🔥 BULLISH: Executive Director Bo Hines tells @MARA CEO the crypto industry could hit $15–$20 trillion once stablecoin legislation is passed. https://t.co/EMRnPV5yWt ...

📈 UPDATE: Standard Chartered forecasts $BTC hitting $135K in Q3 and $200K by year-end 2025, fueled by ETF flows, corporate buys, Fed cuts, and stablecoin legislation. https://t.co/pFWJg5bTRX ...

Let's start with this latest news. Right. This is what Bloomberg put out last night, yesterday evening out of D.C. , that the idea is to advance two separate measures in a single procedural vote. We actually had David Sax, the crypto czar, on the show a couple of weeks ago, where we put this idea to him.What do you make of that, that structure and the impact that it might have. Yeah, it's important that they're able to bring the two bills to the floor, but also have them separate so that the genius that can ...

智通财经APP获悉，美国参议院于当地时间周二以68票赞成、30票反对的结果通过了稳定币法案，为与 美元挂钩的加密货币制定了监管规则，这对正在崛起的加密行业和美国总统唐纳德·特朗普来说是一个 里程碑式的胜利。该法案将提交众议院审议。 银行，尤其是规模较小的银行，已经就可能出现的存款流失和信贷渠道减少发出警告。大型银行正在考 虑发行自己的稳定币，通过储备金利息赚取利润。 稳定币已经成为一项利润丰厚的业务，主要发行人Tether Holdings SA从其储备中赚取了数十亿美元。 如果该法案成为法律，科技公司和其他大型非金融企业也可能发行自己的稳定币，这可能会颠覆长期以 来金融和商业分离的现状。 参议院修改该法案的各种努力均以失败告终，其中包括针对特朗普、信用卡竞争、消费者保护以及未来 政府救助稳定币的修正案，因为稳定币不会受到联邦存款保险的保护。 与特朗普有关的稳定币的市值已经达到20亿美元。 众议院一直在推进自己的立法，包括一项更全面的措施来监管更广泛的加密市场。众议院议员现在必须 决定是接受参议院的法案，还是协商达成一项妥协措施。 经过多年酝酿的稳定币投票是加密行业迄今为止最切实的回报。去年，加密货币巨头们通 ...

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q1 2025 was $1.58, up 26% year-over-year on a reported basis and up 22% excluding notable items [10] - Total revenue reached $4.8 billion, an increase of 6% year-over-year, with expenses controlled at a 2% increase [11][25] - Pre-tax margin improved to 32% and return on tangible common equity rose to 24% [12][29] Business Line Data and Key Metrics Changes - Security services reported total revenue of $2.3 billion, up 8% year-over-year, with investment services fees growing by 4% [34] - Market and wealth services segment revenue was $1.7 billion, an 11% increase year-over-year, with net new assets of $11 billion [37] - Investment and wealth management segment revenue decreased to $779 million, down 8% year-over-year, with assets under management flat at $2 trillion [39][41] Market Data and Key Metrics Changes - Firm-wide assets under custody and administration (AUCA) increased by 9% year-over-year to $53.1 trillion [26] - Foreign exchange revenue rose by 3% year-over-year, driven by higher spreads due to increased volatility [27] - Net interest income was up 11% year-over-year, reflecting reinvestment of maturing investment securities at higher yields [28][32] Company Strategy and Development Direction - The company is focused on transforming into a more platforms-oriented organization, enhancing client experience and agility [13][23] - The first quarter marked the first anniversary of the phased transition into the new operating model, with over half of the company now working in this way [14] - The company is exploring inorganic growth opportunities while maintaining discipline in acquisitions, emphasizing cultural fit and alignment with strategic priorities [66] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reversal of sentiment in the operating environment due to trade and fiscal policy uncertainties, leading to elevated risks [7][9] - The company is prepared for a range of macroeconomic scenarios and continues to focus on supporting clients amid uncertainty [23] - Management expressed optimism about the potential of AI and innovation to drive future growth and efficiency [20][22] Other Important Information - The company returned approximately $1.1 billion of capital to common shareholders, representing a 95% total payout ratio year-to-date [31] - The liquidity coverage ratio was 116%, indicating strong liquidity position [31] Q&A Session Summary Question: Insights on deposit stability and NII generation - Management indicated that Q1 deposit levels were in line with expectations, with a slight uptick in deposits due to market volatility, but not as significant as in previous crises [50][52] Question: Strategic opportunities for M&A - Management is carefully evaluating inorganic growth opportunities, emphasizing the need for alignment with strategic priorities and cultural fit [64][66] Question: Impact of macro environment on client activity - Management noted that while clients may be cautious, the breadth of the company's platforms provides a competitive advantage, allowing for continued business as usual [120][124] Question: Treasury market functioning and Fed intervention - Management confirmed that the treasury market is functioning well, despite reduced liquidity and wider bid-offer spreads, indicating no immediate need for Fed intervention [101][102] Question: Digital assets and stablecoin legislation - Management views digital assets as a long-term play, with stablecoin legislation seen as a positive development for future opportunities [105][111]