Bitcoin was reported trading near $78,180 in Asian hours on Saturday, May 2, 2026, up 0.8% over the week after falling to about $75,500 on Wednesday. The recovery coincided with the release of a Senate CLARITY Act compromise aimed at restricting passive stablecoin yield while preserving qualifying activity-based rewards.
Proposed limits on stablecoin rewards
The compromise negotiated by Senators Thom Tillis and Angela Alsobrooks emerged on Friday, May 1. Under the reported text, covered crypto firms would be prohibited from paying rewards solely for holding payment stablecoins or offering payments economically or functionally equivalent to interest on bank deposits. Incentives based on qualifying activities or transactions could remain permissible.
Coinbase Chief Legal Officer Paul Grewal said the language “preserves activity-based rewards tied to real participation on crypto platforms and networks, which is what the bank lobby said they wanted.”
The Digital Chamber welcomed the public release of the language, describing it as an important step toward resolving one of the final issues before a Senate Banking Committee markup. The association urged the committee to proceed with that stage, during which lawmakers debate and amend legislation.
Other negotiating points were reported to have no publicly announced resolution. The compromise did not constitute passage of the CLARITY Act, which still required further legislative action to become law.
The reported provisions would direct the Treasury Department and Commodity Futures Trading Commission to launch rulemaking within a year of enactment to clarify how crypto firms could offer rewards. That deadline concerned beginning the process, rather than necessarily completing final rules.
Reported stock and oil moves
For Friday, May 1, the S&P 500 was reported to have risen 0.3% to a record close. The Nasdaq 100 was reported up 0.9%, also reaching a record. West Texas Intermediate crude was reported to have fallen nearly 3% to about $102 a barrel.
Iran’s state news agency IRNA said on Friday that Tehran had sent its latest proposal for negotiations with the United States to Pakistani mediators. It was not immediately clear whether the proposal had been passed to Washington.
ZeroStack CEO Daniel Reis-Faria said in a note that bitcoin’s range-bound trading reflected uncertainty about the Federal Reserve’s next steps. He cited ETF outflows and softer demand, describing institutional investors as hesitant to increase exposure rather than leaving the market.
Other cryptocurrency prices
In the same Saturday market snapshot, ether was reported around $2,310, XRP near $1.39 and solana at $84.57, with all three close to flat over the week. Dogecoin was reported up nearly 10% over the week to about $0.105.
Dogecoin futures open interest was reported at 15.36 billion tokens on April 30, the highest level of 2026 to that point, based on CoinGlass data.
