Senators' Revised Stablecoin Earnings Draft Could Reshape Crypto Market Structure
- Revised Stablecoin Earnings Draft: U.S. senators plan to release a revised draft of stablecoin earnings legislation this week, aiming to address compliance issues regarding yield for stablecoin holders through rewards programs, thereby breaking the deadlock in the broader crypto market structure debate.
- Urgency of the CLARITY Act: The CLARITY Act must pass by May to avoid expiration before the midterms, prompting senators to resolve the stablecoin yield issue to advance other provisions, including exchange registration and token classification.
- Market Impact Analysis: A research note from the Council of Economic Advisers estimates that eliminating stablecoin yield would only increase bank lending by $2.1 billion, indicating that the perceived threat of stablecoin yield to traditional deposit markets may be overstated, providing cover for pro-crypto lawmakers to push for narrower restrictions.
- Potential Impact on Ethena Protocol: Should the revised draft restrict exchange-based yield distribution, platforms like Ethena, which has a total value locked of $6.64 billion, may need to restructure their offerings for U.S. users, potentially fragmenting liquidity across jurisdictions.
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Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE). As of , (STABLE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for STABLE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, STABLE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0174 | 0.0211 | 0.0236 | 0.0274 | 0.0298 | 0.0336 | 0.036 |
| Fibonacci | 0.0211 | 0.0235 | 0.025 | 0.0274 | 0.0297 | 0.0312 | 0.0336 |
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