Category: News

Coinbase Chief Legal Officer Paul Grewal said lawmakers are close to reaching an agreement on the stablecoin yield debate within the proposed Clarity Act. Speaking during an interview on Fox Business, Grewal stated that meaningful progress is being made despite ongoing disagreements about whether stablecoin platforms should be allowed to offer rewards on idle balances.

Grewal emphasized that negotiations are nearing completion, noting that policymakers increasingly recognize the importance of balancing consumer rewards with broader regulatory safeguards. He added that the legislation aligns with Donald Trump’s stated goal of positioning the United States as a global leader in cryptocurrency innovation.

Banking Sector Pushes Back Against Stablecoin Rewards

The U.S. banking sector has actively lobbied lawmakers to include language preventing crypto platforms from offering yield on stablecoin holdings. Banks argue that allowing such rewards could create incentives for customers to move deposits away from traditional banking institutions, potentially leading to significant deposit flight.

However, Grewal challenged those claims, stating there is no factual evidence showing that stablecoins have caused deposit flight from banks. He acknowledged that the risk is often discussed in theory, particularly regarding community banks, but maintained that real-world data has not supported those concerns.

Senate Review and Long-Term Industry Impact Expected

Grewal expressed confidence that legislative progress will continue in the coming weeks, with a markup hearing expected before the US Senate Banking Committee ahead of a possible floor vote.

Meanwhile, Brian Armstrong has repeatedly opposed versions of the legislation that would restrict rewards on idle stablecoin balances, arguing such limits could slow innovation and disadvantage consumers.

During the same period, Coinbase Global Inc. shares listed on the Nasdaq have declined significantly, falling about 50% over the past six months. The stock closed down 0.9% on Wednesday at $172.99, reflecting continued pressure from the broader downturn in cryptocurrency markets.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.

The US Department of the Treasury has issued a notice of proposed rulemaking seeking public input on state-level stablecoin governance frameworks under the Guiding and Establishing National Innovation for US Stablecoins Act. The proposal arrives as the market capitalization of dollar-pegged stablecoins approaches $300 billion, highlighting the growing importance of regulatory clarity in the sector.

Under the GENIUS Act framework, states will have the authority to regulate stablecoin issuers with a market capitalization below $10 billion. However, state-level regulations must not significantly deviate from federal standards and must produce outcomes that are equally strict or more protective than federal rules.

Mandatory Reserve Backing and Federal Compliance Requirements

The Treasury outlined several mandatory rules that state frameworks must follow. These include maintaining a 1:1 reserve backing with cash or high-quality cash equivalents and providing monthly disclosure reports to regulators. Stablecoin issuers must also fully comply with federal anti-money laundering and sanctions requirements.

Additionally, the proposal includes a ban on token rehypothecation, meaning issuers cannot reuse the same collateral to support multiple claims. States are permitted to introduce stricter liquidity standards, reserve requirements, risk management practices, and enforcement mechanisms, provided they exceed federal minimum thresholds.

Federal Oversight Triggered After $10 Billion Threshold

The Treasury stated that stablecoin issuers exceeding the $10 billion market capitalization threshold will automatically transition to federal regulatory oversight. This means the largest stablecoin issuers will ultimately fall under direct federal jurisdiction.

The public has been given 60 days to submit feedback on the proposed rules. The GENIUS Act became law in July after being signed by Donald Trump, marking a significant milestone in the development of comprehensive cryptocurrency regulation, though uncertainty remains regarding the treatment of yield-bearing stablecoins.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.

Taiwan should reconsider adopting Bitcoin as a reserve asset to hedge against geopolitical uncertainty and the risk of military conflict, according to a report by the Bitcoin Policy Institute. Research fellow Jacob Langenkamp stated Tuesday that if China attempts reunification with Taiwan through a blockade or full invasion, Bitcoin could remain the only reserve asset fully accessible and spendable. He argued that gold could be stranded or seized and US dollar reserves might face restrictions, while Bitcoin would remain accessible without physical transport.

Central Bank Concerns and Exposure to Dollar Risks

Nation-states have increasingly explored strategic Bitcoin reserves, but the Central Bank of the Republic of China (Taiwan) rejected the idea in December after studying the proposal last year. Officials cited volatility, liquidity, and custody risks, identifying the US dollar as a safer alternative. Langenkamp warned that Taiwan remains heavily exposed to US dollar debasement, noting that at least 80% of central bank reserves are denominated in USD. He added that rising US debt, monetary expansion by the Federal Reserve, potential artificial intelligence market declines, and weakening semiconductor revenues could accelerate dollar pressure.

Existing Bitcoin Holdings Support Further Testing

Despite rejecting a full reserve strategy, Taiwan continues to test digital asset technology in a regulatory sandbox using seized crypto. Taiwanese lawmaker Ko Ju-Chun revealed that the Ministry of Justice (Taiwan) holds 210 Bitcoin worth about $14 million confiscated during criminal investigations. According to BitBo, these holdings would rank Taiwan as the seventh-largest national Bitcoin holder, behind El Salvador but ahead of Finland if officially listed.

