On 8-9 May the Senate Banking Committee confirmed it will meet 14 May to examine the Digital Asset Market Clarity Act of 2025, reactivating a calendar frozen since January. The 1 May compromise on stablecoin yield (limits passive interest but permits rewards tied to "bona fide activities": transfers, payments, DeFi liquidity provision; the staking treatment remains legally disputed and the Sec 404 text is *bracketed* in the draft circulated through committee) partially unblocked progress, but five banking associations —ABA, BPI, CBA, FSF and ICBA— jointly rejected the Tillis-Alsobrooks compromise as insufficient the week before the markup, warning of loopholes in "rewards" programs based on balance retention. Senators Cynthia Lummis and Thom Tillis publicly defended the deal and warned that failing before the Memorial Day recess (21 May) could push the next viable window to 2030. SEC chair Paul S. Atkins urged passage at the Special Competitive Studies Project AI+ Expo (8 May) and called for CFTC coordination to avoid fragmented regulation. The White House keeps 4 July as aspirational target (five hurdles: markup → floor → reconciliation with House version → signature; ~50 days with intermediate recess). Polymarket rises to ~75% as of 9-10 May (+14 pp from 1 May); Kalshi shows similar cross-platform consensus. In parallel, Warren published a letter to Mark Zuckerberg demanding full disclosure by 20 May of Meta's USDC stablecoin pilot on Solana/Polygon (Stripe) in Colombia and the Philippines — the senator cites 3.5B daily users and risks to competition, privacy, payment integrity, and financial stability. Circle Internet Group (CRCL) shares reacted to the 1 May compromise with a >20% rebound on Monday 5 May and closed at USD 113.67 on 8 May (-67% from 52w highs but +14% in the compromise week); the official Q1 2026 report drops on Monday 11 May at 8:00 ET — a day after this briefing — with consensus ~USD 717M (Zacks) and ~USD 715M (S&P Global) versus the current Q4 2025 USD 770M.

Federal Reserve governor Lisa Cook spoke on 8 May at the BCEAO digital assets conference in Dakar and declared that the US tokenized market has doubled year-over-year to about USD 25B. Key doctrinal message: *"tokenizing existing conventional assets is the fastest path to institutional adoption"*; the identified risks (liquidity transformation, 24/7 trading, cybersecurity, supervisory gaps) are offset by efficiency gains in settlement, automated record-keeping, and multi-currency operation. Cook explicitly cites FEDS Notes Carapella et al. 2023, building on prior FOMC speeches (Waller "Modernizing Reserve Bank Operations" — context: 21 April; Bowman on AI in the financial system — context: 1 May) — but this is the first time a Fed governor puts a public figure on the size of the US tokenized market, not the first general doctrine on tokenization. The intervention was coordinated with the publication of the Fed semi-annual Financial Stability Report that same Friday 8 May, which found elevated asset valuations even as investors begin demanding higher risk compensation amid uncertainty over monetary policy. Institutional cross-validation: ECB working papers 3174 (Ferrari Minesso/Siena) and 3199 (Altavilla et al.) published the same window price tokenized RWA on public chains at 5x YoY growth to USD 27B Q1 2026. Methodological reading: the Fed figure measures tokenized assets in a broad sense (includes tokenized deposits on private chains + public RWA), the ECB figure measures only RWA on public blockchains — order of magnitude (tens of billions $) and adoption rhythm (2x-5x YoY) are congruent. FIS reported in Q1 earnings (8 May) +24% YoY recurring ACV and triple-YoY ACV in Money Movement Hub, explicitly framing tokenized deposits as the bank-controlled rail vs. external stablecoins and citing USD 2 trillion annual global illicit flows with USD 35-40B in AML spend. Cook thus offers the first Fed-sanctioned quantitative reference for the US tokenized market under the Trump administration, diverging from Lagarde (ECB)'s more cautious tone in Roda de Berà the same 8 May on private stablecoins.