Coinbase Surprise Earnings Loss, Tom Lee Slowing Down ETH Buys, UB Charts the Crypto Breakout

Crypto majors are red down another 1-2%; BTC -1% at $80.2k; ETH -2% at $2,290; SOL -1% at $88.5; HYPE -1% at $42.4. Ondo (+15%), NEAR (+6%), INJ (+5%) and VVV (+4%) led top movers. Oil rebounded 2% at $94.5; Gold -0.2% at $4,720. Stock futures are green ahead of the April jobs report. The Senate Banking Committee is expected to present a Clarity Act markup as early as tomorrow, with draft legislative text already circulating to select industry stakeholders ahead of a potential Thursday vote. Tether Head of Government Affairs Jesse Spiro warned at Consensus Miami that the November midterms could have a "seismic impact" on the industry's trajectory, potentially reversing the regulatory progress made over the past year if the balance of power in Congress shifts. Kraken parent Payward agreed to acquire Hong Kong-based Reap Technologies for $600 million, a stablecoin payments and corporate card infrastructure firm operating across Southeast Asia. Tether has frozen $515M of USDT across Ethereum and Tron over the past 30 days. JP Morgan analysts project that Saylor’s Strategy could buy $30B worth of BTC this year.