Washington, D.C. — The U.S. Senate may fail to pass a key crypto bill regulating stablecoins this week amid partisan disputes, sources familiar with the matter told Golden Finance. Democrats are reportedly seeking amendments or delays, while Republicans aim to prioritize rolling back Biden-era regulations.
The bill, if enacted, could position stablecoin issuers as the world’s largest holders of U.S. Treasury bonds, according to Senator Bill Hagerty. Meanwhile, the Senate advanced the GENIUS Act—a separate stablecoin bill—to formal review after a procedural vote saw at least 15 Democrats, including Senators Cortez Masto and Mark Warner, switch positions to support it.
SEC Postpones Solana ETF Decisions
The U.S. Securities and Exchange Commission (SEC) delayed rulings on spot Solana ETF proposals from VanEck, 21Shares, Bitwise, and Canary Capital, citing the need for further legal review. The agency clarified that the extension does not predict approval or rejection.
SEC Commissioner Criticizes Crypto Regulation
SEC Commissioner Hester Peirce stated that “most crypto assets are not securities” during the SEC Speaks event, criticizing the agency’s past lack of clarity. She noted recent staff guidance exempting some meme coins and stablecoins from securities laws but called for broader regulatory frameworks.
DOJ Investigates Coinbase Data Breach
The U.S. Department of Justice is probing a recent Coinbase data breach involving alleged bribes to Indian employees for customer data. Investigators from the DOJ’s Criminal Division are leading the inquiry.
Institutional and DeFi Activity
Circle’s IPO Plans: Stablecoin issuer Circle, behind USDC, filed for an IPO in April targeting a $5B valuation but has also held informal sale talks with Coinbase and Ripple, per sources.
Market Warnings and Whale Movements
JPMorgan’s Dimon Warns of Complacency: CEO Jamie Dimon cautioned that markets “seriously underestimate” inflation and stagflation risks, calling current asset prices “extraordinarily complacent.”
ARKB Inflows: Bitcoin ETF ARKB saw a $155.3M net inflow yesterday, per Farside Investors.
Notable Quoted
Michael Saylor (MicroStrategy): Disclosed a 4.8% Q2 BTC yield, holding
60.7BinBitcoinwith7.7B unrealized 2024 gains.
CZ (Binance): “Investing in crypto is risky, but not investing is equally risky.”
Key Takeaways
Regulatory Gridlock: Stablecoin legislation faces delays as partisan divides persist.
SEC’s Cautious Stance: Solana ETF delays and Peirce’s critique highlight ongoing regulatory uncertainty.
Institutional Momentum: Circle’s IPO plans, Aave’s growth, and whale accumulation reflect sustained institutional interest despite macro warnings.
Related Topics:
- Cryptocurrency Market Dynamics: XRP rises, MIND of Pepe attracts much attention
- Shiba Inu Coin (SHIB) Rises, SUBDD presale Heats up, New Trends Emerge in the Crypto Market
- Coinbase’s pullback on the gains of its acquisition options trading platform Deribit fell short of market expectations in the first quarter
