ChainCatcher News, Senate Democrats blocked stablecoin legislation supported by the digital asset industry, and Trump's extensive and growing cryptocurrency portfolio has caused a stir.The bill's supporters failed to reach the required 60 votes in Thursday's vote, with a tally of 49 to 48. There is still a possibility for both sides to reach an agreement in the coming weeks, as many Democrats argue that stablecoin regulation is crucial for protecting consumers and providing guidelines for this emerging industry. Trump has recently been heavily promoting the TRUMP coin named after him, and after the token's organizers launched a marketing campaign stating "the largest holders can dine with the president," token sales surged. Democratic Senator Warren and others have claimed that such measures exhibit clear corruption.

ChainCatcher news, Coinbase CEO Brian Armstrong stated in a post today that Congress is at a critical moment this week to advance stablecoin and market structure legislation. The Senate is reviewing the GENIUS Act, which requires 60 votes to initiate debate. Meanwhile, the House is also advancing related work based on the FIT21 framework. Armstrong emphasized that both chambers need to accelerate their actions to ensure comprehensive legislation is passed before August.

ChainCatcher news, according to Cointelegraph, the Australian cryptocurrency industry is urging the newly elected Labor government to prioritize digital asset legislation to ensure that Australia does not fall further behind in the global market.Joy Lam, Global Head of Regulatory and Legal Affairs for Binance Asia Pacific, stated that the exchange has been consulting with Treasury officials on legislative proposals since the end of 2023, and now is the time to take action. John O'Loghlen, Managing Director for Coinbase Asia Pacific, called for the establishment of a cryptocurrency asset working group within the first 100 days of the government's term.The Treasury stated that it will release a consultation paper this year, and any legislative reforms will be implemented in phases to minimize disruption to existing businesses. The legislation will focus on the regulation of digital asset platforms and the modernization of payment systems, using the existing Australian Financial Services License (AFSL) framework as a regulatory basis.

ChainCatcher News, Bank of America stated that it is willing to issue its own stablecoin if Congress enacts relevant legislation.Bank of America is the second-largest lending institution in the United States, and its CEO Brian Moynihan has previously stated, "As long as legislation allows, we will enter the stablecoin business."

ChainCatcher news, Bo Hines, the executive director of the Trump Digital Assets Advisory Committee, stated that the U.S. Congress is actively advancing cryptocurrency legislation, with related bills expected to be completed in the short term. This week, some significant legislative strategic points regarding the efforts of the cryptocurrency industry may be addressed in Congress. He believes that two major cryptocurrency bills can still meet Trump's deadline in August. He also emphasized that the current legislative process is an important step for the U.S. government in promoting a regulatory framework for the cryptocurrency industry, aimed at providing clear legal guidance and regulatory standards for the digital asset market.

ChainCatcher news, according to Crypto In America, U.S. lawmakers are returning to Congress after the Easter recess, prioritizing cryptocurrency legislation with the goal of completing the stablecoin and market structure bills before the August deadline set by President Trump.The House Financial Services Committee and the Agriculture Committee will hold a joint hearing on May 6 to discuss the digital asset legislative blueprint. The Senate is also working to integrate the contents of the 2022 Lummis-Gillibrand bill and the FIT21 bill.

ChainCatcher news, according to CoinDesk, Jennifer J. Schulp, the Director of Financial Regulation Studies at the Cato Institute, published a column pointing out that the stablecoin legislation currently under consideration by the U.S. Congress (including the GENIUS Act and the STABLE Act) aims to combat illegal financial activities but must avoid triggering excessive financial surveillance of users.She emphasized that if stablecoin issuers are subjected to the Bank Secrecy Act (BSA) regulations, it could lead to comprehensive tracking of user transactions, eroding personal privacy rights. Schulp urged lawmakers to balance innovation and privacy protection when formulating anti-money laundering measures, ensuring that stablecoins enhance payment efficiency without becoming tools for government surveillance.

