Senator Bill Hagerty is set to introduce the GENIUS Act, a bill aimed at creating a clear regulatory framework for stablecoins in the US. The legislation is co-sponsored by Senators Kirsten Gillibrand, Tim Scott, and Cynthia Lummis, with a focus on ensuring all stablecoins are backed by US Treasury bills, dollars, and Federal Reserve notes.
The bill follows previous efforts in Parliament to regulate stablecoins, aligning with similar proposals from both the House and Senate. Supporters argue that regulatory clarity is crucial for the rapidly expanding market, with Tether’s USDT and Circle’s USDC currently dominating the sector. Lawmakers believe the move will help position the US as a global leader in cryptocurrency innovation.
A key requirement of the bill is for issuers to conduct and publish monthly audits to ensure transparency and financial stability. Senator Hagerty has pledged to work closely with House Financial Services Committee chair Rep. French Hill to advance the bill, aiming to bring it to President Trump’s desk for approval.
Coinbase is calling on US regulators to remove barriers preventing banks from offering crypto services, urging them to confirm that state-chartered banks can provide and outsource crypto custody and execution. The exchange sent letters to key regulatory bodies, including the Federal Reserve and the FDIC, requesting clear guidance on banks’ ability to work with crypto firms. Coinbase argues that current laws already permit such partnerships, but regulatory uncertainty is stopping banks from fully engaging in the sector.
The request comes amid an ongoing legal battle between Coinbase and US agencies, with the exchange accusing regulators of deliberately blocking banks from serving crypto businesses. Last year, Coinbase sued the SEC and the FDIC over alleged efforts to cut off essential banking services to the industry. Some reports even suggest the FDIC pressured banks to pause their crypto activities, despite institutions such as BNY Mellon moving forward with digital asset custody services.
With Donald Trump now in office, the crypto community is watching closely for potential regulatory shifts. Coinbase, which has been strengthening ties with the new administration, sees this as an opportunity to push for a more open banking environment for crypto firms. The exchange remains a major player in the market, serving as the primary custodian for US-based Bitcoin ETFs.
A bipartisan working group is being established in Congress to develop policies supporting digital assets. Representative French Hill announced the initiative, emphasising the need for clear regulatory guidelines. The group will work alongside White House officials, including crypto and AI adviser David Sacks.
President Donald Trump has ordered a separate cryptocurrency task force to explore regulations and the possibility of a national crypto reserve. Trump has positioned himself as a pro-crypto leader, pledging to promote adoption. In contrast, former President Joe Biden’s administration took a stricter stance, cracking down on exchanges such as Coinbase and Binance over alleged regulatory violations.
Lawmakers and officials are now seeking a balance between fostering innovation and ensuring consumer protection. The growing role of cryptocurrencies in the economy has intensified calls for clearer legislation, with both Congress and the executive branch pushing for new frameworks.
Trump’s crypto czar, David Sacks, has argued that stablecoins could help maintain US dollar dominance, just as lawmakers push for clearer regulations in the sector. His statement came after Senator Bill Hagerty introduced the GENIUS Act, a bill aimed at setting legal standards for stablecoins and ensuring their reserves are backed mainly by US Treasury Bills.
At a press conference alongside key Republican lawmakers, Sacks outlined Trump’s digital asset strategy, suggesting that stablecoin regulation could be a priority under the administration. He also addressed questions about Trump’s plan for a Bitcoin reserve, stating that assessing its feasibility is a key goal for the crypto council, though he declined to confirm whether the US government would actively accumulate BTC.
Meanwhile, Congress appears to be accelerating efforts to formalise crypto policy, with key committees forming dedicated groups to oversee digital asset regulations. Lawmakers, including Senate Banking Committee Chair Tim Scott and House Financial Services Committee Chair French Hill, have signalled a coordinated push to establish a comprehensive framework for stablecoins and broader crypto adoption.
President Donald Trump has temporarily halted a 25% tariff on Mexican imports following an agreement with President Claudia Sheinbaum. The deal, which grants a one-month pause, comes after Mexico pledged to deploy 10,000 National Guard troops to curb drug trafficking and illegal migration at the US border.
The agreement follows Trump’s decision to impose tariffs on Mexico, Canada, and China as part of a broader strategy to pressure foreign governments on trade and security. While the pause provides temporary relief, negotiations will continue, led by senior US officials including Secretary of State Marco Rubio. Trump remains optimistic that a long-term solution can be reached.
Financial markets responded positively to the news, with US stocks recovering from early losses and the Mexican peso stabilising. Bitcoin, which had slumped to $91,178, rebounded to nearly $98,000 as investors adjusted to the easing tensions. However, concerns remain over impending tariffs on Canada and China, which could still trigger economic uncertainty.
