Donald Trump (@realDonaldTrump) reiterated his backing for the CLARITY Act during a private event at Mar-a-Lago attended by major holders of the Trump-themed memecoin $TRUMP. He said he would not allow banks to obstruct crypto-related legislation. The proposed bill seeks to clarify how digital assets are regulated in the US, while debate continues over how stablecoins should be classified under existing law.

Odaily Planet Daily reported that on April 25 local time, former U.S. President Donald Trump attended a Trump-themed luncheon at Mar-a-Lago, where he delivered a 45-minute speech touching on the cryptocurrency industry, the Iran war and President Joe Biden. White House correspondent Sander Lutz wrote that Trump said he hoped the CLARITY Act would pass and be signed immediately, but offered few additional specifics. Some industry participants had expected more detail on what they view as pivotal crypto legislation.

Donald Trump could sign the U.S. CLARITY Act as early as June, Galaxy Digital CEO Mike Novogratz said on a podcast with SkyBridge Capital founder Anthony Scaramucci. Novogratz expects the bill to be sent to committee in the first week of May and finalized soon after. The legislation is designed to deliver long-awaited regulatory clarity for the U.S. crypto industry. Novogratz described it as "wildly important" for both Democrats and Republicans to pass. The comments follow a disappointing week in which the Senate Banking Committee did not schedule an anticipated markup hearing.

Iran says it has drafted a wide-ranging plan to assert control over the Strait of Hormuz, a proposal that includes mandatory permits and fees for vessels transiting the waterway and that is already drawing strong international resistance. The outline was disclosed by Behnam Saeedi, a member of Iran's Islamic Consultative Assembly, after Iranian media reported that parliament had reviewed several ideas on Hormuz governance and set up a special committee to prepare a comprehensive plan and legal framework. Key elements described by Saeedi include placing sovereignty over the strait fully under Iran's authority; requiring ships operating in the area to obtain Iranian permission; and charging fees tied to safety, environmental protection, maritime administration and permit issuance, with payment preferred in Iranian rials. The plan would bar passage for vessels deemed "hostile" by Iran's Supreme National Security Council or the Armed Forces General Staff, and would impose an outright ban on Israeli ships. It also links transit permits for Iranian vessels to compensation talks, stating that countries said to have caused losses to Iran must first reach a compensation agreement before Iranian ships would be granted passage. Analysts say the proposal appears designed to serve several aims. One is to raise pressure on the United States and Israel by leveraging a global energy chokepoint that can influence oil prices, adding to inflation risks and economic strain while amplifying diplomatic calls for de-escalation and uninterrupted maritime traffic. The restrictions on "hostile" vessels are widely seen as aimed at Washington and Tel Aviv, while the compensation clause is viewed as an attempt to extract concessions. A second objective is to preserve room for negotiations. Commentators note that Saeedi explicitly singled out Israel for an absolute ban but did not name the United States, a formulation that could leave U.S. transit as potential bargaining leverage. The discussion comes amid signs of continued indirect messaging, including a recent trip by Iranian Foreign Minister Alireza to Pakistan, where he said he was not negotiating with the U.S. but was reported to have conveyed messages via Islamabad. A third goal is revenue. Estimates cited by analysts suggest that charging $1 per barrel of oil moving through the strait, based on pre-conflict traffic volumes, could generate more than $7.7 billion a year. Requiring payment in rials is seen as a way to reduce exposure to dollar-based constraints and sanctions pressure. Saeedi said the proposal has been submitted to parliament's National Security Committee and would be taken up by the Speaker's board and then debated in a plenary session when the full parliament resumes. He added it could also be approved and issued via Iran's Supreme National Security Council. Abdulaziz AlShabani, a researcher at the Center for Political and Strategic Studies in Riyadh, said a full parliamentary vote would give the plan formal legal standing but would be procedurally complex and more likely to trigger international opposition. Approval through the Supreme National Security Council could be faster and more adaptable. AlShabani also argued that fully intercepting and charging every vessel would be extremely difficult given heavy traffic and the presence of foreign military forces, making any enforcement more likely to be limited and selective. The initiative has also prompted legal and diplomatic controversy. Critics argue that tolls on a key maritime artery would raise transit times and costs and ripple across multiple economies. Gulf states and other countries have reiterated calls to keep the strait open, and the U.K. and France have previously backed efforts to assemble multinational arrangements to safeguard access. The United States has pushed back by threatening to blockade Iranian ports and vessels, saying it will not allow Iran to establish permanent control or a toll regime. U.S. officials have also warned they could intercept and inspect ships that pay fees to Iran in international waters, a step that analysts say could deter shipping and leave Iran without expected revenue. At the same time, a prolonged blockade would be costly for Washington, and some observers argue Iran may ultimately treat the fee proposal as negotiating leverage rather than a system it can fully enforce. As a result, analysts say it remains uncertain whether Iran will implement the measures and, if it does, how broadly they would be applied.

