[News Brief] Apr 22, morning | U.S. Senate Banking Committee Expected to Begin Markup of Bitcoin and Digital Asset Market Structure Bill

The U.S. Senate Banking Committee is expected to begin the markup process for a Bitcoin and digital asset market structure bill as early as the 8th, according to Bitcoin Magazine on the 7th (local time), citing reporting by Eleanor Terrett.

According to the report, a vote on the bill could take place next week, and sentiment among lawmakers so far is said to be broadly positive.

Markup is a legislative procedure in which a standing committee reviews and revises the wording of a bill before voting on it. If this process begins, debate in the U.S. Congress over digital asset market structure regulation could enter a more substantive phase.

U.S. spot Bitcoin ETFs recently ended a five-session streak of net inflows and turned to net outflows.

Odaily, citing SoSoValue data, reported that U.S. spot Bitcoin ETFs saw total net outflows of $277 million on May 7, U.S. Eastern Time.

The ETF with the largest single-product net outflow was Fidelity's FBTC, which recorded $129 million in outflows in one day. FBTC's cumulative net inflows stand at $11.232 billion.

Meanwhile, Morgan Stanley's MSBT recorded the largest daily net inflow at $7.3461 million. Grayscale Bitcoin Mini Trust BTC also posted net inflows of $5.6709 million.

Total net assets of spot Bitcoin ETFs were tallied at $106.766 billion, representing 6.67% of Bitcoin's total market capitalization. Cumulative net inflows reached $59.486 billion.

According to Odaily, citing SoSoValue data, U.S. spot Ethereum ETFs recorded total net outflows of $104 million on May 7, U.S. Eastern Time. None of the 10 ETFs tracked posted net inflows.

The product with the largest outflow that day was Fidelity's FETH, which saw $62.2625 million leave the fund. FETH's cumulative net inflows stand at $2.257 billion.

BlackRock's ETHA recorded net outflows of $26.3107 million. In the original source, ETHA's cumulative net inflows were stated as $9,160.

As of the time of writing, total net assets of spot Ethereum ETFs stood at $13.595 billion, equal to 4.94% of Ethereum's total market capitalization. Cumulative net inflows were tallied at $12.083 billion.

According to PANews, a HarrisX poll found that 52% of registered U.S. voters support the CLARITY Act. Only 11% said they oppose it.

Some 47% of respondents said that even if the party they support does not back the bill, they would still be willing to vote for a candidate from the opposing party if that candidate supports it. Among crypto users, that figure rose to 72%.

Support by party affiliation was measured at 55% among Democrats, 58% among Republicans, and 42% among independents. Coinbase CEO Brian Armstrong said passage of the bill would benefit both parties, while Robinhood CEO Vlad Tenev said momentum for the legislation is already in place.

The CLARITY Act is intended to clarify regulatory jurisdiction and market structure for digital assets in the United States. Kara Calvert, Coinbase's vice president of U.S. policy, said the Senate Banking Committee could review the bill as early as next week, and that at least 60 votes would be needed for Senate passage.

Germany is reportedly considering abolishing its tax exemption for gains on digital assets such as Bitcoin held for more than one year starting in 2027, according to Odaily.

At present, Germany grants capital gains tax exemptions to long-term digital asset holders who meet certain requirements. If the proposed change is implemented, it could increase the tax burden on long-term investors.

South Korea's National Assembly has passed an amendment to the Foreign Exchange Transactions Act, bringing overseas transfers involving digital assets under the country's foreign exchange management framework.

According to Odaily, the amendment requires companies handling transfers such as the buying, selling, and exchange of digital assets between South Korea and overseas to register with the Ministry of Economy and Finance. Exchanges and custodians are also included among the entities subject to registration.

The amendment is intended to place overseas transactions using digital assets, including stablecoins, under the supervision of foreign exchange authorities. The need to strengthen the related management framework had been raised earlier as cross-border fund movements through digital assets expanded.

Penalties for violating foreign exchange transaction procedures for the purpose of unlawful gain have also been strengthened, from a maximum fine of 50 million won to up to one year in prison or a fine of up to 100 million won.

According to Odaily, U.S. seasonally adjusted nonfarm payrolls rose by 115,000 in April.

This was above the market expectation of 62,000. Although the pace of job growth slowed, the stronger-than-expected figure suggested that the U.S. labor market is not weakening abruptly.

U.S. one-year inflation expectations for May came in at a preliminary 4.5%, below the market forecast of 4.8% and the previous month's 4.70%, according to Odaily.

During the same period, the preliminary University of Michigan consumer sentiment index came in at 48.2, below both the forecast of 49.5 and the previous month's 49.8. Cooling inflation expectations may be seen as supportive for risk assets, but weakening consumer sentiment could heighten concerns about an economic slowdown.

Federal Reserve Board Governor Miran said he still favors an early rate cut.

The source was Odaily. Expectations for rate cuts can affect liquidity conditions and risk asset sentiment, so markets are closely watching such remarks.

Odaily, citing Onchain Lens monitoring, reported that BlackRock deposited 1,224 BTC ($98.16 million) and 11,475 ETH ($26.27 million) to Coinbase.

Onchain Lens said BlackRock may continue making additional deposits. While deposits to exchanges are often interpreted as a possible sign of selling, the specific purpose of this transfer has not been confirmed.