#947 - CLARITY Act Clears Senate Banking
Senate Banking advances the CLARITY Act 15-9, Lido plans a 98% validator consolidation, and KelpDAO resumes rsETH withdrawals.
Senate Banking passes CLARITY Act.
Lido plans validator consolidation.
Coinbase treasury deployer for Hyperliquid.
KelpDAO resumes rsETH withdrawals.
The U.S. Senate Banking Committee passed the CLARITY Act to the Senate floor on May 14th with a 15-9 bipartisan vote, including two Democratic yes votes. Led by SBC Chairman Tim Scott, the bill draws a clear line between digital asset securities and commodities, establishes clear transaction rules, and ends the regulation-by-enforcement approach that has stifled crypto innovation.
Lido Finance completed its first validator consolidation on the Hoodi testnet, kicking off a wave of testing ahead of a planned mainnet rollout in August 2026. The protocol aims to consolidate all curated validators from roughly 240,000 0x01 validators down to approximately 3,750 0x02 validators, a reduction of over 98%. The shift is made possible by MaxEB, introduced in Ethereum's Pectra upgrade, which raised the maximum effective balance per validator from 32 ETH to 2,048 ETH.
Coinbase is becoming the official treasury deployer of USDC on Hyperliquid, managing USDC reserves and sharing yield with the Hyperliquid ecosystem. Circle will handle the technical side, using CCTP to facilitate cross-chain transfers. USDC will effectively replace USDH as the de facto settlement currency and official quote asset on Hyperliquid, where USDC balances already sit at roughly $5 billion. Coinbase has also increased its staked HYPE position as part of the transition.
KelpDAO unpaused rsETH withdrawals, bridging, and claims as part of a coordinated restart following recovery from the April 18th LayerZero bridge exploit. Exchange rates will be updated around 4:30 pm CET on May 15th, with accrued staking rewards during the pause reflected at that point. rsETH is now fully backed thanks to funds raised from DeFi United. Aave simultaneously unpaused rsETH across its Ethereum Core, Arbitrum, Base, Linea, and Mantle markets.
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Disclaimer: Content is for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. No representations or warranties are made as to accuracy, completeness, or timeliness. Use of this content is at your own risk, and you should consult a qualified professional before making decisions. No fiduciary or advisory relationship is created
Lido Plans Validator Consolidation from 240,000 to 3,750
Lido completed its first validator consolidation on the Hoodi testnet, targeting a 98% reduction from 240,000 to 3,750 validators.
Lido Finance completed its first validator consolidation on the Hoodi testnet, kicking off a wave of testing ahead of a planned mainnet rollout in August 2026. The protocol aims to consolidate all curated validators from roughly 240,000 0x01 validators down to approximately 3,750 0x02 validators, a reduction of over 98%.
The shift is made possible by MaxEB, introduced in Ethereum's Pectra upgrade, which raised the maximum effective balance per validator from 32 ETH to 2,048 ETH. Consolidation reduces operational overhead significantly, cutting redundant beacon node instances, P2P messaging, and BLS signature aggregation workloads. Fewer active validator indices also enable faster attestation aggregation, improving finality times.
Disclaimer: Content is for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. No representations or warranties are made as to accuracy, completeness, or timeliness. Use of this content is at your own risk, and you should consult a qualified professional before making decisions. No fiduciary or advisory relationship is created
Coinbase Becomes USDC Treasury Deployer For Hyperliquid
Coinbase takes over as the official treasury deployer of USDC on Hyperliquid, with Circle handling cross-chain transfers via CCTP and USDC replacing USDH as the quote asset.
Coinbase is becoming the official treasury deployer of USDC on Hyperliquid, managing USDC reserves and sharing yield with the Hyperliquid ecosystem. Circle will handle the technical side, using CCTP to facilitate cross-chain transfers of USDC. USDC will effectively replace USDH as the de facto settlement currency and official quote asset on Hyperliquid, where USDC balances already sit at roughly $5 billion.
USDH markets will remain functional but sunset over time, with feeless conversions to USDC and fiat redemptions available during the wind-down. Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. Coinbase has also increased its staked HYPE position as part of the transition, deepening its alignment with the Hyperliquid network as USDC consolidates its role across onchain capital markets.
Disclaimer: Content is for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. No representations or warranties are made as to accuracy, completeness, or timeliness. Use of this content is at your own risk, and you should consult a qualified professional before making decisions. No fiduciary or advisory relationship is created