The stablecoin sector has climbed to a $317B market cap, up more than 50% since early 2025, as issuers and platforms jockey for position ahead of the GENIUS Act's implementation in July 2026. USDC has gained an edge with institutional users. In Q1, it captured 80% of organic stablecoin volume for the first time since 2019, while its reserves rose 12% as institutions gravitated toward its GENIUS-compliant setup. USDT moved in the opposite direction on exchanges, with reserves down 12% over the same period. In response, Tether launched USA₮ via Anchorage Digital Bank in January, positioning it as a U.S.-compliant stablecoin alongside USDT, which continues to lead in offshore markets. New players are also shifting the landscape. World Liberty Financial's USD1 reached a $5.4B market cap in February. Yield-bearing stablecoins, including Sky's sUSDS and Ethena's USDe, accounted for more than half of category-wide net supply growth in Q1. The GENIUS Act's July implementation deadline is now the next key catalyst for the market.

Key developments 1) DeepSeek cuts input-cache pricing DeepSeek said it has reduced pricing for input cache hits across its entire model lineup to one-tenth of the launch level, effective today. DeepSeekV4Pro will also carry a temporary 2.5x discount through 23:59 Beijing time on May 5, 2026. With both adjustments applied, DeepSeekV4Pro input costs for cache hits fall to RMB 0.025 per million tokens. 2) Shanghai Stock Exchange broadens after-hours fixed-price trading The Shanghai Stock Exchange released the "Shanghai Stock Exchange Trading Rules (2026 Revision)", with key changes including: - Expanding post-market fixed-price trading eligibility from STAR Market stocks to all A-shares and exchange-traded funds. - Switching the fund closing-phase mechanism from continuous auction to a closing auction, with the closing price set via the auction. - Raising the daily price fluctuation limit for risk-alert main-board stocks from 5% to 10%. The revised rules take effect July 6, 2026, with a transition period for technical and operational readiness. The SSE said it will continue to refine trading systems and strengthen supervision under CSRC guidance. (Shanghai Stock Exchange) 3) Shenzhen Stock Exchange adjusts ChiNext block trade confirmation window; expands after-hours fixed-price trading The Shenzhen Stock Exchange issued the "Notice on the Release of the Shenzhen Stock Exchange Trading Rules (2026 Revision)". Updates include: - Changing the confirmation time window for ChiNext stocks and ChiNext depositary receipts block trades from 15:00–15:30 to 9:30–11:30 and 13:00–15:30. - Expanding after-hours fixed-price trading from "ChiNext stocks and ChiNext depositary receipts" to "A-shares and depositary receipts, as well as exchange-traded open-end funds." - Continuing system preparations for changes to price fluctuation limits for risk-alert main-board stocks, per the June 27, 2025 notice. Market participants are required to complete technical preparations by June 5, 2026. 4) CSRC: qualified overseas investors allowed into government bond futures for hedging China's securities regulator said that, following consultations with the People's Bank of China and the State Administration of Foreign Exchange, qualified overseas investors will be allowed to trade treasury futures starting April 24, 2026, for hedging only. The CSRC said the move supports "high-level opening-up," broadens investable assets and risk management tools for foreign institutions, and aims to enhance the appeal and stability of RMB bond investment. Further futures-market reform measures are planned. 5) MOF: securities transaction stamp duty up 78.1% in Q1 At an April 24 Ministry of Finance press conference, Wang Jianxun, director of the Treasury Payment Center, said securities transaction stamp tax rose 78.1% in the first quarter, citing stronger stock market activity and higher turnover. (E Company) 6) PBOC to conduct RMB 400 billion MLF operation on April 27 The People's Bank of China said it will conduct a one-year RMB 400 billion MLF operation on April 27, 2026, using a fixed-quantity, interest-rate bidding, multiple-price winning method, to keep liquidity ample. 