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U.S. Senate’s Effort on Stablecoins Revealed in New Bill from Hagerty

The opening shot is being been fired in the new Congress’ crypto push with a plan for a Tuesday introduction of a stablecoin oversight bill from Senator Bill Hagerty. The legislation would set up a U.S. regulatory framework for issuing the dollar-denominated tokens, according to a person familiar with the effort.
The Tennessee Republican, who had shepherded a stablecoin effort in the previous session, is now pushing a bill with the backing of the Senate Banking Committee’s new chairman, Tim Scott, and the head of its digital assets subcommittee, Cynthia Lummis. That’s a big difference from the 2024 effort that couldn’t break through the crypto roadblock maintained by previous committee chief Sherrod Brown, the Ohio Democrat who was defeated in November’s elections.
Hagerty’s bill, which he’s calling the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, would define payment stablecoins and set up the procedures for issuing them, including establishing the Federal Reserve as watchdog for the big bank issuers and the Office of the Comptroller of the Currency as regulator for nonbank issuers of more than $10 billion, the person said. The legislation additionally outlines the reserves issuers would have to maintain.
State regulators would be in place for the smaller issuers, and for larger firms who can seek waivers.
The distinction between federal and state regulators had been the main sticking point when Democrats and Republicans sought to work out a compromise bill on stablecoins in the previous Congress, and any new version will still have to thread a bipartisan needle. It’s unclear whether Hagerty’s plan, of which Senator Lummis said she’d be working «to get this bill to the president’s desk,» will draw Democrat support with its lighter regulatory approach.
The House of Representatives had approved a stablecoin oversight bill in the previous session, but it met resistance in getting a matching Senate version, which had been sought by Hagerty. He’s set to introduce the new legislation today, according to news first reported by Bloomberg News and confirmed by Hagerty in a posting on social media site X.
Stablecoins are designed as steady cryptocurrency tokens whose price is linked to other assets, usually the dollar. The global stablecoin leader is Tether (USDT), and its U.S. rival is issuer Circle (USDC).
Later on Tuesday, President Donald Trump’s crypto czar, David Sacks, is set to lead a press conference with congressional leaders to outline their crypto strategy. This stablecoin effort is expected to be raised at that event.
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ARK Invest Sold $95M of Coinbase Shares After COIN’s Surge to Record Highs

ARK Invest offloaded nearly $43.8 million worth of shares of cryptocurrency exchange Coinbase (COIN) on Monday.
The sale follows similar moves last week for a total of 270,984 COIN shares offloaded in the last three trading days, worth just under $95 million based on Monday’s closing price of $350.49.
Coinbase shares surged to a record high of over $380 on June 26, which necessitated the sales from ARK. Cathie Wood’s investment managing firm has a target weighing of its exchange-traded funds (ETFs), whereby no individual holding exceeds 10% of its total value.
This leads to a trend of ARK selling large numbers of particular shares when their prices rally and acquiring them when they dip.
ARK holds COIN in three of its ETFs: Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF).
Read More: ARK Invest Continues to Dump Circle Shares, Buys Robinhood and Coinbase
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Germany’s Public Savings Bank Network Sparkassen to Offer Bitcoin Trading to Clients: Report

Sparkassen, a group of savings banks operating across Germany since the first established in Hamburg in 1778, has decided to introduce cryptocurrency trading services for their customers, according to a report by Bloomberg.
The group will enable private clients to trade cryptocurrencies, including bitcoin (BTC) and ether (ETH), directly through their mobile banking apps via the group’s securities platform, DekaBank, with the facility expected to go live by summer 2026.
The news comes months after DekaBank introduced crypto trading and custody services for institutional clients and represents the growing acceptance of digital assets within traditional banking systems.
The German Savings Bank Association (DSGV) reportedly backed the decision to enable crypto trading, citing growing demand and the prevalence of legal framework under the so-called European MiCAR Regulation.
Earlier this year, Matthias Diessl, president of the Savings Banks in Bavaria, said in a Bloomberg interview that savings banks should offer customers the opportunity to trade cryptocurrencies, deviating from a three-year-old committee recommendation cautioning against enabling crypto trading.
That said, despite warming up to the idea, DGSV still considers digital assets as highly speculative investments, according to Bloomberg.
Read more: Boerse Stuttgart Partners With DekaBank to Offer Crypto Trading for Institutional Clients
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Bitcoin ETP With DeFi Yield Goes Live in Europe

A bitcoin (BTC) exchange-traded product (ETP) that generates yield from decentralized finance (DeFi) markets has debuted on Tuesday, in what issuer Fineqia calls a first of its kind.
The Fineqia Bitcoin Yield ETP (YBTC), listed on the Vienna Stock Exchange, targets a 6% annual yield by deploying investor capital into DeFi strategies. It is issued by Fineqia’s Liechtenstein-based subsidiary and advised by Psalion Yield, a digital asset investment firm focused on blockchain-based yield.
Unlike existing crypto yield ETPs that rely on derivatives or structured notes, YBTC maintains one-to-one exposure to bitcoin while generating returns directly from DeFi protocols.
“It allows investors to earn more BTC while they hold it, combining long-term conviction with compounding returns, all inside a regulated wrapper,” said Fineqia CEO, Bundeep Singh Rangar.
The ETP also supports in-kind transfers, meaning that digital asset holders can contribute BTC directly to the product without the need to first convert into cash incurring a taxable event.
YBTC arrives at a time when investor interest in crypto-focused investments is growing. These investment products has brought digital assets closer to traditional investors, allowing them to invest in digital assets in a familiar way through brokerage accounts without the need of crypto wallets and blockchain transactions.
Bitcoin exchange-traded products enjoyed rapid growth over the past year and have gobbled up $150 billion of assets, Fineqia said.
Read more: BlackRock to List Bitcoin ETP in Europe in First Crypto Foray Outside U.S.
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