[News Brief] Apr 22, morning | U.S. Congress to Mark Up Crypto Regulatory Clarification Bill Next Week

U.S. Congress to Mark Up Crypto Regulatory Clarification Bill Next Week

The Bitcoin Historian account reported on the 6th (local time) that a crypto regulatory clarification bill in the U.S. Congress is scheduled to enter the markup process next week.

Citing confirmation from insiders in Washington, D.C., the account said the bill is expected to pass on the basis of bipartisan support. Markup is a key procedure in which a committee reviews and amends the bill’s language before sending it to a vote.

According to the source, this process is effectively the final hurdle before a full vote. If the bill actually clears committee, expectations may grow for reduced regulatory uncertainty in the cryptocurrency market, including Bitcoin.

Gillibrand: Crypto Market Structure Bill Unlikely to Pass Senate Without Ethics Provisions

According to Odaily, U.S. Democratic Senator Kirsten Gillibrand said at the Consensus event that a crypto market structure bill would be unlikely to pass a Senate vote unless it includes ethics provisions.

Sen. Gillibrand said lawmakers, senior government officials, the president, and the vice president should be prohibited from using their positions to obtain personal benefits from the crypto industry. Several Democratic senators are currently raising concerns about President Trump and his family’s ties to crypto.

The bill had previously stalled in the Senate over the treatment of stablecoin rewards, but a compromise was reached. However, ethics provisions have emerged as a new point of contention, and Gillibrand explained that she is working with the White House and lawmakers from both parties to incorporate such language along with consumer protection and anti-terror financing measures.

She added that the bill could pass before the August recess.

Kraken Launches Regulated Crypto Spot Margin Trading for U.S. Retail Investors

Kraken has launched regulated crypto spot margin trading for U.S. retail investors. Users can secure liquidity by using their crypto holdings as collateral and trade with up to 10x leverage without selling their assets.

According to PANews, citing The Block on the 6th, this is the first product introduced after Kraken’s parent company, Payward, secured the relevant licenses through its acquisition of Bitnomial. Kraken said that, until now, U.S. retail investors have had limited access to such trading tools in a regulated environment, causing some demand to shift to offshore unregulated platforms.

Kraken stated that the acquisition has also laid the groundwork to expand in the U.S. beyond regulated spot margin trading into perpetual futures and options. It added that the move is also expected to support Kraken’s IPO plans and the expansion of its institutional and derivatives businesses in the U.K. and Europe.

Governance Proposal to Convert 62.2 Billion WLFI Tokens to Locked Status Passes

According to Odaily, a governance proposal to convert 62,228,252,205 WLFI tokens to locked status passed by an overwhelming margin.

The core of the proposal is to readjust the release schedule for previously locked tokens. Under the approved plan, the related tokens will not enter the market for at least two years.

According to the proposal, up to 45.2 billion WLFI held by the founding team, advisors, and partners will be locked for two years and then gradually released over three years, with up to about 4.5 billion tokens to be burned. About 17 billion WLFI held by early supporters will be locked for two years and then gradually released over two years.

World Liberty Fi had previously conducted a seven-day governance vote on the proposal, with the quorum requirement set at 1 billion WLFI.

Report of Missile Attack on Vessel in Strait of Hormuz

According to Odaily, there was a report that a vessel in the Strait of Hormuz was hit by a missile attack.

The report once again highlights geopolitical tensions in the Middle East. Instability in the Strait of Hormuz, a key route for oil transport, could weigh on global financial markets and risk-asset sentiment.

$920 Million Oil Short Position Detected Before Report of U.S.-Iran Agreement

An analysis found that an unusually large $920 million oil short position was established about 70 minutes before reports emerged that the United States and Iran were nearing an agreement to end the war.

According to Odaily, market analysis outlet The Kobeissi Letter said that roughly 10,000 oil futures short contracts were opened all at once about 70 minutes before Axios reported that the U.S. and Iran were close to a “14-point” agreement to end the war.

The position was established at 3:40 a.m. Eastern Time on the 6th, at a time when there was no major news, and its notional value was estimated at about $920 million. Axios then reported the development at 4:50 a.m., and oil prices fell more than 12% by 7:00 a.m.

The Kobeissi Letter estimated that the short position may have generated mark-to-market gains of about $125 million.

The trade is drawing market attention because of its unusually large size during what is typically a low-liquidity trading window.

U.S. Petroleum Product Exports Surge

According to Bloomberg, U.S. petroleum product exports rose to 8.2 million barrels per day last week. The increase reflects demand from countries seeking to replace fuel supplies disrupted by tensions around the Strait of Hormuz.

The surge in exports points to an ongoing reshaping of the global energy supply chain. As geopolitical risk from the Middle East rises, volatility in crude oil and fuel prices could increase, becoming a macro factor for major digital asset markets such as Bitcoin and Ethereum.

1,469 BTC Transferred to Binance

According to Whale Alert, 1,469 BTC was transferred from an anonymous wallet to Binance. The transfer was worth about $119.58 million.

The source reported the movement via X on the 6th (local time). Inflows to exchanges are generally interpreted as potential sell-side supply and may be seen as a short-term headwind for Bitcoin’s supply-demand dynamics.

1,051 BTC Transferred to Binance

A whale wallet moved 1,051 BTC to Binance. Based on on-chain data, the transfer was worth about $85.53 million.

According to Whale Alert, the funds were transferred from an anonymous wallet to a Binance wallet. Large exchange deposits are generally interpreted as possible sell-ready supply, though it has not been confirmed whether the transfer led to an actual sale.

703 BTC Transferred to Coinbase

According to Whale Alert, 703 BTC was moved from an unidentified wallet to Coinbase. The transfer was worth about $57.51 million.

Large Bitcoin inflows to exchanges are commonly interpreted as signaling potential selling pressure and a short-term supply overhang. However, an on-chain transfer alone does not confirm that a sale has taken place.