Hello SnapShotters,

Between a landmark U.S. Senate vote and a change of guard at the Federal Reserve, it’s been a pivotal week for the financial landscape. Here are the defining moves:

• CLARITY Act Markup: The Senate Banking Committee voted on a landmark crypto framework. It defines firmer rules for DeFi and tokenized securities, but faces debate over a provision that restricts yield-like rewards on idle stablecoin balances.
• BTC Slips Below $80K: Bitcoin briefly surged past US$82,000 this week before slipping from the $80,000 psychological line.
• Warsh Era Begins: Kevin Warsh officially took the helm as Fed Chair on May 15, inheriting a volatile landscape after April CPI (3.8%) and PPI (6%) data cooled hopes for near-term rate cuts.
• Trump in…