Gate Daily (March 6): Crypto market structural bill negotiations hit a deadlock; Russia plans to introduce a stablecoin bill

Bitcoin (BTC) failed to sustain its rebound trend, currently around $70,810 on March 6. Reuters reports that negotiations on the US Market Structure Bill, aimed at establishing a comprehensive regulatory framework for digital assets, have fallen into a new deadlock, raising concerns about its prospects. Russia plans to introduce a standalone stablecoin bill to leverage its “huge potential.”

Macro Events & Crypto Hotspots

1. According to Reuters, negotiations on the Market Structure Bill (the “CLARITY Act”) to create a comprehensive regulatory framework for US digital assets have reached a new impasse. Banks have stated they cannot support the White House’s proposed compromise, casting doubt on whether the bill will pass this year. The core issue revolves around the stablecoin yield provisions: banks oppose allowing stablecoin issuers and crypto companies to offer yield-bearing products, fearing this could drain deposits and impair their lending capacity; crypto firms argue they need to be able to offer yields to attract customers, and banning this would harm competition.

The White House intervened in February, proposing a compromise that permits stablecoin yields in specific scenarios such as peer-to-peer payments but prohibits yields on idle holdings. Crypto companies have accepted this plan, but banks say they cannot support it, fearing it could still trigger deposit outflows. Some senators support the banks’ stance. President Trump criticized the banking sector on Truth Social Tuesday night, accusing them of attempting to sabotage the crypto agenda. The bill also needs to resolve disagreements among senators regarding moral and illegal financial provisions, with limited legislative time. If Democrats gain more seats in Congress in November, the likelihood of passage will decrease further.

2. Russia plans to introduce a stablecoin bill to harness its “huge potential.” Russian finance officials have indicated they are considering a new stablecoin legislation. They prefer to introduce a standalone stablecoin bill rather than tying assets pegged to fiat currency with upcoming regulations for crypto exchanges. Moscow views stablecoins as potential tools for circumventing sanctions, and the Kremlin is eager to legitimize this industry still operating in a gray area.

The discussion of the new bill coincides with the one-year anniversary of the US’s milestone stablecoin legislation, the “Genius Act.” According to DefiLlama, since early 2025, the total value of issued stablecoins has surged over 51%, reaching $311 billion. Aleksei Yakovlev, head of the Financial Policy Department at the Russian Ministry of Finance, stated that Moscow aims to quickly address stablecoin regulation after the State Duma approves a law banning citizens from trading cryptocurrencies on unlicensed platforms.

News Highlights

1. Vitalik: Next-generation wallets will heavily utilize AI, completely removing DApp user interfaces to prevent many attacks.

2. ParaFi Capital reportedly swapped over $5 million worth of AAVE for SKY in the past three days.

3. The UK Reform Party, led by Farage, received its second large donation from crypto investors.

4. Culper Research announced short positions on ETH and related securities, citing damage to the tokenomics after Fusaki’s upgrade.

5. The wallet associated with Pump.fun deposited 1.757 billion PUMP tokens (~$3.54 million) into a CEX.

6. CryptoQuant: Bitcoin’s rebound appears more like a short-term “relief rally” rather than the start of a new bull market.

7. Solv Protocol disclosed that its BRO vault was attacked, resulting in losses of about $2.7 million.

8. US Secretary of Defense stated that military actions against Iran will be further escalated.

9. US SEC dismissed charges against Justin Sun and the Tron Foundation; Rainberry agreed to pay a $10 million fine.

10. The Federal Reserve clarified rules for tokenized securities capital, stating the framework is “technologically neutral.”

Market Trends

1. Latest Bitcoin news: BTC failed to extend its rebound, currently around $70,810, with $89.48 million in liquidation over the past 24 hours, mostly long positions.

2. US stock markets closed lower on March 5 amid ongoing Middle East conflict entering its sixth day, with no signs of easing. Concerns about rising oil prices and disrupted energy supplies intensify fears of inflation and global trade impacts. The Federal Reserve’s rate hike outlook remains in focus. Dow Jones Industrial fell 784.67 points, down 1.61%, closing at 47,954.74; S&P 500 declined 38.79 points, down 0.56%, ending at 6,830.71; Nasdaq Composite dropped 58.49 points, down 0.26%, finishing at 22,748.99.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $70,914.10, if it drops to around $70,512, total long liquidations exceed $153 million; if it rises to about $71,921, total short liquidations exceed $235 million. Short liquidations are higher than longs, so traders should manage leverage carefully to avoid large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, spot inflow was $3.18 billion, outflow $3.59 billion, resulting in a net outflow of $410 million.

(Source: Coinglass)

5. In the past 24 hours, net outflows were observed in contracts for $BTC, $XAG, $ADA, $HYPE, $WLFI, indicating trading opportunities.

KOL Insights

Phyrex Ni (@Phyrex_Ni): “Rebounds come quickly and go just as fast. As I mentioned in the pinned weekly report, most current market movements are driven by geopolitical conflicts. When conflicts seem likely to resolve, markets respond with gains; when conflicts persist, markets tend to retrace. Trump is facing this issue now. Although the Strait of Hormuz has reopened, oil tankers remain cautious, causing US oil prices to rise directly to $80.”

“Oil prices are the best indicator during such times. Rising oil prices suggest market expectations of war are not very favorable. The weekly report also mentions this—interested friends can check it out. Additionally, tariffs haven’t eased for Trump; 12 US states are expected to sue to block his latest global tariffs, and Iran continues to resist. Trump is probably overwhelmed.”

“Looking at Bitcoin data, it’s back around $70,000 in a volatile range. That’s why I say it’s a rebound, not a reversal. Volume is also starting to decline, indicating the market is exhausting investors’ patience and funds. Current volume isn’t high, and FOMO sentiment is gradually easing.”

“The current chip structure remains healthy, with both loss-making and profit-taking investors, showing no signs of concentrated selling. I’ve been saying this for a while—more investors are reluctant to sell at low prices, gradually becoming long-term holders.”

Today’s Outlook

1. Eurozone Q4 GDP (final, QoQ), previous 0.3%

2. Eurozone Q4 GDP (final, YoY), previous 1.3%

3. US January Retail Sales (MoM), previous 0.0%

4. US February Unemployment Rate, previous 4.3%

5. US February Non-Farm Payrolls (seasonally adjusted, thousands), previous 130