The Trump administration is preparing to accelerate digital asset regulation, with White House crypto czar David Sacks set to lead a press conference alongside key Conservative lawmakers. The event, scheduled for Tuesday, will outline plans to establish the US as a leader in the digital asset space while ensuring regulatory clarity.
The administration’s working group on digital assets has tasked agencies, including the US Treasury and the SEC, with identifying all relevant cryptocurrency laws by the end of February. Between March and July, policy recommendations will be drafted to amend or remove outdated regulations, paving the way for a federal crypto framework.
Comprehensive proposals covering market structure, stablecoins, and consumer protection must be submitted within 180 days of July, with multiple parliamentary hearings expected. While the process will take time, the involvement of top Conservative policymakers signals a major shift in Washington’s approach to cryptocurrency regulation.
The US Treasury is facing a lawsuit over claims it unlawfully granted Elon Musk’s Department of Government Efficiency (DOGE) access to millions of Americans’ financial and personal data. The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) filed the lawsuit in Washington, DC, accusing the Treasury and Secretary Scott Bessent of illegally sharing sensitive information.
The lawsuit follows concerns raised by US Senator Ron Wyden, who alleged that DOGE had full access to the Treasury’s payments system, which includes names, Social Security numbers, bank account details, and other private data. Prominent Democrats, including Senate leader Chuck Schumer and Senator Elizabeth Warren, have condemned the move, arguing that DOGE lacks any legal authority over federal spending or data access.
Schumer has pledged to introduce legislation to prevent further interference, stating that DOGE is not a legitimate government agency. Warren warned that the system is now “at the mercy of Elon Musk,” raising fears over potential misuse of financial records. The Treasury and DOGE have yet to respond to the allegations.
Vietnam is taking steps to regulate digital assets as the country faces rising crypto-related fraud. The proposed framework aims to reduce scams and provide legal clarity, addressing concerns about Vietnam’s “policy grey zones” that allow criminals to operate unchecked. According to Phan Đức Trung, the Vietnam Blockchain Association chairman, recent reports revealed a $100 million crypto fraud targeting local investors.
Despite Vietnam’s ambition to become a blockchain leader by 2030, the lack of regulation has created risks for investors. With 17 million Vietnamese citizens actively using crypto and capital inflows reaching $105 billion for 2023-2024, the country ranks among the world’s top crypto adopters. However, Trung warns that bad actors exploit loopholes by registering offshore without clear laws, making enforcement difficult.
Authorities have already cracked down on crypto scams, arresting multiple suspects in Hanoi and Dong Nai Province for defrauding victims through fake tokens and mining schemes. The new draft law, expected to pass in Q2 2025, aims to establish a legal framework for consumer protection, dispute resolution, and tackling illicit financial activities linked to crypto.
European central banks may start accumulating Bitcoin as early as 2025, according to blockchain expert Fiorenzo Manganiello. It follows the rollout of the EU’s Markets in Crypto-Assets (MiCA) regulation, which aims to stabilise the crypto market by introducing clear legal frameworks. Manganiello believes that MiCA’s clarity will encourage institutional investors and reduce Bitcoin’s volatility, positioning it as a legitimate financial asset.
He predicts that central banks could use Bitcoin as a hedge against traditional market instability, diversifying their reserves and strengthening their defences. Manganiello stated that Bitcoin is becoming “too dominant to ignore,” and even the most traditional financial institutions, including central banks, are expected to embrace it.
The MiCA framework, introduced at the end of 2024, will replace the fragmented national regulations that previously governed crypto across the EU. With MiCA offering a unified regulatory approach, Manganiello argues that it will breathe new life into the European crypto scene and potentially lead to Bitcoin becoming a standard asset for central banks.
Australian crypto firm Monochrome Group has successfully registered its Bitcoin and Ethereum exchange-traded funds (ETFs) with the Monetary Authority of Singapore, marking a significant expansion into Southeast Asia. This move comes in response to rising institutional demand for regulated digital asset products.
The Bitcoin ETF (IBTC) and Ethereum ETF (IETH) are now available to accredited and institutional investors, with a minimum transaction of S$200,000. These ETFs cater to diverse institutional needs, offering both Bitcoin and cash subscriptions and redemptions. Monochrome’s CEO, Jeff Yew, stressed that the firm is focused on building long-term infrastructure rather than short-term market fluctuations.
Monochrome’s expansion is also backed by a strategic partnership with Anadara Capital and an enhanced security infrastructure through BitGo Trust Company for custody services. The firm plans to set up regional offices in Southeast Asia by 2025, with a strong focus on regulatory compliance and institutional engagements.
As the demand for regulated crypto products grows amid global market turbulence, Monochrome’s ETFs offer a compliant solution for institutions looking to hedge against geopolitical and economic instability, positioning the firm at the forefront of Asia’s crypto regulatory hub.
