US Democratic senators reveal their plan for regulating crypto-assets, Nasdaq invests in Gemini to enter the crypto custody and staking space, while a fierce battle ensues over the launch of the USDH stablecoin by Hyperliquid. Stay updated with the top crypto news of the day.
As Senate Republicans work on their bill to clarify the structure of the crypto market, Democratic senators have unveiled their own vision. Their legislative framework emphasizes the need for a “strong and durable” bipartisan approach to regulate this rapidly expanding sector.
Key points of the Democratic plan include provisions to:
Although Democrats are in the minority in the Senate, their proposal aims to influence ongoing discussions about future crypto market regulation. Republican Senator Tim Scott, chairman of the banking committee, nevertheless believes he can bring between 12 and 18 Democrats on board with the majority’s bill.
American stock exchange giant Nasdaq has formed a strategic partnership with crypto exchange Gemini, founded by the Winklevoss twins. This $50 million investment, made as part of Gemini’s upcoming IPO, will allow Nasdaq to integrate the platform’s custody and staking services.
In return, Gemini’s institutional clients will gain access to Nasdaq’s Calypso platform to manage and monitor their trading activities. The exact details of this partnership may evolve depending on market conditions.
This alliance highlights the growing interest from traditional players in establishing themselves within the digital asset ecosystem. Nasdaq recently announced its foray into digitized or “tokenized” securities based on blockchain technology.
The crypto protocol Sky, formerly known as Maker, has entered the race to help decentralized exchange Hyperliquid issue its USDH stablecoin. This initiative comes amid fierce competition between major projects for developing new stablecoin solutions.
Sky notably promises a yield of 4.85% on all issued USDH, multichain compatibility via LayerZero, as well as customization to comply with US regulations that prohibit yields to stablecoin issuers.
Other heavyweight players, such as Frax, Paxos, Agora, and Native Markets, have also submitted proposals for the USDH launch. This competition illustrates the intensity of initiatives aimed at diversifying the stablecoin ecosystem.
In summary, recent developments in the crypto universe whether regarding regulatory evolution, strategic partnerships, or innovations in stablecoins underscore the importance of closely monitoring these trends. They will undoubtedly shape the future adoption of crypto, both for investors and companies in the sector.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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