US Representative Tom Emmer called for stronger pro-stablecoin laws during a House Financial Services Committee hearing on 11 March, while criticising central bank digital currencies (CBDCs) as a threat to American values. Emmer, who reintroduced the CBDC Anti-Surveillance State Act on 6 March, warned that CBDC technology could undermine American freedoms and privacy. The proposed bill seeks to block the creation of a US CBDC without Congress’s explicit approval, addressing concerns over financial surveillance.
Emmer argued that CBDCs could disrupt American financial independence, citing the risks of government control over citizens’ transactions. He also highlighted the privacy concerns surrounding digital currencies issued by central banks, stating that stablecoins offer a better alternative by promoting financial privacy and innovation without compromising personal freedoms.
At the same hearing, Paxos CEO Charles Cascarilla called for consistent stablecoin regulations across global jurisdictions to prevent regulatory loopholes. Cascarilla stressed the importance of clear, reciprocal rules that would level the playing field for stablecoin issuers in the US and globally, fostering a competitive market that benefits both consumers and investors.
Amidst growing support for pro-crypto policies, Emmer reiterated that the US must prioritise pro-stablecoin legislation while rejecting CBDCs to safeguard privacy and financial autonomy. The stance aligns with broader concerns raised by the growing influence of cryptocurrency companies in US politics, which could pose challenges to regulatory stability.
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Bitwise has introduced the Bitwise Bitcoin Standard Corporations ETF (OWNB), offering investors exposure to companies with significant Bitcoin holdings. The ETF tracks the Bitwise Bitcoin Standard Corporations Index, which includes companies holding at least 1,000 Bitcoin in their treasuries. As of 11 March, major holdings in the ETF include Strategy’s stock (MSTR), which serves as a Bitcoin fund for Michael Saylor, and Bitcoin miners like MARA Holdings, CleanSpark, and Riot Platforms.
The ETF aims to capitalise on the increasing trend of companies buying Bitcoin as a strategic reserve asset, perceiving it as a scarce, liquid asset that is independent of government influence. Bitwise’s index is weighted according to Bitcoin holdings, with the largest holding capped at 20%. The popularity of Bitcoin treasuries has surged, with corporate Bitcoin holdings exceeding $54 billion as of 11 March, a figure driven by rising Bitcoin prices in 2024.
The ETF launch comes amid growing interest in Bitcoin-focused investment products, with other asset managers, such as Strive and REX Shares, planning similar offerings. In addition to companies, even the US government has begun developing a strategic Bitcoin reserve. The move signals a broader shift towards recognising Bitcoin as an integral part of corporate and governmental financial strategies.
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Senator Cynthia Lummis has reintroduced the Bitcoin Act in the US Senate, aiming to authorise the government to purchase up to one million Bitcoin, which would represent about 5% of the total Bitcoin supply.
However, this move is part of an effort to strengthen the nation’s strategic reserves, with funding proposed through Federal Reserve earnings and new certificates for the Fed’s gold holdings.
The Treasury Secretary would oversee the acquisition and management of Bitcoin, with any new purchases held for at least 20 years and restrictions on selling more than 10% of the reserve every two years.
The Bitcoin Act reintroduction signals a continued push to incorporate Bitcoin into the US financial system. Lummis, a vocal advocate for Bitcoin, sees it as vital for America’s financial leadership in the 21st century.
The bill builds on President Trump’s Executive Order that established the Strategic Bitcoin Reserve, aiming to secure the nation’s digital assets while addressing the national debt.
In addition to federal efforts, Texas has introduced a bill proposing the acquisition of up to $250 million in Bitcoin and other cryptocurrencies, potentially making it the first state in the US to hold Bitcoin on its balance sheet.
These initiatives at both state and federal levels reflect a growing acceptance of Bitcoin as a legitimate financial asset.
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A new bill introduced in Texas by Representative Ron Reynolds aims to restrict how much local and state authorities can invest in cryptocurrencies.
Filed on 10 March, the legislation proposes that the state’s comptroller be prohibited from investin more than $250 million of the Economic Stabilisation Fund, also known as the ‘rainy day’ fund, in Bitcoin or other digital currencies.
Additionally, the bill seeks to cap investments by municipalities and counties at $10 million.
The proposal follows the Texas Senate’s passing of a bill on 6 March to establish a strategic Bitcoin reserve, which could allow the state’s comptroller to invest an unlimited amount in Bitcoin.
The push for a state Bitcoin reserve aligns with wider efforts in US state legislatures, particularly following the 2024 political shifts under President Trump’s administration.
While the bill proposed by Reynolds is not directly tied to the Bitcoin reserve bill introduced by Republican State Senator Charles Schwertner, its introduction adds a layer of debate over cryptocurrency regulations at both state and federal levels. If the bill passes, it could be enacted on 1 September.
Despite recent federal actions, including an executive order from Trump to establish a ‘Strategic Bitcoin Reserve,’ questions about the president’s authority to implement such policies through executive orders remain.
Meanwhile, Wyoming Senator Cynthia Lummis has reintroduced legislation to codify the federal Bitcoin reserve proposal into law.
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Eurozone finance ministers have raised concerns over the United States’ shift towards embracing cryptocurrencies, warning that it could pose risks to Europe’s monetary sovereignty and financial stability.
