Uncategorized
U.S. House Ditching Its Stablecoin Bill to Back Trump’s Choice From Senate
If the U.S. House of Representatives manages to reach a floor vote on the Senate’s stablecoin bill next week, it could result in President Donald Trump fulfilling at least half of his mission to deliver new laws for the crypto sector this summer.
That’ll be a highlight among a bundle of actions during a period labeled «Crypto Week» by lawmakers hoping to record significant legislative wins for the sector. But the bigger-ticket item is the Digital Asset Market Clarity Act to establish first-ever federal regulations to oversee the wider U.S. crypto markets. That effort is also going to spend some more immediate time in the spotlight during a Senate hearing on Wednesday as that chamber continues its crypto momentum after notching a major recent win with passage of its stablecoin bill.
The Senate bill to regulate stablecoin issuers, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, will be tackled without an effort to meld its language with the House’s similar legislation, a person familiar with the House’s planning confirmed. A yes vote in the House would send it to Trump’s desk to be signed into law, where it would become the first major law to regulate the U.S. crypto space.
That development would effectively abandon the House’s own Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, as the House bends to the momentum demanded by Trump and its Senate counterparts. Politics is speeding beyond recent suggestions from Representative French Hill that the two chambers could iron out material differences between the bills to find a «common constructive landing place.»
Clarity
As GENIUS rises toward a potential status as a second major Trump legislative accomplishment in as many weeks — joining his budget push that is already energizing significant elements of the president’s agenda — the House will redirect its major focus on the Clarity Act that’s the bigger hit in the one-two crypto punch weighed by Congress. At his White House crypto summit earlier this year, Trump set an ambitious August deadline for two related pieces of crypto legislation: the stablecoin bill and rules for the structure of crypto markets. When the Senate recently passed its legislation to govern the issuers of stablecoins (such as Tether’s USDT and Circle’s USDC), the president called for the House to sign off on that bill right away rather than pushing its own language, and he seems to be getting his way.
Senator Bill Hagerty, the backer of the GENIUS Act, said in a statement, «I look forward to enacting the GENIUS act into law, and to working with my colleagues to move the CLARITY act through the Senate in short order.»
While the Senate Banking Committee Chairman Tim Scott had declared a September 30 deadline for market structure legislation to be cleared through the Senate, it was unclear whether the chamber would lean into its own legislation or borrow more heavily from the House’s Clarity Act. Scott said that Clarity would be a «strong template for us to move forward on.»
However, Scott’s committee can’t move forward alone and also needs the Senate Agriculture Committee to agree to the approach, and that panel is so far trailing. A spokesperson told CoinDesk that Chairman John Boozman is keen to install the Commodity Futures Trading Commission as a chief crypto regulator and that his committee will pursue a hearing sometime this month, though its calendar remains bare.
So far, House lawmakers have cleared the Clarity Act through the relevant committees, and a vote from the overall House would send it over to the Senate for consideration. If Trump follows his game plan with GENIUS, he may urge the Senate to just take up the House legislation without putting its own spin on the language and delaying the process. But in most legislative matters, the Senate’s more difficult road for passing bills tends to put it into the driver’s seat as efforts near the finish line.
Hill said he’d be «ready to work alongside the Senate as they work to advance standalone market structure legislation by the end of September.»
A digital assets advocacy group, Stand With Crypto, sent a letter to all the House lawmakers this week calling form them to get behind the Clarity Act, arguing that the bill «will not only enable and empower developers to innovate, but also protect consumers through choice, foster greater participation in the blockchain economy and strengthen national security.»
And industry insiders including Ripple CEO Brad Garlinghouse were set to make a case for legislation at Wednesday’s Senate hearing.
«Once market structure legislation for digital assets becomes law in the U.S., this will catalyze a new era of U.S. competitiveness and unlock efficiencies in financial transactions — dramatically helping consumers and businesses alike,» Garlinghouse contended in the testimony he submitted to the Senate Banking Committee.
Crypto Week is also set to tackle what’s been a shared grievance of the crypto industry and congressional Republicans: the idea that the U.S. could ever issue a central bank digital currency (CBDC). The Anti-CBDC Surveillance State Act would block such an instrument from ever being created by the Federal Reserve, with its advocates arguing that a U.S. token could let the government spy on citizens’ finances, though there has been no serious U.S. effort underway to launch such a coin to compete with other jurisdictions such as China and Europe.
