Despite the recent passage of the U.S. Clarity Act by the Senate Banking Committee, which aims to establish a comprehensive regulatory framework for the crypto industry, macroeconomic challenges are overshadowing this regulatory optimism. Crypto analyst Omkar Godbole highlights three primary risks affecting the market: increased volatility in the U.S. Treasury market, the risk of yen depreciation, and rising international oil prices. The MOVE index, which tracks Treasury volatility, surged 14.7% to 79.87, its highest since April 7, indicating potential pressure on risk assets. Additionally, the USD/JPY exchange rate has climbed close to 160, raising concerns about potential Bank of Japan intervention, which could disrupt global liquidity. Furthermore, both WTI and Brent crude prices have exceeded $100 per barrel, with declining global oil inventories posing a threat to financial conditions. These macroeconomic pressures, coupled with ongoing security vulnerabilities in the crypto industry, such as the $328 million stolen in cross-chain bridge attacks since 2026, are currently overshadowing positive regulatory developments in the crypto market.