Trump Poised to Sign Crypto Clarity Act
Former President Donald Trump is poised to sign the Crypto Clarity Act. This legislative action could inject significant capital into the crypto market, with more than 90% of this inflow potentially directed towards real utility projects within the ecosystem.
Coinbase Warns: Big Banks Lobby to Kill Crypto Clarity
Coinbase warns major banks are actively lobbying to obstruct regulatory clarity for Bitcoin ($BTC) and the broader crypto market. These efforts, Coinbase asserts, aim to prevent wider crypto adoption and preserve traditional finance's dominance. The exchange attributes these actions to big bank lobbyists, claiming their objective is to "kill" clarity to maintain control.
KelpDAO Migrates to Chainlink After LayerZero Exploit
KelpDAO migrated its $rsETH cross-chain infrastructure from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP). The DAO cited the April 18 $rsETH bridge exploit, attributing DeFi losses directly to LayerZero's infrastructure. KelpDAO stated the exploit was an infrastructure failure, not user misconfiguration, noting this specific 1-of-1 verifier configuration was used by 47% of applications and approved by LayerZero employees. The move to Chainlink CCIP aims to enhance $rsETH's security and integrity, prioritizing institutional-grade safety.
Following this, $LINK saw a 3.6% 24-hour price increase. LayerZero CEO Bryan Pellegrino publicly disputed KelpDAO's accusations, indicating external security firms are preparing a postmortem report. Nearly 90% of the exploit's immediate damage was recovered through community-led efforts, including Aave. On April 21, Arbitrum froze 30,766 $ETH linked to the attacker.
Drift Exchange Outlines Repayment Plan After Hack
Drift Protocol, a decentralized exchange on Solana, released details of its repayment plan for users affected by an exploit linked to DPRK-affiliated entities. Under the compensation framework, affected users with verified losses will receive transferable SPL recovery tokens, each representing $1 of loss. The protocol plans to seed the recovery pool with $3.8 million from its remaining assets. A social media post detailing the plan registered a sentiment score of -19.