What’s next
The GENIUS Act is widely expected to pass the House, and an earlier version of the CBDC bill already did last year. If the market structure legislation also passes the House, as a predecessor bill known as Financial Innovation and Technology for the 21st Century Act (FIT21) easily did in the last session, the Senate becomes the last hurdle for the crypto industry’s top priority.
Still, it’s not a done deal there. The Senate generally needs 60 votes to pass a bill of this kind. While GENIUS got a whopping 68-30 approval, many of the Democrats who joined Republicans to pass the stablecoin bill shared reservations about the coming market structure effort.
Some influential Democrats, such as Senator Elizabeth Warren, hold a lot of sway over their party, and they’ve argued for months that the market structure effort leaves regular people insufficiently protected and poses national-security concerns. However, the more prominent complaint from Democrats is that President Trump’s heavy involvement in the crypto industry poses a potential conflict.
Though his representatives have defended his family’s deep ties to businesses that include involvement with memecoins, stablecoins, non-fungible tokens (NFTs), digital wallets and crypto exchange-traded funds (ETFs), Trump’s Democratic critics say the president’s ties amount to high-level corruption, and the lawmakers are pushing legislative provisions to ban senior government officials from such connections to the sector.
Uncategorized
Deutsche Börse’s Crypto Finance Unveils Connected Custody Settlement for Digital Assets
Crypto Finance, a subsidiary of Deutsche Börse Group, unveiled AnchorNote, a system designed for institutional clients who want to trade digital assets without moving them out of regulated custody.
The system integrates BridgePort, a network of crypto exchanges and custodians, enabling off-exchange settlement and connectivity to multiple trading venues. By keeping assets in custody while allowing real-time collateral movement, AnchorNote aims to improve capital efficiency and reduce counterparty risk, according to a press release.
The service allows clients to set up dedicated trading lines, with BridgePort handling messaging between venues and Crypto Finance acting as collateral custodian, the press release said. Institutions can manage collateral through a dashboard or integrate the service directly into their existing infrastructure using APIs, it said. APIs, or application programming interfaces, allow software programs to communicate directly with one another.
“Institutional clients face a constant tradeoff between security and capital efficiency,” said Philipp E. Dettwiler, head of custody and settlement at Crypto Finance. “AnchorNote is designed to bridge that gap.”
For traders, the setup eliminates the need for pre-funding exchanges while providing immediate access to liquidity across platforms. In practice, a Swiss bank could pledge bitcoin held in custody and deploy it instantly across multiple trading venues without moving the coins on-chain.
The rollout begins in Switzerland, with Crypto Finance planning to expand across Europe.
It’s a risk-on environment, with stocks leading major cryptocurrencies higher, but Wall Street’s fear gauge, the VIX, is stirring up some nerves.
On Monday, Wall Street’s benchmark index, the S&P 500, set a record high for the fourth consecutive trading day, reaching 6,519 points. The tech-heavy Nasdaq index also hit lifetime highs, and the Dow Jones traded near the peak recorded on Thursday.
Equities rose, disregarding the bearish September manufacturing survey, as bond yields fell in anticipation of a 25-basis-point Fed rate cut on Wednesday. According to the Fed funds futures, traders expect rates to drop to 3% from the present 4.25% within the next 12 months.
Still, bitcoin (BTC) lacked clear direction, as it traded back and forth between $114,000 and $117,000, forming an indecisive Doji candle. As of writing, it changed hands at $115,860, continuing a lacklustre trading pattern below record highs of above $124,000 hit in August.
The dour price action is likely due to long-term holders continuing to take profits and countering the bullish pressure from spot ETF inflows.
Other major tokens such as ether (ETH), XRP (XRP) and dogecoin (DOGE) have lost upward momentum too.
Ethereum’s ether token has pulled back from nearly $4,800 to $4,500 in three days, having put in lifetime highs above $5,000 last month. The weakness is perplexing, as ether, popularly known as the internet bond due to its staking yield mechanism, stands to become an attractive investment with the impending Fed rate cuts.
The payments-focused XRP has pulled back to $3.00, marking a weak follow-through to the bullish breakout from the descending triangle confirmed last week. Meanwhile, dogecoin, the leading meme token by market value, has dropped sharply to 26.7 cents from 30.7 cents amid reports of whale selling.
