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Senate Begins Passage of Stablecoin Bill as House Marks Market-Structure Wins

Published

3 месяца ago

11 июня, 2025

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The U.S. Senate took the initial steps toward final approval of its first major crypto legislation as members opened voting Wednesday on the bill to set standards for U.S. stablecoin issuers, clearing the highest procedural hurdle with a 68-30 result.

In a moment that will mark the industry’s greatest U.S. policy success to-date, the famously slow-moving Senate is on its way to clearing the legislation with wide bipartisan support. And as the crypto world watches the Senate reverse what had long been a crypto-resistant stance, the House of Representatives has also scored a pair of key votes to advance legislation even more vital to the industry: the Digital Asset Market Clarity Act that would establish a full set of rules managing U.S. oversight of the crypto markets.

In the Senate, the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act is the much-revised bill that had already garnered bipartisan approvals in multiple procedural votes and is now on what’s expected to be an inevitable path Wednesday. The Senate needed to clear the high bar of 60 votes to move to the final vote, which was easily obtained as many Democrats joined Republicans in pushing forward toward stablecoin regulation.

The bill would establish a system under which stablecoins can be issued in the U.S. under the watch of state or federal regulators, and leaving some avenues for non-financial corporations to launch their own coins (a point of criticism from Democrats). Regulating these assets is fundamental to the operations of the crypto markets, in which dollar-based tokens such as Circle’s USDC and Tether’s USDT are routinely used in transactions and contracts.

In the previous congressional session, what was then the Democrat-run Senate Banking Committee stood in the way of advancing crypto legislation, but its current Republican chairman, Senator Tim Scott of South Carolina, has become a crypto advocate. The chamber’s overall pro-crypto sentiment has been growing stronger in this session and will be further cemented by Wednesday’s votes.

Before Wednesday’s voting, the GENIUS Act’s sponsor, Senator Bill Hagerty, asked his colleagues for support on the bill.»This would strengthen our fiscal position and cement the dollar’s status as the world’s reserve currency,» Hagerty argued. «If we fail to act now, not only will these benefits slip away, we’ll also fall behind in global competitiveness without a regulatory framework.But Senator Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, took to the Senate floor to blast the GENIUS Act. «The GENIUS Act lacks the basic safeguards necessary to ensure that stable coins don’t blow up our entire financial system,» the Massachusetts senator said. «The bill permits stablecoin issuers to invest in risky assets and allows them to engage in risky non-stablecoin activities like private credit or derivatives trading.»Warren had a sharp message for fellow members of her party, many of whom were set to support the bill, that they «should show a little spine» and insist that Republicans allow some of the amendments pushed earlier by Democrats.

When the stablecoin bill is forwarded to the House, that leaves key decision in the hands of leaders there, whether to pair the GENIUS Act with the market structure effort, or to pursue it either as a straight-up vote on the Senate’s version or a more complex process of melding the Senate’s language with legislation already in the works in the House. Whatever happens, the House will need to match the Senate’s approval at some point before a stablecoin bill can move to the president’s desk to be signed into law.

While the GENIUS Act advanced, it followed a day of successes for proponents of the Clarity Act in the House, where that bill cleared the House Financial Services Committee and the House Ag Committee with big bipartisan votes in the same day on Tuesday.

Crypto lobbyists in Washington argue alongside their lawmakers allies that both bills are needed to properly regulate the industry in the U.S.

Business

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

Published

21 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

21 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

22 часа 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.