7) State Council: step up support for marine economy and new ocean industries A State Council executive meeting chaired by Premier Li Qiang called for stronger ocean governance, more efficient resource development, and faster progress toward building China into a strong maritime nation. Priorities include boosting marine science and technology capabilities, promoting innovation, and accelerating digital and intelligent upgrading across marine industries. The meeting also urged expanding traditional marine strengths and cultivating emerging sectors such as marine biopharmaceuticals and new materials, while advancing marine energy development and planning major bays and island protection and utilization. It also stressed deeper participation in global ocean governance and safeguarding maritime rights and strategic security. 8) CPC Central Committee and State Council offices issue guidelines on new employment groups The General Office of the CPC Central Committee and the General Office of the State Council released guidance to strengthen services and management for new employment groups. Targets include, by 2027, improved coordination mechanisms, comprehensive Party organization coverage, more standardized labor practices, better working conditions, and stronger rights protection. Over the following three to five years, authorities aim for a more robust service and management framework, stronger ideological and political guidance, more harmonious labor relations, and higher occupational recognition. (Xinhua) 9) PBOC: curb "internal competition" in finance; push five major financial initiatives On April 24, 2026, the PBOC and SAFE held a system-wide warning education meeting and a session on adopting correct performance perspectives. PBOC Governor Pan Gongsheng called for deeper analysis of performance-related issues behind economic and financial problems, strict implementation of rectifications stemming from central inspections and audits, and continued efforts to address "internal competition" among financial institutions. He also urged high-quality progress on the five major financial initiatives, proactive and prudent resolution of risks tied to local government financing vehicles and small and medium-sized financial institutions, sustained pressure on illegal financial activities, and improved county-level financial management and services. (People's Bank of China) 10) MOFCOM comments on U.S. export-control bills including the MATCH Act Responding to reports that the U.S. House Committee on Foreign Affairs passed several export-control bills, including the Hardware Technology Control Multilateral Coordination Act (MATCH Act), China's Ministry of Commerce said it opposes broadening national security concepts and abusing export controls. If enacted, MOFCOM said the bills would undermine the international economic and trade order and disrupt the global semiconductor supply chain. China will track the legislative process, assess impacts on its interests, and take necessary measures to protect the legitimate rights of Chinese companies. (Ministry of Commerce) Company and sector highlights 1) Kweichow Moutai Q1 2026 revenue RMB 53.909 billion, up 6.54% year over year; net profit attributable to shareholders RMB 27.243 billion, up 1.47%. 2) Moore Threads Q1 2026 revenue RMB 738 million, up 155.35% year over year; net profit attributable to shareholders RMB 29.36 million versus a net loss of RMB 112 million a year earlier. The company cited R&D and commercialization progress in full-function GPUs and large-scale product deployment. 3) ZTE Q1 2026 revenue RMB 34.988 billion, up 6.13% year over year; net profit RMB 1.31 billion, down 46.58%. 4) CMOC Group Q1 2026 revenue RMB 66.403 billion, up 44.34% year over year; net profit RMB 7.76 billion, up 96.65%. 5) CITIC Securities Q1 2026 revenue RMB 23.155 billion, up 40.91% year over year; net profit RMB 10.216 billion, up 54.60%. The firm cited sustained high market activity and broad-based business momentum. 6) East Money Q1 2026 revenue RMB 5.031 billion, up 44.34% year over year; net profit RMB 3.738 billion, up 37.67%. The company pointed to higher net income from handling fees and commissions. 7) Haisco (002653.SZ) Q1 2026 revenue RMB 1.564 billion, up 75.33% year over year; net profit attributable to shareholders RMB 555 million, up 1,089.85%. The company cited recognition of about RMB 500 million in revenue from the transfer of the HSK39004 project. 