Libertarian Argentina has “enormous possibilities” under his leadership, Milei tells Sam Altman.
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U.S. Representative Tom Emmer (R-Minn.) expressed optimism for major crypto legislation, highlighting a narrow opportunity at the end of the congressional session. Emmer emphasized bipartisan support in Congress for crypto measures, but noted the U.S. Senate still has significant work to do. He indicated that the Financial Innovation and Technology for the 21st Century Act (FIT21) could be more likely to pass during the “lame-duck” session, a period known for fast-tracked legislative action.
Despite recent wins for the crypto industry, major legislation like FIT21 faces challenges in the Senate. Emmer, speaking at CoinDesk’s Consensus 2024 in Austin, Texas, stated that the Senate’s potential modifications to the bill would necessitate another round of approval in the House. This reflects the legislative complexity but also the growing bipartisan support, with 71 Democrats backing FIT21 despite opposition from President Biden and former Speaker Nancy Pelosi.
Emmer highlighted the diminishing influence of anti-crypto voices like Sen. Elizabeth Warren (D-Mass.) and SEC Chair Gary Gensler, suggesting their waning impact on the administration. He underscored the substantial “goodwill under the surface” for crypto issues, pointing to significant Democratic support for overturning SEC policies and advancing crypto-friendly legislation.
Incumbent stablecoin issuers may want to start looking over their shoulder.
A raft of new entrants are coming to challenge industry stalwarts like USDT, USDC and DAI by taking a payments-first approach.
Looking at the profitability of Tether, it’s not hard to see why the issuer is attracting competitors. The company behind the leading stablecoin reported over $4.5 billion of net profit in the first quarter of 2024.
Read more: Tether just obliterated its former net profit record for a single quarter
Overcoming the cold start problem is no easy feat. The top three stablecoins enjoy widespread support on both centralized exchanges and within DeFi.
The approach of Agora Dollar, which…
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The crypto platform Gemini, managed by Cameron and Tyler Winklevoss, is about to breathe new life into the crypto-sphere with its decision to return $2.18 billion to customers of the defunct Earn program. The payout is adequate now, so nearly 97 percent of the digital assets due will be in customer accounts. The 18-month payout is a milestone taking place due to Genesis Bankruptcy reaching a settlement, which promises assets’ full recovery for customers.
The recovery has been triggered due to an announcement of Genesis making a $2 billion payment to resolve the issues created by its Chapter 11 filing. The Gemini Earn program, founded in 2026, was designed to return to its customers a high interest in crypto by making loans to institutional borrowers. The project hit an impasse in November 2029 when Genesis suspended its loan operations.
The repayment for customers accounts for a 232% recovery rate for Earn customers, which is a testimony to the strength and potential growth of the digital asset market. The original assets will be given back to the customers, plus any appreciation, thus reiterating Gemini’s support for its customers’ investments.
The credit card company hopes to streamline transactions and limit user error through an alias credentialing system.
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Former Consensys employee Jack Jia, co-founder of Stable.com, launches new stablecoin USD3 amid regulatory uncertainty and shifting stablecoin narratives.
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Spot crypto ETFs focused on assets beyond bitcoin and ether would only have a quick path to launch if the current precedent changes.
In other words, the Securities and Exchange Commission would need to see a regulated futures market — and a correlation between that and the spot market — before approving ETFs that hold crypto directly.
The regulator approved spot bitcoin ETFs in January. It then last week approved 19b-4 proposals from the exchanges on which spot ether ETFs would launch — one step toward their trading in the future.
Read more: Digesting the ETH ETF decision: What it means and what comes next
Though the latest action spurred optimism around potential future…
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The launch of Runes of Bitcoin and the emergence of OP-CAT could redefine the blockchain’s ecosystem as early as 2026.
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The Ethereum layer-2 solution is leveraging Chainlink for blockchain interoperability and real-world price data.
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Mastercard is launching a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America, currently in its pilot phase. The Mastercard Crypto Credential network will facilitate cross-border transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges, aiming to harness digital assets for international payments. This initiative is part of Mastercard’s broader strategy to tap into the expanding digital assets and blockchain market, particularly for cross-border payments.
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, highlighted the importance of maintaining trusted and verifiable interactions across public blockchain networks amid rising global interest in digital assets. The P2P network allows users to employ Mastercard Crypto Credential aliases for transactions, akin to the Ethereum Name Service (ENS) for streamlined wallet identification. This feature is designed to enhance the efficiency of cross-border payments, targeting the burgeoning remittances market. According to data from the United Nations International Organization for Migration, migrants sent approximately $831 billion in remittances globally in 2022, a significant increase from $717 billion in 2020.