed its IPO to fall. @Ledger paused its US listing entirely @Payward (Kraken) shifted its target from 2026 to 2027 after cutting 150 staff citing AI efficiencies. Three of the most anticipated public offerings in crypto, shelved in the same week. The market that was supposed to welcome them never showed up. ───────────────────── 🗞 @JPMorgan filed a tokenized fund Quietly, on May 13, JPMorgan filed to launch a new tokenized fund: the same week BlackRock’s tokenized treasury product crossed new milestones. Wall Street stopped asking whether to tokenize assets. It’s now competing on who gets there first. ───────────────────── 🗞 Grayscale filed the first privacy coin ETF First application for a privacy coin spot ETF has been filed May 12. Zcash ($ZEC) posted 39% on the news. Multicoin Capital disclosed a ZEC position the same day. The ETF conversation just expanded beyond BTC and ETH for the first time. ───────────────────── 🗞 @THORChain confirmed a $10M exploit Cross-chain infrastructure hit again. THORChain confirmed a $10M exploit Saturday. Verus-Ethereum bridge followed Monday with $11.6M drained via forged cross-chain payload. Same attack class as Nomad ($190M) and Wormhole ($325M) from 2022 still happening in 2026. ───────────────────── 🗞 Google and PayPal said it publicly At Consensus Miami, executives from both companies said AI agents cannot open traditional bank accounts and will need crypto payment rails to function at scale. This is no longer a crypto thesis. It’s a product roadmap from two of the largest payment companies on earth. ───────────────────── ✍️ Closing note The CLARITY Act cleared committee the same week three crypto companies quietly shelved their IPOs. Regulatory clarity arrived. The market it was supposed to unlock hadn’t recovered yet. Timing in crypto is everything: and sometimes the most important