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U.S. Senate Takes First Big Step to Advance Stablecoin Bill

Published

6 месяцев ago

13 марта, 2025

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The U.S. Senate Banking Committee has advanced the crypto industry’s stablecoin regulation bill, a first major step toward getting the effort to President Donald Trump’s desk to be signed into law.

With its first committee approval, the bill that would regulate U.S. stablecoin issuers at the federal level now needs passage by the overall Senate, and a similar version also awaits approval in the House of Representatives. While a number of hurdles remain, including an eventual melding of the different bills from each chamber, the committee advanced the bill with a 18-6 vote.

Many Democrats on the committee acknowledged the need for the bill while also seeking to add a number of amendments to add additional regulatory controls and limits, each of which was shot down with partisan votes.

Senator Elizabeth Warren, the panel’s ranking Democrat, led her colleagues’ objections against certain provisions of the bill, which she said marks «a clear threat to our national security» in its current form. Warren grew increasingly frustrated over the course of the 2.5-hour hearing as each of her proposed amendments to the bill were rejected.

“It would be crazy to advance this bill when it’s got so many holes in it that have been pointed out, and to advance it at the exact moment that news is breaking about Donald Trump trying to create his own stablecoin with an outfit that is notorious for breaking the law,” Warren said near the end of the hearing, referring to reporting that the Trump-linked World Liberty Financial had been in talks with crypto exchange Binance. “Jamming this through while Donald Trump is out there making a deal with a criminal stablecoin platform makes no sense. We will regret this.”

Another Democrat, Catherine Cortez Masto of Nevada, complained that committee Republicans were blowing off debate during the markup — a type of hearing meant to consider and discuss amendments to a piece of moving legislation — and a number of them weren’t showing up at the hearing.

«It is a great start, but it is not ready for prime time,» the senator said of the Republican-driven bill.

«Markups are messy,» said panel Chairman Tim Scott, a South Caroline Republican, in response. «We’ve been working nights, days, weekends to get this accomplished.»

Senate Bill Hagerty, the Tennessee Republican who was the legislation’s primary author, called the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) a «truly bi-partisan effort» that had taken on Democratic input. Democrats Kirsten Gillibrand of New York and Angela Alsobrooks of Maryland? cosponsored the bill, alongside a number of Hagerty’s fellow Republicans.

«It presents common sense rules that protect consumers, promote competition, and foster innovation,» Hagerty said. «It’s time we provide the clarity and stability that our country and its innovators so desperately need.»

The crypto industry is counting on an increasingly strong majority of lawmakers in both chambers to back its policy efforts this year. So far this month, a separate effort to remove an Internal Revenue Service rule opposed by the crypto sector won wide bipartisan votes.

It was the Democratic-majority Senate Banking Committee in the previous Congress that held back crypto legislation that had advanced in the Republican-led House. The 2024 elections put Republicans in charge of both chambers, and Scott has made stablecoin legislation one of his top opening priorities.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

1 час ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

1 час ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

1 час ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.