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The CLARITY Act advanced through the Senate Banking Committee this week with the Blockchain Regulatory Certainty Act included and intact. Coin Center, the policy group tracking the bill closest, called the advancement encouraging while warning that limited bipartisan support could invite further concessions before a floor vote.

The BRCA is the piece that matters most for the open-source side of Bitcoin. It clarifies that developers and node operators are not money transmitters simply for writing or running software. Keeping it in the bill through markup is the difference between a law that codifies Bitcoin's reality and one that quietly criminalizes its infrastructure. Three weeks ago this bill was at even odds. It just cleared committee.

Strategy's STRC vehicle posted its highest-volume day on record this week. Saylor noted $1.53 billion in liquidity, two cents of total price volatility, and a close exactly at par. That capital funded the purchase of 14,815 Bitcoin in a single stretch.

The flat price is the point. STRC is designed to trade at par while absorbing enormous volume, functioning as a stability instrument that converts dollars into Bitcoin without the price noise of common equity. A day with $1.53 billion of liquidity and a two-cent range is not a boring day. It is the machine working exactly as designed. The volatility went into the Bitcoin purchase. None of it went into the instrument.

Charles Schwab launched spot Bitcoin trading for US retail clients this week. Schwab manages roughly $11.77 trillion in client assets, which puts direct Bitcoin access in front of one of the largest retail investor bases in the country, inside the brokerage account those investors already use.

The distribution shift here is larger than the headline. Schwab clients do not have to open a Coinbase account, learn a new platform, or move money to an exchange they have never heard of. They buy Bitcoin in the same place they hold their index funds and their retirement accounts. Every barrier removed between a mainstream investor and a Bitcoin purchase compresses the adoption timeline. Schwab just removed one of the biggest.

Kevin Warsh was confirmed this week as the new chair of the Federal Reserve. Warsh is on record describing Bitcoin in direct terms: for investors under 40, he has called it their new gold. River's breakdown of the current Federal Reserve Board shows three governors marked pro-Bitcoin, two neutral to positive, and only one skeptic.

A Fed chair does not set Bitcoin policy. But the chair sets the tone for how the central bank talks about money, stores of value, and the dollar's competition. A chair who frames Bitcoin as the next generation's gold is a different starting point than the institutional skepticism of the past decade. Pair that with the board composition River laid out, and the monetary establishment is no longer hostile territory. It is, by River's count, the most pro-Bitcoin Fed on record.

Michael Saylor, Strategy, Bitcoin, STRC, DeFi leverage, and the S&P 500 are all colliding in one of the most important Bitcoin stories of 2026. After the “never sell Bitcoin” controversy, Saylor is now explaining why Strategy may sell Bitcoin while still becoming a massive net buyer.

But the bigger story may be what gets built on top of Strategy’s Bitcoin products. As capital flows from crypto speculation into Bitcoin-backed yield, leverage, stablecoins, and digital credit, the next major unwind may not be Bitcoin itself, but the casino forming around it.