8) Zhongwu HighTech (000657.SZ) Q1 2026 revenue RMB 7.007 billion, up 106.47% year over year; net profit attributable to shareholders RMB 921 million, up 264.44%, driven by higher sales volumes and prices. 9) Goldwind Science & Technology Q1 2026 revenue RMB 15.485 billion, up 63.48% year over year; net profit RMB 907 million, up 59.65%. The company cited stronger turbine and component sales, higher gross profit and investment income, and increased fair value change losses. 10) Hengtong Optoelectronics Q1 2026 revenue RMB 17.791 billion, up 34.09% year over year; net profit RMB 1.105 billion, up 98.53%. Drivers included stronger optical communications demand and pricing, higher deliveries of marine communications and energy products, and rising overseas demand. 11) Zhongji Innolight (Zhongji Xuchuang) The company said in an investor relations record that its 1.6T products are in mass production and shipping, with shipment volumes expected to grow quarter over quarter. It remains bullish on multi-year AI computing demand and said it has already received full-year 2026 orders from some customers. The company expects strong demand for 1.6T and 800G optical modules in 2026 and is preparing R&D and sampling for 6.4T NPO and 12.8T XPO products. Silicon photonics accounts for more than half of its 1.6T and 800G mix. 12) XinYisheng On a conference call, the company said 1.6T optical module orders are up sharply from last year and should rise quickly on a quarterly basis. It expects 1.6T and 800G to be the main delivery products in 2024 and sees high certainty in capacity expansion this year, with 1.6T mix rising in Q2 and accelerating in Q3 and Q4. The firm expects industry momentum and high growth to persist through 2027 and said silicon photonics products make up a significantly higher share this year. It also guided to higher future capex after sizable fixed-asset investment in Q1. 13) Chery partners with CATL on battery-swap compatible vehicles On April 25, Chery Automobile Co., Ltd., CATL Co., Ltd., Chery Green Energy Ecology Technology Co., Ltd., and Time Electric Service Technology Co., Ltd. signed a strategic cooperation agreement in Beijing. Chery will develop vehicles compatible with battery swapping and swap networks; CATL and Time Electric Service will develop, iterate and supply swap batteries; Chery Green Energy will provide comprehensive green energy solutions. (Jiemian) 14) ACM Research Shanghai ships first PECVD SiCN tool On April 27, ACM Research Shanghai said it has shipped its first plasma-enhanced chemical vapor deposition (PECVD) silicon carbonitride (SiCN) system. The tool targets backend-of-line metal interconnect applications for advanced IC nodes at 55nm and below, including copper oxidation inhibition, copper diffusion barrier layers and etch stop layers. (Securities Times) 15) Hengli Petrochemical: key subsidiary added to U.S. OFAC SDN list Hengli Petrochemical (600346.SH) said it learned that the U.S. Treasury's Office of Foreign Assets Control (OFAC) has added its key subsidiary, Hengli Petrochemical (Dalian) Refining and Chemical Co., Ltd., to the SDN list. The company said it has never traded with Iran since inception and that crude suppliers have assured the origin is not subject to U.S. sanctions. Hengli said operations remain normal, facilities are running steadily at high utilization, and existing crude inventories can support more than three months of processing, with procurement unaffected. It said it opposes what it called baseless allegations and unilateral sanctions and will pursue legal measures to protect shareholder and company rights. 16) Furi Electronics: smart pole revenue contribution remains minimal Furi Electronics said on April 24 during an earnings briefing that its smart pole products—IoT hardware platforms for smart cities integrating lighting, display, security monitoring, vehicle charging and network communication (including traffic monitoring)—currently contribute less than 0.1% of total company revenue. 17) China Merchants Steam Navigation to build eight container ships China Merchants Steamship said its wholly owned subsidiary plans to sign agreements with related parties under China Merchants Shipbuilding Industry Group to build four 8,200 TEU methanol-ready container vessels and four 1,800 TEU container vessels. Total investment is expected not to exceed RMB 3.814 billion, with delivery scheduled for 2028.

