Federally chartered crypto bank Anchorage Digital is set to launch a rewards program for holders of USDtb and USDe tokens, without directly offering yield in a way that would violate the U.S. stablecoin laws. Institutions can now hold either token on Anchorage’s platform and receive rewards on idle holdings without staking or locking up their assets, the firm said in a press release shared with CoinDesk. The rewards are paid through Anchorage Digital Neo Ltd., a separate entity from Anchorage Digital Ban ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

PresentationPeter ChristiansenCitigroup Inc., Research Division At Citi's 14th Annual Fintech Conference. My name is Peter Christiansen on Citi's Research Team covering a number of digital assets companies, and I am more than delighted to welcome Jeremy Allaire, CEO, Co-Founder of Circle. Jeremy, just fantastic to have you here. I think you might be the busiest person out there. I can't -- when I think about the inbounds and the activity and client interest that we are having with the stablecoin theme, and ...

A16z urges US Treasury to exempt decentralized stablecoins from GENIUS Act oversight https://t.co/zwHRwEUQQ1 ...

🔥 NEW: Circle urged the US Treasury to apply “simple, strong rules” for all stablecoin issuers under the GENIUS Act, calling for equal standards across banks, nonbanks, and foreign entities. https://t.co/VXRJUKVa5t ...

Core Viewpoint - Circle submitted a comment letter to the U.S. Department of the Treasury regarding the GENIUS Act, advocating for a national framework for payment stablecoins that supports users, issuers, and intermediaries across U.S. markets [1] Policy Principles and Supervision - Circle proposes that payment stablecoins be fully backed by cash and high-quality liquid assets, kept separate from company funds, and redeemable at par on demand, with independent monthly checks and plain language reports for verification [3] - The company emphasizes a level playing field for both bank and nonbank issuers under a common prudential baseline, and calls for a reciprocal path for foreign regimes that meet GENIUS standards [4] - Circle supports predictable penalties and safe harbor protections for compliance with lawful orders, along with tested wind-down plans for quick and fair return of customer funds across borders [5] Market Use, Global Reach, and Accounting Treatment - Circle requests clarification from the Treasury on how permitted U.S. issuers can operate globally to ensure practical conversion between dollars and tokens for businesses [6] - The submission recommends that permitted payment stablecoins be treated as cash and cash equivalents for accounting and tax purposes, aligning financial reporting with the fully reserved model [7]

Core Insights - The current state of bitcoin and Ethereum is analyzed, with a focus on market predictions and infrastructure developments [1] - The CEO of VanEck shares a target price for Bitcoin (BTC) by the end of 2025, indicating a bullish outlook [1] - The GENIUS Act is discussed for its potential transformational impact on the market structure, which may influence investor sentiment [1] Market Analysis - Bitcoin and Ethereum are highlighted as key assets in the current market landscape, with ongoing developments in prediction markets and infrastructure [1] - The discussion includes insights on how the evolving market structure could affect investment strategies and opportunities [1] Future Projections - A specific price target for Bitcoin by the end of 2025 is provided, suggesting a strategic investment outlook [1] - The implications of the GENIUS Act on market dynamics are explored, indicating potential shifts in investor behavior and market participation [1]

Core Insights - The GENIUS Act represents a significant step towards regulating the cryptocurrency and stablecoin sectors, but its effectiveness will depend on how regulators address existing gaps and implement the law [1][3][4] Regulatory Framework - The GENIUS Act is seen as a foundational framework rather than a complete regulatory architecture, indicating that further work is needed to establish detailed rules [3] - Federal and state regulators' interpretations and enforcement of the GENIUS Act will be crucial in determining the stability and trustworthiness of the U.S. stablecoin ecosystem [4][5] Reserve Asset Risks - The act allows for digital assets like Bitcoin to be used as reserve assets for stablecoins, which could introduce volatility and undermine the stability implied by the term "stablecoin" [5][6][7] - There are concerns regarding the inclusion of uninsured deposits in reserve requirements, reminiscent of past banking failures [9][10] Regulatory Fragmentation - The GENIUS Act empowers multiple federal and state agencies to oversee stablecoin issuers, which may lead to inconsistent regulations and a "race to the bottom" in oversight [11][12] - The broad definition of permissible activities for stablecoin issuers could create regulatory ambiguities, where one regulator's approved activity may be viewed as prohibited by another [13][14] Alternative Solutions - Tokenized deposits are presented as a viable alternative to stablecoins, offering the benefits of traditional banking, such as deposit insurance and regulatory oversight, while still enabling digital transactions [16][17][18]

Core Viewpoint - The crypto group Stand With Crypto is mobilizing its members to advocate against banking lobbyists' attempts to limit stablecoin rewards through the GENIUS Act, which aims to protect consumer interests in the crypto space [1][2][3]. Group 1: Advocacy and Legislative Actions - Stand With Crypto has successfully engaged over 250,000 messages sent to U.S. senators, opposing the banking sector's efforts to restrict stablecoin issuers from offering yields [1]. - The organization emphasizes that a ban on rewards would hinder consumers from earning value on fully backed digital dollars, contrasting this with banks' protection of their credit card rewards [3]. - The GENIUS Act, which has been enacted, prohibits stablecoin issuers from directly offering interest or yield, but allows affiliates and exchanges to do so, leading to concerns from bankers about potential deposit losses [3][4]. Group 2: Responses from Financial Institutions - Major banking groups, including the American Bankers Association and others, argue that closing the stablecoin interest loophole is essential for maintaining credit flow and financial market stability [4]. - The banking sector's lobbying efforts are aimed at rewriting the law to eliminate stablecoin issuers' ability to provide yields, which they believe could disrupt traditional banking operations [2][4]. Group 3: Regulatory Environment - The U.S. Treasury Department and financial regulators are in the process of implementing the stablecoin law, but their efforts are currently hindered by a government shutdown due to budgetary issues [5]. - Stand With Crypto has reported a significant membership growth, with over 2.7 million crypto enthusiasts joining the organization, indicating strong grassroots support for the pro-crypto agenda [5].

Core Insights - BitMine now owns over 2% of the total ETH token supply and aims to acquire 5% [1][2] - The company's total crypto, cash, and "moonshot" holdings amount to $13.4 billion, including 2.83 million ETH tokens and $456 million in cash [1][2] - BitMine is the largest ETH treasury globally and ranks second in total crypto treasury behind Strategy Inc [2] Company Performance - BitMine's stock is among the most traded in the US, with an average daily trading volume of $2.5 billion, ranking 28th among US-listed stocks [1][3] - The company is supported by prominent institutional investors, including ARK's Cathie Wood and Pantera [1][2] Strategic Focus - The company emphasizes the importance of Ethereum as a long-term investment, citing its reliability and potential for growth in the context of Wall Street and AI integration [2][3] - BitMine's strategy includes raising its crypto NAV per share and maintaining high trading liquidity [4] Market Context - The GENIUS Act and SEC's Project Crypto are expected to transform financial services significantly, similar to the impact of the end of the Bretton Woods system in 1971 [2] - The company believes that the macro trends of AI and crypto will drive substantial changes in the financial system over the next 10-15 years [3]