The discussion follows President Donald Trump’s executive order to establish a strategic reserve of cryptocurrencies using government-owned tokens, signalling a major policy shift from the previous administration.
Officials stressed the importance of accelerating the European Central Bank‘s plans to launch a digital euro to maintain control over the region’s financial system.
The head of the European Stability Mechanism, Pierre Gramegna, warned that the United States stance could encourage major technology firms to relaunch digital payment systems using dollar-backed stablecoins, potentially challenging the euro’s dominance in the global financial system.
Eurozone leaders are concerned that a resurgence of stablecoin-based payment platforms could undermine the euro and increase reliance on US-backed digital assets.
Policymakers emphasised that Europe must take proactive steps to safeguard its financial autonomy, ensuring that the euro remains a strong and stable currency in an increasingly digital economy.
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Coinbase has officially registered with India’s Financial Intelligence Unit (FIU), allowing it to offer crypto trading services in the country, the company announced on Tuesday. The US-based exchange plans to launch its initial retail services later this year, followed by further investments and product rollouts. While a specific timeline has not been disclosed, Coinbase sees India as a key market with strong growth potential.
Interest in cryptocurrency has surged in India, particularly among young investors looking to supplement their incomes. Despite a 30% tax on crypto trading gains—one of the highest globally—the sector remains largely unregulated. Other major exchanges operating in the country include CoinDCX, Binance, and KuCoin.
India requires virtual asset service providers to register with the FIU and comply with anti-money laundering regulations. The government is currently reviewing its stance on crypto, influenced by global regulatory trends and recent policy shifts in the US. As the regulatory landscape evolves, Coinbase aims to establish a strong foothold in the Indian market while adhering to local compliance standards.
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Rwanda has introduced a draft law to regulate virtual assets, aiming to provide legal clarity and oversight for the growing digital finance sector. The proposed regulations, released on 6 March, appoint the Capital Markets Authority (CMA) as the industry’s main regulator and set out licensing requirements for businesses offering virtual asset services.
Authorities say the move addresses concerns from the Financial Action Task Force (FATF) over the potential use of virtual assets for money laundering. Carine Twiringiyamana, CMA’s manager of licensing and approvals, emphasised that the framework is designed to mitigate risks while fostering innovation. The draft law confirms that virtual assets will not be recognised as legal tender, nor can they be used for payments within Rwanda.
The proposal also bans crypto mining, virtual asset cash machines, and mixer or tumbler services. Previously, the National Bank of Rwanda had warned financial institutions against engaging in crypto-related transactions, but regulators now hope that this framework will pave the way for safer industry development. Once approved, the CMA will take charge of oversight and fraud investigations, a role currently handled by the Rwanda Investigation Bureau.
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The reporting system for crypto scams in the US is fragmented and needs to be unified, according to Coinbase’s chief security officer, Philip Martin. Speaking at the SXSW conference, Martin explained that victims often struggle to know where to report scams, with different organisations handling cases in a disjointed manner. He called for a single reporting system that would help track the scale of the issue and improve coordination between organisations.
Martin pointed out that victims of crypto scams often feel frustrated, as many reports seem to go unnoticed, especially with platforms like the FBI’s Internet Crime Complaint Centre (IC3). He suggested that a more centralised approach would provide better visibility for victims and more effective resources to address the problem.
In addition, Martin noted that many crypto scams originate from outside the US, making it harder for law enforcement to take action. He advocated for stronger international cooperation to ensure scammers have no safe havens. Meanwhile, California’s financial regulator reported over 2,600 complaints last year, revealing new types of scams in the crypto space.
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The US Senate Banking Committee is set to vote on the updated GENIUS Act, a Republican-led stablecoin bill, on 13 March.
The bill, which aims to regulate US dollar stablecoin issuers with market caps over $10 billion, was updated following bipartisan discussions with Democrats.
The revised version includes significant improvements in areas such as consumer protection, risk mitigation, and transparency.
The bill, co-sponsored by Republican Senators Bill Hagerty, Cynthia Lummis, and Tim Scott, alongside Democrats Kirsten Gillibrand and Angela Alsobrooks, introduces higher standards for foreign stablecoin issuers, including stricter reserve requirements and anti-money laundering checks.
The changes are expected to give US-based stablecoins, such as Circle’s USDC, a competitive edge.
Although the bill has made significant progress, it still needs to pass the Senate Banking Committee vote before moving to the full Senate and then the House.
If it clears these hurdles, the bill will head to President Trump for approval or veto.
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Kraken has secured an Electronic Money Institution licence from the UK’s Financial Conduct Authority, allowing it to issue electronic money and offer faster deposits and withdrawals for British customers.
The move strengthens Kraken’s ability to partner with traditional financial institutions and expand its crypto services across the UK.
Bivu Das, Kraken’s UK General Manager, highlighted the growing demand for crypto-based financial services, stating that the UK is on the verge of mass adoption.
Recent research from the FCA shows that 12% of UK adults now hold crypto, with trading volumes in sterling continuing to rise.
The approval follows Kraken’s recent regulatory success in the EU, where it gained permission to offer regulated derivatives.
With compliance secured in both the UK and Europe, Kraken is positioning itself as a bridge between crypto and traditional finance, with plans to launch new products in the coming months.
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