[News Brief] Apr 22, morning | Sen. Tim Scott Expected to Reject More Than 10 Amendments to Crypto Bill

Sen. Tim Scott Expected to Reject More Than 10 Amendments to Crypto Bill

According to PANews, citing Cointelegraph and Politico, U.S. Sen. Tim Scott is expected to reject more than 10 proposed amendments to a cryptocurrency-related bill, reportedly due to drafting errors and other issues.

This decision may widen differences between Republicans and Democrats as the bill moves through the legislative review process.

Bipartisan Senate Negotiations on CLARITY Bill Break Down

Bipartisan negotiations in the U.S. Senate over the CLARITY bill failed to reach an agreement due to disagreements over the BRCA provision. Some Democratic senators have raised concerns about ethics and conflict-of-interest provisions related to the president’s family, as well as protections for non-custodial software developers.

Odaily reported that crypto journalist Eleanor Terrett, citing sources, said a small bipartisan group of U.S. senators discussed the CLARITY bill the previous night but failed to reach a final agreement.

Sen. Cynthia Lummis said that agreement had been reached on 99% of the bill and expressed hope that Democrats would continue working to resolve the remaining issues after committee review. She warned that if another FTX-like collapse occurs, lawmakers would have difficulty avoiding responsibility.

According to the report, Democratic Sens. Adam Schiff and Ruben Gallego had been seeking a compromise on ethics standards and conflict-of-interest provisions relating to the president’s family before the committee review.

Some Democratic lawmakers also voiced concerns over the Blockchain Regulatory Certainty Act (BRCA) provision. The clause would prohibit the prosecution of non-custodial software developers under money transmission laws.

A source said both sides had made considerable progress on ethics and conflict-of-interest issues, but negotiations ultimately collapsed over differences regarding amendments to the BRCA.

Senate Banking Committee to Review CLARITY Bill Tonight

Odaily reported that the U.S. Senate Banking Committee is scheduled to review the CLARITY bill, a crypto market structure bill, at 11:30 p.m. Korea time on May 14.

If the bill clears the committee, it will move to a full Senate vote. The latest amendment includes provisions designed to provide clearer legal protections and a more supportive development environment for DeFi protocol developers in the United States.

U.S. Spot Bitcoin ETFs See $635 Million in Daily Net Outflows

PANews, citing SoSoValue data, reported that U.S. spot Bitcoin ETFs recorded total net outflows of $635 million on May 13 (U.S. Eastern Time).

By product, BlackRock’s IBIT saw the largest net outflow at $285 million. IBIT’s cumulative net inflows stand at $65.773 billion.

It was followed by Ark Invest and 21Shares’ ARKB, which posted net outflows of $177 million. ARKB’s cumulative net inflows total $1.451 billion.

Total net assets of spot Bitcoin ETFs stand at $105.01 billion, equivalent to 6.58% of Bitcoin’s total market capitalization. Cumulative net inflows were recorded at $58.499 billion.

Bank of England to Scale Back Stablecoin Regulation Plan

Watcher.Guru reported that the Bank of England plans to scale back its strict stablecoin regulation proposals following pushback from the crypto industry.

The adjustment appears to reflect concerns that tougher rules on stablecoin issuance and operations could place a heavy burden on the industry.

Charles Schwab Launches Direct Bitcoin and Ethereum Trading for U.S. Retail Clients

Odaily reported that U.S. financial services firm Charles Schwab has begun rolling out “Schwab Crypto” for eligible U.S. retail clients.

The service supports direct trading of Bitcoin and Ethereum. Users can view and manage their crypto assets through their existing Schwab accounts.

Custody is handled by Charles Schwab Premier Bank, while Paxos provides sub-custody and trade execution services.

The trading fee is 0.75% of the transaction amount. External wallet deposits and withdrawals are not currently supported, and residents of New York and Louisiana are not eligible to use the service.

Charles Schwab oversees approximately $12 trillion in client assets. Its clients are reportedly estimated to hold about 20% of assets in U.S. spot crypto ETFs.

Société Générale Deploys Euro and Dollar Stablecoins on Canton Network

According to Cointelegraph, Société Générale, through its subsidiary SG-Forge, has deployed its euro stablecoin EURCV and dollar stablecoin USDCV on the Canton Network.

Société Générale plans to use the stablecoins for tokenized collateral, share buyback financing, and institutional settlement. It is also participating in the Canton Network as a strategic partner and validator.

SG-Forge previously launched EURCV in 2023 and USDCV in 2025. Their current market capitalizations are approximately $97 million and $20 million, respectively.

TON Expansion Project TAC Loses $2.8 Million in External Attack

TAC, a TON network expansion project, said the TON side of its cross-chain layer was hit by an external attack, resulting in losses of about $2.8 million.

The attack affected USDT, BLUM, and tsTON tokens. However, TAC said TAC tokens and ERC-20 tokens bridged from TON and Ethereum were not impacted.

The cross-chain bridge has currently been suspended. TAC said it will publish a detailed analysis report within 48 hours and work with law enforcement authorities to track the stolen funds.

The project added that it plans to sell foundation-held TAC tokens through lawful means to fully compensate users and restore bridge liquidity.

BNB Chain Launches On-Chain Agent Identity and Payments Framework

BNB Chain has launched an on-chain agent identity and payments framework based on the ERC-8004 standard, PANews reported on May 14, citing The Defiant.

The framework is designed to help autonomous agents establish decentralized identities and handle peer-to-peer payments, task delegation, and reputation tracking on-chain.

BNB Chain said it has integrated smart contract execution, natural language-based on-chain data queries, the NodeReal MegaNode API, and meme token management functionality based on Four.meme. The company expects the framework to broaden the use of agents in DeFi and asset management.

Fidelity International Launches First Tokenized Fund FILQ

Fidelity International has launched its first tokenized fund, the Fidelity USD Digital Liquidity Fund (FILQ), and received Moody’s top money market fund rating of AAA-mf, Odaily reported.

FILQ is an on-chain implementation of Fidelity’s existing institutional U.S. dollar liquidity fund and was designed with reference to the firm’s roughly $7 billion low-volatility NAV fund strategy.

SigNum provides the tokenization infrastructure, while Chainlink oracles bring on-chain the daily official NAV data provided by JPMorgan. Investors can subscribe to and redeem the fund 24/7 using stablecoins.