U.S. lawmakers have launched the Congressional Crypto Caucus, a coalition aiming to shape digital asset policy and defend blockchain innovation as demand for crypto-friendly legislation rises. US Lawmakers Establish Congressional Crypto Caucus Congressman Ritchie Torres and House Majority Whip Tom Emmer have announced the launch of the Congressional Crypto Caucus, a bipartisan group aimed at
The U.S. Senate is set to vote this week on a resolution to repeal an Internal Revenue Service (IRS) rule that has drawn strong opposition from the crypto industry due to its potential impact on decentralized finance (DeFi). Lawmakers are using the Congressional Review Act (CRA) to challenge that regulation and another last-minute rule from the Consumer Financial Protection Bureau (CFPB) affecting digital payment apps, according to a source familiar with Senate planning. The IRS rule, introduced in December, sought to expand the definition of intermediaries that must report tax information. The change was met with resistance from the crypto industry, which argued that DeFi platforms would be unfairly targeted. Senator Ted Cruz is leading a Senate resolution to eliminate the IRS regulation, while Senator Pete Ricketts is leading a similar effort against the CFPB rule. “The Biden administration has done everything it can to stifle financial innovation in the United States by threatening to send digital asset companies overseas,” Majority Leader John Thune said. “The Senate is working to roll back these burdensome regulations one by one to restore financial freedom for the American people.” Related News: Why Has the Bitcoin (BTC) Price Fallen Yet Again? Trading Below $90,000 The House Financial Services Committee recently introduced a resolution targeting the IRS rule, paving the way for a vote in the House. If the Senate approves, the resolution will require the President’s signature to become law. “In a stroke of midnight, the Biden administration issued a decentralized finance rule that will directly and immediately harm American crypto innovation and drive development offshore,” Senator Cruz said. “This week, Congress will vote on my resolution to repeal this regulation. I am confident we will do so.” The CRA sets strict deadlines for repealing federal agency regulations, as each measure must be repealed within a limited legislative session after it is passed. The Senate effort reflects broader Republican priorities and echoes moves by former President Donald Trump’s administration to dismantle regulations enacted by his Democratic predecessors. The CFPB rule, which has also been targeted by lawmakers, aims to regulate big tech companies that operate digital wallets and process high-volume consumer payments, such as Apple, Amazon and Google, under a framework similar to major U.S. banks. Senator Ricketts criticized the rule as a rushed effort following the Biden administration’s election loss. *This is not investment advice. Continue Reading: There Will Be Intense Cryptocurrency Spotlight In The US Senate This Week – Here Are The Details Of The Development Expected To Be Positive
The launch of the first congressional crypto caucus signifies a pivotal moment for the cryptocurrency industry, as lawmakers unite to shape legislative outcomes. This initiative not only reflects growing bipartisan
The first of its kind group will allow pro-industry lawmakers to vote as a bloc on key legislation.
Crypto investors got a massive boost on Sunday after President Trump unveiled a Crypto Strategic Reserve and revealed five select coins set for inc...
Investigators revealed each victim was tricked into investing a minimum of $610, resulting in a total loss of up to $2.4 million.
Leading cryptocurrency exchange Binance has revealed plans to delist nine stablecoins for users in the European Economic Area (EEA) on March 31 as regulatory pressure intensifies. The company noted that the affected stablecoins do not comply with the Markets in Crypto-Assets Regulation (MiCA) framework. Binance to Delist USDT on March 31 In an official blog post , Binance stated that it will delist the largest stablecoin, USDT, along with eight other stablecoins, including Dai, FDUSD, TUSD, USDP, AEUR, UST, USTC, and PAXG, and their trading pairs. EU customers can still trade these assets until the deadline of March 31, 2025. After the deadline, Binance will discontinue all trading pairs involving these stablecoins, and any remaining holdings can only be sold through Binance Convert. Additionally, all pending spot orders will be terminated within 48 hours. Meanwhile, Binance noted that MiCA-compliant alternatives, like USDC and EURI, will remain available. Therefore, users are encouraged to convert their non-compliant stablecoin holdings to USDC, EURI, or fiat currencies like EUR before the deadline. The exchange has also unveiled several special offers geared towards assisting users in their transition, including zero-fee promotions and higher interest rates on Earn products. There is also a $1 million USDC giveaway for users trading USDC or EURI. MiCa Compliance Deadline Looms Binance’s announcement comes off the back of similar moves by several top exchanges, including Kraken. Earlier in January, Coinbase’s CEO, Brian Armstrong, stated that the exchange could delist USDT if regulatory pressure persists. The recently introduced MiCA framework imposes stricter regulatory guidelines for crypto-assets, including stablecoins. The framework mandates every stablecoin issuer operating within the EU to obtain authorization as a credit or electronic money institution. Additionally, these firms also provide comprehensive documentation of the key features and technical aspects of their tokens. The framework is designed to boost transparency and ensure consumer protection. The post Binance to Delist Nine Non-MiCA Stablecoins in Europe, Including USDT And DAI appeared first on CryptoPotato .
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Crypto exchange-traded products (ETPs) suffered their largest weekly sell-off on record, with investors pulling approximately $2.9 billion from these funds, according to a report by CoinShares published on Monday. The massive outflows mark a significant shift in sentiment after a prolonged period of steady investment into digital asset products. This latest wave of withdrawals extended a three-week streak of outflows, now totaling $3.8 billion. CoinShares research analyst James Butterfill pointed to several factors likely driving the sell-off, including mounting investor concerns following the recent $1.5 billion hack on crypto exchange Bybit and the Federal Reserve’s increasingly hawkish stance on monetary policy. Before this downturn, crypto investment products had enjoyed 19 consecutive weeks of inflows, suggesting that some investors were locking in profits amid growing market uncertainty. Bitcoin (BTC), the largest cryptocurrency by market capitalization, bore the brunt of the outflows, losing $2.6 billion over the past week. Meanwhile, funds that bet against bitcoin, known as short Bitcoin ETPs, saw only a modest inflow of $2.3 million, indicating that bearish sentiment has yet to fully take hold. While most assets struggled, a few bucked the trend—Sui (SUI) emerged as the top performer with $15.5 million in inflows, followed by XRP (XRP), which also attracted fresh investment. Spot Bitcoin ETFs faced one of their toughest weeks yet, with investors pulling significant capital from these funds. BlackRock’s iShares Bitcoin Trust (IBIT), the largest of its kind, recorded a staggering $1.3 billion in outflows, according to CoinShares, the highest weekly withdrawal since its launch. Similarly, CME Bitcoin futures open interest dropped sharply over the past two weeks, falling from 170,000 BTC to 140,000 BTC, signaling a potential shift in institutional positioning. At the same time, the three-month futures annualized rolling basis is yielding 7%, only slightly higher than the 4% yield offered by short-term U.S. Treasuries, making the trade less attractive for investors. "This tells me the hedge funds are starting to unwind their basis trade position, which is a net neutral position," said James Van Straten, analyst at CoinDesk. "With a narrowing spread between futures yields and risk-free returns, traders may be reallocating capital away from bitcoin derivatives in favor of safer, more liquid assets." Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Representatives Tom Emmer and Ritchie Torres, a House Republican and Democrat respectively, have announced the formation of the Congressional Crypto Caucus. This bipartisan initiative aims to promote crypto-friendly policies within the U.S. House of Representatives, seeking to establish a unified coalition to enhance America's leadership in digital assets and blockchain innovation. The launch of the Congressional Crypto Caucus comes at a time when the current Congress and Presidential Administration are described as the most pro-crypto in history, reflecting a significant shift in political support for cryptocurrency and blockchain technologies. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io