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Seeds of Wisdom
REPUBLICAN LAWMAKERS LAUNCH BICAMERAL WORKING GROUP TO BRING CLARITY TO CRYPTO
Republican lawmakers announce a bicameral working group to fast-track crypto regulations, focusing on stablecoins and digital asset market rules in a major push for long-awaited industry clarity.
Republican lawmakers are stepping up their efforts to bring clear rules to the crypto industry, forming a bicameral* working group to push legislation on stablecoins and digital asset market structures.
The move, announced on Feb. 4 at a Capitol Hill press conference, marks a coordinated effort between key House and Senate leaders to create a structured framework for crypto regulation, an issue that has remained in legal limbo for years.
The working group includes members from four major committees—the House Financial Services Committee, the House Agriculture Committee, the Senate Banking Committee, and the Senate Agriculture Committee—showing that lawmakers see crypto regulation as an issue that spans multiple sectors of financial oversight.
Representative French Hill of Arkansas, along with Senators Tim Scott and John Boozman and Representative Glenn Thompson, will play leading roles in shaping these policies, drawing from existing legislative efforts while introducing new proposals.
Lawmakers plan to build on the Financial
Innovation and Technology for the 21st Century Act (FIT21), which passed a House committee in 2024, while also using a new stablecoin bill introduced by Senator Bill Hagerty on Feb. 4 as a starting point for further discussions.
Senate Banking Chair Tim Scott has made it clear that speed is a priority, saying he wants to push the crypto bills through the Senate within the first 100 days of the congressional session.
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Conversations with D--------c colleagues are already underway, raising the possibility that some elements of these bills could gain bipartisan support.
At the press conference, David Sacks, Trump’s crypto and artificial intelligence czar, spoke about the broader vision for digital assets, calling this a key moment to create a “golden age” for crypto in the U.S.
His role extends beyond Congress, as he is also overseeing a separate initiative within the White House to assess the possibility of a government-held Bitcoin reserve.
Trump’s executive order on Jan. 23 laid the foundation for that discussion, along with directives to prevent the creation of a central bank digital currency.
For years, the lack of clear rules has driven many crypto firms to set up operations overseas, where regulations have been more clearly defined. If successful, this working group could finally give the crypto industry the clarity it has long been waiting for.
*Bicameral legislature is a lawmaking body that’s divided into two separate chambers. The two chambers work together to pass laws. A bicameral legislature in the United States Congress: The House of Representatives and the Senate are the two chambers of the U.S. Congress.
@ Newshounds News™
Source: Crypto News
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ROBINHOOD HALTS SUPER BOWL BETS A DAY AFTER LAUNCH ON CFTC REQUEST
Robinhood Markets has suspended Super Bowl betting after receiving a request from the Commodities and Futures Trading Commission to nix its customers’ access to the event contracts.
The halt comes just a day after Robinhood launched the product in partnership with prediction market Kalishi, allowing wagers on the outcome of the Philadelphia Eagles versus Kansas City Chiefs Feb. 9 game in the National Football League’s championship Super Bowl.
In a Feb. 4 announcement, Robinhood said it would suspend the rollout of the Pro Football Championship market as it continues to work with the CFTC to understand its concerns.
The firm said it had rolled out the product to around 1% of its customers, some of who had already placed trades.
“We are disappointed by this outcome, especially given that we had been in regular communication with the CFTC about our intent and plans to offer this product,” Robinhood said.
It comes just a day after reports that the CFTC was probing Crypto.com and Kalshi over their offerings of Super Bowl event contracts and whether they comply with derivatives regulations.
Event contracts differ from traditional betting in that the odds come from a pool of users betting on the likely winner rather than a bookmaker creating the odds.
Crypto.com told Cointelegraph it would continue to offer the wagers despite the probe.
Robinhood made its first foray into event contracts in October, offering trades based on the outcome of the US presidential e------n.
The announcement followed a court win by prediction platform Kalshi against the CFTC, allowing the platform to offer US-based users contracts for betting on e------n outcomes.
@ Newshounds News™
Source: CoinTelegraph
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Source: Dinar Recaps
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JUST IN: FDIC TO ALLOW BANKS TO MANAGE CRYPTO ASSETS AND TOKEN DEPOSITS
FDIC to let U.S. banks manage crypto assets, offer tokenized deposits without prior approval, marking a policy shift under the T------------------n.
The Federal Deposit Insurance Corporation (FDIC) is set to revise its guidelines, allowing U.S. banks to manage crypto assets and offer tokenized deposits without prior regulatory approval. This decision marks a shift in U.S. banking policy under the T------------------n, which has shown increased support for digital assets.
Acting FDIC Chairman Travis Hill confirmed the changes during a Senate hearing, stating that the agency is reassessing its past approach to cryptocurrency regulations.
FDIC to Change Crypto Regulations for Banks
The FDIC’s decision to revise its crypto guidelines is part of an ongoing review of past regulatory policies that discouraged banks from engaging with crypto assets. Hill stated that banks seeking to enter the sector had faced delays, excessive scrutiny, and resistance from regulators.
