Movement Labs announced today on X that it had suspended co-founder Rushi Manche.

The move to suspend Manche comes as Coinbase delisted the MOVE token, after CoinDesk reported that Movement Labs is investigating how a market maker tied to Web3Port acquired and dumped over 5% of the token’s supply, triggering a price crash.

Binance had previously banned the market maker at the center of this, Web3Port, from its platform.

The MOVE token is down about 20% on the day, according to CoinDesk market data.

The U.S. Senate may soon vote on legislation that would establish U.S. regulations for the issuers of stablecoins, also marking the first time the chamber has considered a major crypto bill.

Senate Majority Leader John Thune, a South Dakota Republican, started the ball rolling to fast-track the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which is the Senate’s version of two similar bills rolling through both chambers of Congress. The House of Representatives is expected to follow closely behind on its own voting. Thune’s move to expedite the bill is meant to limit delays and floor action in order to get it done more quickly. It’s so far unclear precisely when the Senate vote will happen, but an earlier vote on the effort in the Senate Banking Committee had approved it with a wide bipartisan majority of 18-6. The House Financial Services Committee also advanced its similar bill in April.

“I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules,” said Senator Bill Hagerty, the Tennessee Republican who authored the bill, in a statement. It’s also backed by Senator Tim Scott, the chairman of the Senate Banking Committee.

President Donald Trump’s self-described crypto sherpa, Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets, told CoinDesk earlier this week that the two bills are as much as 90% similar and that members of both chambers are seeking to work out the differences.

Hagerty said he would introduce an updated version of the bill earlier Thursday.

The U.S. Treasury Department proposed cutting off the Cambodia-based Huione Group from the U.S. financial system, citing the cyber-crime help the illicit marketplace gives to North Korean hackers and other criminal groups.

The Telegram-based operation has been a «critical node for laundering proceeds of cyber heists» and aiding in so-called «pig butchering» scams that typically use fraudulent romantic ties to tap people for crypto assets, according to the Treasury’s Financial Crimes Enforcement Network (FinCEN) that proposed severing it from the financial system on Thursday.

Huione, which offers personal data and money laundering services, has been said to handle as much as $24 billion of such transactions, according to analytical firm Elliptic. The Cambodian marketplace also launched its own stablecoin earlier this year.

“Huione Group has established itself as the marketplace of choice for malicious cyber actors like the DPRK and criminal syndicates, who have stolen billions of dollars from everyday Americans,” said Secretary of the Treasury Scott Bessent, in a statement. So FinCEN sought to tap its nuclear-option power — using Section 311 of the USA PATRIOT Act — to sever Huione from the financial system.

As recently as last year, Phnom Penh-based Huione Pay was said to receive crypto totaling more than $150,000 from a wallet associated with North Korean hackers Lazarus, the group accused of stealing billions of dollars in crypto over the past several years that’s likely used to fund national projects.