• EF Protocol gets new leadership.

• CLARITY Act draft release.

• Aave Labs amends Arbitrum AIP.

• Octant deploys $1m to vaults.

The Ethereum Foundation named Will Corcoran, Kev Wedderburn, and Fredrik as the new leads of its Protocol cluster as Tim Beiko and Barnabé Monnot step down from their roles. The new team takes over the coordination of Glamsterdam, Hegotá, and the protocol strawmap. Beiko and Monnot announced their transitions on X. Read more

The Senate Banking Committee released its CLARITY Act discussion draft ahead of a Thursday markup. The nine-title bill splits SEC and CFTC jurisdiction over digital assets, introduces a Regulation Crypto framework for ancillary assets, and bans deposit-like interest payments on stablecoins. The draft also defines decentralization tests for protocols seeking exemption and sets disclosure standards for token issuers. Read more

Aave Labs posted an amended Arbitrum AIP updating the execution path for the previously approved transfer of 30,765 frozen ETH. A May 8th court order authorized the onchain transfer but required the ETH to move to a wallet controlled by Aave LLC rather than the originally proposed 3-of-4 Gnosis Safe. The recovery objective of restoring rsETH's backing within the Kelp protocol remains unchanged. Read more

• Geth v1.17.3 release.

• Erigon v3.4.1 release.

• Vitalik vibe coding for lean.

• Octant deploys $1m to vaults.

• EIP-8250 is now merged.

• Bitmine stakes 4.7m ETH.

• CoW compensates hijack victims.

• KelpDAO rsETH update.

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

Aave Labs, KelpDAO, LayerZero, EtherFi, and Compound filed an amended Constitutional AIP seeking to update the execution path for the previously approved transfer of 30,765 ETH frozen by the Arbitrum Security Council following the April 18 rsETH exploit. The amendment comes after a May 8th court order, which authorized the onchain transfer but required the ETH to move to a wallet controlled by Aave LLC rather than the originally proposed 3-of-4 Gnosis Safe.

The amendment only changes the recipient address and custody mechanics. The recovery objective remains the same: restoring rsETH's backing within the Kelp protocol. Aave LLC will need to hold the ETH under the terms of the restraining notice from Kim v. DPRK and cannot use the funds until the court rules further. Arbitrum delegates can now vote on the amended proposal onchain.

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.

Senate Banking Committee Chairman Tim Scott released the latest draft of the Digital Asset Market Clarity Act ahead of a markup scheduled for Thursday, May 14. The White House is targeting July 4 for House passage, with four working Senate weeks in June reserved for Senate floor consideration. The nine-title bill draws a firm line between the SEC and CFTC by distinguishing between digital commodities and ancillary assets.

Ancillary assets are coined as network tokens whose value depends on entrepreneurial or managerial efforts. A new exemption called Regulation Crypto would allow ancillary asset issuers to raise capital from retail investors without full securities registration, capped at $50 million per year over four years or 10% of outstanding asset value, with a hard ceiling of $200 million.

On DeFi, the bill defines a protocol as decentralized only if no single person has the practical ability to control, alter, or censor its operations. The bill's most contested provision, Section 404, prohibits covered digital asset service providers from paying passive, deposit-like interest on payment stablecoin balances. The exact contours of permissible yield programs will be left to joint rulemaking by the SEC, CFTC, and Treasury.

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