This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Bridge, the stablecoin firm acquired by Stripe earlier this year, applied with the Office of the Comptroller of the Currency on Tuesday for a national bank trust charter, according to co-founder Zach Abrams. With the application, Bridge expands a list of companies lining up for chartering under the months-old Genius Act, which established a federal regulatory framewo ...

Market Overview - Major cryptocurrencies, including Bitcoin and Ether, experienced gains following the release of private payroll data indicating a significant decline in jobs, with Bitcoin rising nearly 4% to around $17,000 and Ether increasing by 5% [2][3] - The ADP report revealed a seasonally adjusted loss of 32,000 jobs last month, with previous figures for August revised down from an increase of 54,000 to a loss of 3,000, leading to heightened expectations for potential rate cuts by the Federal Reserve [3][4] Industry Developments - Vision CISAI announced plans to establish a $2 billion Solana-based treasury, resulting in a sharp decline in its NASDAQ shares [5] - A note from JP Morgan indicated that 12 out of 14 tracked mining companies outperformed Bitcoin by approximately 6% in September, particularly those diversifying into AI, with the aggregate market cap of these miners growing faster than Bitcoin for the sixth consecutive month [6] - The SEC is moving towards allowing state trusts to act as crypto custodians, with assurances provided to law firms regarding non-enforcement actions for registered advisers [7][8] Legal and Regulatory Updates - Tornado Cash co-founder Roman Storm is seeking acquittal from conspiracy charges related to operating a crypto mixer, arguing a lack of evidence linking him to illicit activities [9][10] - The Blockchain Association has sent a letter to lawmakers defending the Genius Act, emphasizing its importance for legal clarity and innovation in the digital assets industry, and opposing efforts to amend the legislation [10][11][12] - The letter highlights concerns that reopening the Genius Act could undermine U.S. leadership in the crypto space and hinder innovation, as it provides essential legal clarity for stablecoin issuance [19][20] Future Outlook - There is optimism regarding bipartisan efforts in Congress to establish comprehensive market structure legislation for the crypto industry, with discussions ongoing between the House and Senate [21][22][23] - Recent regulatory harmonization efforts between the SEC and CFTC are seen as a positive development for the industry, potentially fostering innovation and reducing regulatory confusion [24][26][27]

Regulatory Landscape & Legislation - Coinbase launched a six-figure marketing campaign against banks advocating for a rollback of crypto exchanges allowing stablecoin rewards [1] - The Genius Act, passed in July, allows crypto exchanges to offer rewards for stablecoins, which banks are now challenging [1][2][3] - The Blockchain Association supports the Genius Act, while banks are attempting to modify it through the Clarity Act [9][10] - Coinbase advocates for the Clarity Act to establish a clear market structure for crypto, assigning jurisdiction to the SEC and CFTC [11][19][20] - The company is pushing for the Senate to pass its version of the Clarity Act, potentially incorporating elements from the House version [22][23] Market & Competition - Coinbase offers a 41% reward for holders of USDC stablecoin [6] - Banks are perceived as trying to eliminate competition from crypto exchanges offering higher rewards on stablecoins compared to traditional savings accounts (approximately 025%) [5][7][8] - The company aims to preserve competition in the financial system and prevent a monopoly by big banks [5] - Coinbase believes the continued growth and adoption of stablecoins indicate the success of the Genius Act [18] Tax Policy & SEC - Coinbase prioritizes sensible crypto tax policy and seeks fair treatment of crypto assets compared to other asset classes [27][28][29][30] - The company is pursuing FOIA litigation against the SEC, alleging unfair treatment of crypto assets and destruction of text messages by the previous administration [32][33][34][35]

Today, Bitcoin and Ether fall as a potential US government shutdown looms. The SEC and CFTC hold a joint roundt focused on regulatory harmonization between the two agencies. And Paul Greywall, chief legal officer at Coinbase, explains a new marketing campaign aimed at stopping the banking industry's efforts to undo provisions of the Genius Act.Welcome to CNBC's Crypto World. I'm Talia Kaplan. Digital currencies in the red this morning after it was revealed that consumer confidence edged lower in September a ...

Today, Ether Treasury firm Sharplink Gaming plans to join the stock tokenization boom. European banks team up to develop a stable coin. And Hideera's chief policy officer discusses the new task force between the US and UK to improve cooperation on crypto assets.Welcome to CNBC's Crypto World. I'm Talia Kaplan. Major cryptocurrencies are in the red with Bitcoin sliding to the $111,000 level as of noon Eastern.Ether dropped nearly 4% to $4,000 and Salana Soul token slid by nearly 6% to $21. Okay, sticking wit ...

