Late May marked another step in crypto’s shift from speculation to financial infrastructure.

The ARMA Act advanced the push for a U.S. Strategic Bitcoin Reserve, while the CLARITY Act moved digital asset regulation closer to a federal framework. At the same time, Schwab, Morgan Stanley, Visa, Western Union, and Stripe expanded crypto trading, payments, and stablecoin rails.

Hyperliquid gained momentum through new ETF access and a Coinbase USDC treasury partnership, while prediction markets moved into private-market valuation contracts. But the KelpDAO exploit and Bitcoin Depot bankruptcy showed that weak infrastructure is still being exposed.

In this episode:

• ARMA Act advances the Bitcoin Reserve push

• CLARITY Act moves crypto regulation forward

• TradFi expands crypto and stablecoin rails

• Hyperliquid gains ETF and Coinbase momentum

• Prediction markets move into unicorn valuations

• KelpDAO and Bitcoin Depot expose infrastructure risk

Crypto’s rails are maturing fast — but the market is starting to separate durable infrastructure from fragile models.