TLDR
- VanEck’s Matthew Sigel predicted Bitcoin could hit $1 million within five years, comparing its growth to the video game industry
- The U.S. Senate Banking Committee is set to review the CLARITY Act on May 14, which would clarify crypto token classifications
- DTCC is expanding its tokenization working group, built with input from more than 50 financial firms
- Coinbase posted a net loss of $394.1 million, with revenue falling to $1.43 billion from $2.03 billion a year earlier
- Tether froze over $514 million in USDT across Ethereum and Tron addresses in the past 30 days
VanEck Analyst Says Bitcoin Could Hit $1 Million in Five Years
Matthew Sigel, VanEck’s head of digital assets research, said this week that Bitcoin could reach $1 million within five years.
The prediction stood out because it came from a major asset manager, not an anonymous online commentator.
Sigel argued that younger investors are increasing their crypto exposure. He compared Bitcoin’s long-term adoption path to the growth of the video game industry.
Bitcoin remains volatile, and any $1 million price target depends on continued adoption, stronger institutional demand, and a supportive macro environment.
The call added to the wider discussion around Bitcoin’s role in long-term portfolios, especially as ETFs and asset managers increase their involvement.
U.S. Senate to Review CLARITY Act on May 14
The U.S. Senate Banking Committee is scheduled to review the CLARITY Act on May 14, according to Reuters.
The bill would clarify whether crypto tokens should be treated as securities or commodities, and would define the roles of U.S. regulators.
One detail drawing attention is the stablecoin rewards compromise. The latest version of the bill would ban customer rewards on idle stablecoin holdings but still allow rewards linked to transactions.
This matters because banks and crypto firms are at odds over whether stablecoins could pull deposits away from traditional banking.
The outcome of the CLARITY Act review could shape how U.S. crypto markets are regulated for years to come.
DTCC Expands Tokenization Working Group With 50-Plus Firms
The Depository Trust and Clearing Corporation is expanding its digital assets working group, built with input from more than 50 industry firms.
DTCC said the work focuses on validating operational workflows and cross-chain interoperability — two key challenges for tokenized securities.
This is no longer just a crypto-native story. Major financial infrastructure firms are now actively exploring how blockchain can be used for settlement, collateral management, and securities processing.
Coinbase Posts Second Straight Quarterly Loss
Coinbase reported a net loss of $394.1 million this week, its second consecutive quarterly loss.
Revenue fell to $1.43 billion, down from $2.03 billion in the same period a year earlier. Transaction revenue dropped 40% to $756 million.
The results show how dependent crypto exchanges still are on trading volume. When market activity slows, revenue drops sharply.
Coinbase has been working to grow subscription, stablecoin, derivatives, and prediction market revenue, but weak spot trading remains a pressure point.
Tether Froze Over $514 Million in USDT in 30 Days
Tether froze more than $514 million in USDT across Ethereum and Tron addresses over the past 30 days, according to data cited from BlockSec.
The freezes show stablecoin issuers are playing a growing role in crypto enforcement and fund recovery.
For some, this signals that stablecoins are becoming more compliant and aligned with law enforcement. For others, it raises questions about centralized control over crypto transactions.
Tether’s actions this month represent one of the largest stretches of enforcement-linked freezes the stablecoin has carried out in recent memory.
