US Clarity Act may be delayed until May! Banking industry dissatisfied with "stablecoin yields," Kelp DAO hit by $290 million hack

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The cryptocurrency market has faced a grueling week in terms of regulation and cybersecurity! The U.S. Clarity Act faces a potential delay in its review process until May due to strong opposition from the traditional banking sector regarding the "stablecoin yield provisions." To make matters worse, a $290 million hack hit the DeFi space via Kelp DAO, which not only drained the protocol but also impacted the lending giant Aave, triggering a chain reaction of liquidity crises. It is reported that the North Korean hacker group Lazarus may be the mastermind behind the attack. These successive hacking disasters have further escalated the difficulty for the U.S. Congress to regulate DeFi. (Previous coverage: Moody's: Stablecoins will not affect the banking industry in the short term, but the $300 billion market cap and the controversy surrounding the Clarity Act have sounded an alarm.) (Background supplement: The White House advances the stablecoin bill "Clarity Act": A compromise on stablecoin yield provisions to accelerate the removal of remaining obstacles.) The U.S. cryptocurrency bill is at a critical crossroads, and the chain of explosions in the DeFi market seems to have made the advancement of regulation even more complex. According to the latest report from "Crypto In America," the Clarity Act, originally scheduled to be pushed forward this month, is facing strong resistance from the traditional banking industry. The review of this bill, which aims to establish a broad regulatory framework for digital assets, is highly likely to be postponed until May. Reportedly, the focus of the U.S. Senate Banking Committee this week will first be on the confirmation hearing for Kevin Warsh, the nominee to succeed Jerome Powell as Chair of the Fed. Warsh, who has a net worth of over $100 million and significant exposure to cryptocurrencies, is about to face questioning from Congress. However, outside the hearing, the banking industry's lobbying army is actively at work. Traditional financial groups, including the North Carolina Bankers Association, are extremely dissatisfied with the restrictions on "stablecoin yields" in the bill, fearing that they will trigger severe deposit outflows. They are exerting strong pressure on key negotiators Thom Tillis and Angela Alsobrooks. In response, Patrick Witt, Executive Director of the White House Crypto Council, lashed out on X: "It is difficult to interpret further lobbying (by the banking industry) on this issue as anything other than 'greed' or 'ignorance'." To break the deadlock, Senator Tillis proposed holding an in-person coordination meeting dubbed "crypto palooza" to allow banks and crypto experts to engage in direct dialogue, but this will undoubtedly further delay the bill's entry into the markup process. While Washington is mired in debates over regulatory rules, the DeFi market suffered a devastating blow last weekend. Kelp DAO, a liquidity restaking project built on Ethereum, was hacked, resulting in losses of up to $290 million. Analysis by on-chain sleuths indicates that the attacker exploited a cross-chain bridge vulnerability to borrow massive amounts of funds on the decentralized lending giant Aave, pushing the utilization rate of specific lending pools to 100% and preventing legitimate depositors from withdrawing their funds. This attack triggered a severe liquidity chain reaction: - Aave emergency freeze: Aave was forced to freeze the affected markets, causing the $AAVE token to drop. - Panic spreads: The incident triggered massive capital outflows from protocols not directly affected, intensifying market panic over "liquidity contagion." - North Korean state-sponsored hackers involved: LayerZero, the underlying infrastructure for Kelp DAO, stated that the notorious North Korean hacker group Lazarus Group is highly likely the mastermind behind this attack. This April can be called one of the darkest "hacking months" in crypto history. In addition to Kelp DAO, earlier this month saw the $285 million hack of Drift Protocol, as well as a series of attacks on CoW Swap, Zerion, Rhea Finance, and Silo Finance; furthermore, the leakage of API keys from the infrastructure provider Vercel also affected some crypto applications. These astronomical losses have left lawmakers in Washington facing a tougher test: while pushing for the Clarity Act, how can they effectively regulate illicit financing and cybersecurity vulnerabilities in the DeFi market? Caught between the banking industry and rampant hackers, the future of U.S. crypto legislation remains bumpy.

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