Derek Chiang: Ethereum and Base Account Abstraction Standard Collaboration Breaks, Both Parties Will Advance Independently

Wyoming has decided to migrate FRNT stablecoin from LayerZero to Chainlink CCIP after a security review found a significant operational security failure mode in LayerZero.

[Main password: Main force or intention to suppress, put sell orders at key positions above BTC] Large orders emerge across platforms, stirring market tension as the intent behind these fund moves remains uncertain...

Miles Jennings, the head of policy and regulation at a16zcrypto, stated that the US Senate should push for the passage of the CLARITY Act for the Digital Asset Market. The bill requires digital asset brokers, traders, and exchanges to implement customer asset segregation, qualified custody, information disclosure, and insider trading restrictions, and clarifies the regulatory boundaries between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Miles Jennings warns that the current supply of stablecoins has exceeded $300 billion, and the market value of tokenized assets has exceeded $30 billion. If the Senate does not take action, the impact of the next market crash may be greater than that of the FTX incident.

**[New York Attorney General and 17 States Oppose the Clarity Act]** New York Attorney General Letitia James, along with attorneys general from 17 states and the District of Columbia, sent a letter to the U.S. Senate opposing the Clarity Act. They argue that the bill undermines states' authority to combat cryptocurrency fraud and grants unilateral power to the SEC. FBI data shows that cryptocurrency-related complaints are projected to result in losses of $11.4 billion by 2025, while New York State alone reported nearly $5 billion in crypto scam losses over the past five years. The attorneys general urge Congress to amend the bill to preserve states' enforcement and registration regulatory authority over crypto assets. (Source: New York Attorney General's Office)

The market has now fully priced in that the European Central Bank will raise interest rates by 25 basis points four times before the end of 2027.