In the early-1990s, telephone companies ran ads for long distance calls highlighting the cost per minute for a U.S. customer to speak to someone in another country. Today, that business does not exist. You can now Facetime or Zoom anyone, anywhere, for free.

What changed?

The shift to Voice over Internet Protocol (VoIP) ultimately drove the price of calls down to nearly zero.

Today, we are experiencing a similar transformation as a global, embedded financial layer emerges within the internet. This will ultimately drive money transfer costs closer to zero, transforming a system long burdened by high fees, delays and middlemen.

Stablecoins are the application driving this evolution. The maxim “adoption is slow until it is fast” captures their explosive growth in recent years. To get an idea of scale, stablecoin transaction volume surged above $27 trillion in 2024 – surpassing Visa and Mastercard combined. Today, there are stablecoin providers, such as Tether, that hold more U.S. Treasuries than entire countries like Germany and the Netherlands.

Stablecoins are no longer a niche experiment. They are becoming more deeply embedded in our global financial ecosystem. As U.S. lawmakers debate stablecoin legislation, the goal should be clear: reinforce the dollar’s dominance as the global reserve currency while extending its reach into corners of the world that traditional banking cannot touch. This should include many important players — not just those based in the United States.

Two Paths, One Future

Congress is at a crossroads between two general positions. One is a closed-market approach in which U.S.-based stablecoin issuers would be privileged over their non-U.S. competitors. This is shortsighted and will ultimately stifle innovation.

The other approach is to build a regulatory framework that cultivates fair and free global competition. By allowing international players like Tether to compete alongside U.S.-based issuers, the U.S. can foster a dynamic ecosystem where the best ideas and technologies rise to the top. Competition is what would drive excellence.

There is a myth being perpetrated that only U.S.-based issuers back their tokens with sufficient reserves, attest to those reserves, and take necessary steps to prevent money laundering and terrorist financing. That simply is not true. Tether, the largest stablecoin issuer, assisted American law enforcement and over 230 law enforcement agencies in 50 countries to block $2.5 billion dollars in illicit activities worldwide. The reality is that responsible stablecoin issuers exist both inside and outside the U.S. (Tether, which is based in El Salvador, accounts for more than half the stablecoin market.)

Overly restrictive regulation could also backfire on the U.S. economy. If stablecoin legislation drives foreign-based companies out of the U.S., it could result in decreased demand for U.S. Treasuries, weakened dollar dominance and a less competitive stablecoin space.

Congress stands at an important crossroads — “two roads diverged” as Robert Frost once wrote. It could seize this moment to craft a regulatory framework that champions competition and transparency, or it could take the narrow road by taking a protectionist approach and choking innovation. The market’s diversity is not a bug to fix. It’s a feature to harness.

It’s time to make a careful choice as the stakes could not be higher. Let’s make sure we get this right for the future of finance.

Riot Platforms (RIOT) reported strong operational performance in March 2025, highlighted by continued expansion into the artificial intelligence (AI) and high-performance computing (HPC) sector.

The company’s bitcoin (BTC) production last month rose to 533 BTC, the most since the reward halving almost a year ago. The figure represents a month-on-month increase of 13% and 25% more than a year before. Bitcoin holdings grew to 19,223 BTC.

Riot said it plans to «aggressively pursue» development of its Corsicana facility to capitalize on rising demand for compute infrastructure used in AI and HPC.

A recently completed feasibility study by industry consultant Altman Solon confirmed the significant potential of the site to support up to 600 megawatts of additional capacity for AI/HPC applications. Key advantages include 1.0 gigawatt of secured power, 400 MW of which is already operational, 265 acres of land with substantial development potential and close proximity to Dallas — a major hub for AI and cloud computing.

The study noted the site’s ability to support both inference and cloud-based workloads, strengthening its appeal to AI/HPC tenants.

Riot maintained a steady deployed hash rate of 33.7 EH/s, while its average operating hash rate grew 3% month-over-month to 30.3 EH/s—representing a 254% increase year-over-year. Although power credits declined due to seasonal factors, Riot kept its all-in power cost low at 3.8 cents per kWh, and improved fleet efficiency to 21.0 J/TH, a 22% improvement from the previous year.

