[News Brief] Jun 8, morning | Over 200 crypto companies and organizations, including Coinbase and Ripple, urge the U.S. Senate to swiftly pass the CLARITY Act

More than 200 cryptocurrency companies and organizations, including Coinbase and Ripple, urged U.S. Senate leadership to quickly bring the Digital Asset Market Clarity Act (the CLARITY Act) to a floor vote.

According to Odaily, Stand With Crypto, together with the Blockchain Association, the Crypto Council for Innovation, and the Digital Chamber, submitted a joint letter to Senate Majority Leader John Thune and Minority Leader Chuck Schumer.

The letter was signed by more than 200 crypto companies, industry groups, and community organizations, including Coinbase, Ripple, Kraken, a16z, Circle, and Binance.US. They said the CLARITY Act would establish a comprehensive federal regulatory framework for the digital asset market and clarify the roles of regulators and registration procedures.

The signatories argued that the bill would protect innovation by software developers and help encourage digital asset businesses to return to the United States, supporting innovation, jobs, investment, and market activity domestically.

Previously, the CLARITY Act passed committee review in the Senate Banking Committee last month with bipartisan support. Senator Cynthia Lummis later said the bill would move to the next stage for consideration on the Senate floor.

However, controversy surrounding potential conflicts of interest between President Trump’s family and the crypto industry is being cited as a key variable in the bill’s progress.

Odaily, citing Fortune, reported that Visa and Mastercard are discussing forming a stablecoin alliance and launching a stablecoin platform with Stripe and Coinbase.

If the plan materializes, it could affect the stablecoin market worth more than $300 billion, currently led by USDT and USDC. Adoption in retail payments could accelerate based on the merchant networks of Visa, Mastercard, and Stripe.

Participating companies could secure new revenue sources such as interest on reserves. However, discussions remain at an early stage, and no official agreement has been reached.

According to Odaily, the UK’s Financial Conduct Authority (FCA) has proposed allowing authorized investment funds to allocate up to 10% to crypto exchange-traded notes (ETNs).

The proposal was included in the FCA’s 52nd quarterly consultation paper. It would apply to UCITS funds and most non-UCITS retail funds, with the comment deadline set for July 13.

The FCA said the measure is intended to reduce the regulatory gap under which retail investors can invest directly in crypto ETNs while authorized funds have effectively been restricted. Previously, the FCA lifted its ban on crypto ETNs for retail investors in August 2025.

The FCA said that if the 10% limit is exceeded, a fund could be reclassified as a restricted mass market investment, which could affect its retail fund status. Funds aimed at professional and qualified investors would not be subject to the cap.

The UK Investment Association supported the proposal, saying crypto exposure through regulated listed products can be risk-managed. However, the FCA said direct crypto holdings by authorized funds are not currently under review.

According to Odaily, Syscoin said on X that a security incident occurred on its cross-chain bridge, involving approximately 5 billion SYS.

The attacker is believed to have exploited a verification issue in the bridge process to generate unauthorized SYS outputs on the UTXO side.

Syscoin has currently suspended the bridge and asked exchanges and partners to blacklist, freeze, or monitor SYS deposits linked to contaminated UTXO paths and subsequent spending.

Syscoin said it has identified the affected verification path and prepared a fix, while urging users not to use related functions during the bridge suspension period.

According to Odaily, Onchain Lens said BlackRock-linked addresses transferred 3,300 BTC and 15,095 ETH to Coinbase.

The total value of the transfers was about $234.4 million. Of this, 3,300 BTC was worth about $209.22 million, while 15,095 ETH was valued at about $25.17 million.

Onchain Lens added that BlackRock-linked addresses may move additional assets to Coinbase in the future.

According to Odaily, Ethereum treasury firm Bitmine Immersion Technologies said it purchased an additional 126,971 ETH last week.

Bitmine’s crypto holdings include 5,543,872 ETH, 204 BTC, an $88 million stake in Ape Co Holdings, and a $180 million stake in Beast Industries.

The company has staked a total of 4,718,677 ETH, worth about $7.7 billion at an ETH price of $1,630.

Fnnews, citing Whale Alert monitoring, reported that at 16:20 on June 8, the USDC Treasury minted an additional 250 million USDC on the Solana blockchain.

USDC is a dollar-pegged stablecoin used for on-chain transactions and liquidity provision.

According to Odaily, Gate data showed that Brent crude rose 3.00% intraday to $94.79 per barrel.

A sharp rise in international oil prices could increase inflationary pressure, making it an important macro variable for risk assets such as cryptocurrencies.

According to Watcher.Guru, Iran claimed it had completely closed the Bab el-Mandeb Strait following Israeli airstrikes.

The strait is a major maritime chokepoint through which about 12% of global trade passes.

The Bab el-Mandeb Strait is a strategic route connecting the Red Sea and the Gulf of Aden. Escalating tensions in the Middle East could affect oil prices, logistics costs, and risk sentiment in financial markets.

According to Odaily, BTC rose above $63,000 on OKX.

BTC was trading at $63,029.9, with a 24-hour gain of 3.96%.