ChainCatcher news, according to FOX Business reporter Eleanor Terrett, Tether is actively communicating with U.S. lawmakers regarding a regulatory framework for stablecoins. Tether CEO Paolo Ardoino stated that they will actively participate in the legislative process.Currently, there are three stablecoin bills progressing in Congress: the STABLE Act, the GENIUS Act, and the Waters proposal, which require issuers to maintain a 1:1 reserve, only hold highly liquid assets such as U.S. Treasury securities, and undergo monthly audits.As the largest stablecoin issuer with a market share of about 60%, Tether currently holds over $114 billion in short-term Treasury securities. The Republican-controlled Congress plans to complete the legislation by April.

ChainCatcher news, according to Cointelegraph, U.S. House Financial Services Committee Chairman French Hill announced that four House and Senate committees will form a "bicameral working group" to advance the digital asset framework and stablecoin legislation.The working group will include the House Financial Services Committee, the House Agriculture Committee, the Senate Banking Committee, and the Senate Agriculture Committee. Hill stated that the working group plans to reintroduce the "21st Century Financial Innovation and Technology Act" with "modest modifications" during the 119th Congress.

ChainCatcher news, the Department of Government Efficiency (DOGE) stated in a post on social media that the U.S. Congress has allocated up to $516 billion for projects with expired federal legal authorizations for the fiscal year 2024, of which approximately $320 billion (62%) corresponds to projects whose authorizations have expired for more than 10 years.

ChainCatcher news, according to Cointelegraph, the Republican Party has gained control after securing key Senate seats in Ohio and West Virginia. The Republicans have obtained a majority control of the U.S. Senate, which brings a bright outlook for cryptocurrency regulation, as the Republican-led Senate is poised to introduce clearer cryptocurrency regulations, indicating that the U.S. will shift towards industry-friendly policies.It is reported that the U.S. Senate may ultimately clarify cryptocurrency regulatory provisions, and the new Senate may review delayed business-friendly bills, such as the Digital Commodity Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading.

According to ChainCatcher news, as reported by CoinDesk, the U.S. Government Accountability Office (GAO) released an investigation today, stating that the SEC failed to send its Staff Accounting Bulletin (SAB 121) to Congress, violating the Congressional Review Act. U.S. House Financial Services Committee Chairman Patrick McHenry and U.S. Senator Cynthia Lummis jointly issued a statement saying that SAB 121 significantly harms consumer interests and clearly exceeds the SEC's authority, requiring Congressional review. The SEC subsequently stated in a statement that the GAO's opinion would not affect the status of SAB 121.It is reported that SAB 121 requires financial institutions holding customer crypto assets to include these assets on their balance sheets. The crypto industry and U.S. Republican lawmakers believe this undermines the willingness of regulated banks to act as cryptocurrency custodians, and that the bulletin's treatment of crypto assets is inconsistent with other assets.