Huo Xing Finance reports that the Crypto Market Structure Act has shown little visible movement over the past month, tightening the timeline for passage even as the bill's prospects remain uncertain. Much of what has been done on market-structure questions so far—including statements from SEC staff—does not amount to lasting guidance. While the SEC could pursue formal rulemaking with required public notice and comment, that process would be time-consuming. Supporters say the legislation is meant to lock key crypto industry goals and regulatory frameworks into statute, making them far harder for future administrations to unwind. Without the Clarity Act, they argue, the same debates could still be playing out years from now. Since at least last December, May 25 (Memorial Day) has been widely treated as a de facto legislative cutoff. Once summer begins, lawmakers are expected to leave Washington for campaigning, leaving limited bandwidth for crypto legislation and most other bills. Other items on Congress's agenda are also competing for attention. Before adjournment, the House still needs to vote on funding for the Department of Homeland Security, and the Senate must decide whether to confirm Kevin Warsh as the next Federal Reserve Chair. The crypto industry is pressing hard for passage. More than 100 institutions signed an open letter last week urging the Senate Banking Committee to hold a hearing on the bill, seen as a necessary first step. It remains unclear how close the committee is to moving the legislation forward. Stablecoin yield provisions continue to dominate the conversation, and other unresolved issues have not been publicly settled. Even if those questions are addressed, the House would still need to vote on the bill again. Earlier this month, French Hill, Chair of the House Financial Services Committee, said the House version has already dealt with many outstanding issues around stablecoins and DeFi sales and that the Senate should be able to reach consensus.

ME News reports that as of April 27 (UTC+8), the Crypto Market Structure Act has seen little public movement. Market watchers are treating Memorial Day on May 25 as a pivotal deadline to push the bill forward. Sentiment in the sector is that failing to make progress by then could sap momentum as the summer election season ramps up. Key sticking points are still being debated, including stablecoin yield structures and sales practices in DeFi. Last week, more than 100 institutions sent a joint appeal urging the Senate Banking Committee to begin its legislative review and advance the Clarity Act to the next stage. The broader aim of the market structure package is to write cryptocurrency oversight into statute, limiting the risk of future regulatory reversals. (Source: ODAILY)

BlockBeats reports that as of April 27, the proposed Crypto Market Structure Act has shown little visible momentum over the past month, tightening an already narrow path to passage. Industry advocates say much of the recent activity around market structure—such as statements by SEC staff—does not amount to lasting guidance. While the SEC could pursue formal rulemaking with public notice-and-comment requirements, that process is time-consuming. Supporters argue legislation is meant to lock the crypto sector's market-structure objectives into statute, making them harder for future administrations to unwind. Without the Clarity Act, they warn, the same policy debates could persist for years. Since at least December, May 25 (Memorial Day) has been treated in Washington as a practical deadline. Lawmakers are expected to leave for summer campaign travel, reducing the available floor time for crypto bills and most other legislative priorities. Congress also faces competing demands before breaking: the House still must take up a Department of Homeland Security funding bill, and the Senate must decide whether Kevin Warsh will become the next Chair of the Federal Reserve. The crypto industry is pressing for swift movement. More than 100 institutions signed an open letter last week urging the Senate Banking Committee to hold a hearing on the proposal, widely viewed as an initial step in the legislative process. Even so, it remains unclear how close the committee is to advancing the measure. Stablecoin yield provisions continue to dominate negotiations, and other unresolved issues have yet to be publicly settled. Even if those gaps are closed, the House would still need to vote on the bill again. French Hill, chair of the House Financial Services Committee, said earlier this month that the House version already addresses many outstanding questions around stablecoins and DeFi-related sales, and that the Senate should be able to reach consensus.