Banks can now engage in crypto without Federal Deposit Insurance Corp. approval, part of a broader Trump-era deregulatory push to integrate digital assets into traditional finance.

Hut 8 is launching American Bitcoin Corp. as a majority-owned subsidiary, focused exclusively on bitcoin mining and strategic bitcoin reserve development. Eric Trump will serve as American Bitcoin's chief strategy officer.

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 Senate Banking Committee considered the nomination of Paul Atkins to lead the Securities and Exchange Commission, whose track record on deregulation in the lead up to the 2008 financial crisis was questioned by Democratic lawmakers. Lawmakers also considered the nomination of Jonathan Gould to lead the Office of the Comptroller of the Currency and Luke Pettit for a key bank regulatory role at Treasury.

The Senate Banking Committee will consider the nominations of Jonathan Gould to lead to Office of the Comptroller of the Currency, Paul Atkins to lead the Securities and Exchange Commission and Luke Pettit as Assistant Secretary of the Treasury Thursday morning.

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.

The stablecoin known as USD1 will be on the ethereum and Binance Smart Chain blockchain networks.

The two financial institutions issued Avit tokens on the Ethereum mainnet, marking a first in the U.S.

Former staffers at Block's crypto unit have launched Stable Sea, a firm that tries to make processing easier.