Taiwan No.8!! The Ministry of Justice revealed Taiwan holds 210.45 BTC in seized assets as of Oct 31, 2025. @coingecko data suggests this could rank Taiwan 8th globally in gov Bitcoin holdings!🏆!

經我質詢要求: 法務部回函10/31前，我國司法扣押 $BTC 達 210 顆，持有量位居全球第8！ pic.twitter.com/HsGJ6ND7rP

— 科技立委葛如鈞 Ko Ju-Chun (@dAAAb) December 18, 2025

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.

U.S. B-2 stealth bombers have struck Iranian nuclear sites with significant force, reportedly leaving nuclear dust that could prevent access for months. President Donald Trump claimed in a national address that the U.S. has destroyed key elements of Iran’s military and is close to achieving its war objectives.

Trump’s Claims and Iran’s Response

Trump stated that U.S. goals are “nearing completion” and vowed to “finish the job.” He also claimed Iran had requested a ceasefire, a claim that Tehran officially denied. The US Department of Defense secretary posted on X simply: “Back to the Stone Age,” echoing Trump’s warning.

"For years, everyone has said that Iran cannot have nuclear weapons. But in the end, those are just words if you're not willing to take action when the time comes." – President Donald J. Trump 🇺🇸

— The White House (@WhiteHouse) April 2, 2026

Israel Supports U.S. Actions

The speech was broadly welcomed in Israel, aligning with Benjamin Netanyahu’s timeline. Netanyahu recently said Israel had completed just over half of its planned air campaign targets. The campaign has expanded to include broader infrastructure, including civilian power plants and factories, aiming to significantly debilitate Iran’s operational and societal capabilities.

Trump framed the military actions as a response to the October 7 attacks on Israel, emphasizing the existential threat of a nuclear-armed Iran. He suggested that had Iran obtained nuclear weapons, Israel might no longer exist a view echoed by hawkish Israeli leaders, particularly Netanyahu.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.

Elon Musk’s aerospace company SpaceX has filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission, moving closer to what could become the largest public listing in U.S. history. Sources indicate the IPO could be finalized as early as June.

Trillion-Dollar Valuation and Potential Fundraising

SpaceX is expected to target a valuation exceeding $1.75 trillion, surpassing Meta Platforms, Tesla, and Bitcoin. The IPO could raise up to $75 billion, more than double Saudi Aramco’s 2019 record.

The filing follows SpaceX’s acquisition of xAI, competing with AI firms OpenAI and Anthropic. OpenAI recently secured $122 billion, raising its valuation to $852 billion.

Falcon 9 launches the 16th Transporter rideshare mission and delivers 119 payloads to orbit pic.twitter.com/h0e6dvxy8X

— SpaceX (@SpaceX) March 30, 2026

SpaceX plans investor briefings this month and is considering a dual-class share structure for insider voting control. Up to 30% of shares may be allocated to individual investors, with support from Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Citigroup.

Bitcoin Holdings and Tokenized Shares

SpaceX holds 8,285 Bitcoin worth over $565 million, recently moved to a new wallet. Trading platforms Robinhood and Kraken explore tokenized shares, while OpenAI and Anthropic plan future IPOs.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.

Li Xiong, identified as a key member of an alleged crypto-linked criminal network, has been extradited from Phnom Penh, Cambodia, to China to face fraud and money laundering charges. According to official statements, the transfer took place on April 1 after coordination between Chinese authorities and Cambodian officials. A task force sent by China’s Ministry of Public Security escorted Li back to China following his detention in Cambodia.

Authorities described Li as a core figure within the Chen Zhi criminal syndicate. He previously served as chairman of Huione Group, an organization accused of supporting scam centers operating across Cambodia and other parts of Southeast Asia.

Arrested and released within hours back in January. Two months later, Li Xiong has been extradited to China. CCTV is calling him a core member of Chen Zhi’s criminal gang. Chen Zhi was extradited in January too. https://t.co/Y9pYI30Ysp pic.twitter.com/xHSY6NvYFX

— Jacob in Cambodia 🇺🇸 🇰🇭 (@jacobincambodia) April 1, 2026

Huione Group Accused of Handling Billions in Illicit Crypto

Investigators allege that Huione Group operated one of the largest illicit online marketplaces globally. The group is accused of helping move funds tied to “pig butchering” scams and other fraudulent investment schemes that targeted victims worldwide. Reports indicate that the platform handled more than $89 billion worth of cryptoassets linked to illicit activities.

Li Xiong’s extradition follows the earlier arrest of Chen Zhi, the head of Prince Group, which operated Huione Group. In October, authorities in the United States seized 127,271 Bitcoin valued at over $15 billion that were linked to Chen Zhi.

