Web3 pay levels slid in 2026, with the average worker earning about $138,000 annually in May 2026. That is a 75.1% drop from the January 2025 peak of $553,000 and about 32.7% below the roughly $205,000 seen in December 2021.

An April 2026 Caladan report said 93% of 3,200 GameFi projects are effectively dead, with sector tokens down 95% from 2022 highs and about $15 billion destroyed. It also cited Axie Infinity's drop from 2.7M daily players in summer 2022 to 5,500, while GameFi VC funding fell from $5.56 billion in 2022 to roughly $390 million by 2025.

A revised Senate Banking Committee crypto market structure draft released on May 12 includes an unexpected housing proposal, with pages 300–309 outlining the “Build Now Act.” The text also updates provisions on stablecoin rewards and keeps BRCA protections for non-custodial developers, as the bill heads toward a Senate markup vote later this week.

The Senate Banking Committee released an updated, 309-page version of its Clarity Act around midnight Monday and is planning a markup later this week. The text incorporates revised restrictions around stablecoin rewards and includes language aimed at protecting non-custodial software developers, while leaving unresolved debates over ethics provisions tied to federal officials' crypto interests.

Senate Banking Committee members are heading into a May 14 executive session where they are expected to consider H.R.3633, the Digital Asset Market Clarity Act of 2025. Stand With Crypto said it will score recorded votes tied to the markup and said it represents more than 2.9 million U.S. advocates. Separate polling cited in the report showed 52% support for the bill after voters reviewed a summary, alongside broader demand for clearer crypto rules.

Galaxy Digital and Sharplink have signed a non-binding agreement to create a $125 million institutional onchain yield fund aimed at deploying Sharplink's ETH-focused capital into DeFi strategies. Galaxy will manage the vehicle and contribute $25 million, while Sharplink will commit $100 million, with allocations intended for liquidity strategies and support of early-stage protocols.

On May 11, Augustus said the Office of the Comptroller of the Currency granted conditional approval to form Augustus Bank, N.A., a proposed clearing bank designed around stablecoin settlement and AI-driven workflows. The firm said it processed billions in volume in 2024 with 10x year-over-year growth and counts Kraken among its clients, while full U.S. dollar clearing would still depend on final charter approval. The announcement lands as lawmakers advance the GENIUS Act and banking groups press regulators to scrutinize crypto-linked charter applications.

Sen. Bernie Moreno said large U.S. banks are pressuring lawmakers ahead of a Senate Banking Committee markup scheduled for Thursday. The dispute followed an American Bankers Association letter warning the proposal could push deposits into payment stablecoins and allow interest-like rewards, prompting pushback from crypto advocates.