Two big news items in the crypto world today: 1) The U.S. Senate Banking Committee is voting on the CLARITY Act today. This is the most comprehensive crypto regulation bill to date. Despite facing over 100 amendments, getting to this stage is already a big deal. Coinbase's CEO called this the bill's strongest chance yet. 2) April's PPI shocked everyone: up 1.4% MoM (expected 0.5%), 6% YoY. Inflation is stickier than expected, and the market is now pricing in over a 30% chance of rate hikes, with rate cuts basically off the table until 2026. BTC dropped to $79,700. Macro pressure is weighing down, while regulation is pushing forward. Short-term weakness, but in the mid-term, once CLARITY is implemented, it’s not necessarily a bad thing.