Crypto Week in Review: CLARITY Act Talks Continue as Kraken Plans On-Chain Perpetuals

Regulatory negotiations, institutional adoption and trading infrastructure dominated this week’s cryptocurrency news. Seven Democratic senators said they would continue negotiations on the CLARITY Act, while market strategist Tom Lee offered a bullish outlook for the sector. Elsewhere, attackers targeting Revolut demanded a ransom in Monero, Kalshi strengthened its position in U.S. prediction markets, and Kraken’s parent company outlined plans for on-chain perpetual contracts.

Senators Continue CLARITY Act Negotiations

Seven Democratic senators pledged to keep negotiating on the CLARITY Act, a proposed framework addressing the regulatory treatment of digital assets in the United States.

The legislation is part of broader efforts in Congress to establish clearer rules for cryptocurrency markets, including oversight responsibilities and the classification of digital assets. Continued negotiations suggest that lawmakers have not reached a final agreement on the bill.

Tom Lee Forecasts a Bullish Year for Crypto

Tom Lee, a prominent market strategist, projected a bullish 12-month outlook for the cryptocurrency sector. His forecast comes as investors continue to assess institutional participation, regulatory developments and the broader adoption of blockchain-based financial products.

Market forecasts remain subject to significant uncertainty, particularly as digital assets continue to respond to changes in monetary policy, regulation and investor risk appetite.

Revolut Attackers Demand Monero Ransom

Attackers who allegedly obtained customer data from financial technology company Revolut demanded 6,000 Monero, also known by its ticker symbol XMR.

Monero is a privacy-focused cryptocurrency designed to obscure transaction details. Its privacy features have made it a recurring payment option in ransomware and extortion demands, although the use of privacy coins does not establish whether a ransom will be paid or whether the attackers can access the requested funds.

Kalshi and Kraken Expand Crypto Market Infrastructure

Kalshi accounted for approximately 80% of U.S. prediction-market trading volume during the period covered, underscoring the company’s leading position in a rapidly expanding market. Prediction markets allow participants to trade contracts tied to the outcomes of future events.

Meanwhile, Payward, the parent company of cryptocurrency exchange Kraken, unveiled plans to prepare for on-chain perpetual contracts. Perpetuals are derivatives that allow traders to take leveraged long or short positions without a fixed expiration date. Moving such products on-chain could connect trading activity more directly to blockchain-based settlement and infrastructure.