Group 1: Bitcoin Act Advocacy - The Bitcoin Act, introduced by Senator Cynthia Lumis and Representative Nick Begich, aims to codify a strategic Bitcoin reserve established by an executive order from President Trump [3][4] - The advocacy for the Bitcoin Act is seen as crucial for establishing a long-term legal framework for Bitcoin, contrasting with the temporary nature of executive orders [4][5] - The proposed legislation includes plans to purchase 1 million bitcoins over the next five years and hold them for at least 20 years, potentially impacting the federal deficit positively [10] Group 2: Legislative Developments - Recent legislative advancements include the passing of the Clarity Act in the House, with hopes for a Senate version to be passed by the end of the year [13][18] - The Genius Act, which regulates stablecoins, represents a significant step forward in crypto regulation in the U.S., encouraging companies to establish U.S. operations [15][17] - The SEC has approved changes to listing standards for crypto-focused exchange-traded products, which is expected to streamline the process for bringing new products to market [22][23] Group 3: Market Opportunities and Innovations - The industry is witnessing a growing demand for tokenized stocks, with a focus currently in Europe but anticipated to expand to the U.S. [26][27] - The number of crypto assets available on platforms has increased significantly, from three to 111, reflecting a robust growth in offerings [29] - Upcoming features such as staking are expected to enhance customer engagement and investment options [30]

Today, Bitcoin climbs following an encouraging inflation reading. NASDAQ plans to invest $50 million in a partnership with crypto exchange Gemini. And Sylvia Fredo, general counsel of Miston Labs, weighs in on regulatory advancements for crypto in the US.Welcome to CNBC's Crypto World. I'm Talia Kaplan. Major cryptocurrencies are in the green as of midday and the S&P 500 jumped to a new record after a reading on wholesale prices unexpectedly dropped.A welcome development for investors vying for a Fed rate c ...

RT Sergey Nazarov (@SergeyNazarov)Great meeting today with @SenatorTimScott, Chairman of the Senate Banking Committee, the group working on the critical new market structure bill going to the senate.This new version of the market structure bill has many advantages over past versions, enabling our industry to rapidly grow in the US with fewer limitations. I am excited by the urgency with which Senator Scott is moving this critical piece of legislation forward and how he is focused on solidifying a long-term ...

Today, Goldman Sachs and VNY team up on tokenized money market funds. Crypto custodian Bitco confidentially files to go public. And the CEO of OKXUS breaks down what regulatory advancements here in the states means for the crypto exchange.Welcome to CNBC's Crypto Worlds. I'm Tana McKiel. Digital currencies in the red this morning.By noon Eastern, Bitcoin slipped around a quarter of 1% to $118,600. Ether fell nearly 2% back to the $3,600 level. And Salana dropped 4.5% to $192.Okay, let's talk about the top s ...

Stablecoin Market Growth & Regulatory Landscape - Stablecoin market cap increased by $442 billion (442,000 million) in the last 7 days, reaching approximately $2625 billion (2,625,000 million) [1] - The SEC is now indicating support for onchain stablecoins, potentially enabling instantaneous settlement payments for securities [4][5] - The Genius Act has been signed into law, marking the first federal legislation to regulate stablecoins [12] - The Clarity Act, aimed at creating a broader regulatory structure for crypto, has passed the House and is moving to the Senate [14] - Industry anticipates stablecoins reaching $300+ billion by the end of the year, with potential for trillions upon passage of the Clarity Act [11] Banking Sector's Embrace of Stablecoins - Major banks are showing increased interest in stablecoins, driven by fear of missing out (FOMO) and regulatory developments [2][3][25][29] - Western Union is exploring offering stablecoin products in its digital wallets [16][19] - Deutsche Bank is considering issuing its own crypto stablecoin [21] - Citigroup is considering issuing its own stablecoin to facilitate digital payments [21] - JP Morgan has filed a trademark for JPMD, a deposit token being piloted on base, which embodies stablecoin characteristics [21][22][23] - Bank of America CEO indicated stablecoins are inevitable and hinted at launching its own token pegged to USD deposit accounts if regulations allow [26] Ripple's Role & XRP - The SEC's shift in stance towards stablecoins is seen as beneficial for Ripple, which has been focused on real-time payments and stablecoin on/off ramps [7][8][9] - Ripple's mission is "building the internet of value," enabling the world to move value like information [9] - Bank of America and Ripple have a long-term partnership, with Bank of America potentially using XRP after the SEC lawsuit concludes [30][31] - XRP is positioned as a bridge between walled garden deposit tokens and stablecoins issued by banks [24]