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US lawmakers face gridlock and partisan divides slowing comprehensive digital asset market structure bill progress
Debates over stablecoin yield and upcoming midterm elections further complicate legislative advancement
Market cooling has reduced urgency for new crypto legislation compared to periods of high market performance
A Senate Banking Committee bill on securities laws remains unaddressed after a cancelled markup.
Deep Dive
Progress on a comprehensive digital asset market structure bill in the US Senate appears to be stalled due to government gridlock and partisan divides. The legislation, which began its journey in the House of Representatives last summer, has faced delays attributed to a historically long government shutdown, ethical debates, and discussions over stablecoin yields. The upcoming US midterm elections in November are also expected to further impede advancement.
While a version of the market structure bill focused on commodities regulations has passed the Senate Agriculture Committee, the Senate Banking Committee has yet to address its related securities laws bill, having canceled a markup in January. Rebecca Liao, co-founder and CEO of Saga and a former advisor to President Joe Biden, stated that the legislation is effectively "on hold." She noted that market downturns and a perceived lack of urgency have reduced momentum for new legislation or administrative policies from bodies like the SEC and CFTC. Liao emphasized the difficulty of passing legislation in the current Congress, especially on a topic considered obscure by many Americans, compounded by it being an election year.
Ohio Senator Bernie Moreno had previously suggested Congress might pass market structure legislation by April, but Liao pushed back against this timeline, citing a lack of momentum.
A significant complicating factor in the Senate is the ongoing debate surrounding stablecoin rewards. This has led to multiple meetings at the White House involving Trump administration officials and representatives from the crypto and banking industries. Some banking representatives have expressed concerns that provisions allowing yield payments to stablecoin holders on third-party platforms could negatively impact the industry.
Cody Carbone, CEO of the Digital Chamber, reported that while some industry figures like Coinbase CEO Brian Armstrong were optimistic about moving the bill forward, there was a lack of specific details beyond Moreno's April goal. The political calendar, including state work periods and the proximity of the November elections, further limits the legislative window.
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US authorities are seeking to recover $327,829 in USDt linked to a romance scam. The funds were traced to cryptocurrency wallets seized by the Justice Department. Tether has frozen approximately $4.2 billion in USDt connected to illicit activities since 2023.
Bitcoin futures open interest declined to $32 billion, lowest since August 2024 in BTC terms. Annualized premium on Bitcoin monthly futures dropped to 2%, indicating reduced demand for leveraged positions. Despite futures demand drop, CME Bitcoin futures open interest remains at $7.5 billion, suggesting institutional presence. Bitcoin options market shows balanced demand with put-to-call premiums near 0.7, indicating no major stress.
TD Securities views NYSE's tokenized equities plan as a market structure turning point for institutional adoption. The NYSE platform aims for 24-hour trading and near-instant settlement of tokenized stocks and ETFs. This development integrates blockchain settlement within existing US market rules and NBBO requirements. Tokenized assets, particularly RWAs, have seen continued capital inflows despite broader market volatility.
Bitfinex Securities is resuming USDt-denominated bond issuances on Bitcoin's Liquid Network. Previous issuances totaled $6.2 million, with four offerings and over $1.1 million in coupon payments made. The bonds offer crypto-native investors yield on USDt holdings, targeting emerging market private credit. This occurs amidst ongoing regulatory debate in the US regarding stablecoin yield products.
Chainlink CCIP enables cbBTC transfers from Base to Monad. Over $5 billion in Bitcoin-backed liquidity can now enter Monad's DeFi ecosystem. Monad aims to attract transaction-intensive financial applications with its high-throughput EVM-compatible L1. This integration enhances Bitcoin's utility by enabling yield generation opportunities within Monad's DeFi.
US prosecutors seek forfeiture of $327,829 in USDT linked to a crypto romance scam. Victim was defrauded after being convinced to invest in a fake cryptocurrency opportunity. Funds were laundered through multiple wallets and converted to USDT. This action follows recent warnings from US prosecutors about crypto-related romance scams.
OpenAI secured a Pentagon deal for AI deployment in classified environments. Contract language allows "all lawful purposes," raising concerns about AI use in surveillance and weapons. Public backlash led to a surge in Anthropic's Claude app downloads, surpassing ChatGPT. A philosophical difference exists between OpenAI and Anthropic regarding contract safeguards versus technical and legal frameworks.