Riot’s shares fell 5.5% Friday, while the Nasdaq 100 index dropped 2.8%. They have lost 35% year-to-date.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.

In 2008, an anonymous person or group of people known only as “Satoshi Nakamoto” released a now-seminal document, the Bitcoin White paper, introducing a peer-to-peer system for value of exchange without intermediaries.

With this revolutionary concept, the idea of a “digital asset” was born. Soon after, developers and entrepreneurs expanded on this concept, developing systems where value was exchanged not just for its own sake, but for services and digital products.

Over the past decade, innovators have built permissionless, decentralized networks for computing services, file storage, asset exchange, cellular coverage, Wi-Fi connectivity, mapping tools, lending services, and more. Because digital assets can be used for services that anyone can offer and anyone can access, the use-cases – both financial and non-financial – are potentially endless.

Despite this promise, these networks have courted criticism. The Biden-Harris Administration attempted to block this innovative advance through a relentless campaign of lawsuits and enforcement actions without providing the regulatory clarity the digital asset ecosystem and its innovators and users so desperately needed.

The Securities and Exchange Commission (SEC) failed to clarify how existing securities laws apply and — more importantly — don’t apply to digital asset transactions. This lack of regulatory clarity stifled the digital asset ecosystem, pushing growth out of the United States to jurisdictions that have established clear rules of the road.

To address these failures, Congress began exploring ways to modernize the regulatory structure to accommodate the unique characteristics of digital assets and how they could be used in our financial system. These efforts culminated in a series of bills aimed at clarifying how digital assets could be used in the financial system, ensuring investor protection and fostering innovation.

In the 118th Congress, the House Committees on Financial Services and Agriculture launched a historic joint effort to address digital asset regulation. This led to the first-ever passage of bipartisan digital asset market structure legislation in a chamber of Congress. This collaboration enabled Congress to address longstanding challenges in the ecosystem and lay the foundation for a fit for purpose framework under the leadership of President Trump.

This Congress, both the House and Senate are committed to creating a clear path forward for the digital asset ecosystem. As we move ahead, it is crucial that the framework is both balanced and iron-clad for the future. To accomplish this, we have set out principles for digital asset legislation.

Six principles

First, legislation must promote innovation. We seek to protect opportunities for innovators to create and utilize digital assets, while ensuring users can lawfully transact with one another.

Second, legislation must provide clarity for the classification of assets. Users of digital assets should clearly understand the nature of their holdings, including whether they qualify as securities or non-securities.

Third, legislation must codify a framework for the issuance of new digital assets. The framework should permit issuers to raise capital through the sale of new digital assets under the jurisdiction of the SEC. It should protect retail investors and require developers to disclose relevant information to help users understand the unique characteristics of digital asset networks.

Fourth, the legislation must establish the regulation of spot market exchanges and intermediaries. Centralized, custodial exchanges and intermediaries facilitating transactions with non-security digital assets should adhere to similar requirements as other financial firms.

Congress should provide the Commodity Futures Trading Commission (CFTC) with the authority to impose requirements over these entities necessary to protect customers, limit conflicts of interest, ensure appropriate execution of customer orders, and provide disclosures.

Fifth, the legislation must establish best practices for the protection of customer assets. Entities registered with the SEC or CFTC should be required to segregate customer funds and hold them with qualified custodians. Customer funds should also be protected during bankruptcy.

Sixth, and finally, the legislation must protect innovative decentralized projects and activities. Congress should ensure that decentralized protocols, which pose different risks and benefits, are not subject to regulations designed for centralized, custodial firms. In safeguarding decentralized activities, Congress must also protect an individual’s right to self-custody their digital assets.

We look forward to both Committees continuing our legislative work together to fulfill President Trump’s request to make America the “crypto capital of the planet.” In May, our Committees will host our second joint hearing to discuss digital asset market structure legislation.

Our goal is to bring much-needed regulatory clarity to this rapidly evolving industry, ensuring that America continues to lead in shaping the future of digital finance.