U.S. Lawmakers ускорate Crypto Market Structure Bill as ETF Inflows Signal Institutional Demand

U.S. lawmakers are signaling an accelerated timetable for a long-awaited 'crypto market structure' bill, as fresh ETF inflows and a wave of institutional product launches underscore how quickly digital assets are moving deeper into mainstream finance.

Sen. Bernie Moreno, a Republican, said he wants the market structure legislation marked up as early as next week, sent to President Trump by the end of June, and signed into law before July 4, according to Bitcoin Magazine. The proposal is broadly aimed at clarifying oversight responsibilities, trading rules, and the compliance perimeter for crypto businesses—issues that market participants have long argued are essential to bringing the U.S. regulatory framework in line with the industry’s scale.

An expedited schedule would be notable in Washington, where crypto legislation has often stalled amid disputes over jurisdiction between regulators and disagreements over how to classify digital assets. If the bill advances on Moreno’s timeline, it could strengthen expectations that the U.S. is moving toward a clearer pathway for exchanges, brokers, token issuers, and custodians—reducing legal ambiguity that has historically deterred some 'institutional demand'.

That institutional bid has shown up again in spot crypto ETFs. On May 5 ET, U.S. spot Bitcoin (BTC) ETFs recorded net inflows of about $467 million, marking four consecutive trading days of net subscriptions, according to PANews. BlackRock’s iShares Bitcoin Trust (IBIT) led with roughly $251 million in inflows, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) at around $133 million. Grayscale’s Grayscale Bitcoin Trust (GBTC) posted net outflows of about $18.4 million.

At the time of reporting, total net assets across spot Bitcoin ETFs stood near $108.98 billion, with cumulative net inflows estimated at approximately $59.72 billion. Sustained inflows are often read as a proxy for returning 'liquidity inflow' from wealth managers and allocators who prefer regulated wrappers over direct spot exposure.

Spot Ethereum (ETH) ETFs also extended their streak. On May 5 ET, the group saw net inflows of roughly $97.6 million, the third straight session of net inflows, PANews reported. BlackRock’s iShares Ethereum Trust (ETHA) brought in about $69.5 million, while Fidelity’s Fidelity Ethereum Fund (FETH) added around $24.2 million. Total net assets for spot Ether ETFs were reported at about $14.15 billion, or roughly 4.92% of Ethereum’s total market capitalization, with cumulative net inflows near $12.18 billion.

Beyond ETFs, Morgan Stanley ($MS) is preparing to broaden access to digital assets through its wealth management channel. Citing Cointelegraph, PANews reported the bank plans to enable spot cryptocurrency trading on its wealth management platform in the second half of 2026, alongside expanded access to tokenized assets and crypto ETFs. If implemented, the move would represent a meaningful expansion of distribution capacity for spot crypto exposure through a major traditional wealth platform—an area where many banks have historically moved cautiously due to compliance and operational complexity.

Meanwhile, Solana’s ecosystem is drawing attention as a testing ground for institutional-grade tokenized cash management and new payment rails designed for AI-driven commerce. The Solana Foundation and Google Cloud said they have launched 'Pay.sh', a stablecoin settlement service built for AI agents. The tool is designed to let AI agents pay, in real time, for API usage on a per-call basis without traditional account registration or subscription workflows, according to Decrypt via PANews.

The service runs through API agents on Google Cloud and uses the open AI payments standard x402, originally developed by Coinbase and now overseen by the Linux Foundation. It also supports machine payment protocols developed by Tempo and Stripe. The concept is to enable micro-payments—often just cents per API call—for access to services such as Google Cloud resources and third-party tools, as well as blockchain infrastructure and analytics platforms including Helius, Alchemy, Dune Analytics, and Nansen.

In parallel, Anchorage Digital is planning what it describes as a 'cashless' stablecoin reserve model on Solana. The federally chartered digital asset bank intends to hold reserves in low-risk, yield-bearing tokenized products while maintaining immediate liquidity to meet redemptions, according to PANews. The pitch is capital efficiency: minimizing idle cash while preserving redemption reliability—an increasingly important design constraint as stablecoins scale and as regulators scrutinize reserve quality and liquidity management.

Traditional finance firms are also pushing tokenized short-duration products. State Street ($STT) and Galaxy Digital Holdings ($GLXY) have launched an onchain liquidity fund called SWEEP that allows eligible investors to convert stablecoins into yield-bearing tokenized assets for 24/7 onchain cash management, Odaily reported. SWEEP is initially launching on Solana, with plans to expand to Stellar (XLM) and Ethereum (ETH), and will integrate infrastructure including Chainlink (LINK). The product is being positioned similarly to BlackRock’s tokenized money market-style offerings, reflecting a broader shift toward programmable, always-on cash management.

On the regulatory front, the U.S. Commodity Futures Trading Commission is weighing formal rulemaking to strengthen protections for non-custodial software developers, according to panewslab.com. Commissioner Michael Selig said the agency is exploring how to codify protections after the CFTC issued a no-action letter in March to wallet provider Phantom, indicating that qualified self-custody wallet software developers would not need to register as brokers. Industry observers see clearer developer protections as a key input to the U.S. innovation environment, particularly as enforcement actions and state-level measures have raised concerns about liability for open-source builders.

Selig also reiterated that prediction markets fall under the CFTC’s exclusive jurisdiction and said the agency would continue litigation against states it believes encroach on federal authority. The CFTC has previously filed suits involving states including Wisconsin, Illinois, Arizona, Connecticut, and New York, according to the report.

Security, however, remains a market-wide constraint. A high-severity Bitcoin Core vulnerability—tracked as CVE-2024-52911—has been disclosed, affecting versions 0.14.1 through 28.4, according to panewslab.com. The flaw could allow an attacker, under specific conditions, to crash nodes remotely or potentially execute code by mining a specially crafted block. The issue was reportedly found by developer Cory Fields in November 2024, patched in December 2024, and included in Bitcoin Core version 29, released in April 2025. Because node upgrades are voluntary, the report estimates that about 43% of nodes may still be running vulnerable older versions.

While the exploit is considered expensive to execute—requiring substantial compute to mine an invalid block without receiving a block reward—the disclosure is a reminder that operational vigilance remains critical even for mature networks. Support for the 28.x series, described as the last vulnerable branch, ended on April 19, 2026, the report added.

Solana (SOL) is also looking ahead to performance upgrades. Solana co-founder Anatoly Yakovenko said the network’s core upgrade 'Alpenglow' could arrive as early as next quarter, according to CoinDesk via PANews, citing remarks at Consensus Miami 2026. The upgrade aims to push transaction confirmation speeds closer to physical limits while improving reliability and 'deterministic finality'—attributes that matter most for latency-sensitive applications such as trading and payments.

Taken together, the developments highlight a market in transition: policy is moving toward clearer lines of authority, institutions are widening distribution for regulated crypto exposure, and major networks are competing to deliver the reliability needed for real-world finance and machine-to-machine commerce. Whether the legislative push in Washington can match the pace of product rollout may help shape where the next wave of crypto adoption consolidates—across ETFs, tokenized cash products, and stablecoin-based payment infrastructure.