Analysts said that a 25-basis-point rate cut could resume the slow grind higher in BTC. Meanwhile, a surprise 50 bps move could see stocks, crypto and gold go berserk.
Keep an eye on VIX and BTC vol indices
Monday’s rise in U.S. stocks was characterized by an uptick in the VIX index, which represents the options-based implied or expected volatility in the S&P 500 over the next 30 days.
The VIX rose over 6% to 15.68 points. While it still largely hovers at multi-month lows, the Tuesday spike warrants attention for two reasons: First, historically, the two have moved in opposite directions, as evident from the correlation of nearly -90 over a 90-day period.
Secondly, a breakdown in the negative correlation often precedes corrections, as noted by the quant-driven market intelligence platform Menthor Q on X.
«SPX rose with the VIX today. This often signals stretched upside positioning, traders grabbing calls or hedging downside [with puts], leaving markets vulnerable,» Menthor Q said.
The VIX is influenced by demand for options, and Tuesday’s rise in the index could have been led by traders seeking S&P 500 puts or downside protection.
Perhaps, market participants anticipate a correction following the expected 25-basis-point Fed rate cut on Wednesday.
BTC implied volatility rises
Volmex’s bitcoin implied volatility index, which represents the expected price turbulence over 30 days, also rose by 3% Monday, maintaining its positive correlation with VIX.
Note that BTC’s historic positive correlation with implied volatility indices has flipped negative since the spot ETFs went live in January last year and more so since President Trump’s electoral win in November last year.
Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin (BTC) traded just above $115k in Asia Tuesday morning, slipping slightly after a strong start to the week.
The modest pullback followed a run of inflows into U.S. spot ETFs and lingering optimism that the Federal Reserve will cut rates next week. The moves left traders divided: is this recovery built on fragile foundations, or is crypto firmly back on track after last week’s CPI-driven jitters?
That debate is playing out across research desks. Glassnode’s weekly pulse emphasizes fragility. While ETF inflows surged nearly 200% last week and futures open interest jumped, the underlying spot market looks weak.
Buying conviction remains shallow, Glassnode writes, funding rates have softened, and profit-taking is on the rise with more than 92% of supply in profit.
Options traders have also scaled back downside hedges, pushing volatility spreads lower, which Glassnode warns leaves the market exposed if risk returns. The core message: ETFs and futures are supporting the rally, but without stronger spot flows, BTC remains vulnerable.
QCP takes the other side.
The Singapore-based desk says crypto is “back on track” after CPI confirmed tariff-led inflation without major surprises. They highlight five consecutive days of sizeable BTC ETF inflows, ETH’s biggest inflow in two weeks, and strength in XRP and SOL even after ETF delays.
Traders, they argue, are interpreting regulatory postponements as inevitability rather than rejection. With the Altcoin Season Index at a 90-day high, QCP sees BTC consolidation above $115k as the launchpad for rotation into higher-beta assets.
The divide underscores how Bitcoin’s current range near $115k–$116k is a battleground. Glassnode calls it fragile optimism; QCP calls it momentum. Which side is right may depend on whether ETF inflows keep offsetting profit-taking in the weeks ahead.
Market Movement
BTC: Bitcoin is consolidating near the $115,000 level as traders square positions ahead of expected U.S. Fed policy moves; institutional demand via spot Bitcoin ETFs is supporting upside
ETH: ETH is trading near $4500 in a key resistance band; gains are being helped by renewed institutional demand, tightening supply (exchange outflows), and positive technical setups.
Gold: Gold continues to hold near record highs, underpinned by expectations of Fed interest rate cuts, inflation risk, and investor demand for safe havens; gains tempered somewhat by profit‑taking and a firmer U.S. dollar
Nikkei 225: Japan’s Nikkei 225 topped 45,000 for the first time Monday, leading Asia-Pacific gains as upbeat U.S.-China trade talks and a TikTok divestment framework lifted sentiment.
S&P 500: The S&P 500 rose 0.5% to close above 6,600 for the first time on Monday as upbeat U.S.-China trade talks and anticipation of a Fed meeting lifted stocks.
Elsewhere in Crypto
Deutsche Börse’s Crypto Finance Unveils Connected Custody Settlement for Digital Assets
Bitcoin, Ether, XRP, and Dogecoin Lag Stocks as VIX Stirs Up Some Nerves
Asia Morning Briefing: Fragility or Back on Track? BTC Holds the Line at $115K
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