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US Stablecoin Bill Passes Senate Committee Level
The US Senate Banking Committee has passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) bill. The bill is designed to establish a regulatory framework for the stablecoin sector and issuers of these assets.
The bill passed the committee by an 18-6 margin and now faces approval in both chambers of Congress before heading to President Donald Trump's desk.
The bill contains the following provisions:
- Issuer oversight. Companies with a market capitalization over $10 billion will be directly under the jurisdiction of the Federal Reserve and the Office of the Comptroller of the Currency (OCC). Firms with a capitalization of less than $10 billion will be regulated at the national level; Transparency and reserve standards They provide for: monthly reports, full supply transparency, 100% coverage with highly liquid assets only; redemption and consumer protection. Prompt satisfaction of redemption requests by issuers; the possibility of imposing sanctions up to and including revocation of the Fed and OCC license; AML rules. Issuers are required to comply with relevant legislation and also introduce KYC (Know Your Customer) measures.
Trump Family In Talks to Buy Stake in Binance .US — The Wall Street Journal
Representatives of US President Donald Trump's family discussed the possibility of financial participation in the American division of the Binance crypto exchange. This was reported by The Wall Street Journal (WSJ), citing its sources.
According to journalists, Binance initiated negotiations in 2024, approaching people associated with Trump with an offer of a deal with his family as part of a plan to re-establish the company's position in the US market after being “exiled.”
Additionally, Binance founder Changpeng Zhao has allegedly been actively seeking a pardon from the Trump administration, sources said.
It is unknown what form the Trump family's share will take if the agreement is implemented. Possible options include the Trumps themselves receiving the share or implementing the deal through the crypto company World Liberty Financial (WLFI) with the support of the Trumps, the sources note.
Sources familiar with the situation also say Steve Witkoff, Trump's longtime friend and his lead negotiator in the Middle East and the war in Ukraine, is involved in the deal discussions.
The presidential administration denies this, saying Vitkoff is not involved in the process and is now working to divest his business interests.
In turn, Changpeng Zhao called the facts of The Wall Street Journal distorted.
Ripple Receives License to Operate in UAE
Fintech company Ripple has received approval to provide cryptocurrency payment services in the Dubai International Financial Centre (DIFC).
Ripple has become the first blockchain payments provider to receive a license from the Dubai Financial Services Authority (DFSA).
The press release notes that the UAE is the hub of international trade in the Middle East, with cross-border payments worth $40 billion. Ripple is seeing growing demand for the use of blockchain from both crypto firms and traditional financial institutions, the statement said.
According to a Ripple survey, in 2024, 64% of financial leaders in the Middle East and Africa considered faster payments to be the main benefit of integrating cryptocurrency into their business.
Co-founder of Russian crypto exchange Garantex arrested in India
At the request of the United States, Indian police have arrested Alexey Beschekov, co-founder of the Russian cryptocurrency exchange Garantex. This was reported by TechCrunch, citing confirmation from law enforcement officials.
According to the publication, Beshekov was arrested on the evening of March 11, 2025, in the coastal municipality of Varkala. A warrant for his arrest was issued by the Patiala court in New Delhi.
The police statement noted that the arrest was made at the request of the American side. At the same time, Beshekov was planning to flee India before he was detained.
Recall that in March 2025, the issuer of stablecoins Tether froze USDT wallets on Garantex for 2.5 billion rubles ($28 million). In connection with this, the platform, which is under sanctions, suspended all operations.
Later, the US Department of Justice announced the cessation of Garantex. On March 7, the exchange's domains were confiscated and crypto assets worth $26 million were frozen.
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