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

Published

3 дня 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.

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21Shares to Liquidate Two Bitcoin and Ether Futures ETFs Amid Market Downturn

Published

1 день ago

15 марта, 2025

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Crypto asset manager 21Shares is set to liquidate two actively managed exchange-traded funds (ETFs) tied to bitcoin and ether futures amid a wider market downturn.

The funds slated for liquidation are the ARK 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC) and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). Investors can trade shares until the market closes on March 27, with liquidation expected to take place “on or around March 28,” according to a press release.

The actively managed ETFs, which have an expense ratio of 1% and 0.93%, respectively, are set to be liquidated as U.S.-listed spot bitcoin ETFs saw over $1.66 billion in outflows so far this month. The outflows come as cryptocurrency prices plunge. Bitcoin is down more than 12.8% year-to-date, while the broader CoinDesk 20 Index (CD20) has lost around 24% of its value over the same period.

Shareholders who hold onto their shares until the liquidation date will receive payouts equal to their portion of the fund’s net asset value, the document adds.
Read more: Bitcoin Price Drop to $80K: Crypto Market Analysis, ETF & Trump Impact

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Coinbase Stock Decline Can’t Stop Highly Leveraged Long ETF Rollouts

Published

1 день ago

15 марта, 2025

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Leverage Shares by Themes has launched a new exchange-traded fund (ETF) tied to the Nasdaq-listed cryptocurrency exchange Coinbase (COIN) stock despite a downturn in the crypto-related shares.

The Leverage Shares 2X Long Coinbase Daily ETF (COIG) is designed to deliver twice the daily return of Coinbase’s stock price, offering traders an amplified exposure to the U.S.’s largest cryptocurrency exchange. The ETF, which carries an expense ratio of 0.75%, is listed on Nasdaq, according to a press release.

The launch comes amid a significant cryptocurrency market downturn that saw bitcoin (BTC) drop by around 19% over the last three months, from over $105,000 to now stand at wrought $84,000. COIN shares saw even worse performance, losing nearly 42% of their value during the same period.

The new ETF allows investors to take advantage of Coinbase’s stock performance volatility without directly holding shares.

These types of single-stock leveraged ETFs, for both longs and shorts sides, are typically used for short-term trading due to the high levels of risks associated with daily compounding. The profits and losses for both types of these are amplified when the prices of the underlying stocks move significantly.

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Gold ETFs Inflow Takes Over Bitcoin ETFs Amid Historic Rally

Published

1 день ago

15 марта, 2025

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Gold exchange-traded funds (ETFs) have overtaken bitcoin ETFs in assets under management as investors shift toward the traditional safe-haven asset as BTC price tumbled more than 19% over the past three months, while the precious metal climbed 12.5%.

Bitcoin ETFs, which saw significant inflows following their U.S. launch in January last year, have experienced major outflows, losing about $3.8 billion since Feb. 24 of this year, according to Farside Investors data. Meanwhile, gold ETFs recorded their highest monthly inflows since March 2022 last month, according to the World Gold Council.

These flows have meant that gold ETFs have now “reclaimed the asset crown over bitcoin ETFs,” as Bloomberg Senior ETF analyst Eric Balchunas said on social media.

Spot bitcoin ETFs listed in the U.S. first surpassed gold ETFs in assets under management in December 2024 as the cryptocurrency market surged after Donald Trump’s victory in the U.S. presidential elections.

Meanwhile, gold has been seeing a significant run. This Friday, it exceeded the $3,000 per ounce mark for the first time ever, with gold futures for April delivery breaking through the same level earlier in the week.

Market volatility and geopolitical uncertainty have been helping the price of the precious metal rise as demand for a safe haven continues to grow.
Read more: Gold’s Historic Rally Leaves Bitcoin Behind, But the Trend May Reverse