ChainCatcher news, according to The Block, the Bank of Korea stated that it will "actively participate" in the development of the country's stablecoin regulatory framework to reduce potential monetary and financial risks. The Bank of Korea pointed out in a payment system report released on Monday that stablecoins have the characteristics of a payment tool, and their expanded use may affect the effectiveness of monetary policy.The Financial Services Commission of Korea previously announced that it will begin drafting a new round of cryptocurrency legislation in the second half of this year, focusing on stablecoin regulation and transparency requirements for cryptocurrency service providers. This legislation is a supplementary law following the first cryptocurrency law that will take effect in July 2024.

ChainCatcher news, according to the Coinbase blog, Coinbase responded to the securities enforcement action initiated by the Oregon Attorney General, stating that the lawsuit is as baseless as the previous lawsuit filed against Coinbase by the SEC, and relies on outdated theories that have already been dismissed.Coinbase stated that it will vigorously respond to the lawsuit, defend the rights of the industry and users, and support federal digital asset legislation to regulate the industry, emphasizing that the Oregon action hinders the progress of the crypto industry.

ChainCatcher news, according to Crypto in America, MoonPay CEO Ivan Soto-Wright sent a letter to the U.S. Senate Banking Committee and the House Financial Services Committee on April 18, 2025, supporting the stablecoin legislative amendment proposed by the Conference of State Bank Supervisors (CSBS).Soto-Wright called for a balance between state and federal regulation, warning that the current bill may lean too heavily towards federal oversight. As a company holding money transmission licenses in 46 states and serving over 30 million users, MoonPay emphasized the importance of the existing state-level regulatory framework.Meanwhile, cryptocurrency exchange Kraken is expanding into stock trading, while OKX announced its entry into the U.S. market after paying a $500 million fine and establishing its headquarters in San Jose, California.

ChainCatcher news, according to The Block, investment bank TD Cowen pointed out that the Trump family's cryptocurrency business (including the planned launch of a stablecoin) could trigger a backlash and delay the U.S. regulatory process. Despite lawmakers accelerating the push for cryptocurrency regulations, political risks are on the rise.Jaret Seiberg, head of TD Cowen's Washington research team, wrote in a report on Monday: "We are concerned that political threats may escalate to a level that could undermine legislative and regulatory reforms in the cryptocurrency space. While we do not currently see political risks that could completely disrupt the cryptocurrency industry, the risks are rising rather than falling, which is a key factor we believe investors need to pay attention to." Currently, Washington lawmakers and regulators are making progress in cryptocurrency legislation and guideline development. The U.S. Securities and Exchange Commission (SEC) has withdrawn several cryptocurrency lawsuits, and lawmakers are proposing frameworks for regulating stablecoins and market structures.Seiberg mentioned that last week, SEC Acting Chair Mark Uyeda also hinted that the SEC might provide exemptions for cryptocurrency trading platforms and traditional exchanges wishing to trade tokenized securities. However, Seiberg stated that this momentum could be threatened by the controversies arising from the Trump family's involvement in the cryptocurrency space, including their planned launch of a stablecoin. "We are increasingly concerned that the Trump family's business activities and their government actions could provoke a strong backlash, derailing positive government actions." Seiberg also pointed out concerns over the Trump administration's shift in anti-money laundering policies, such as lifting sanctions on the cryptocurrency mixer Tornado Cash and the Justice Department's reduction in prosecutions of cryptocurrency money laundering cases.

ChainCatcher news, according to Dennis Porter, co-founder of the Satoshi Action Fund, stated on social media that market structure legislation will provide a significant boost to BTC prices. He pointed out that once the relevant bill is signed into law, it will open the floodgates for capital inflow, and the scale of capital inflow will reach unprecedented levels.

ChainCatcher message, Federal Reserve Chairman Powell stated in his keynote speech on the economic outlook: "I feel that the Federal Reserve does not need to rush to act. I intend to complete my full term, and I actually enjoy this job very much. There will be important fiscal legislation and regulatory changes, and many businesses have indicated that they are waiting for clear guidance to make decisions."

ChainCatcher news, according to CoinDesk, U.S. House Financial Services Committee Chairman French Hill outlined a blueprint for U.S. digital assets to guide digital asset legislation, proposing six principles:Legislation must promote innovation;Legislation must clarify the classification of assets;Legislation must codify a framework for issuing new digital assets;Legislation must establish regulation for spot market exchanges and intermediaries;Legislation must establish best practices for protecting customer assets;Legislation must protect innovative decentralized projects and activities.

