Protect Developers or Weaken Oversight? Judiciary Committee Strongly Opposes Section 604 of the CLARITY Act
**January 17**
Senate Judiciary Committee Republican Chair Chuck Grassley and top Democrat Dick Durbin are urging the Senate Banking Committee to exclude the "Blockchain Regulatory Certainty Act" from cryptocurrency market structure legislation, arguing its provisions would weaken federal fund transfer rules.
In a letter, the pair flagged Section 604 of the Banking Committee’s market structure bill—intended to shield software developers from criminal liability for third-party misuse of their products—as a threat to federal unlicensed money transmission laws. Notably, the Judiciary Committee (which oversees Title 18 of the U.S. Code) was neither consulted nor given advance substantive review of the proposed changes.
The letter cites the Justice Department’s prosecution of Tornado Cash developer Roman Storm, noting the case underscores that existing regulations already enable holding parties accountable for unlicensed money transmission.
The latest pushback complicates the Ban
6 minutes ago
Yesterday, the US Solana Spot ETF saw a net outflow of $2.2 million
On January 17, data from Farside Investors showed U.S. Solana spot ETFs posted a net outflow of $2.2 million the previous day (January 16).
Breakdown by fund:
- Fidelity FSOL: $400,000 net inflow
- 21Shares TSOL: $700,000 net outflow
- Grayscale GSOL: $1.9 million net outflow
This rewrite aligns with U.S. English news brevity, clear date framing (linking the 17th report to the 16th’s flows), and straightforward breakdown of fund-level data—standard for financial quick updates.
6 minutes ago
Hong Kong fintech company WeLab raises $220 million in Series D funding round, led by HSBC Bank
Jan. 17 — Bloomberg reports that Hong Kong fintech firm WeLab has closed a $220 million Series D funding round, with participation from HSBC, Prudential Hong Kong, Fubon Bank (Hong Kong), the Hong Kong Growth Portfolio, Allianz X, TOM Group (CK Hutchison Holdings), and other investors.
Proceeds from the round will be used to expand into Southeast Asia and pursue mergers and acquisitions (M&A).
WeLab is a member of the Hong Kong Web3 Association. Its subsidiary, WeLab Bank, received a virtual banking license from the Hong Kong Monetary Authority in 2019 (now rebranded as a digital bank) and is also a member of the Hong Kong Institute of Bankers (HKIB).
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Yesterday, the U.S. Bitcoin Spot ETF saw a net outflow of $3.947 billion, while the Ethereum ETF saw a net inflow of $4.7 million.
January 17th
Per monitoring data from Farside Investors, U.S. Bitcoin spot ETFs recorded a net outflow of $394.7 million yesterday, with the following breakdown:
- BlackRock IBIT: +$15.1 million (inflow)
- Fidelity FBTC: -$205.2 million (outflow)
- Bitwise BITB: -$90.4 million (outflow)
- ARK ARKB: -$69.4 million (outflow)
- Grayscale GBTC: -$44.8 million (outflow)
Additionally, U.S. Ethereum spot ETFs posted a net inflow of $4.7 million yesterday, with:
- BlackRock ETHA: +$14.9 million (inflow)
- Grayscale ETHE: -$10.2 million (outflow)
6 minutes ago
Solana Ecosystem Meme Coin RALPH Surpasses $43 Million Market Cap to Hit New All-Time High, Surging Over 250% in 24 Hours
On January 17, GMGN market data shows Solana-based meme coin RALPH has hit a new all-time high, with its market capitalization exceeding $43 million. It’s up 253% in 24 hours, with a 24-hour trading volume of $17.7 million.
RALPH is inspired by Ralph Wiggum, the iconic character from *The Simpsons*.
Previously reported by BlockBeats, a RALPH insider spent 12.3 SOL (worth $1,668 at the time) to buy 28.8 million RALPH tokens. Those tokens are now valued at $1.07 million, marking a 642x return on investment.
BlockBeats Note: Meme coins carry extreme price volatility, rely heavily on market sentiment and hype, and have no tangible value or use case. Investors should be aware of these risks.
6 minutes ago
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