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The Clock Is Ticking on Crypto Market Structure Legislation in the U.S.

Published

4 часа ago

16 сентября, 2025

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With the enactment of the GENIUS Act and passage of the CLARITY Act through the U.S. House of Representatives, the United States has reversed its hostile approach to the digital asset ecosystem. While the Biden Administration spent the past four years injecting uncertainty for digital asset users and innovators, other countries pursued different approaches. This reality was apparent as I traveled with bipartisan members of the House Committee on Financial Services and House Committee on Agriculture to Latin America and Europe for a series of digital asset oversight meetings.

During our discussions with both the private sector and government policy leaders, I had the opportunity to see firsthand how digital assets are being used and evolving globally. The takeaway is clear: Latin America, Europe and the U.S. each represent a distinct path in the development of digital asset markets — and together highlight why the U.S. must enact a regulatory framework for the digital asset markets.

Across Latin America, we saw firsthand digital asset use cases in the real economy. In South and Central America, people are driving grassroots use of digital assets at scale for payments, remittances and savings. Last year, digital asset markets in the region were valued at $415 billion, with 46% of investment flowing primarily into U.S. dollar-denominated stablecoins.

Argentina stands out as a digital assets pioneer in Latin America with stablecoins providing an inflation-resistant store of value as the Milei Administration begins to formalize their approach to a regulatory framework for digital assets. Paraguay’s hydropower has made it a hub for Bitcoin mining, while Mexico is advancing fintech and crypto oversight alongside strong consumer demand. Moreover, Peru has incorporated digital asset exchanges into its anti-money laundering and counter terrorist financing regime and signaled plans to integrate digital assets into its national tax framework. In short, Latin America underscores compelling use cases of digital assets: resilience against inflation, low-cost transfers and financial inclusion.

Our members also met with European Central Bankers, financial regulators and private sector innovators. In 2023, the European Union (EU) passed the Markets in Crypto-Assets (MiCA) into law which created a comprehensive regulatory framework around the digital asset ecosystem. MiCA seeks to set the rules of the road for e-money tokens, asset-referenced tokens, service providers and stablecoin issuers across the entirety of the EU. The EU’s market regulator, ESMA, and the European Banking Authority coordinate with EU member states to ensure that digital asset regulation is harmonized.

Given that the EU had a head start implementing their digital asset rules and regulations, it was insightful to hear their experience in crafting these regulations as the U.S. is beginning a similar endeavor. In our discussions with European digital asset firms, it was clear that implementation is critical to ensuring a functional framework for the digital asset ecosystem. We must ensure that the regulations do not crowd out small innovative firms, creating a landscape where only large institutions are able to successfully comply within the legal framework.

Although the U.S. has the deepest liquidity in digital asset markets and is home to some of the largest issuers and exchanges, we still lack a comprehensive market structure for digital assets. The GENIUS Act, signed into law by President Trump on July 18, 2025, was the United States’ first step in providing regulatory clarity for digital assets. By enacting a framework for payment stablecoin issuance, the GENIUS Act will drive the creation of a modern, digital payments system in the United States.

This is only one piece of the puzzle, however. Without a market structure framework that allows innovation while protecting consumers and investors, the U.S. digital asset ecosystem will not thrive, and we risk ceding ground to Latin America’s fast-moving adoption and Europe’s harmonized regulatory regime. In July, the House overwhelmingly passed the bipartisan CLARITY Act by a vote of 294-134. The time is now. We must keep pace with the rest of the globe by enacting digital asset market structure by the end of the year.

Business

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

Published

2 часа 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

2 часа 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

2 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.