ChainCatcher news, according to The Block, Taiwanese legislator Huang Shan-shan held a public hearing on the special cryptocurrency law draft on April 1. The legislator stated that she plans to formally propose and submit the bill for a first reading soon, and hopes that the law will be enacted by the end of this year. Meanwhile, Taiwan's financial regulatory authority officially announced the draft of the "Virtual Asset Service Act" last week. The Financial Supervisory Commission is currently seeking public feedback on the draft, with a deadline of May 24, and plans to submit the draft to the Executive Yuan for review by the end of June.Both versions of the bill attempt to require all crypto platforms operating in Taiwan to apply for licenses, and overseas crypto service providers will also be required to establish a presence in Taiwan and obtain the relevant licenses. Several industry insiders stated during the public hearing on the special cryptocurrency law draft on Tuesday that the proposed crypto legislation would significantly increase compliance costs for crypto companies.

ChainCatcher news, according to Cointelegraph, Vanuatu has passed legislation to regulate digital assets and provide a licensing system for crypto companies wishing to operate in the Pacific island nation, which a government regulatory advisor described as "very strict."The local council passed the Virtual Asset Service Providers Act on March 26, granting the Vanuatu Financial Services Commission (VFSC) the authority to issue crypto licenses, as well as the power to enforce the Financial Action Task Force (FATF) standards for anti-money laundering, counter-terrorism financing, and travel rules on crypto companies. Under these laws, the VFSC has extensive investigative and enforcement powers and stipulates fines of up to 250 million Vatu (approximately 2 million USD) and prison sentences of up to 30 years.The law establishes a licensing and reporting framework for exchanges, NFT marketplaces, crypto custodians, and initial token offerings. Notably, the law allows banks to obtain licenses to provide crypto trading and custody services. The VFSC stated that while stablecoins, tokenized securities, and central bank digital currencies "may have some similarities with virtual assets in practice," this legislation does not affect them. The legislation also allows the VFSC commissioner to create a sandbox that permits licensed companies to offer a variety of crypto services for a period of one year, which can be renewed.In a statement on March 29, the regulatory body indicated that after years of "assessing the risks associated with virtual assets," it has developed a legislative framework that will "bring numerous opportunities" to Vanuatu and improve financial inclusion by allowing regulated services for crypto cross-border payments.

ChainCatcher message, Coinbase CEO Brian Armstrong stated on social media, "U.S. stablecoin legislation should allow consumers to earn interest on stablecoins. The government should not favor one industry over another, but should allow both banks and crypto companies to share interest with consumers and incentivize them to do so.Stablecoins have found product-market fit by digitizing the dollar and other fiat currencies, but we have yet to unlock a key component that would allow ordinary people and the U.S. economy to fully benefit: on-chain interest."

ChainCatcher news, crypto reporter Eleanor Terrett posted on social media that the House will hold a hearing on legislation regarding the structure of the crypto market. The House Financial Services Committee's Digital Assets Subcommittee will hold a hearing next Wednesday (April 9) to discuss the establishment of a federal regulatory framework for digital assets.The theme of this hearing is "The Future of American Innovation and Digital Assets: Adjusting U.S. Securities Law for the Digital Age," marking the first public push by the 119th Congress to formulate rules governing the operation of the $2.7 trillion crypto industry in the United States.

ChainCatcher news, according to Bloomberg, the U.S. House Financial Services Committee is expected to review a stablecoin legislative draft on April 2.Arkansas Chairman French Hill stated last week that a well-regulated stablecoin market would "strengthen the dollar's dominance, modernize our payment infrastructure, and promote the accessibility of financial services without excessive government intervention."However, critics such as House Committee Democratic Leader Maxine Waters and Senate Banking Committee member Elizabeth Warren argue that the bill is insufficient to protect consumers, advocating for a ban on tech companies issuing stablecoins and other reforms.Critics also worry that if stablecoins fail, there will be a lack of insurance backing, like that provided by the Federal Deposit Insurance Corporation (FDIC); while bankers warn that stablecoins could siphon off deposits and reduce credit channels.