US Supreme Court declined to hear AI copyright case Human authorship rule for copyright protection remains intact AI-generated works continue to face legal limits on intellectual property claims
Banking lobbyists have stalled the U.S. Senate's Digital Asset Market Clarity Act by arguing stablecoin rewards threaten traditional lending. The OCC's interpretation of the GENIUS Act adds complexity, leaving the crypto industry at a crossroads regarding concessions on rewards versus the potential loss of the Clarity Act.
Deloitte has completed the first attestation report for Tether's USAT stablecoin. USAT reserves totaled $17.6 million against $17.5 million in circulating supply as of Jan. 31. USAT reserves consist of cash and U.S. Treasuries held domestically. This move aims to build trust for USAT within the U.S. regulatory framework, differentiating it from Tether's global USDT.
PayPay, holding a 40% stake in Binance Japan, is pursuing a Nasdaq IPO aiming to raise up to $1.1 billion. The IPO targets a valuation exceeding $10 billion for the Japanese payments firm. PayPay's partnership with Binance Japan aims to integrate crypto with its cashless payment services. The IPO listing was postponed due to global market volatility following geopolitical events.
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Crypto markets declined as geopolitical tensions escalated following reports of a US-Israel strike on Iran. Bitcoin dropped to around $66,127 from a brief high of $68,000. Ethereum fell to near $1,947, down approximately 2.46% in 24 hours. Investors moved towards traditional safe-haven assets like oil, gold, and silver, indicating reduced risk appetite for crypto.
New biodegradable packaging film developed from milk protein, starch, and volcanic clay. Material exhibits 1,000x reduction in water vapor permeability compared to similar biopolymer films. Film fully degrades in soil within approximately 13 weeks. Potential for low-tech scaling and application in developing countries.
Ripple unlocked 1 billion XRP from escrow, valued at approximately $1.377 billion. XRP price saw minimal reaction, rising 0.9% post-unlock, despite a 16.45% drop in February. Solana led market rebound with an 11% price surge to $88.89 following a $500M liquidation event. Elon Musk drew parallels between AI firm Anthropic and the collapsed FTX exchange.
Ethereum to implement Proposer-Builder Separation (ePBS) and Fork-Choice-Enforced Inclusion Lists (FOCIL) via Glamsterdam and Hegota upgrades this year. ePBS aims to decentralize block building and mitigate MEV, while FOCIL will prevent transaction censorship. Cardano's upcoming Midnight sidechain will offer similar privacy and transaction separation benefits. ETH and ADA prices are showing positive movement, influenced by broader market rallies and Bitcoin's performance.
Solana price is consolidating within a three-week triangle pattern. A break above $88.60 resistance is eyed as a key signal for potential upside. Solana has reclaimed the Ichimoku cloud on the four-hour chart for the first time since January. Moving averages (50 MA crossing 100 MA) also indicate a short-term momentum shift.
Bitcoin mixers enhance privacy by obscuring transaction origins through pooling and redistribution. Mixero.io offers CoinJoin with an optional Monero bridge, starting at 0.7% fees. Tornado Cash, a decentralized Ethereum mixer, has over $1 billion TVL. Wasabi Wallet integrates CoinJoin with a 0.3% coordinator fee, waived for small transactions.
Core Scientific reported Q4 revenue of $79.8 million, missing estimates of $122.08 million. The company posted a Q4 loss of $0.42 per share, wider than the expected $0.08 loss. Core Scientific is expanding its colocation platform and AI-focused infrastructure services. Riot Platforms reported Q4 revenue of $647.4 million, significantly exceeding estimates.
ETH has experienced six consecutive monthly price declines, a streak not seen since the 2018 crypto winter. Despite record network usage, ETH's price has fallen approximately 60% from its all-time high. Derivatives data shows a significant drop in ETH futures open interest and a premium on downside protection in options markets. US-listed Ethereum ETFs have seen $2.6 billion in outflows over the past four months, and major stablecoin market caps have slowed.
Ripple executed its largest RLUSD stablecoin mint to date, totaling 69 million tokens. The minted RLUSD tokens are reportedly routed to the Gemini exchange. RLUSD market cap has surpassed $1.5 billion, indicating significant supply growth. Recent exchange integrations and partnerships, including Binance and LMAX Group, are driving RLUSD adoption.
Digital asset investment products saw $1 billion in inflows, reversing five weeks of outflows. Bitcoin attracted $881 million, leading the recovery, while Ethereum saw $117 million in inflows. Solana attracted $53.8 million in inflows last week, contributing to $156 million year-to-date. Solana price action shows consolidation between $82.00 support and $88.20 resistance.
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