During his testimony, Hill explained, “Requests from these banks were almost universally met with resistance, ranging from repeated requests for further information to directives from supervisors to refrain from expanding crypto- or blockchain-related activity.”
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The FDIC has also released a series of internal documents detailing past communications with banks regarding cryptocurrency. These records were disclosed as part of a court order in response to a lawsuit by Coinbase, which had sought transparency on regulatory actions affecting the industry.
@ Newshounds News™
Source: CoinGape
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RIPPLE-CARDANO PARTNERSHIP COMING NEXT MONTH? (CHARLES HOSKINSON WEIGHS IN)
“We talk to David Schwartz and Brad Garlinghouse,” Cardano’s founder said.
▪️ Hoskinson confirmed active discussions with Ripple’s leadership on RLUSD integration, with potential big news in March.
▪️ Ripple’s stablecoin crossed $100M market cap, with major exchanges like Bitstamp embracing it.
One Step Closer?
The interactions between Cardano’s founder, Charles Hoskinson, and some of Ripple’s executives in the past months have caused some members of the crypto community to speculate about a potential collaboration between the two ecosystems.
In November last year, the bosses exchanged kind words, while Brad Garlinghouse (Ripple’s CEO) said, “Now is the time for the crypto community to come together, push for a level playing field and clear rules of the road.”
Earlier this year, Hoskinson took part in a heated discussion on X in which he hinted that Cardano might integrate Ripple’s stablecoin – RLUSD – into its system. “We’ve already had a call with the RLUSD people. We are actively talking,” he stated at the time.
The chances of a partnership have seemingly gone up, considering Hoskinson’s most recent disclosure. He said Cardano’s team keeps an active conversation with Ripple’s leadership regarding the implementation of RLUSD. Hoskinson also indicated that big news might be announced next month:
“We talk to David Schwartz and Brad Garlinghouse. Strong possibility we can negotiate (RLUSD). Ripple told us to wait till March as they just finished NYDFS. We’ll see if there’s a roadmap and how they’ll get that done.”
A potential partnership between Cardano and Ripple (two of the most recognizable entities in the crypto world) may positively impact the prices of their native tokens. As of writing these lines, ADA and XRP are both in the red weekly following the severe market correction witnessed on February 3.
RLUSD’s Advancement
Ripple made the headlines in April 2024, revealing its plans to design a stablecoin pegged 1:1 to the American dollar. The product passed through a testing phase in the following months before being officially approved by the New York Department of Financial Services (NYDFS) in mid-December.
At first, it received support from the cryptocurrency exchanges Uphold, Bitstamp, Bitso, Moonpay, CoinMENA, and Bullish.
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Monica Long (Ripple’s president) said at the beginning of January that people should expect such a move from other popular platforms “imminently.” Shortly after, Bitstamp hopped on the bandwagon, listing the following trading pairs: RLUSD/EUR, RLUSD/USD, RLUSD/USDT, RLUSD/BTC, RLUSD/ETH, and RLUSD/XRP.
Despite being far away from the leaders Tether (USDT) and USD Coin (USDC), RLUSD recently hit an important milestone: its market capitalization crossed $100 million. It will be interesting to see whether the product will keep progressing throughout 2025 and whether it will erase the big gap between itself and the leaders in its field.
@ Newshounds News™
Source: CryptoPotato
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SEC SUED BY WATCHDOG GROUP OVER WITHHELD CRYPTO REPORT
Empower Oversight has filed a lawsuit against the U.S. Securities and Exchange Commission for failing to disclose a long-awaited report on ethical conflicts and selective enforcement within the agency.
The SEC Office of Inspector General completed the report more than a year ago, but the agency has yet to release it despite repeated Freedom of Information Act requests, according to the lawsuit.
The lawsuit seeks to compel the SEC to disclose findings related to former SEC Division of Corporate Finance Director William Hinman.
The investigation focuses on potential conflicts of interest involving Hinman’s ties to his previous law firm, Simpson Thacher, which had financial interests in promoting Ethereum.
SEC’s ‘silent treatment’
Empower Oversight has pursued SEC transparency since August 2021, filing multiple FOIA requests and lawsuits seeking documents related to agency communications with crypto entities. The watchdog argues that the SEC’s delays suggest a pattern of avoiding accountability in its enforcement actions.
“The SEC’s silent treatment is old and tired, and its refusal to release these records is, quite frankly, suspicious,” said Tristan Leavitt, president of Empower Oversight.
Leavitt emphasized that transparency is essential to addressing concerns over regulatory bias and ensuring accountability in the crypto sector.
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The SEC has faced mounting criticism for its regulatory approach, with industry leaders, including Coinbase, accusing the agency of selective enforcement.
Former SEC Chair Gary Gensler also faced scrutiny for aggressive litigation against major crypto firms like Coinbase and Ripple.
Empower Oversight remains committed to obtaining the SEC OIG report, arguing that public access to the findings is necessary to evaluate the agency’s handling of crypto regulations.
@ Newshounds News™
Source: Crypto News
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Source: Dinar Recaps
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