The Decrypt News roundup with TylerD - May 15th

— The Clarity Act advanced through the Senate Banking Committee with a 15-9 bipartisan vote, clearing its first major legislative hurdle. Two Democrats crossed over despite failed late-night negotiations on ethics provisions tied to Trump family crypto interests. The bill now requires 60 votes on the full Senate floor, meaning approximately 6 additional Democrats must support it.

— Coinbase and Circle announced a partnership making Coinbase the official treasury deployer for USDC on Hyperliquid under a new AQA v2 framework. Coinbase will manage reserves and share yield, while Circle handles technical infrastructure. The deal could boost Hyperliquid protocol revenue by around 25%.

— Cerebris, an AI chipmaker, surged as much as 100% above its $185 IPO price on debut, reaching a market cap exceeding $100 billion. Significant pre-IPO trading occurred on Hyperliquid through TradeXYZ before the official listing.

— The Trump-Xi summit produced a constructive tone on trade with progress on tariff reductions and purchase commitments, though Xi warned Trump that mishandling Taiwan could create a "highly perilous situation."

— Kraken migrated over $3 billion in TVL from Layer Zero to Chainlink CCTP following the $292 million Kelp Dial exploit. This represents the third major migration away from Layer Zero after Kelp Dial and SOL Protocol moved their assets.

— Monitor the Clarity Act's progression to the full Senate vote. Passage odds jumped to 70% following committee approval, and successful passage would establish clearer crypto regulatory frameworks. The bill's fate depends on gaining approximately 6 Democratic votes beyond those already committed.

— Track the shift of institutional stablecoin infrastructure from Layer Zero to Chainlink following security compromises. The Kelp Dial exploit has triggered major TVL migrations, signaling market preference for Chainlink's CCIP infrastructure over Layer Zero's DVN model.