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U.S. Senate’s Banking Chair Pushes Debanking Bill After Crypto Uproar

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The industry’s ongoing campaign against the debanking of crypto businesses and leaders has secured a legislative push from a top U.S. senator, Tim Scott, who is championing a bill that would cut out federal banking regulators’ ability to use «reputational risk» as a reason to steer banks away from customers.

That practice had been cited by Republicans as a problem area in recent congressional hearings, which examined how digital assets businesses had been systematically cut out of U.S. banking relationships because of perceptions that the regulators — including the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — didn’t want them there.

As the chairman of the Senate Banking Committee, South Carolina’s Tim Scott has rounded up fellow Republicans on that panel to back the bill — the Financial Integrity and Regulation Management Act, or FIRM Act — that cuts that phrase from any regulators’ assessment of a bank’s safety and soundness.

«It’s clear that federal regulators have abused reputational risk by carrying out a political agenda against federally legal businesses,» Scott said in a statement on the bill, which said that ending debanking is among his top priorities. «This legislation, which eliminates all references to reputational risk in regulatory supervision, is the first step in ending debanking once and for all.»

Senator Cynthia Lummis, a Wyoming Republican who is the leader of the digital assets subcommittee, had recently raised this specific point as a concern with the Federal Reserve’s oversight.

«Americans deserve a transparent regulatory framework that fosters innovation in digital assets instead of smothering it with government overreach,» she said in a statement.

Consumer advocates and several Democrats, including Senator Elizabeth Warren, have argued that the regulators’ focus on digital assets had been warranted after the collapse of several major firms, fraud charges against industry leaders, major routine hacks of digital assets platforms and generally volatile markets have posed threats to the safety of investors.

Read More: Crypto’s Debanking Worries Hit Another Big Stage in U.S. House

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Coinbase Outpaces S&P 500 With 43% June Rise as Stablecoin Narrative Grows: CNBC

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Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making the firm the top performer in the S&P 500 since it joined the index at the end of last month.

June’s run is already the stock’s best since November and caps three straight monthly gains. Coinbase’s shares reached their highest level since their public debut.

COIN hit a $382 high this week before enduring a slight correction, ending the week at $353 and seeing a slight 0.7% drop in after-hours trading to $351.

The wider S&P 500 index rose roughly 5% in June as geopolitical tensions eased.

Washington’s progress on the GENIUS Act, Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.

The bill brightened the outlook for Circle, whose shares hit a record high and saw its market cap near that of Coinbase this week.

Coinbase keeps all yield on USDC balances held on its platform and nearly half of other USDC income, equal to about 99 percent of Circle’s revenue, giving shareholders indirect exposure at no added cost, CNBC reported Friday, citing analysts including Citizens’ head of financial technology research Devin Ryan.

Trading, however, remains subdued. Average daily volume on Coinbase has drifted lower since April.

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Robinhood Launches Micro Bitcoin, Solana and XRP Futures Contracts

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Robinhood (HOOD) has introduced micro futures on bitcoin (BTC), solana (SOL) and XRP in the United States., expanding its existing crypto futures offering for its nearly 26 million funded accounts.

Micro contracts need far less collateral than full-size futures, letting traders take directional positions while committing a smaller slice of capital.

The contracts offer traders more flexibility to bet on a cryptocurrency’s future price direction or hedge current positions given their smaller size.

The launch rounds out a futures suite that began with BTC and ETH in January. It also comes weeks after the firm closed its $200 million purchase of Bitstamp and finalized a $179 million deal for Canada’s WonderFi.

Robinhood’s data shows that crypto notional volumes have exploded upward over time, reaching $11.7 billion in May. The figure marks a 36% rise month-over-month, and a 65% growth year-over-year.

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Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market

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XRP climbed 5.5% to $2.19 in the last 24 hours after a trio of catalysts converged to help the cryptocurrency outperform the wider cryptocurrency market.

One of the catalysts was launch of XRP micro futures on Robinhood. The contracts offer traders more flexibility to bet on the cryptocurrency’s future price direction or hedge current positions given their smaller size.

Regulatory fog also thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple back in 2020 over its XRP sales, alleging these violated securities laws. The SEC is expected to drop its own appeal, leaving last year’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The move could lift a lid that had kept some investors on the sidelines.

On-chain data rounded out the bullish setup. The XRP Ledger logged over a 1.1 million active addresses over the past week according to crypto analyst Ali Martinez, who cited Glassnode data.

XRP’s rise saw it outperform the wider crypto market, with the broader CoinDesk 20 (CD20) index rising 1.7% in the last 24 hours.

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