Authorities Warn Remaining Syndicate Members to Surrender

Officials stated that several other members connected to Chen Zhi’s network have already been detained in recent months. Law enforcement agencies emphasized that operations to capture fugitives will continue, urging remaining suspects to surrender voluntarily in exchange for the possibility of more lenient treatment under the law.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.

South Korea-based crypto exchange Bithumb is reportedly delaying its initial public offering until sometime after 2028, extending its listing timeline following earlier restructuring and regulatory challenges. Company officials indicated that preparations for a potential listing will continue through 2027.

Chief Financial Officer Jeong Sang-gyun stated during the company’s annual shareholder meeting that Bithumb is strengthening accounting policies and internal controls as part of its preparation process. The exchange has already signed an IPO advisory contract with Samjong KPMG to support compliance and readiness.

Regulatory Issues and Leadership Changes Affect IPO Strategy

Shareholders recently reconfirmed CEO Lee Jae-won for a two-year term, maintaining leadership continuity during the extended preparation period. Under Lee’s tenure, Bithumb faced regulatory action, including a six-month suspension and a $24 million fine from South Korean authorities related to alleged anti-money-laundering violations.

The company initially targeted a 2025 public listing, but ongoing compliance requirements and internal restructuring have contributed to repeated delays.

Industry Developments and Market Impact

A public listing by a major South Korean exchange is expected to influence the country’s crypto sector and investor participation. Meanwhile, Dunamu, operator of the Upbit exchange, is reportedly planning its own IPO following a share swap with Naver Financial expected in September.

Bithumb also drew attention earlier this year after mistakenly crediting users with approximately 2,000 Bitcoin instead of 2,000 South Korean won, briefly creating internal balances exceeding $40 billion before reversing the error.

South Korea’s regulatory environment remains in transition following the appointment of President Lee Jae-myung in June 2025. Lawmakers have proposed legislation on payment stablecoins, while previously planned tax increases on crypto gains have been repeatedly delayed and could be scrapped, reflecting mixed signals in national crypto policy.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.

Hong Kong has missed its anticipated end-of-March timeline for issuing its first stablecoin licences, with the Hong Kong Monetary Authority (HKMA) confirming that the approval process is still underway. Officials stated that licensing decisions will be announced in due course, though no revised schedule has been provided.

The delay follows earlier guidance from HKMA Chief Executive Eddie Yue, who told lawmakers in February that only a limited number of issuers would be approved in the initial phase. Authorities are reviewing applicants based on use cases, risk management standards, anti-money laundering controls and the quality of reserve backing.

Strict Regulatory Requirements Shape Approval Timeline

Hong Kong’s regulatory framework for stablecoins remains among the most stringent globally. Proposed rules require issuers to fully back tokens with high-quality liquid reserves and ensure redemption requests are processed within one business day. Companies must also maintain a physical presence in Hong Kong while complying with strict Know Your Customer and transaction monitoring requirements.

Earlier industry expectations suggested that global banking groups, including HSBC and ventures backed by Standard Chartered, were among potential frontrunners, although regulators have not confirmed any approvals.

Regional Pressures Influence Stablecoin Rollout

The delay comes as Hong Kong positions stablecoin oversight as a core element of its strategy to become a global crypto and fintech hub. At the same time, pressure from mainland Chinese regulators has influenced the pace of development.

Reports previously indicated that firms such as Ant Group and JD.com paused their stablecoin initiatives after mainland regulators raised concerns about privately issued digital currencies.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.

JPMorgan Chase CEO Jamie Dimon has indicated that the bank is considering entering the prediction markets sector, reflecting growing institutional interest in this rapidly expanding field. Speaking publicly, Dimon said the bank could explore such offerings in the future but emphasized that certain categories, including sports and political markets, would be excluded. He also stressed that strict compliance rules around insider information would guide any future activity.

The comments highlight how major financial institutions are evaluating new financial products as demand for event-based trading continues to grow across both traditional and crypto-linked platforms.

Goldman Sachs and Industry Rivals Explore Similar Opportunities

Goldman Sachs CEO David Solomon has also signaled strong interest in prediction markets. He confirmed that he recently met with leadership teams from two major prediction platforms to better understand the technology and market structure. The firm has assigned dedicated teams to study the sector and assess its long-term potential.

Competition has intensified as prediction markets evolve beyond early leaders such as Polymarket and Kalshi. Crypto linked platforms including Coinbase and Robinhood have integrated prediction-style trading tools, expanding access to retail users and increasing participation.

Regulatory Developments Shape Future Growth

The rapid rise of prediction markets has attracted attention from regulators and global financial institutions. The Commodity Futures Trading Commission has taken early steps toward establishing a regulatory framework, signaling that formal oversight of the sector is beginning to develop.

Despite growing momentum, key legal questions remain unresolved, particularly regarding which types of contracts are permissible and how event-based markets should be classified under existing financial laws.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.