Regulating Crypto

As the Senate Banking Committee stands poised to mark up crypto market legislation within days, banks are focused on blocking crypto exchanges from offering rewards on stablecoins, which they fear could siphon deposits away from community banks.

Anchorage Digital Bank, Custodia Bank and Erebor Bank could be among the first recipients of limited, special-purpose payment accounts recently floated by Federal Reserve Gov. Christopher Waller. 

The Bank of England may cap ownership, drawing ire from crypto groups that claim that will hinder innovation.

The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.

The Senate voted 68-30 to invoke cloture on the GENIUS Act, which aims to regulate stablecoins, including backing from all Republicans and 18 Democratic lawmakers.

The House Financial Services Committee passed a crypto oversight bill in a 32-19 vote, as well as several other bills bankers support, including one to curtail abusive trigger leads in mortgage lending, in a lengthy markup.

Sen. John Thune, R-S.D., filed for cloture and filled the amendment tree on the stablecoin bill, effectively closing the path for the credit card legislation offered by Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan., that would address credit card swipe fees.

The 2020 case, in which the Securities and Exchange Commission tried to hold Ripple accountable to securities law, offers little clarity for the regulation of crypto tokens.

A report estimates that the total outstanding supply of stablecoins could grow up to $3.7 trillion by 2030 in Citi's bull case, but more likely $1.6 trillion according to its base case.

The crypto asset platform is returning to the U.S. after leaving in 2022 amid regulatory friction.

In an era of deglobalization, decentralized financial products like blockchains are looking more appealing to some.

Deputy Attorney General Todd Blanche said regulators, not the DOJ, should pursue most crypto cases.

As President Donald Trump's tariffs whipsaw bank shares and threaten recession, the House Financial Services Committee chairman told a large room of bankers that efforts like repealing the small business data collection rule and passing legislation to Congressionally appropriate the Consumer Financial Protection Bureau are among his priorities.

SEC Commissioner Hester Peirce said it was important for the agency to not stifle innovation through its regulatory approach.

John Kothanek, who leads the crypto exchange's global intelligence team, shares some of the ways the company helps investigate on-chain crime.

The SEC had sued the cryptocurrency exchange for allegedly operating as an unregistered securities exchange, broker, dealer and clearing agency. The case was dropped with prejudice.

The event Wednesday marked the first time Teng has spoken in the U.S. capital since becoming CEO.

The president's son spoke at a panel alongside the co-founders of the Trump-backed World Liberty Financial the day after it launched a new stablecoin.

A much-anticipated stablecoin bill advanced to the full Senate in an 18-6 vote, giving it a promising path to pass with 60 votes. But amendments banks favored were shut out of the markup.

Firms such as Circle, Binance and Coinbase say new bipartisan legislation will attract banks to the market, providing a boost for mainstream payments.