The news has emerged that US senators and the White House appear to have found common ground on crypto regulation, reaching a principled agreement on the CLARITY bill. This is a major step forward in resolving disagreements that have stalled progress in the sector. One of the most contentious issues — yield?paying mechanisms for stablecoins, which have raised serious concerns among traditional banks — took centre stage.

Banks worry that such financial constructions could trigger substantial deposit outflows from their systems, threatening financial stability and the traditional banking model. Therefore, a key focus of negotiations was limiting those practices to mitigate systemic risks.

Preliminary indications suggest the bill may include a ban on paying yield on passive stablecoin balances. However, with details of the agreement still undisclosed, many questions remain about the exact wording and the technicalities of implementing such a ban. It is important to determine how broad the prohibition will be and which specific operations it will cover.

If the proposed agreement gets industry support, it could act as a catalyst for advancing a comprehensive crypto market structure bill. After many months of stalemate, such a deal might move the process forward in the coming weeks. Final success, however, will depend on the details of the text and how balanced it proves for all market participants.

Trading recommendations

Bitcoin

Buyers are currently targeting a return to $69,300, which would open a direct path to $70,900 and then to $73,000. The more distant upside target is around $74,600; a break above that would signal attempts to revive the bull market. On the downside, buyers are expected at $66,700. A move back below that area could quickly push BTC toward $64,900, with a further downside target near $62,600.

Ethereum

A clear close above $2,078 would open the way to $2,175. The more distant upside target is around $2,238; a break above that would indicate strengthening bullish sentiment and renewed buyer interest. On the downside, buyers are expected at $2,007. A move below that area could quickly send ETH toward $1,915, with a further downside target near $1,845.

What's on the chart

• The red lines represent support and resistance levels, where price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.