The White House has set July 4, U.S. Independence Day, as the target date for enacting the Clarity Act, with the Senate Banking Committee set to release amendments ahead of a May 14 markup. Stablecoin interest payments and conflict-of-interest provisions are key issues. In Korea, finance firms move to stake out stablecoins as legislation lags. Markets also react to a WHO hantavirus alert and renewed focus on a potential Ripple IPO and XRP outlook.

A hantavirus cluster remains under control, but markets are wary that the macro backdrop is more fragile than in the early stages of the 2020 COVID-19 crisis. The WHO has logged 8 cases and 3 deaths linked to the MV Hondius cruise ship near Tenerife, while saying a pandemic-scale spread is unlikely. With inflation higher, oil near $100 and growth downgraded, investors are weighing renewed risk-off moves.